With the uncertainty of the future of the US Dollar – I’ve been considering the absolute withdrawl of any type of future financial “security” strategies. For those of you who do not have a 401K, IRA, IRA Roth, etc – you need not read the rest of this entry. My sentiments harkens back to 1999 – when Buenos Aires experienced the biggest financial crisis I’ve seen. I had a really good friend in Buenos Aires going though this while I was living quite comfortably receiving annual bonus’ amounting between $10K – $20K (before taxes). Through my friend, I realized how dire the economic situation it was. I’d receive stories from her attempting to recoup her money she had at the bank (both in an account and a safety deposit box). How all the banks essentially locked down all their branches – not allowing any of their customers to access their valuables and money. Imagine your whole savings being taken away just like that. Yes we have the FIDC…but when the government and the banking systems are in dire straits – guess who’s going to get fucked. Corporate Execs do this all the time and get away with it (ENRON?).
How certain are we that our 401K, ROTH or whatever smokescreen the banks put up are full proof? And when I am able to access my miniscule amount of “investments” what makes me think that THAT amount be enough for the inevitable bloated cost of living that we know is going to happen in 25 yrs. My partner advised me to withdraw all my cash and invest in gold…yet again another uncertainty..(you should google “gold investment”). Hmm…does anyone have any recommends?
On another note – and – something slightly pertaining to this subject matter…I just watched “In Time“. yeah yeah yeah – super cheezy – but I really appreciated the metaphors and concepts. I highly recommend!