Quote:
Originally posted by stocktrader23
I hate banks and I'm anal about leaving all of my cash there. One of my friends having over a million dollars (every cent to his name) frozen by the feds over a judgement against him for around $20,000.00 just added to my paranoia. He couldn't just come up with the 20k and it took him forever to get his cash liquid again.
Anyhow, just wondering if anyone else had this quirk. I wanted a fireproof gun safe to leave some cash in but then I worry about someone carting it off. Guess I need a safe bolted to the foundation so I can quit worrying.
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1. Carry no debt. People are going to jump on this (people who carry debt - mainly), but cash that could be siezed could have been put towards debt.
2. Diverisfy - Numerous bank accounts, numerous states, numerous countries, numerous currencies.
3. The word 'AND', never use the word 'OR'. Titles, bank accounts, deeds, etc. If someone's name is on any of the above, you obviously trust them, use AND.
4. Move to a state that protects your rights (i.e. NOT California, New York, or Massachusetts). Put a sizeable chunk into your primary homesteaded residence.
5. Keep an eye out. Your friend had AMPLE warning before the shit hit the fan. He should have moved much much quicker.