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Author: WendyBG Big gold star, 5000 posts Top Favorite Fools Top Recommended Fools Feste Award Winner! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 465318  
Subject: Re: Personal report -- good news Date: 10/7/2008 10:03 AM
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<Ok, so now where to put the money that is safe?! I feel like the Depression era people must have felt >

I am doing what my Depression-era grandmother did:

1. Cash in several different banks and 2 brokerages (Fidelity and Vanguard). Since the problem with brokerage money market funds (MMFs), I have moved significant money to FDIC insured bank money market accounts, which are yielding higher than MMFs anyway. My banks include Everbank, Capital One, Key, Countrywide (which is now part of Bank of America), Pentagon FCU, and Justice FCU, plus assorted local banks.

I always keep a cash cushion of well over a year's expenses.

I doubt that all these banks and brokers would collapse at once.

I also keep a small amount of cash (a few hundred dollars) in my safe deposit box. I never carry less than $100 in my wallet, since you never know what will happen on the road.

2. Laddered CDs, all FDIC insured, at several different banks. See the Bonds & Fixed Income Board for information.

3. TIPS, which are both inflation-protected and government secured.

I'm glad that your MMF was restored.

Also, I'm glad that YOU are OK! When I saw your subject -- "Personal report" -- I was afraid that your health or safety had been in danger. If it's only money -- count your blessings! My 55 year old cousin dropped dead of a heart attack a week ago, so you never know.

I'm glad that YOU are OK!

Wendy
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