With concerns of a financial crisis in 2023 following recent Silicon Valley Bank and Credit Suisse headlines, you may be wondering if a 2008 style crisis is once again on the horizon. In this video I talk about how I would prepare to weather such a situation, were it to occur.
Whilst I prefer not to speculate on whether a crisis will occur, my tips are as follows...
It is important to always have access to cash, as there may be situations where electronic payment methods or ATMs are not available. Cash can also be useful in emergency situations, where immediate access to funds is necessary.
Equally, having an emergency fund is a major factor in creating financial security for emergencies. Unexpected expenses can arise at any time, such as medical bills or car repairs, and having an emergency fund can help mitigate the financial impact of these events. It is recommended to have at least three to six months' worth of living expenses saved in an emergency fund.
It is also a good idea to diversify your banking. It is wise to spread your funds across different types of accounts and institutions and even geographi, as this can help reduce the risk of losing all of your funds in case of a bank failure or other financial crisis.
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Mentioned in this video:
🔹 Sign up to Raisin, a high interest savings platform in Europe: [ Ссылка ]
🔹 Financial Services Compensation Scheme (FSCS, UK): [ Ссылка ]
🔹 EU deposit protection schemes: [ Ссылка ]
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Chapters:
0:00 - Intro
0:45 - Silicon Valley Bank Summary
1:48 - Credit Suisse Fears
2:29 - Why are people concerned?
3:12 - Tip #1: Always have access to cash
4:31 - Tip #2: Have an emergency
5:17 - Tip #3: Diversify your banking
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About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
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#financialcrisis
#bankfailure
#economy
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DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.
