I’ve been getting a lot of DMs and texts asking what my thoughts are on the recent bank collapses and what I’m doing to protect my money. In this episode, I break down how the US banking system works and go over key terms, including what a run on the bank is and how it’s changed over the past century.
I explain exactly what happened with Silicon Valley Bank and what the Fed did to ensure the whole banking system didn’t collapse. Plus, I share ways to diversify your money and reduce risk going forward.
Episode Timeline & Discussion Questions:
(1:19) Welcome back to The Chris Harder Show. Today, Chris is sharing what happened in banking this week.
(2:33) Chris explains how FDIC insurance works.
(4:07) Chris breaks down why every single bank has liquidity issues.
(9:09) Chris describes what a run on the bank is and how social media has changed the way that money evaporates from a bank.
(11:31) Chris connects the dots on why so many people took their money out of Silicon Valley Bank in a panic.
(13:45) Chris talks about the Fed’s solution to the impending domino effect.
(15:35) Chris shares ways to diversify your money and protect yourself.
(18:25) Chris summarizes his thoughts on the future of banking.
(19:22) Chris asks listeners to share the podcast and leave a 5-star review.
Should you panic?
Should you be
freaking out? Should
you be taking all your
money out of the bank?
The short answer is
no.
You’re Going To Hear About:
- Why you shouldn’t panic because of the recent bank collapses
- What’s protected (and what’s not) with FDIC insurance
- How the fractional reserve banking system works and why it fails sometimes
- How social media dramatically changed the landscape of bank runs
- Five ways to diversify your money
Resources Mentioned:
- Text DAILY to 310-421-0416 to get daily Money Mantras or Business Perspective messages to boost your day.
