61 Possible Questions to Ask at Your Exchange Appointment

61 Possible Questions to Ask at Your Exchange Appointment

Posted at Dinar Recaps Archives on 7/7/2019

Note: .These may be a good starting point to take with you when you go to exchange. Not all of these questions may apply to everyone...Just use what you believe fits your own personal circumstances~ Thank You

EXOGEN : WHICH QUESTIONS FROM THIS LIST WILL YOU ASK AT YOUR EXCHANGE APPOINTMENT?

DO YOU KNOW WHAT ANSWERS YOU WANT TO HEAR FROM BANKERS WHEN YOU ASK THEM THESE QUESTIONS AT YOUR EXCHANGE APPOINTMENT?

(DO YOU KNOW THE CORRECT ANSWERS TO THESE QUESTIONS ONCE YOU ASK THEM TO THE BANKER?

IS THIS PART OF YOUR PLAN AND STRATEGY?

Questions:

1. WHAT TYPE OF BANK ACCOUNTS DO YOU HAVE AVAILABLE?

2. WHAT IS THE FDIC COVERAGE ON THIS ACCOUNT?

3. CAN YOU EXPLAIN TO ME HOW THE FOLLOWING BANK ACCOUNTS OPERATE?

A. NON INTEREST BEARING ACCOUNTS

B. MULTI CURRENCY ACCOUNTS

C. MULTIPLE CURRENCY ACCOUNTS

D. (THE DIFFERENT TYPES AVAILABLE)

E. INTEREST BEARING ACCOUNTS

4. WHAT AMOUNT AM I REQUIRED TO LEAVE IN EACH ACCOUNT?

5. WHAT OTHER PRODUCTS AND SERVICES WILL BE PROVIDED TO ME TODAY WITH THESE ACCOUNTS?

6. WHAT ARE THE FEES ASSOCIATED WITH THESE BANK ACCOUNTS?

7. DOES YOUR BANK HAVE A WEALTH & TRUST DIVISION SEPARATE FROM THE RETAIL SIDE OF THE BANK?

8. I NEED SOME CERTIFIED CHECKS MADE PAYABLE TO (abcd) CAN YOU ASSIST ME?

9. HOW MUCH CASH CAN I TAKE WITH ME WHEN THIS APPOINTMENT IS COMPLETED?

NOTE: LIMITED CASH AND A CERTIFIED CHECK IS WHAT WE RECOMMEND

10. IF I COME BACK TO EXCHANGE MORE WILL I HAVE THIS SAME RATE?

11. WHAT PRODUCTS & SERVICES WILL THE WEALTH MANAGEMENT TEAM PROVIDE?

12. EXPLAIN TO ME HOW THE SWEEP PROCESS WILL WORK?

13. WHAT ARE THE ADVANTAGES & DISADVANTAGES OF THESE ACCOUNTS?

14. WILL LOANS AND LINES OF CREDIT BE PROVIDED?

15. IS THIS ACCOUNT ACTIVE TO RECEIVE BANK WIRES NOW? (EXPLAIN THE PROCESS)

16. WHAT PRODUCTS & SERVICES WILL COME WITH THE WEALTH MANAGEMENT TEAM?

17. PLEASE GO OVER ALL OF THE DOCUMENTS WITH ME I WILL BE SIGNING?

18. TELL ME A LITTLE BIT ABOUT THE HISTORY OF THIS BANK?

19. HOW ARE MY DEPOSITS PROTECTED AGAINST BANK COLLAPSE, GOVERNMENT THEFT, AND BANK THEFT?

20. WHAT KIND OF INTEREST RATES WILL I BE LOOKING AT?

21. WHAT TYPE OF CREDIT CARDS AND DEBIT CARDS DO I QUALIFY FOR NOW?

22. WHAT ARE MY CHECKING & SAVINGS ACCOUNT OPTIONS?

23. IF I HAVE QUESTIONS TOMORROW WHO DO I NEED TO CONTACT?

23. DO YOU HAVE A BUSINESS CARD?

24. IS THIS CURRENCY EXCHANGE TAXABLE AND WHAT IS THE RATE OF THE TAX?

25. WILL THIS TRANSACTION BE REPORTED TO FINCEN?

26. TELL ME ABOUT YOUR ONLINE BANKING (NOTE: WE DO NOT ADVISE ONLINE BANKING)

27. WHAT IS THE COST TO EXECUTE TRADES, , BONDS, ETC?

28. WHAT TYPE OF ADDITIONAL INSURANCE CAN I PLACE ON MY MONEY VIA PRIVATE BANKING & WEALTH MANAGEMENT

29. IS THERE AN EXCHANGE WINDOW IF I HAVE MORE CURRENCY TO EXCHANGE?

30. IS MY MONEY PROTECTED AGAINST DEVALUATION OF THE USD?

31. TELL ME ABOUT YOUR BANK PERKS?

32. ARE THERE ANY STIPULATIONS WITH THE CONTRACT RATE? (IF AVAILABLE)

33. WHAT ARE THE STIPULATIONS WITH THE STREET RATE?

34. WHAT ARE THE KEY POINTS OF THE NDA (IF APPLICABLE)

35. CAN I CONTACT MY ATTORNEY BEFORE I SIGN THESE DOCUMENTS?

36. IF I DO NOT TAKE THIS APPOINTMENT WILL MY RATE CHANGE?

37. WHAT ARE THE STIPULATIONS WITH THE MARKET RATE?

38. CAN YOU SHOW ME THE RATES ON THE SCREEN PLEASE?

39. CAN I HAVE A COPY OF THE DOCUMENTS FOR MY LEGAL TEAM
TO REVIEW?

40. WILL THE RATE DROP IF I COME BACK TO EXCHANGE MORE CURRENCY?

41. IF I HAVE MORE CURRENCY CAN I COME BACK AND EXCHANGE AT SAME RATE?

42. IF I HAVE MORE CURRENCY ARE THERE DIFFERENT RATE TIERS?

43. ARE THERE ANY TIME LIMITS ON RATES OF EXCHANGE?

44. CAN YOU EXCHANGE INTO LOWER DENOMINATIONS?

45. IS THERE AN EXPIRATION ON THE LARGE NOTES?

46. IS THERE A CAP ON THE AMOUNT I CAN EXCHANGE WITH YOUR BANK?

47. CAN YOUR BANK ASSIST ME WITH RESERVES/LAYAWAYS AND HOW
DOES THAT PROCESS WORK?

48. CAN I EXCHANGE WITH MY LLC, IBC OR TRUST?

49. AM I EXCHANGING INTO NEW TREASURY NOTES?

50. IF I USE AN MCA (Multi Currency) ACCOUNT WILL MY CURRENCY STAY IN THE
CURRENCY OR CONVERT TO USD.

51. WHAT IS THE INSURANCE COVERAGE ON MY DEPOSITS?

52. AM I EXCHANGING INTO FEDERAL RESERVE NOTES OR TREASURY NOTES?

53. CAN YOU EXPLAIN YOUR BANKS BASEL STATUS & HOW DID YOUR BANK RATE IN BANK STRESS TESTS?

54. HOW MUCH DOES YOUR BANK HAVE IN DERIVATIVES?

55. HOW WOULD YOU RATE AND COMPARE YOUR BANK TO OTHER INSTITUTIONS?

56. HOW HAVE THE NEW OCC REGULATIONS, VOLCKER RULE, DODD FRANK, & BASEL REQUIREMENT IMPACT YOUR BANK?

57. CAN YOU EXPLAIN TO ME HOW YOUR FINCEN REPORTING WORKS?

58. WHAT TYPE OF ACCOUNT ARE THESE FUNDS GOING INTO AND I DO NOT WANT TO COMINGLE DIFFERENT CURRENCIES AND WOULD LIKE SEPARATE ACCOUNTS FOR EACH CURRENCY?

59. WHAT IS THE DIFFERENCE IN A CURRENCY EXCHANGE AND A CURRENCY INVESTMENT WITH YOUR BANK?

60. WHAT OTHER OPTIONS ARE AVAILABLE IF I DECIDE TO EXCHANGE MORE CURRENCY AND IS MY EXCHANGE RATE NEGOTIABLE

61. PLEASE SHOW ME THE RATES CURRENTLY ON YOUR BANK SCREEN BEFORE I EXCHANGE..

Suze Orman Says These Are The Biggest Money No-Nos

Suze Orman Says These Are The Biggest Money No-Nos
MoneyWise        Esther Trattner   

From the Recaps Archives originally posted on August 6, 2019

Suze Orman Says These Are The Biggest Money No-Nos

Best-selling author, TV host and personal finance guru Suze Orman has been inspiring Americans for decades to make better money moves and avoid serious financial mistakes.

She'll be the first to tell you that what you don't do with your money may be even more important than what you do with it.

Here are 22 major money don’ts — straight from the expert.

 Don't be too quick to buy a home

Invest your extra money to buy your dream home -- when you're ready

Homeownership is part of the American dream — but buying one before you're able can lead to financial disaster.

"Sometimes it makes sense to own a home," Orman tells CNBC.com. "And sometimes, depending on where you live, it makes sense to simply rent."

That's particularly true if you're in an expensive city. Instead of pouring a lot of money into property, Orman says why not invest in the stock market? That way, you can grow your savings — maybe into a down payment on that home of your dreams.

You're new to investing? You might try an automated investment service, which will automatically adjust your portfolio to protect you from market turbulence.

2. Don't lease a car

Financing a car or buying a used car is better than leasing 
In Suze Orman's words, you should "you should never, ever ever ever, lease a car."

If you lease, you'll sink your money into several years' worth of car payments and be empty-handed when the lease term is done.

Financing is a better option, but Orman says if it will take longer than three years to pay off the car, then it’s out of your price range. (You certainly don't want to consider one of today's seven-year car loans.)
 
Buying a used car is another way to go. Models that are just a few years old will have great safety specifications and the same audio-visual tech as a new car, at a fraction of the price.

3. Don't co-sign a loan

When a friend or family member in need asks you to co-sign a loan, Orman says the only correct response is to turn them down.

As she puts it: "Don’t be afraid to say 'no to others and say 'yes' to yourself."

When you co-sign a loan, you become legally responsible for paying back the money. Life is unpredictable, and if anything happens to prevent the borrower from repaying the loan, you’ll be on the hook to make the payments.

Plus, if the borrower is so much as late on a few payments, your credit score can take a hit.

4. Don't take Social Security too soon

Our favorite financial guru advises Americans to avoid early retirement for a very good reason: It's worth it to delay taking Social Security until age 70.

"Every year you wait between your normal retirement age and 70, Social Security will add a guaranteed 8% to your eventual monthly payout," she writes, in AARP The Magazine.

She says delaying Social Security until you reach 70 will give you a monthly benefit more than 75% percent higher than what you'll get if you start at 62.

"Living well into your 80s and beyond is no longer some rare event," Orman says — and you want to make sure your resources will last as long as you do. 5. Don't sell stocks when markets are bad

When stocks are hurtling lower, investors tend to drop investments fast. This is a bad idea, says Orman.

Instead of dumping stock, she advises that you just keep investing the same amount of money each month, regardless of what the market is doing. Using this strategy, a bad month for the market becomes a good month to invest.

"I wish for 2008 again," she tells Yahoo Finance, referring to the year of the big market meltdown. "That’s when the fortune was made. That’s when you could buy stocks for pennies on the dollar."

If you train yourself to hold on tight through market dips, you’ll continue to build a solid portfolio with long-term earning potential.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/suze-orman-says-biggest-money-142928266.html

​3 Pieces of Financial Advice for Beginners By JJ

​3 Pieces of Financial Advice for Beginners
By JJ      

I have always been good with my money.

I’m not trying to brag, it’s just the truth.

While some people get a high off of shopping, I get my kicks watching my investment accounts grow.

I’ve always had an interest in personal finance however, it’s only been over the last year and a half that I have completely buried myself in financial books, podcasts and blog posts trying to absorb as much financial advice as possible.

Last year I had my first child, my little boy!

While parenting is a 24/7 job the first 6 months mainly involve holding a baby, changing a baby and feeding a baby. There is a lot of mental downtime.

This gives you hours to listen to podcasts of your choice. I will say, reading a book or anything that involves physical holding something, in addition to your baby, is a bit more challenging. Audio learning all the way.
 
Anyways, I want to thank my maternity leave for giving me the opportunity, and the time, to really dig into the topic of personal finance and educate myself.

Like I said, I thought I was good with money. I thought I was doing all of the right things. I started saving early, I started investing in mutual funds early with my parents financial advisor.

When there was the odd conversation about money with my friends I felt like I had it more together then they did because I had a fancy financial advisor. I thought I was super on tops of things because I met with him, in person, annually.

Oh, so naive!

Financial literacy is so important

You don't know what you don't know 

Financial literacy is empowering.

If you instantly want to feel better about your financial situation then I suggest you educate yourself on the topic.

No, a financial education will not change your bank account balance or reduce your debt burden overnight but, it can act as a starting point.

You need to understand what you are doing before you can do it. You need to know what a budget is and the steps for creating one before you can start budgeting.

 To continue reading, please go to the original article here:
3 Pieces of Financial Advice for Beginners - The Financial Graduate

What Would You Do With a One Million Dollar Windfall?

From the Recaps Archives originally posted on 4/30/2019

What Would You Do With a One Million Dollar Windfall?

Post From  Financial Pilgrimage  April 29, 2019

How many of us have thought to ourselves, “If I only had a million dollars all of my financial troubles would go away…”?

I know I have.

A million dollars is a tricky amount of money to think about. While it can be life changing money, it’s probably not life changing enough to live off for the rest of our lives without some work. 

The reality is that if most people received one million dollars, half of the money would be gone to taxes, a few hundred thousand dollars to paying off debt, and the rest spent on expensive cars, vacations, etc.

I remember being five-years-old and even $5 seemed like one million dollars at the time. As little as $1,000 seemed like a million dollars when I was a teenager. Now that I’m older, one million dollars doesn’t quite seem like one million dollars (if that makes sense).

For the sake of simplicity, we’re going to assume this one million dollar windfall is tax-free. Now the question: What should we do with the money? The easy and boring answer is put the money in a brokerage account, invest it in something safe, and apply the four percent rule.

The four percent rule is a rule of thumb used to determine the amount of funds to withdraw from a retirement account each year, while limiting the chances of running out of money (thanks, investopedia). This would provide you with $40,000 of income per year without lifting a finger.

For the purpose of this article, let’s think through the options a little more. Instead of dropping the money in a low risk index fund, let’s invest in something more interesting such as buy and hold real estate.

Our One Million Dollar Windfall
One Million Dollars Remaining…

First, 10% of the one million dollar windfall would go to charitable causes, so there goes $100,000 right off the top. It’s easy to give away six figures of virtual money, and I hope we’d have the discipline to do the same if this situation ever occurred.

The majority of this money would go to causes and organizations where we already contribute. However, we’d use a good chunk of it to give freely when the occasion called for it.

We could pay for the meal of the table next to us at dinner, buy groceries for the family behind us at the store, or make a donation to the gofundme page of someone who is truly in need.

I personally get a lot of satisfaction from helping others and we would have fun with giving away this money. In fact, I think the financial independence community could make a huge impact on the world with a bit more generosity.

To continue reading, please go to the original article here:

https://financialpilgrimage.com/if-i-received-a-1-million-dollar-windfall-i-would/

The Velocity of Money by Virginia Gentleman

The Velocity of Money by Virginia Gentleman

From the Recaps Archives posted on 6/1/2019

Re-posted just in case our Exchange Appointments are really close!!!

From Virginia Gentleman VELOCITY OF MONEY

I know I don't have to state the obvious...GO HAVE FUN WITH SOME OF YOUR NEW FOUND WEALTH. However, I would like to pass on some words of wisdom.

As we get ready to punch it in, please remember to act like you've been in the End Zone before. Take a deep breath and exhale slowly as you collect yourself with the full intentions of acting with class and integrity.

Respectful treatment of others will be an inherent responsibility of your new status, as well as respectful treatment of your money and assets. You owe this to yourself, your family, your neighbors, and your heirs.

Don't hoard it, and on the other hand, don't waste it or give it all away. Save, invest, and spend wisely.

One of the single best things you can do with a small portion, and in effect a very small portion, is to be more generous over at least the next 18-24 months (or the longer) spending your money locally. What do I mean? The answer is the ‘VELOCITY OF MONEY’.

The Velocity of Money is a fairly simple financial concept where a ‘community’ can be positively impacted by the way a group of individuals increase the spending of their money in their economy, and in turn, the ripple effect of that spending as it accelerates throughout that same economy.

It can be local, regional, national, and even global. Velocity of money is most effective in a smaller market with the smaller more predictive population of a local economy, and it isn’t just effective, it is fun for the people spending their increased earnings, or in this case, significant returns on an investment. Yep, that is you!

Anyone who has ever lived in a small town or Suburban area where a new large company has come in and opened a large facility and hired a large amount of employees has witnessed this phenomenon.

Money gets pumped in and spending from increased disposable income begins to spread out through the entire community finding its way into the wallets of all the inhabitants.

The goal is to spend your money at local establishments on services, appliances, home improvements, food, entertainment, and such.

More precisely on things like tipping an extra 5-15 percent, using a valet to park at the local steakhouse (tipping extra), go hear a local band (put money in the tip jar), buy cheese or pork or beef at a farmers market instead of 2 month old shrink wrapped processed cheese from a Big Box store or grocer, get an extra manicure or haircut (tipping extra!), get your car repaired at the mechanic down that side road instead of Walmart or the Dealer.

Buy those nicer hiking boots ‘Made In America’, get your computer cleaned up by that geek in the shop she set up in the old 7-11 building, buy your lumber from the local milled lumber supplier not the National Chain hardware store, deal with a local community bank or credit union with a substantial portion of your money… you get it now right.

Think about it. You may be spending either the same amount or perhaps an extra 10-20%, and you’re getting the same things… OFTEN WITH THE BONUS OF MUCH HIGHER QUALITY PRODUCTS WHILE GETTING TO KNOW YOUR NEIGHBORS ON MAIN STREET!!!

I personally look forward to trying some of the world’s best Craft Breweries in Richmond (tipping generously) and touring some of Virginia’s wineries (tipping generously)… jealous of you Kentucky folks that can tour the best ‘Bourbon’ distilleries on the planet, or you ‘Whiskey’ lovers in Tennessee just outside of Fayetteville down the Admiral Frank B Kelso highway or those in Nashville who can wander in a restaurant and catch a ‘local’ band like Kenny Chesney, lol. Believe it!

By doing this the dominoes of positive change begin to fall within your local community. The ripple effect is that the waiters, mechanics, manicurists, hairstylists, valet, carpenter, plumber, artisan cheesemaker, farmer, and others in your community begin to make more money.

And what do they do? They go out and spend more, tip more, consume more. Your local tax authority makes more sales tax revenue and spends it on improvements.

I’m in America, but the Velocity of Money is true in Canada, Great Britain, Iraq, Vietnam, or anywhere. And guess what? Since this is fun stuff you’ll be doing while spending your hard earned money, you will also be wearing a BIG smile.

There is nothing more infectious and quick to spread goodwill than passing on your smile accompanied by kind words. So be wise with your prosperity and have some fun …LOCALLY.

Even pay attention to those companies being loyal corporate citizens to us through the new Trump incentives to stay and manufacture here, and be loyal to them.

Not a bad time to avoid items and foods imported from Mexico for example …no Avacados or Corona at my Superbowl party this year, which is an example of the deceleration of the Velocity of Money.

The fruit you bear will fall from your tree and spread its seeds…

Live and grow in the nine fruits of the Spirit and you will sow the nine fruits…

Love, Joy, Peace, Patience, Kindness, Goodness, Gentleness, Faithfulness, and Self-Control.

Take care –Virginia Gentleman

.What Does Wealth Mean To You?

What Does Wealth Mean To You?

Posted on Dinar Recaps Archives on 8/4/2019

What Does Wealth Mean To You?Post From Money Saved Is Money Earned

As a member of the personal finance blogger community, I’ve been privy to a multitude of differing opinions about a myriad of finance topics.

While most agree with a few broad topics (financial independence is good, for example) you’ll find that there’s a great deal of variance even among those who are financially savvy.

Go beyond personal finance communities and the variance grows even more.

Why is there such a difference?

What Does Wealth Mean To You?

When it comes down to it, I think a lot of this variance is simply a product of the differences in how people value wealth and success.

Although wealth and success are not traditional synonyms, in this case I think they should be because how you define success is also tied to what you consider wealth.

After all, one definition of wealth is an abundance of a resource. That resource could be many different things depending on what you value and what you consider successful.

Let’s delve more into what wealth means to you, why it matters, and how you can use your definitions of wealth and success to live a more fulfilled life.

What Do You Value?

How do you value wealth and success?

The reason for the variance in opinions and decisions in regard to personal finance is because everyone is different when it comes to what they value.

Yes, lack of financial education can lead you down some dark paths and you should try to avoid the debt trap while in pursuit of what you value, but ultimately a large part of our decisions will be driven by what we value.

So, what is it that you value? How do you measure success? What makes you wealthy?

There are a plethora of things you could mention, but most can be summed up in this list:

Income/moneySavings/investmentsTimeFamily/friendsWorkTitlesRecognitionThings/possessionsHealthExperiences

This list is by no means exhaustive or exclusive, and there will likely be quite a bit of overlap between some of these categories.

No matter which of the above items is most important to you, what you value and how you define wealth and success is largely dependent on your background and experiences.

Ask someone if being a millionaire would make them successful and many (perhaps most) would agree. However, ask someone from a different background if being a millionaire would make them successful and they might claim you need a lot more.

As with anything, it’s the differences in background and experience that shape your attitude and understanding of money, wealth, and success.

This is why everyone is a little different when it comes to personal finance and what matters to them. ​

Why Does It Matter?

You may be thinking that the idea of people defining wealth and success differently is an obvious concept.

So why does this matter? Why do you need to understand what wealth and success mean to you?

It matters because your happiness will ultimately be tied to your definition of success and wealth, regardless of what others think or how they behave.

And it isn’t always easy to determine what means the most to you.

Many people go through life with very little insight into their behavior and the motives behind it. They are unable, or unwilling, to take a look in the mirror and to understand why they act the way they do.

​Aside from knowing what you value and why, understanding your behavior and the factors that shape it are really the only way to truly change that behavior if so desired.

Essentially, what we’re talking about is a concept called metacognition, or thinking about your thinking.

To continue reading, please go to the original article here:

https://www.moneysavedmoneyearned.com/what-does-wealth-mean-to-you/

​Owning Your Home Doesn’t Make You Rich

From Dinar Recaps Archives posted on 8/5/2019

Owning Your Home Doesn’t Make You Rich Owning Somebody Else’s Does
By Andrew Van Dam The Washington Post

In the United States more than almost anywhere else, wealth and income are concentrated among business owners and landlords. That club, blessed by capitalism, is becoming increasingly difficult to join.

Business owners and landlords tend to be about four times as wealthy as the average American. That’s more than in almost any other country included in a new study.

On the other end of the spectrum, renters in the United States tend to have about an eighth as much wealth as the average American.

In the recent working paper, Austrian central bank economists Pirmin Fessler and Martin Schürz used a long-running U.S. wealth survey and its newer European counterpart to compare wealth across continents.

It’s one of the first such comparisons to look at wealth in terms of what people use it for, rather than at arbitrary percentile cutoff points. The widest inequalities, they find, are between groups inside countries, not across country borders.

In their analysis, they split households into three groups. Homeowners, whose primary wealth is also their primary residence, form the bulk of the middle and upper-middle class. Business owners and landlords (about 15% of U.S. households), tend to be among the wealthiest.

Their wealth is typically used to generate additional income. Those who pay to rent their residences (about 35% of households), and whose wealth is typically used to cover needs such as emergency expenses or retirement, fill out the bottom of the spectrum. They’re joined by homeowners and business owners whose debt exceeds their equity.

The bottom 40% are most likely to be renters. The top 5% are most likely to own businesses or rental properties. The authors found this polarization has increased since 1962.

In every country Fessler and Schürz studied, homeowners’ wealth hovers near the national average. The biggest gaps are between those who own businesses and rental properties and their customers and tenants.

Van Dam writes for the Washington Post.

To continue reading, please go to the original article at

https://www.latimes.com/business/la-fi-landlords-business-owners-20181105-story.html

Why Gold And Silver Have Plenty Of Room To Rise

Notes From The Field   By Simon Black
Spoleto, Italy

From the Recaps Archives originally posted on August 12, 2019

Peter Schiff and I talk gold [Podcast]

Why Gold And Silver Have Plenty Of Room To Rise​

I thought in this age of insanity that we are living in, nothing would surprise me anymore. But sure enough, there was a headline in the Financial Times the other day, “Central banks should consider giving people money.”

It seems almost impossible that someone could believe in something so ridiculous. And yet this is the world we are living in. The path to prosperity is now based on unelected central bankers conjuring millions of dollars out of thin air.

Bankrupt governments are issuing bonds with negative yields, meaning they are being paid to go deeper into debt. And there are more than $13 trillion of these negative yielding bonds in the world.

If anything this makes a compelling case for why people should consider owning gold.

It’s a store of value with a 5,000 year track record of withstanding inflation, political crisis, and monetary stupidity.

I’ve been suggesting people consider buying gold for quite some time, especially over the last year. I argue that the supply of gold, is actually declining, yet the demand will increase in large part due to all of this central bank lunacy.

And that has absolutely been happening. The price of gold is up more than 25% over the last year, and just surpassed $1,500 per ounce. But unlike most other assets like real estate, stocks, bonds, etc, gold is still far from it's all time high.

There could still be plenty of gains ahead.

And silver would have to triple before it reaches it’s all time high.

Every summer for the past eight years, I’ve enjoyed a week or two in the italian countryside at a 400 plus year old villa. Here I relax with friends, family, business colleagues, and some of our Total Access members who fly in from around the world, to break bread and enjoy really stimulating and entertaining conversations.

This year Peter Schiff has been one of my guests. He’s an old friend who shares many of the same beliefs. And when our conversation this morning turned to gold, I thought it appropriate to record it, and make a Podcast out of it.

LINK

In our conversation we talk about why gold and silver have plenty of room to rise, and a number of different ways to invest.

Until tomorrow,

To your freedom and prosperity, Simon  Black,  Founder, SovereignMan.com

.Is the U.S. on Its Way to Becoming a Cashless Society?

Is the U.S. on Its Way to Becoming a Cashless Society?

Posted in Dinar Recaps Archives on 7/30/2019

Is the U.S. on Its Way to Becoming a Cashless Society?
Shelle Santana JULY 23, 2019
Is the U.S. becoming a cashless society?

As digital payments spread from coastal coffee shops to rural restaurants, business owners, lawmakers, and consumers across America are asking themselves this question. And depending on where you live, the concept of “cashless” is either a heated debate, the wave of the future, or a term you’ve never heard of.

Where the debate does exist, it highlights the growing tension between an evolving consumer payments landscape, a desire for increased business efficiency, and a growing concern that un- and underbanked consumers may be marginalized in a cashless economy.

The rise of digital payments, which includes traditional debit and credit cards as well as mobile payments, have contributed to the steady shift in payment practices among consumers.

According to the FDIC, cash represented just 30% of all payments in 2017. Furthermore, 68.7% of U.S. households had a credit card in 2017 vs. 63.8% in 2015.

Business owners who recognize this trend are responding accordingly, with some opting to go entirely cashless in an effort to increase operating efficiency, reduce wait times for customers, and create a safer work environment by mitigating the risk of theft.

Perhaps the most high-profile example of a cashless business are the Amazon Go stores, which use computer vision technology instead of cashiers to record what customers select and then automatically charges their card.

But does this mean we’re on the verge of a cashless revolution? To answer this question, I collaborated with Square, the payments and financial services company. Together, we analyzed millions of payment transactions from their database to determine just how close–or far–the U.S. is from becoming a truly cashless society.

Our findings suggest that the cashless trend is clear but nuanced, and highlights a few factors that sellers should consider when contemplating whether to forego cash payments.

First, our analysis shows that more consumers are using their credit and debit cards for smaller purchases. In the past four years, the use of cash for transactions under $20 has dropped from 46% to 37%.

Specifically, in 2015, half of consumers at Square businesses used their card for an $8 transaction, like a sandwich. Just four years later, in 2019, the transaction size has been cut nearly in half. Now 50% of consumers use their card for as little as a $4.50 purchase, like a latte.

This behavioral shift can partially be attributed to marketing from credit card companies aimed at increasing usage of cards for small, day-to-day purchases. It used to be that credit cards were strictly for large, special, or emergency purchases.

That mindset no longer exists, so people are increasingly comfortable using their credit cards for smaller transactions at places like drug stores, coffee shops, and delis.

Second, this trend isn’t limited to coastal, major metropolitan areas. Outside the top 25 metropolitan markets, the transaction amount at which consumers prefer their cards to cash dropped from $8 to $5.50 over the last four years.

Within the top 25 metropolitan markets, the decline isn’t quite as steep; the transaction amount at which consumers used their cards only dropped from $5 to $4 over those four years. As smartphone penetration and digital payments expand, so will cashless capabilities.

Third, for some business owners, a cashless business model is a strategic choice that provides clear benefits. While much of the current narrative regarding a cashless society is focused on the downside, there are advantages for both business owners and consumers. The key is understanding customer payment preferences.

For example, Travas Clifton, owner of ModCup Coffee and a Square seller, has seen the benefits of being cashless first-hand at his three New Jersey cafes. When he learned that 81% of transactions across all locations were made with credit or debit cards, he decided that the remaining 19% of cash transactions were worth potentially risking to gain more time with his family and business.

“An hour and a half [away from my shop to deposit cash] at 9 AM in the coffee business is valuable business time. That means I could be at one of my espresso bars serving people coffee. Instead I am having to hire someone to take my place at the bar.

What I’ve realized is that [cash is] the same as a credit card, it’s costing me money to process so I said, scrap it, we’re going cashless” explains Clifton. Turns out, most of his customers were fine with the switch.

But almost 1,000 miles away in St. Louis, Missouri, Laura Leester, owner of Pieces restaurant and game bar, had a very different experience running her cashless business.

She decided to open her business with a cashless model, drawn by the increased efficiency and safety, but quickly realized that nearly each day, she interacted with disgruntled customers frustrated they couldn’t pay in cash.

“When I opened my business there were so many balls rolling I didn’t really reflect on how I could be isolating a group of people in my community by not accepting cash,” she says. ”As a responsible business owner and someone who wants to share my goods and services with all socio-economic levels, I felt it was my duty to start accepting cash.”,,

Shelle Santana is an assistant professor of business administration in the Marketing Unit at Harvard Business School.

To continue reading, please go to the original article at

https://hbr.org/2019/07/is-the-u-s-on-its-way-to-becoming-a-cashless-society

Wealth Is All In Your Head

From the Recaps Archives posted on 4/30/2019

Wealth Is All In Your Head
April 6, 2019  By Mr. Tako 
 
When you think about it, money is a pretty funny thing.  For a couple thousand years humans used precious things to represent this idea of “money” — ivory, colorful shells, precious gems, livestock, silver, and most notably gold.  This worked well for humanity for a very long time… as long as the values were small.

The general inconvenience of physically carrying a whole bunch of “precious stuff” eventually gave way to paper certificates.  Stand-ins for the real thing.  

After-all, nobody wants to cart around a wheelbarrow full of silver just to buy a new car.  You were liable to get mugged by Robin Hood on the way to the car dealership….

Paper certificates were just so much easier and convenient.  In the past, those paper certificates could be redeemed for the actual “precious stuff”.

I still have a few U.S. $1 bills somewhere from the 1950’s that are actual silver certificates.  It used to be that a person could walk down to the nearest Federal Reserve and exchange those certificates for actual physical silver.  Why anyone would want to do that?  I have no idea, but it was possible all the way up into the 1960’s.

Some of my relatives were really into precious metals.  I received a number of these “silver certificate” dollars as gifts when I was a kid.

Back then, it was mostly the belief that you owned a precious metal that supported a currency.  The fact that you could still convert it into precious metals was sort of a “bonus feature” for the currency.

All this ended in 1971, when President Nixon officially took the U.S. off the gold standard.  The dollar became what’s known as a fiat currency, and around the same time most of the G-10 economies moved to fiat currencies as well.

The only thing really supporting a currency now is belief.  We believe that money has value and therefore it does.  Nowadays, most of our money is simply ones and zeros in a bank database …. data that probably resides in a secure data center somewhere.

Today, hardly anyone I know still uses physical money.  We’ve simply moved on to credit cards, bank transfers, and digital payments.   Only a few of the crazier people I know still keep gold or piles of cash at home.

In essence, money is now simply digital bits (in just the right order), shuttled around with electrons.  Money couldn’t be more ethereal.

To continue reading, please go to the original article at

https://www.mrtakoescapes.com/wealth-is-all-in-your-head/

Different Ways to be Rich in 2019

Different Ways to be Rich in 2019
By  Ben Carlson  August 1, 2019

It’s estimated only 5% of people in the United States are millionaires.

So if we’re using millionaire-status as a way to gauge wealth in this country, a lot of people are never going to get to the point where they’re considered “rich.”

But there are plenty of other ways to live a wealthy life that extend beyond how much money you have in the bank or your portfolio. And even those with a lot of money may not be considered rich when you look at other areas of their life.

Here are some ways to be rich in this day and age that go beyond money:

You have a job you enjoy. If you work a 9-5 job that means roughly 50% of your waking hours during the week are spent in the office, with your colleagues or at your place of employment. Many people put in even more hours than this.

So if you hate your employer, boss, co-workers, or career path that can be an enormous drag on your well-being.

Simply enjoying what you do, who you do it with, and the company you do it for can make for a supremely richer life than the alternative. It would be nice to pair a fulfilling career with a high paycheck but most people never find the former even if they receive the latter.

Being in control of your own time. A big paycheck is always nice but the impact wears off when you’re forced to deal with a stressful work environment, co-workers you don’t care for, or work you’re not appreciated for.

Everyone has aspects of their job they don’t care for but it’s hard to put a value on the ability to control what you work on, who you work with, and performing meaningful work that keeps you engaged.

Having a say in how you generally spend your time in your job is a perk not many workers enjoy. 

The ability to work from anywhere. Working remotely is a relatively new phenomenon because the technology to do so effectively didn’t exist in the past.

Not only does it offer more flexibility but it can boost productivity, help people with their family life, and cut down on time spent commuting. It takes the right personality type and organizational culture to pull it off, but telecommuting can make your work and personal life so much easier.

Having a short commute to work. When looking for office space a few years ago my number one requirement was location. I wanted something as close to home as possible.

Cutting my commute down from 20 minutes to 5 minutes has made me at least 9% happier in life by not dealing with traffic and terrible drivers.

One study found adding 20 minutes to your commute makes you as miserable as receiving a 19% pay cut.

To continue reading, please go to the original article at

https://awealthofcommonsense.com/2019/08/different-ways-to-be-rich-in-2019/