Sign Banking Form Massachusetts Myself

Industry sign banking massachusetts form myself

when i talk to people about the idea of moving some of their funds to offshore banks it can be a little scary at times but in reality the banks in your own country may be much worse off financially than some of the best banks offshore that happens to be the case in the united states where a recent article suggests that u.s banks are a lot weaker than you might think [Music] hi i'm andrew henderson here at nomad capitalist my team of over 30 people our network of global experts and yours truly help seven and eight-figure entrepreneurs legally go where they're treated best more nomadcapitalist.com here's the article from bloomberg at the end of 2020 it goes like this the largest u.s banks are less healthy than they appear boosted by temporary accounting and capital relief measures as well as massive market support from the federal reserve and advocacy group said although the six biggest banks leverage ratios reported at the end of june 2020 averaged almost two percentage points above regulatory minimums the actual average would have been only 84 basis points little under one percent above without the relief measures said americans for financial reform in a report when the article came out regulators the article continues have allowed banks to delay the hit to their capital ratios from billions of dollars in loan loss provisions they've put aside this year just put it aside massive increases in their holdings of cash and treasuries are also temporarily excluded from the calculation of the leverage ratio which has become the binding constraint for the largest banks during the pandemic the marcus stanley policy director from this group americans for financial reform said we're not in a 2008 situation where major banks are facing collapse but we're going into an uncertain future and the big banks aren't in as good of shape as they appear even if the firms wouldn't be in the precipice of insolvency without the support measures the allowances have let most banks continue paying dividends as well says the advocacy group so basically the government is letting the banks continue on they're not as solvent as you think and oh that's not convenient you don't want to share that you don't want to put that in your in your numbers that's fine now i've been saying this for a long time obviously you have other places to put money than cash obviously many people who are watching this will say you should put your money in cryptocurrency you should put your money in gold or silver bars and of course those things have a place i think if you're an entrepreneur i think if you're an investor i think having cash on hand for business opportunities for hiring growth for marketing growth for acquisitions for whatever the case may be when when there's you know something that you want to buy at a distressed price or an asset that you want comes along i like to be able to to pounce and i understand you can sell your gold you can sell your crypto for me i i like having some money just sitting there like having a diverse portfolio and so would i keep my money in the united states you know a lot of people call me from the u.s and they say oh we have the fdic that insures our money i talk to people from australia and other western countries you know is my money in these offshore banks going to be insured and the simple answer is in many cases either no or not for as much but here's the rub this article is talking about u.s banks and every year different publications put in a list of the safest banks in the world i like to look at report where they put out the 50 safest banks in the world and in the last five or six years with perhaps one exception no u.s retail bank has made the list you will occasionally see some farm you know banks i think there was one u.s retail bank on the list a couple of years ago but you were not seeing the main banks the main us banks that everyone knows on the lists where are you seeing banks admittedly you are seeing them in australia in canada some of the countries that we help people from now if you want to no longer pay taxes in australia or canada by moving overseas you're not going to have access to those banks anymore so you'll need to find a strong bank somewhere else but for everyone else if you're in the u.s if you're in the uk if you're pretty much anywhere else in the western world or anywhere in the world your banks probably aren't as safe as they appear and what's interesting is when we do research on banks and we look into even some rather emerging countries we'll look at reports from big accounting firms and others and we'll look at the numbers behind the bank and then we'll compare it to some of these banks like in the us the big names that everyone feels safe about they've been lulled into a sense of security about oh if i keep my money in this big u.s bank you know you can never go wrong now i'm not saying that you're going to go wrong keeping your money in a u.s bank but i'm saying if your idea is my money is safe in wells fargo then your money is going to be even safer in a bank in singapore in a bank in switzerland there are banks in the middle east there are banks all over the world i think there's some banks in panama that are safer than the u.s you will see some countries on that list with banks that you wouldn't even imagine these banks this country would have banks that are safer and so you know for me this is a wake-up call back during the last recession the global financial crisis oh 809 they did a study u.s banks were 40th safest in the world i believe the uk was 44th if i remember correctly 40th safest could most americans even name 39 countries 39 other countries that could remotely have safer banks now you might say austria or switzerland or liechtenstein okay but could you name all 39 of them and so i think that you know beyond just banking this is a reminder that your country i remember going into banks with my father we'd go out for breakfast many saturday mornings and sometimes we go to the bank and we deposit a check or we you know do whatever and you'd go in and you'd see that big sign if you're from the u.s or from other countries that have this you'd see that big plaque on the tellers desk your deposits are insured by the fdac back then it was a hundred thousand now it's 250 000 obviously every year inflation reduces the amount that's actually insured and of course the fdic has less than a penny for every dollar in there if one of these big banks were to fail they would have to figure something else out because they don't have enough money to pay everybody back and so when you really go down the rabbit hole you think to yourself if things got really bad if something like that pandemic caused a real shock to the system you know would your money in these banks in the u.s be safe now again are you going to keep all your money in the bank no do you want some real estate some gold some crypto all kinds of different assets some stock whatever sure but if you're going to keep some money in the bank this is why once again i suggest diversifying i talked to some people who have four or five different bank accounts in the u.s because they figure oh i'm under the fdic limit or they just like the idea of having four or five different banks if you're gonna manage four or five different banks why don't you make one or two of them a legal offshore bank account where you get to choose the safest it's not a matter of choosing a bank based on what was next door to your teenage ice cream parlor job actually had a teenage ice cream parlor job if you know it's not the bank that your employer uses for a direct deposit and you just kind of begrudgingly went along it's not the bank that they you know helped you know signed you up for when you went to college it's not the bank that your wife uses because she's a member of whatever why don't you make a conscious intentional choice great word about what nomad confidence is all about intentional intentional choice to say i'm going to go where i'm treated best with my cash and i'm going to put the cash that i want to have in fiat currency available to me on demand in the bank that's most likely to return it not a bank that's relatively likely to return it not a bank that is convenient and i feel nice and warm and fluffy this is what nomad accomplice is all about you can go and look at the 12th 13th and i think 15th safest banks in the world they are the big three banks in singapore right now not all the banks on that top 50 list are going to accept you if you're a non-resident and so there's different strategies for everyone maybe you want to move to one of those countries and get a bank account in switzerland i've got a guy right now he's moving to switzerland and paying out a low lump sum tax to live there maybe you want a bank in singapore maybe you want to bank in the uae they actually make the list so there are lots of countries with safer banks than your country chances are and so let's be intentional and say i'm going to put some of my money in one of those banks and not go where i'm treated a little better not say oh but you know i'm moving from one bank in my country to another bank because they gave me a free toaster or because they pay 10 basis points higher interest the interest these days you know it's not that it's not going to make a difference why don't you make an intentional choice to say let me have the best and i think once you start doing that and you start demanding the best that leads to your demanding the best in other ways you're going to start thinking why don't i have the best passport why don't i have the best tax rate why don't i have the best regulatory climate for my business for me banking is an honor and for a lot of the things that we talk about here u.s banks according to this group according to bloomberg not as safe as you may think it's a wake-up call these banks are 84 basis points away from basically being in bad shape and what is being reported what's being told to people just isn't quite true this is an opportunity to go where you're treated best i think everyone should have bank accounts overseas if you're a us citizen or you live somewhere else where you have to report them do that work with someone like nomad capitalist or or an international you know accountant to make sure that you are in full compliance but make sure that you're going where you're treating treated best with your money and not simply falling for warm fuzzy feelings in a country where you feel safe but probably isn't nearly as safe as you think how can nomad capitalists help you four ways number one subscribe to our channel and click the notification bell to make sure you get our new video every day number two get a copy of nomad capitalist the book you'll learn a lot of my personal experiences over a dozen years of studying this stuff as well as exactly some of the strategies that you can use to build your 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