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  • Jim Costa

Jim’s Daily Rant. What’s A Wealthy Mother To Do?

What’s a wealthy single mother to do after reading my Rant today regarding the big banks collapsing?

If she thought the family jewels were safe in a Swiss Bank she may be worried about their safety today. Those banks hold a lot of physical treasures because they are protected by the Alps mountains. No army or get away tractor trailer rig can get in and escape with the stolen loot. That’s a fact.

But what if the banks and the country collapse? What about the impact of their bankruptcy?

What if she has a half $Billion in a checking account there or in a Too Big US bank, such as Wells Fargo? Where should she wire transfer it to before that bank files bankruptcy?

I feel confident that first she must travel to where the new bank is located to open the account, right?

A gut reaction might be to transfer it out today and later move it to a more safe place. This may be scary but at least you get out before they file bankruptcy any minute. So you might ask if you can transfer it to your stupid Brother-In -Law’s account immediately to buy time. But then you realize your sister feels he has cheated on her so he might cheat on you too.

My suggestion is to visit a local non-federal credit union and meet with it’s president.

Offer to move half of your half $Billion to them on condition they immediately put you on their board of Directors. This will help your community and allow you to monitor the bank finances and security systems so it too does not end in bankruptcy.

Then do the same deal to another small non-federal credit union within a hundred miles of you.

If you have to you can cause a second secure vault to be constructed. You could even purchase the bank property, lease it back to them, and bury some assets under the new vault to hold half of the jewels. But at least you are using several baskets for your eggs.

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