The FDIC, and three things to do right now.

On my facebook page I posted a link that, succinctly, covered the high points of the FDIC's woes.

Pondering some of the questions and thoughts I've heard would take awhile to address, and I do want to do that.  But in the spirit of 'getting things done'... here are the three bullet points of what you should do, and then you can either thank me, or argue with me, later.  Do just these three things right now and worry about any other 'fancy planning' afterward.

• Have a month's worth of 'pay the bills' money in cash, in your home.  Banks fail.  Often it happens smoothly, and all your funds are still available.  That isn't 100%.  I know a woman it took months to get everything back out of the bank after the FDIC came in.  Funny how not understanding creditors can be about you not having access to your money.  Avoid the hassle.  Have a month's worth of cash on hand.  In the freezer marked "Chicken" or something a wrapped in foil can be good. Both out of sight, and if there was a fire it'd do better there than just about anywhere else.
• Do not have more than is insured in any bank, for any reason.  You can have an account at Schwab, Saxo, Scottrade, or even a place that doesn't start with 's'.  Just don't have more money in there than is insured.  (Some places have extra insurance that covers higher amounts... like up to 25 million or more at no cost to you.  There is no reason not be protected.)
• Buy silver (or gold, or both) with some of your savings.  I'd recommend about 15% of your net worth in metals or related.  How conservative or aggressive you are, and what your net worth is clearly makes a difference.  Just buy some please.  This does not include (and nor should you buy) gold or silver ETFs.  Google it if need be.  Don't buy them.  Really.  I beg of you.

There is a lot more to talk about.  'How did we get here? What should we do as families, citizens, and as a country? ...lots of people talk about those things.  I talk about those things.  I also talk about earning income outside of the US as a prudent action to take (and about how to go about that).  But first and foremost take the steps needed to insure a basic level of stability in your home should something happen to your primary bank (The metals we'll talk about later... they'll fall in price some I'd bet over the next 3-6 months, but sooner (rather than later) they'll be much higher than they are now.  They are a purchase for the future.).

Cheers.

Joshua