Fear is a powerful thing. The action or in-action it creates can cost you big time. Lately, fear is back in the minds of many and understandbly so… With threats coming out of N. Korea, question marks around Obama Care, and what happened in Cyprus fresh on everyone’s mind, it’s easy to let a little fear back into the picture. However, there is one thing that scares me more than anything else… Cyber attacks on the Big Banks. In the past 6 weeks, Big Banks in the US have had 249 hours of outages on their websites. Unfortunately, I think this is just the beginning. Our enemies have finally understood they cannot defeat us with an iron fist. From a Military standpoint, we would CRUSH any other Nation on this planet. So, if our enemies know that, what’s the next best way to cause us harm? To threaten our freedoms and way of life?
Most of us have very little access to our cash. It’s just a number on a computer screen. We trust that the bank would give us that much money if we walked in and asked for it, but that’s not happening for a LOT of people in Cyprus this week. The question to ask yourself is this… If the Hackers have their way and get into your banks records, destroy any evidence that you had money with them, how much cash would you have access to? If the power went out and your debit card no longer worked, nor your ATM, how much money would you have to buy food, gas and anything else you needed?
I’m not saying to take ALL of your money out of the bank. Just don’t keep ALL of your money in a bank account. You need to have some cash on-hand, in your home, in a safe. You should also have some cash in a safe deposit box at your bank. That way, if the records are hacked, as long as they can open the door, you’ve got money you can get to. With savings account rates so low, you’re not missing out on any interest by doing this right now and I think it adds a layer of security that we could all use amongst all this uncertainty.
Other topics discussed on today’s show:
– Using a Mortgage Strategy to pay less for your home than your neighbor
– How you can repair your credit the cheapest way possible
– What it costs you to have poor credit when getting a mortgage
Today’s On-Air Guests:
– Jon Jerotz, San Diego Mortgage Expert and VP of Mortgage Lending at Guaranteed Rate
– Mike Watson, Credit Repair Expert here in San Diego with United Credit Education Services
Categories: Credit Score Secrets