The current economic slump has everyone in a state of uncertainty. Businesses, investors, consumers, and families alike are all unsure of America’s financial future. This overcast mindset translates into the general public being very cautious and conservative in their spending and investing. Unfortunately, that attitude further perpetuates the effects of the economic downturn and it does nothing to restore confidence or encourage spending.
Recent concerns about the stability of U.S. banks have also struck a high chord. The Washington Post uncovered the myths and realities of banking today in an interview with financial planner and Save252.com President Eric Solis. Reading through the transcript is like a Q & A session featuring all the questions everyone wants to ask about finances before shyly backing out. These questions are openly-honest with answers returned in the same fashion.
The interview session earnestly covers topics everyone earning a living ought to know about, especially considering the present economic situation. People nationwide ask questions about what to do when banks go under, how much of your money is insured by the FDIC, and the suggestion of a “run” on banks is mentioned more than once. Solis assures readers that the safest place for your capital is in the bank and not under the mattress. The questions dig deeper into the subject, even by the final question. The session truly demonstrated the need for more discussion on the topic and explanations of how to plan for protection should the unimaginable happen.