www.reddit.com/r/Bitcoin/comments/nqgmpp/why_the_whole_banking_system_is_a_scam_godfrey/
I highly suggest reading this subreddit. I have been barking these things for years. Here’s an Inter fact that, if you haven’t been in banking or insurance and finance(brokering) then you will most likely not know this. But don’t take my words, look it up yourself. Banks, by federal law, are required to have 1/3 of the physical assets at said bank or usually the Main bank of banks. This means, while holding your money and giving you not even an inflation rate of growth, they lend out not only your money, with high interest rates on loans, and to buy high yield stocks, they technically can loan out 3 times the value of their physical assets. Why do you think we have bank crisis and so many bank foreclosures? On the other hand, insurance companies are required to maintain 3x in liquid assets compared to the amount of money that every policy pays out(simple way of explaining insurance, as you can make good money through insurance companies, typically with a 13-15% yield over a 20 year period) at their home office. If you have savings in the bank, k suggest keeping no more then 5 grand there, for emergencies. The rest of your investment money should not go straight into stocks, especially right now. FIUL’s, or Fixed Indexed Universal Life Insurance, is one of the best ways to go, especially long term. Only get grade A policies, from companies like Voya, Transamerica, Nationwide, and a few more. These policies have a 0 floor incentive, meaning that even if the stock market drops 50% or more, you lose nothing that year. And the money you put in every month will be there for that year. But with an average of 13-15% a year over a 20 year period is incredible. If you get a large policy that’s ~$15,000 a year or more, your policy will end up paying you after 3-5 years. You can then up your yearly amount, and gain even more that way, or simply pay yourself a salary protected by most taxes. I bet no one at a bank will ever know this or tell you this. Good day
-Lon3
Crypto Careers 