US - For the first time in my life I’m not living paycheck to paycheck, but now that I’ve got a bit of savings it feels like the US dollar and economy is on the cusp of death.
I’m wondering if I should split my bank account into another one that isn’t affiliated with the US, maybe even have a percentage of each paycheck go to that one automatically. The thought being to not have all my eggs in one basket.
No idea the best way to go about this, or if it’s even remotely a good idea. What do y’all think? Any relatively stable economy to shoot for / ease of opening/accessing an account in a country I’m not physically in?
This is new territory for me - my financial planning historically hasn’t gone much past comparing the price tags of 40 lb bags of rice, so… Idk, I have no idea what I’m doing. I have this dread that the income I have now is about to become worthless, and not sure how to protect myself from that.
The US dollar is not on the cusp of death[1], but it is becoming somewhat devalued compared to other currencies, and I think it will continue to for some time[2].
What I’d suggest is the same thing I’d suggest anyone, especially anyone who’s just starting out, the Boggleheads Three-fund portfolio. If you’re especially concerned about the US dollar, you could (1) put more weight on your international stock index and/or (2) add an international bond index to the mix, like this one.
Someone told me once to watch out for dollar hedged international bond funds because the dollar hedging will work against the goal here (betting against the US dollar). I don’t know enough to really speak on it, but just be aware and maybe look into it if your goal is to avoid USD devaluation.
You can usually order straight euros in cash from your bank if you want to avoid USD savings. Then convert them back to USD as needed for expenses.
If you’re not trying to do anything dodgy and just want to keep your money in more than one currency, some modern banks like Revolut let you do that kind of thing with the ease of an app.
If we’re talking about significant sums of money, you probably want to be looking more at a trading account or even a stockbroker. Tbh, if we’re in that territory, you should be talking to a qualified accountant who will be able to give you the best advice for you.
Nothing dodgy. Also probably not what you’d consider a significant sum - maybe a few grand max to start? Hopefully the actual number will be increasing semi-soon: I’m a few months away from finishing a nursing degree, which will pretty much double my earning potential.
Right now I’m a surgical tech, which sounds fancy to some people, but still boils down to ‘just a tech’ (or as I like to describe it: surgeon’s bitch). We make enough to pay the bills and live fairly comfortably, but not so much that the check engine light isn’t fucking terrifying; and actual home ownership still feels like a pipe dream. Once I become a nurse, the amount of cash earned that won’t immediately disappear to living expenses will increase quite a lot, so that’s when I’ll be able to really start building both my existing account and potentially a foreign one.
At first glance, Revolut looks like a good option - I’ll dig a bit there!
Accountants / financial advisors etc - idk if the amount I have now would be worth paying for their advice… I think of them as managing huge sums of money. I also think of them as like used car salesmen types who’s goal it is to take my money, not help it grow. But again… idk shit about any of this - my brain is still living paycheck to paycheck even though my means have advanced beyond that.
fiat cost average into Monero. You don’t want to use Bitcoin just simply due to the fact that then you are advertising your worth to everybody on the planet. And Monero does not do that. Any fiat currency is going to be subject to whatever government whims and dictates control it.
