Talking with Chief Investment Officer Phillip Washington, Jr., host of Wealth Building Made Simple podcast, about how to keep your money safe from bank failures….(read more)

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Building wealth is a goal that many people strive for, but ensuring that your hard-earned money is safe from bank failures is a key aspect of financial planning. In Mansfield, CAS, residents have access to a variety of financial institutions that can help them grow and protect their wealth.

One of the best ways to keep your money safe from bank failures is to spread your deposits across multiple institutions. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. By spreading your deposits across several FDIC-insured banks, you can ensure that all of your funds are protected in the event that one bank fails.

Another way to protect your money is to research the financial health of the banks where you hold your accounts. Look for banks with strong financial ratings and a history of stability. You can use online resources such as Bankrate or Moody’s to research the financial health of different banks and make informed decisions about where to keep your money.

It’s also important to be aware of the signs of a failing bank. If you notice that a bank is experiencing financial difficulties, such as posting losses or facing regulatory sanctions, it may be wise to move your money to a more stable institution. Keeping a close eye on the financial news and staying informed about the health of your bank can help you make decisions to protect your wealth.

In Mansfield, CAS, residents have access to a range of financial institutions, including banks, credit unions, and online banks. By diversifying your deposits and doing research on the financial health of your banks, you can ensure that your money is safe from bank failures and continue to build wealth for the future. Building wealth is a long-term endeavor, and protecting your assets is an important part of achieving financial security. By taking proactive steps to keep your money safe, you can safeguard your wealth and continue to grow and prosper for years to come.