Asklemmy

47617 readers

866 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
!lemmy411@lemmy.ca: a community for finding communities

~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~

founded 6 years ago

MODERATORS

Financial prepping in the US for the future (lemmy.world)

submitted 2 weeks ago* (last edited 2 weeks ago) by Modern_medicine_isnt@lemmy.world to c/asklemmy@lemmy.ml

12 comments fedilink hide all child comments

Assuming the fit hits the shan and things get real ugly in the US, what happens with all the electronically managed money. Like say I make a break for Canada and get there. Can I still access my funds? Can the government freeze everyone's assets to prevent those who make it out from getting at their money?

I have retirement stuff in vanguard and fidelity mostly. I would assume they are international companies, and thus might not have to abide by a US freeze order. But then again, it might be in their interest to keep the money frozen so they technically still have it.

And what are other people doing to be prepared for the possibility that things get civil war like in the US. Are their places you can put your money that are safe from US hands? And what are the tax implementations of moving money to them?

Edit: I realize from the comments that it might look like this is my reaction to the falling market. It isn't about that. I don't react to market conditions in general... This is more about my family being in the administrations top 5 groups they hate. And if we feel the need to flee, is there anything I can do to ensure access to some money while having a minimal impact on my financials if it never comes to that.

you are viewing a single comment's thread
view the rest of the comments

[–] mosiacmango@lemm.ee 1 points 2 weeks ago* (last edited 2 weeks ago)

Assets can fall further. Much further. Telling people to "hold on" is only correct if this is the bottom, which is basically impossible to accurately predict. Being able to do so would make you incredibly wealthy.

If it's not the bottom, selling and holding cash and buying in when the market is lower is a better play. Basically, it's better to lock in 10% losses and buy back in at the 30% loss point then to take the 30% losses.