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-- the average investor what should you do with your money in the wake.
Of today's stunning development how many people called you and -- I'm nervous and all I -- I don't dozens of -- -- all day I hate this what what should I do -- to bella has the answers he's president of diversified financial consultants.
And and Dominique I know that you -- there's always it's good I'll move its suggestions lets say pressure.
-- but the number 12345.
Things that people should be doing right now to protect their portfolio from the gyrations that are what we see today well.
A great many of these we've discussed in the past and and it starts with.
Looking at the account to starts with looking at -- Casey's starts with looking at -- sheer amount of company stock -- you have in your retirement plans.
And really it starts -- take a longer term view to these markets.
We have been through extremely volatile times before this is not the first time it's an ugly one but it's not the first time.
You have to take a longer time -- -- the next thirty minutes of the next thirty days when you're looking at your portfolio.
Well -- and we do we have some history I mean we have been granted people say this financial crisis is different for many others.
But I remember during -- -- crisis we're in the same -- affect.
David exactly right we saw over 700.
S and -- file for bankruptcy at a cost of a 128.
Billion dollars to the taxpayer but they salvage the system.
Later on in that decade be bailed out Mexico and all of South America.
Using Brady bonds of the brilliant way to do it but we did it we -- a whole financial system from collapse.
And not too many years ago we watched the whole financial system.
A symbol in this country the Twin Towers collapse of for -- -- and we survived the system so.
There it's gonna take time it's gonna take some inventive thinking and had to come up with -- answers but that they will solve these problems.
Let's get to things like FDIC insured accounts isn't it is Smart it.
Look we just -- John tobacco launching that he's worried about city the -- got a lot of got accounts at city.
So I get nervous what it what's the advice to people who have accounts there how do you make sure you are FDIC insured.
Again the rules very simple it as long as a single registrations single account with the same registration doesn't have more than a 100000 dollars you're protected.
If it's a -- plan and IRA caddie goes up to 250000.
Dollars so you can use multiple banks will you can use multiple accounts within the same.
Bank using multiple registrations.
You need to be Smart you need to think about this stuff before stuff happens.
Planet out and -- we should emphasize again while while some of these big names do indicate -- that this thing is very widespread.
There are a lot of -- look a lot of banks around here that are in pretty good shape particularly.
When you see when you know the people like Wilbur Ross is a Smart cookie is going around looking for -- wants to -- up.
Well we we can look at Citibank in this situation they're in right now but look at the other side of the -- -- -- The bank America today decided to -- what some people think might be a bargain somewhere down -- road to buy Merrill Lynch.
And what about chase is so that this some good financial institutions out there Wells Fargo comes to mind.
That don't listen you need to diversify -- your bank holding so don't be afraid he had multiple banks -- -- Malia and an overall when you look at say for example Goldman Sachs coming out with -- earnings tomorrow Morgan Stanley.
And this could have further dry erase an F for the average individual was a for a one case should they be region occurring -- somehow we're just riding this out a lot.
Again the blanket answer is I don't know because you have to look at the -- case you have today.
But you have to have a good broad based allocations if you're sitting there with 8090 -- -- passes in one asset class and -- that sponsor probably happy so far this year but maybe start to think about moving 10% out of bonds into stocks or if you're 90% of stocks you need to -- intent -- present.
At a that category back over -- broad based diversified portfolio Dominic Lavelle always good to see you my friend thanks very much guys more breaking news.
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