multiple bank accounts sounds like the 3-2-1-0 rule of making data backups. 3 accounts, 2 different types of account, 1 being off shore, and 0 problems accessing them.
Make sure the bank you choose has an excellent money transfer system! I cannot tell you all how frustrating it is when a financial institution has technical difficulties when trying to transfer funds from one account to the next!
I had some spare cash - put it into a 4.49% saving account. Thought it was a great idea unril I noticed I'd been taxed half of what I'd made. Withdrew the lot and put it into crypto.
This is the one point I forgot to mention in the episode. If you were operating out of a low/no tax country, this wouldn't be an issue. And the savings would add up a lot over time.
Oh yes, and the other thing I wanted to post: It's foolish to try to predict the timing and depth of a recession. However, I always refer to the Benner Cycle, and it suggests the next downturn will occur in 2026. If everyone "knows" that we're due for a recession, then I think the markets will keep moving along, longer than anyone really expects. I'm still net bullish for the time being, but it is always a good idea to manage your risk, debt, and leverage. Just keep accumulating wealth and you'll come out better than the average person.
Any market wizard will tell you that it's extremely difficult to call tops. That's why most successful traders make money following the trend - not trying to time reversals
I find it interesting how confident you are in suggesting crypto will be a safe haven during a recession. Crypto is so new that you literally have no precedent for predicting how it will behave. Bitcoin has never been through a recession. It could just as easily collapse like other risk on assets. Don't forget that during the start of the 2020 pandemic, Bitcoin dumped over 40% - not exactly a great "store of wealth" during that crisis
@@NoNonsenseForex Bitcoin is trading at April 2021USD prices - three years later. USD inflation was 15.3% since then. So that means your Bitcoin needs to trade back up to $73K just maintain your 2021 purchasing power. In other words, it hasn't even kept up with the dollar, never mind outperforming it. A recession will indeed be a fun new phase of the crypto experiment! Will it hedge like "digital gold" or collapse like a NASDAQ stock?
I don't think you can use the very peaks as evidence like that. Just like the maxis try to do with the 2009-present numbers (2000000% bro!! What has gold done?), it's too selective. BTC has out-performed the dollar on every level imaginable, unless you're one of those handful of people who bought at the top in 2021, but that's not our concern. I like having crypto moreso because it's money outside the system, and in a crisis, they're a lot more likely to want to fuck with your money, should you be so unfortunate as to have most of it inside the system.
@@NoNonsenseForex Using the peaks is legit for proving that the purchasing power of one Bitcoin peaked in April 2021. That is the reality of the math. I would argue that crypto is only "money outside of the system" if it has purchasing power. Remember George Gammon? You still need to swap back to fiat to pay for food and shelter. There are tens of thousands of altcoins. Are they all real money? Last I checked, neither Walmart or your landlord accept Dogecoin. The recession headwind that I think is being missed by the maxis, is unemployment. Right now it's at historic lows in the 3% range. If a recession hits and that goes up to 8% or 9%, how many unemployed defi holders are going to have to liquidate their Binance accounts to pay their bills? Something to think about
multiple bank accounts sounds like the 3-2-1-0 rule of making data backups. 3 accounts, 2 different types of account, 1 being off shore, and 0 problems accessing them.
I love it. There's a reason why these rules exist.
Legendary!! Great intel
No Nonsense Forex, I subscribed because your videos are super cool!
Make sure the bank you choose has an excellent money transfer system! I cannot tell you all how frustrating it is when a financial institution has technical difficulties when trying to transfer funds from one account to the next!
Yep. And learn what correspondence banks are too
have you spoken about the whole prop firm / metaquotes ordeal? i'm trying to catch up on the episodes and cant find anything yet.
I don't because it doesn't affect us over at Maverick. And I just don't follow any other firms, so I can't really say.
I had some spare cash - put it into a 4.49% saving account. Thought it was a great idea unril I noticed I'd been taxed half of what I'd made. Withdrew the lot and put it into crypto.
This is the one point I forgot to mention in the episode. If you were operating out of a low/no tax country, this wouldn't be an issue. And the savings would add up a lot over time.
After this week's CrowdStrike outage, this only underlines the importance of having access to other platforms and jurisdictions
what is the best form of ID to verify identity for the Palau residency card? DL? US passport?
Pretty sure that will do the trick, I think that's what i used. Live chat will verify this.
@@NoNonsenseForex Thanks VP, I was trying to see if there was a way to get this without having it tied to my present status, if you catch my drift😉
Yeah those days are long gone, especially for Americans
my 401k is in SPY (since they dont offer dividend ports) and my roth is on SCHD. Lets go
Oh yes, and the other thing I wanted to post: It's foolish to try to predict the timing and depth of a recession. However, I always refer to the Benner Cycle, and it suggests the next downturn will occur in 2026. If everyone "knows" that we're due for a recession, then I think the markets will keep moving along, longer than anyone really expects.
I'm still net bullish for the time being, but it is always a good idea to manage your risk, debt, and leverage. Just keep accumulating wealth and you'll come out better than the average person.
Any market wizard will tell you that it's extremely difficult to call tops. That's why most successful traders make money following the trend - not trying to time reversals
First
Great video VP. New mic ?
Nope, just hungover
I live in euro zone, what is treasury direct?
It may not apply to non-US citizens. There should be ways to access in the EU, I just don't know them myself.
First
Thank you
I find it interesting how confident you are in suggesting crypto will be a safe haven during a recession. Crypto is so new that you literally have no precedent for predicting how it will behave. Bitcoin has never been through a recession. It could just as easily collapse like other risk on assets. Don't forget that during the start of the 2020 pandemic, Bitcoin dumped over 40% - not exactly a great "store of wealth" during that crisis
Haha, dude please do some research
I'm happy you find it interesting
@@NoNonsenseForex Bitcoin is trading at April 2021USD prices - three years later. USD inflation was 15.3% since then. So that means your Bitcoin needs to trade back up to $73K just maintain your 2021 purchasing power. In other words, it hasn't even kept up with the dollar, never mind outperforming it. A recession will indeed be a fun new phase of the crypto experiment! Will it hedge like "digital gold" or collapse like a NASDAQ stock?
I don't think you can use the very peaks as evidence like that. Just like the maxis try to do with the 2009-present numbers (2000000% bro!! What has gold done?), it's too selective. BTC has out-performed the dollar on every level imaginable, unless you're one of those handful of people who bought at the top in 2021, but that's not our concern.
I like having crypto moreso because it's money outside the system, and in a crisis, they're a lot more likely to want to fuck with your money, should you be so unfortunate as to have most of it inside the system.
@@NoNonsenseForex Using the peaks is legit for proving that the purchasing power of one Bitcoin peaked in April 2021. That is the reality of the math. I would argue that crypto is only "money outside of the system" if it has purchasing power. Remember George Gammon? You still need to swap back to fiat to pay for food and shelter. There are tens of thousands of altcoins. Are they all real money? Last I checked, neither Walmart or your landlord accept Dogecoin. The recession headwind that I think is being missed by the maxis, is unemployment. Right now it's at historic lows in the 3% range. If a recession hits and that goes up to 8% or 9%, how many unemployed defi holders are going to have to liquidate their Binance accounts to pay their bills? Something to think about