Day 33 Words of Wisdom

So teach us to number our days, that we may apply our hearts unto wisdom. Psalm 90:12

Consider keeping checking and savings accounts at two separate banks.

I know this post might be a bit controversial but it is a piece of practical advice that I feel compelled to share. You remember that old adage that said, "Don't keep all your eggs in one basket"? Well, it's right and we learned it experiencially a few years ago.

I won't tell you all the ways that your accounts can be breached. I'm hoping that I don't know them all, being the honest person that I am! Again, the only ways I know are those I've been warned about through media and those I've experienced.

Our worst experience happened several years ago when our checking account was cleaned out one night and because we had it tied to our savings to provide overdraft protection our it was cleaned out, too. Since we are diligent to check our accounts we noticed the problem within hours and alerted the bank so they could try to track the theft.

Then came the part about recovering our money. It can take many days for these things to go through all the proper channels so that the money is placed back in the proper accounts but the banker manager at our branch vouched for us and our money was returned immediately. End of story.

Then our banker retired.  We got to thinking about the possibility of a "next time" so we opened accounts at another bank and divided our funds between them.  We're very glad we did because there really was a "next time" and even though it was a much smaller theft it was still a theft. And over 3 months later the bank has still not resolved the situation even though the theft was reported literally within minutes.  Minutes!!

If you listen to Dave Ramsey you know that when it comes to investing in mutual funds diversity is the key. I'm not Dave and I'm not famous but my advice today is to make sure your liquid assets are diversified also. That old "don't put your eggs in one basket" advice still applies today. Those who don't heed it could end up with egg all over their faces.