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Money Saving
Importance of Diversifying Your Savings Geographically.
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[QUOTE="Holicent, post: 239276, member: 76163"] [FONT=Arial]If you've read any financial advice in recent years, you know that it's important to diversify your investments. You wouldn't want to put all of your money into stocks, or all of it into bonds. The same is true of savings. But what does it mean to diversify your savings? Many people focus on diversifying their investments, which is important, but leave their savings untouched and exposed to risk. Diversifying your savings might seem scary—you've worked hard to save up that money!—but there are a few smart ways you can do it without taking on too much risk. One way is to open another bank account at a different bank than the one you're using now. Your current bank may be great, but it might not always be safe from fluctuations in the economy, especially if it's only operating in one country. If you have all of your savings in one place and that country experiences a recession or even a full-blown depression, it could be very bad for your nest egg. Another way is to consider investing in physical gold bullion, which has been known to remain stable despite economic changes. This can also protect you from currency exchange rates that may decrease the value of your money.[/FONT] [/QUOTE]
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