My FDIC Insurance – What’s this all about?
MyFDIC, MyFDICInsurance.com , MyFDICINSURANCE.GOV or My FDIC Insurance?
Recently I noticed terms like myfdic, myfdic.gov, myfdicinsurance.com, myfdicinsurance.gov and other My FDIC Insurance terms in google trend. Whether the amount of search is a result of the bad news about Lehman Brothers Bankruptcy and the unstable status of different banks or financial institutions like AIG and other stocks or because it was mentioned by Suze Orman (personal finance expert) on The Today Show one thing is for sure - People who are searching these key phrase want to look for the information related to FDIC or the insurance of the money that they stashed somewhere.
In The Today Show, Suze reiterate the online tool that will tell you whether your money is ensure www.myfdicinsurance.gov , so investor and those who stashed their money somewhere could easily know whether their wealth / hard earned retirement is safe.
Here is the The Today Show video where the my fdic insurance was mentioned:
.
FDIC Coverage: (Per Bank)
| Individual per person | $ 100,000 |
| Joint accounts per person | $ 100,000 |
| Retirement per person | $ 250,000 |
| Trusts / POD per beneficiary | $ 100,000 |
"Most of the money is Insured".
Think Like an Entrepreneur by Bo
Got this article from my friend in Philippines. This is actually Bo's insight about Entrepreneur thinking. I must admit that this is a lengthy read but I assure you this is a worthy read.
Here it goes:
From now on, you have to think like an Entrepreneur.
I can hear you saying, "But Bo, I'm an Employee!"
And you're right. You may be an Employee in a bank or a call center or
the corner bakery down the street. But your entire world is changing.
Even if you're working for someone else, you still have to think like an
Entrepreneur.
Think this way. If your name is Rudolph Reyes, then you're the Chairman
of the Board of Rudolph Reyes Personal Services Inc.
Why the shift?
June Inflation Rate is 11.4%
Guys, check this out. June 2008 inflation rate in Philippines highest in 14 years reach 11.4%!
MANILA, Philippines—The prices of services and goods consumed by an average Filipino household went up by 11.4 percent in June from a year earlier—the fastest rate recorded in 14 years—due largely to the substantial increase in the cost of rice and other food products, the National Statistics Office reported Friday.
The price of rice soared by 43 percent because of growing demand and increased costs of inputs. This means that the rice a consumer bought for P100 in June last year may be had for P143 last month.
Prices of food products included in the Filipino consumer basket rose by 17.4 percent. This means food products that had cost P100 in June last year, cost P117.4 last month. (complete report)
This is the reason why I don't prefer time deposit. Why? If you'll put your hard-earned money in a normal time deposit in Philippines banks that have 4% interest per year and compare it to the inflation rate trend which is now 11.4% then its very clear that you are lossing - you are behind 7.4% its actual spending power.
Now it is very clear. If you still prefer time deposit then go for a bank that offers a time deposit rate higher then 13% per annum.
Rich Man is the One who needs the Least
Rich Man is not one who has the most; but one who needs the least.. I read this line first from Alijeffy C. Gonzales of the On your Journey towards financial independence. Mountain of financial ideas and investment tips you can read in his blog that will surely help you in taking charge of your personal finance.
Here is a short story I snatched from his site:
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