If he takes it all out, where does he put it to be safe?
When I suggest to get out of the Matrix, what I mean is to get it out of any electronic account that can be closed and raided on a whim by the government, and into something that can't be reached. And I am not suggesting anything illegal.
Collectible art is going up right now, and for 500K you may be able to get something worth owning. Gold and silver are fine, but be careful that the government doesn't put taxes on them when you convert it back. Collectible coins might be better. Jewelry, diamonds, etc might be good. Or put it into some sort of business. You can even just withdraw the cash, or convert it into foreign currencies.
Real estate is a bit tricky, because I expect that governments will raise property taxes on it. This was specifically mentioned by the IMF when considering wealth confiscation, because real estate is not very liquid and people can't flee the tax easily. But if you buy a productive asset that can generate rent, it might be a good investment.
There are hundreds of things you could do, and maybe just do a little of one thing, a little of another.
Most importantly, study how these governments are hunting down money. What is done in one country will be done in a lot of countries.
Argentina's Economy Is Cratering, Again
Bundesbank's Stunner To Broke Eurozone Nations: First "Bail In" Your Rich Citizens
The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis"
IMF Discusses 'One-Off' Wealth Tax
Don't take any of this as specific investment advice. I am not an expert in art or real estate. But there are many things people can do rather than just have their money sit around in a low interest account, waiting for it to be taken. Personally, I am hoping to be able to start a business with just myself, and be able to work it after business hours, while keeping my day job. That for me would be the ultimate security.
When I suggest to get out of the Matrix, what I mean is to get it out of any electronic account that can be closed and raided on a whim by the government, and into something that can’t be reached.
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Thanks, Vince, for the tips and the links. Appreciated.
Getting $$$ out of the electronic realm was my interest. I’m an ‘oldster’ now and just don’t to lose what little savings I’ve acquired. ...I want to live in my modest style and leave something to kid and grandkids.