Economically Illiterate and worried!!

J

jelly 292

Guest
Hello,

I'm probably reading to many threads on the Internet ;boards, on AAM, and P.ie but I get the feeling that we are heading for an almighty crunch with the Euro currency, whole world financial system.

No matter what our government, the EU or ECB say; at this stage I would not trust a single thing from any of their mouths.

I have ready many threads from jittery Irish deposit holders about what to do with their hard earned deposits and for every answer there seems to be an opposite opnion.This only confounds the confusion.

Personally I think there is a reckoning coming for the Euro and that Ireland will default and return to some form of Punt Nua. Last week all seemed sorted with the EU but this week its all panic stations again, politicians and bankers trying to reassure us all the they have things under control when the facts seem to contradict this.

Now as you have guessed I am pretty much economically illiterate apart from how to manage my week to week life, normal money stuff , thats grand.
I have come into some money now and I am desperately trying to figure out what to do. There is no easy answer it seems, a case of least worst options.

I feel I have to do something now though because if the This post will be deleted if not edited to remove bad language falls out of the whole thing overnight and my € is converted into new funny money it will be postal time!!


All I want to do is keep deposit safe as possible for time being, not invest as such.

At the moment my € is deposited with RaboDirect- Problem is that if Ireland goes to punt nua, as far as I can tell, those € deposits will turn to Irish punts and will take a huge hit.

So I could go and open a sterling account but sterling is looking pretty unhealthy and it seems they are just printing money at the moment.

Swiss Francs/Krona- I have not a clue; the safest currencies?

Dollar- Its doomed by all accounts

Gold- Is it a bubble? If I have bought a few months back I would have made a profit. This is bubble thought though, like the housing boom, I must buy now or miss out and then BANG,tears. Or not? Gold I just cant figure out who is right.

Silver- Safer version of gold?

Investments through a Financial Advisor? I went to see one and he was more like a salesman,he just wanted to draw up a portfolio for his firm. maybe I should see another. Again, Don't want to risk my money to make a quick buck. Safety is priority.

Hard Cash in Euro , strapped to my body like that awul fella in Cork?

I know this has been done to death but any light shone on my very limited awareness of these things would be much appreciated , I really feel like the clock is ticking.
Many thanks
 
Hello,

I'm probably reading to many threads on the Internet ;boards, on AAM, and P.ie but I get the feeling that we are heading for an almighty crunch with the Euro currency, whole world financial system.

No matter what our government, the EU or ECB say; at this stage I would not trust a single thing from any of their mouths.

I have ready many threads from jittery Irish deposit holders about what to do with their hard earned deposits and for every answer there seems to be an opposite opnion.This only confounds the confusion.

Personally I think there is a reckoning coming for the Euro and that Ireland will default and return to some form of Punt Nua. Last week all seemed sorted with the EU but this week its all panic stations again, politicians and bankers trying to reassure us all the they have things under control when the facts seem to contradict this.

Now as you have guessed I am pretty much economically illiterate apart from how to manage my week to week life, normal money stuff , thats grand.
I have come into some money now and I am desperately trying to figure out what to do. There is no easy answer it seems, a case of least worst options.

I feel I have to do something now though because if the This post will be deleted if not edited to remove bad language falls out of the whole thing overnight and my € is converted into new funny money it will be postal time!!


All I want to do is keep deposit safe as possible for time being, not invest as such.

At the moment my € is deposited with RaboDirect- Problem is that if Ireland goes to punt nua, as far as I can tell, those € deposits will turn to Irish punts and will take a huge hit.

So I could go and open a sterling account but sterling is looking pretty unhealthy and it seems they are just printing money at the moment.

Swiss Francs/Krona- I have not a clue; the safest currencies?

Dollar- Its doomed by all accounts

Gold- Is it a bubble? If I have bought a few months back I would have made a profit. This is bubble thought though, like the housing boom, I must buy now or miss out and then BANG,tears. Or not? Gold I just cant figure out who is right.

Silver- Safer version of gold?

Investments through a Financial Advisor? I went to see one and he was more like a salesman,he just wanted to draw up a portfolio for his firm. maybe I should see another. Again, Don't want to risk my money to make a quick buck. Safety is priority.

Hard Cash in Euro , strapped to my body like that awul fella in Cork?

I know this has been done to death but any light shone on my very limited awareness of these things would be much appreciated , I really feel like the clock is ticking.
Many thanks


keep what you need to live in the likes of rabbo , i wouldnt worry too much about devaluation , if we leave the euro , no one will completley avoid the fallout , put the rest you dont need ( for a year or so ) in gold
 
There is no absolute safety and nothing is risk-free. Diversify your money across a range of accounts and investments to minimise your risk exposure. I would certainly NOT invest solely in one asset like gold or any other single asset.
 
keep what you need to live in the likes of rabbo , i wouldnt worry too much about devaluation , if we leave the euro , no one will completley avoid the fallout , put the rest you dont need ( for a year or so ) in gold

Advising anyone to keep the bulk of their net worth in a single asset (Gold) is deeply irresponsible. If gold fell back to the level it was 12 months ago you would lose 15%+ of your wealth.

There is definately shades of, ITT shares c. 1999 and Irish Property c. 2006 in the rush to gold at any price.

**crossed with your post Horusd**
 
Last edited:
I have ready many threads from jittery Irish deposit holders about what to do with their hard earned deposits and for every answer there seems to be an opposite opnion.This only confounds the confusion.
Have you considered not reading them ? Seriously btw
Now as you have guessed I am pretty much economically illiterate apart from how to manage my week to week life, normal money stuff , thats grand.
Why not continue this way ? Everyone in Ireland has suddenly turned into experts now apparently. My advice would be to keep away from all the reading and do what you personally see fit.
 
Thank you for the advice, its certainly a steep learning curve and there is no avoiding it.
The spread it around approach seems the most logical, but this method involves reading up on more and more and more! I suppose this is the nature of the beast.

Re: the Internet as a source, I know there is a lot of panic and Hyperbole but at the same time I have a very hard time trusting official mouthpieces after the debacle of the last few years in this country.

Thanks again
 
Back
Top