Ted Bauman has postgraduate degrees in history and economics at the University of Cape Town in South Africa. While there, he volunteered for Habitat for Humanity and traveled throughout Latin America. A non-profit organization that he helped to found, Slum Dwellers International now serves approximately 35 countries.
Ted Bauman is a writer and editor for Banyan Hill Publishing. Today, he specializes in low-risk investment strategies and protection of assets. When he was young, Ted Bauman worked at two fast food restaurants and a gas station. Ted Bauman says he does not regret doing so because those jobs made him appreciate the plight of the working class and to think of them when he presents his ideas.
Here are Ted Bauman’s five tips for securing liquid assets:
1. Invest in a lockbox that’s both fire- and waterproof. Do ensure that it can be bolted down. However, Bauman also advises to not keep all assets in one place and lockboxes are usually not the safest alternatives. Particularly if you live in a high crime neighborhood.
2. Safe deposit boxes. Since these are located in banks, it is definitely safer than just storing them at your home. One disadvantage is that the consumer has to insure them themselves because safe deposit boxes are not covered by the Federal Deposit Insurance Corporation. Also, this hasn’t happened in the U.S. so far, but if there’s another major financial crisis, the government could raid the boxes.
3. Safe deposit box in a foreign bank. Countries such as Switzerland, are protected from any government, including foreign government, confiscation. That being said, if a fellow U.S. citizen tries to go after your wealth, they have to jump through major hoops of presenting a legal case to do so.
4. Independent vault in the U.S. There are some vaults not affiliated with financial institutions. Unlike banks, private vault companies are not obligated to surrender your information to the government. The only way anyone can get into one of those vaults is by an official court order.
5. Independent vault in a foreign country. Some countries, such as Switzerland, aren’t privy to government regulations, cash or asset reporting. However, they are very costly and you have to be present to open your account and ship your deposits.