Who said your money isn’t safe under your mattress?
Economic strife may be difficult for many, but there are those who see potential in even the toughest times. In Spain, a young entrepreneur, Paco Santos, is one individual who is not taking his country’s problems lying down.
Paco saw that many Spaniards had an uneasy feeling towards their local banks. There was a fear that maybe their money wasn’t safe, due in part to one of the nation’s largest banks, Bankia, recently requesting a bailout of $130 billion dollars.
Sensing the unrest, Paco decided to come up with a solution for his country. He saw that many of his fellow citizens were withdrawing their savings and keeping the money at home. Many were deciding that their mattress was a safer place than their bank.
Paco knew that insurance laws in Spain would not cover large amounts of cash held at a residence unless it was protected by a safe. So he developed the first ever “mattress safe,” playing on the fears of the public and a long-held belief that sleeping on your money was one way of making sure it is safe.
I find it encouraging that even when times are tough, individuals will find a way around the problems they are facing.
Back here in the U.S., our banking systems appear to be faring much better than Spain’s. The Federal Reserve’s recent stress test indicates that we should have little to fear.
Yet I still sense a lingering uneasiness with my clients. There is a feeling that everything is not getting better, and I see a desire to seek protection for assets, in spite of our leaders telling us that all is well.
I would hope that the mattress safe does not become a best seller here in the U.S. With proper planning, a good understanding of what is transpiring in our economy, and sound financial advice you should be able to make the best decisions as to where your money should be.
I, for one, am not recommending any place near my bedroom.