Imagine how different you’d be financially during the economic hardship if you had a Safe Tank. What’s a Safe Tank? Basically, it’s a place you can put your money that is protected, has guaranteed growth, even when you need to use funds for it, and you can use those funds anytime, guaranteed, for any purpose, without incurring taxes or penalties.

In this episode of a WTR Discussion, we talk about the current economic turmoil (characteristics of which are similar to other times of economic hardships). We also talk about what a Safe Tank is and why and how to use it. Also, we take you through 5 different, economic scenario stories, any of which could be you during these, or any, uncertain times.

Have Questions about what a Safe Tank is? How to use it? How to set one up for yourself?

Contact us anytime for your questions. Currently you can reach me, the host, Kevin Dumont at the following email:

[email protected]

NOTES:

• [00:25] Kevin: Today, we have our co-host Brian Dumont. Today, we're going to be talking about how to survive financial turmoil with a safe tank.
• [01:22] We're going to touch on the market volatility and how it affects your accounts, define what a safe tank is and why you'd want one, and you'll learn about how 5 different common financial tools and situations affect you during financial hardships and how you can begin to start building your safe tank today, which will put you in better financial control the next time there's turmoil
• [01:46] Let's start with talking a little about the market volatility and what's going on with our listeners today
• [02:20] Brian: There have been tremendous swings on a daily basis and we just don't know what's coming next and uncertainty is the worst thing for the market[03:13] If you're getting close to retirement or are already in it, you know that you can't rely on what your projections were just a few weeks ago. Things have changed dramatically
• [04:10] Kevin: Wealth Tactic Rebels, we're trying to help you out today with our talk about the volatility in the world and how you can financially survive it. Reach out to us on whatever the platform is that you listen to this on, give us a rate and review and let us know what you found inspirational. What resonated with you about today's discussion?
• [04:32] So we have what we call a personal economic model that we use as the model for how money flows. In there, we have what we call a two tank system, and the part of that that's today's discussion is the safe tank. Brian, can we expand talking about those tanks?
• [04:50] Brian: So the easy one to talk about first of all is the investment tank. Most people have investments[04:57] We put money somewhere with the expectation that it will grow overtime (that's why we're willing to take risk and put the money in there because we want some kind of reward)
• [05:13] There are two types of primary risk: market risk (the ability for your balance to decrease due to the market) and tax risk (government is in control of this)
• [06:02] By contrast, and this is where the safe tank comes in, is that we have done our best to position your money in a place where we have eliminated market risk to as little as possible if not any, so that we know that your account can only grow linearly (has to grow better than the inflation rate)
• [07:40] The main point of having a safe tank is it can only grow, and it must be liquid

1. [07:50] Kevin: Great, so now we have defined what an investment tank is and what a safe tank is. Now comes the fun part. We're going to have a "Zoom dinner meeting with 5 friends". The subject of how they're dealing with this financial storm comes up in our talk with our 5 friends[08:18] Jim: I am one of those guys who likes to put his money in