My mother is retired and has a decent chunk of savings. Her sister (my aunt) is a conspiracy theorist who believes in the Nesera/Gesera nonsense. For those who aren’t aware of this scam, basically believers of it think the whole financial institution is going to be reset any day now and all debts will be wiped out as well as all currencies become equalized. In addition, somehow the only currency that will keep its value is gold and silver. So people like my aunt have been spending tens of thousands stockpiling gold and silver.
My aunt has been pressuring my mother to take all her savings and put it into gold. Thankfully, my mother is too paranoid and careful to have done so. I am working my hardest to make sure she never does.
However my mother has taken half of her savings (around 200k) out in cash and keeps it in a safe at her house. Even though she hasn’t bought gold she has become scared to lose her savings and somehow felt that this was better than keeping the money in a bank. I’ve now been able to convince her that this was a bad idea. I mean, a burglary or a fire could take it all away.
What’s the best course of action in a situation like this? Putting such a large chunk of money back into a bank may be challenging (and looks suspicious to banks). I’ve understood that anything over 10k is flagged. She’s also paranoid about banks now due to my aunts influence. Are credit unions a reliable option? Are there any other options? She doesn’t understand investing or stocks and I’m not proficient enough myself to feel comfortable advising her in that regard.
Submitted April 16, 2023 at 04:35AM by chickenoodle5 https://ift.tt/pU1XgJn
