Today is my 62nd birthday and I would like to thank you for sharing the day with me.
I will do almost anything to learn ways to help you. Here’s proof of the pudding.
This may look like I slipped and fell in the mud.
Actually I was trying out a little known volcanic pool near our home on Ecuador’s Pacific coast. The clay is said to purify and heal. Here I am in that pool with the natives!
Imagine this. I can now collect Social Security. I will, but this decision has nothing to do with retirement. See why and how my decision can help your wealth at Multi Currency Diversification.
Merri’s and my health, energy and vitality are good. We love what we do. Why not keep on going especially in these fun filled, challenging times of incredible opportunity? But to take advantage of the opportunity we have to be sure we are not wiped out in the current volatility.
So let’s look at bank safety and since we share so much about Ecuador at this site, let’s look at Ecuador’s banks first.
Then we let’s look at the five safest banking countries in the world.
No bank can have a better credit rating than the country it is in! Instead of looking at banks, Ecuador as a nation has a B3 Moody’s rating, CCC Fitch rating and B- from Standard & Poor’s. These ratings are somewhere between “highly speculative” and “substantial risk.” No matter how you cut it…the credit agencies are all saying “do not leave a lot of money laying around in Ecuador”. We just finished a lesson on what all the credit ratings mean in our multi currency course.
This is probably not an issue for most multi currency investors because they cannot even have an Ecuador bank account. We continually research to get answers to questions from our Ecuador Living subscribers.
One subscriber recently asked if non residents can open Ecuadorian bank accounts. Here is a reply from our attorney.
“We’ve spoken to quite a few banks about the subject lately and they all
require that the foreigners be residents for them to open a bank account
(checking account). Some banks, however, will allow non residents in the
process of obtaining residency to open a savings account. I will check with
some other banks but this does seem to be a general policy among them.”
If you have questions about Ecuador subscribe to Ecuador Living. We do our best to answer them.
Merri and I do not have a bank account in Ecuador. This has nothing to do with residency or bank safety. Our basic asset protection banking philosophy, which I originally published in the 1970s in my first book “Passport to International Profit,” is even more valid today than it was over 30 years ago. This is:
Live in one country
Bank in a second country
Invest in many countries
Earn in two or more countries
Use a company incorporated in a fifth country
Take a second residence
Since Merri and I live the most in Ecuador and the US, we do most of our banking elsewhere.
We use our ATM card to live on when in Ecuador. Our bank in Cotacachi is here.
In this Cotacachi square.
So where should a multi currency investor do the majority of his or her banking? Multi currency investors do not want to hold a good multi currency basket of investments in a bad bank…or even worse in a country where banks are unsafe.
A recent message Economic Safety in Troubled Times showed one way to gain US dollar bank safety in North Dakota.
There is even more safety a bit further north. Canada it appears may be one of the safest places to bank. Canada has many wonderful sites and scenes such as this British Columbia shot taken by our friend Dennis Goff.
Dennis by the way has a great web site about Ecuador at www.e-quator.net
I am really glad to see this and explain why in a moment. First, let’s review Canada and bank safety.
Canada has great bank safety according to a Yahoo Canada article entitled “Canada rated world’s soundest bank system” by Rob Taylor says: Canada has the world’s soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.
But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) pledge this week by the government to bolster bank balance sheets.
The United States, where some of Wall Street’s biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
The article listed the top five safest countries as:
Singapore was 13th and Switzerland 16th.
The current economic correction has reduced bank safety but there is another reason to be a multi currency investor. The current bailout will create inflation and currency corrections…including further weakening of the US dollar.
This leaves investors with three options:
Multi Currency Option #1: Earn more.
Multi Currency Option #2: Hold assets in other currencies.
Multi Currency Option#3: Live where life is good but costs are low.
This is why the focus of our three sites have these focuses, #1: to help develop small international businesses; #2: invest in many currencies and #3: live in Ecuador.
Our fourth focus is on natural health.
We enjoy Ecuador because life is good there. Prices are low and there are many natural health benefits.
However there are some risk…not in banking, not from Ecuador’s government and not from crime or civial unrest. The most realistic risk is from lack of experience in a new found place.
Earlier in this message I mentioned Dennis Goff’s new blog at www.e-quator.net. The blog features the Wall & Madison business run by Bob Lofgren and Deborah Nance. Dennis, Bob and Deborah are all long term readers who have become friends with Merri and me over the years.
Bob & Deborah were among the first readers to move to the San Miguel gated community. Here is a group of our real estate tour delegates visiting San Miguel.
There are some very wonderful homes here. I helped one of my readers sell his recently for $85,000.
Here is a typical San Miguel Home.
Let me say right here, that I have nothing financially to do with San Miguel in any way. I live nearby and most of the houses and lots in San Miguel are owned by readers. Otherwise I am not involved.
Bob & Debroah have started a business to help San Miguel owners because of a problem Deborah described in this note to me.
“Gary, As you know, who you trust down here makes all the difference in the world. What should be one of the best experiences of your life can turn out to be a nightmare if you work with the wrong people. There are westerners here who came to Ecuador late in life with no money to make their fortunes before it is too late, and will tell a buyer anything to make the sale. Our attorney has examined contracts from two developers and says they won’t hold up in court. One contract was taken before a judge and pronounced completely useless. Being foreigners, buyers have very little legal recourse if they get hooked by one of these people.
Robert and I are not wealthy people, but we have enough money to live comfortably for the rest of our lives. Given the spectacular scenery, clean air and water, abundance of healthy food and sweet people, we certainly feel rich living here. Many people will attest that after talking with Robert and being very excited to buy and build, Robert will tell them there is no land rush, and to go home and think about it and be sure buying in San Miguel is what they really want to do. We care a lot more about our souls than our pocketbooks. We started Wall and Madison, not to make our fortunes, but to be of service and to do things right. Just yesterday two women from New Zealand were here. They told Robert that they had traveled all over the country, and the construction here at San Miguel is the best they had seen in Ecuador. Unfortunately, even the Ecuadorian builders who are honest often have no idea of Western standards.
Robert and I have spent a great deal of time and gone to a great effort, along with our attorney, to see that Wall and Madison is entirely legal and above board. Ecuador doesn’t exactly make it easy to comply with the law. Perhaps that is why most developers don’t. It really is a buyer beware situation down here. So I am glad that you are willing to feature Wall and Madison with your readers. I can promise you that we won’t let you down.”
You can learn more at www.e-quator.net
Safety appears to be more important in troubled times…but really finding safety with the banks, the people and currencies you deal with is ALWAYS important.
This is why multi currency safety is as important as bank safety. Investors who do not have multi currency diversification can end up holding assets in a safe bank but with a worthless currency. Do not miss tomorrow’s message as it reviews my multi currency diversification now.
Join Merri, me and Jyske Global Asset Management at one of our courses. We review economic conditions, Ecuador real estate, my entire portfolio and natural awakenings to health and wealth with investing and business ideas for the months ahead.
International Investing and Business Made EZ Ecuador
We’ll look at potential of real estate for sale on this lake.
and the value of Ecuador homes at San Miguel and Prima Vera II.
Primavera II $46,500 condos.
We’ll review review potential on Ecuador’s coast.
Salt or fresh water
Join me with the staff of Jyske Global Asset Mangement in Naples Florida to learn more about where in the world to invest now. Learn how to attend this course free and save $499 to $750.
Until next message good global investing!
One of the best ways to prosper in this downturn is with your own internet business. You can enroll in our email internet course here for $299. However if you sign up for all three courses in June or later in 2009, I’ll send it free. You save $299. Learn more here
Get our web based course FREE if you join us in Ecuador. Learn more here.
Attend any two Ecuador courses or tours in a calendar month…$949 for one. $1,349 for two.
Attend any three Ecuador courses or tours in a calendar month…$1,199 for one. $1,799 for two
Future 2009 courses
May 29-31 JGAM Florida Investment Course
July 24-26 IBEZ North Carolina
Oct. 9-11 IBEZ North Carolina
Oct. 21-24 Ecuador Import Export Expedition