Recently I was a victim of debit card fraud and it reminded me of the importance of diversification. I am always saying, “Don’t put all of your eggs into one basket” and that is so true even when it comes to your bank account. Some jerk decided to copy my debit card and went shopping at a Walmart in Texas. I have never even been to Texas and I live in Pennsylvania. I have no idea how this even happened, but I am glad it was my credit union account and not my account with my other bank where all of my bills come out of.
My credit union was amazing at getting things resolved, but it took 3 days to have the funds returned back to me and I had to wait about 7 days to get a new card in the mail. If I would have only had one banking institution, I would have been so out of luck. Do they even still take checks in the store anymore? I can’t even tell you the last time I saw someone write out a check in the grocery store.
The point of me writing this short blog post is to encourage you to diversify your money. When I say this I mean all aspects of your money because you will never know when something bad will happen. You need to have multiple income streams, multiple bank accounts for checking and savings, a diversified investment portfolio, etc. I am working on that diversified investment portfolio so don’t you worry. I am building my empire one brick at a time to create lasting wealth for my family. The goal is to build generational wealth.
How do you diversity?