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'offshore bank accounts' - feasible for the little guy? (lemmy.world)

submitted 4 days ago by Sterile_Technique@lemmy.world to c/personalfinance@lemmy.ml

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US - For the first time in my life I'm not living paycheck to paycheck, but now that I've got a bit of savings it feels like the US dollar and economy is on the cusp of death.

I'm wondering if I should split my bank account into another one that isn't affiliated with the US, maybe even have a percentage of each paycheck go to that one automatically. The thought being to not have all my eggs in one basket.

No idea the best way to go about this, or if it's even remotely a good idea. What do y'all think? Any relatively stable economy to shoot for / ease of opening/accessing an account in a country I'm not physically in?

This is new territory for me - my financial planning historically hasn't gone much past comparing the price tags of 40 lb bags of rice, so... Idk, I have no idea what I'm doing. I have this dread that the income I have now is about to become worthless, and not sure how to protect myself from that.

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[–] davel@lemmy.ml 6 points 4 days ago* (last edited 4 days ago) (1 children)

The US dollar is not on the cusp of death[1], but it is becoming somewhat devalued compared to other currencies, and I think it will continue to for some time[2].

What I’d suggest is the same thing I’d suggest anyone, especially anyone who’s just starting out, the Boggleheads Three-fund portfolio. If you’re especially concerned about the US dollar, you could (1) put more weight on your international stock index and/or (2) add an international bond index to the mix, like this one.

[–] Ushmel@lemmy.world 1 points 3 days ago

Someone told me once to watch out for dollar hedged international bond funds because the dollar hedging will work against the goal here (betting against the US dollar). I don't know enough to really speak on it, but just be aware and maybe look into it if your goal is to avoid USD devaluation.

You can usually order straight euros in cash from your bank if you want to avoid USD savings. Then convert them back to USD as needed for expenses.