Savings, the fear of Italians is worth 1.371 billion
by Milena Gabanelli and Giuditta Marvelli
What do Italians fear when we talk about money? Of the future, to risk too much, to lose them? Let’s start with the Bank of Italy numbers: of the 4.287 billion of financial wealth owned by Italian families, a good 1.371 billion are parked on current accounts. You do not collect interest, you do not spend, you do not invest. According to the ABI in 2018, the deposits of resident customers increased by 32 billion compared to 2017. An amount equal to the budget maneuver approved at the end of December. In the years 2005-2006 the “lung” of private liquidity accounted for 23% of the total, in 2009 it rose to 29%, today we are at 32%. The same is true for companies. At the end of 2018, between immediately convertible securities and cash, they held assets of around 340 billion, more than 20% of the Gross Domestic Product, reaching the highest level of the last twenty years.
Zero interest on c / c
From the Abi data, the average remuneration rate of this liquidity is 0.38%, but going down in detail the most used tools by households it turns out that traditional current accounts make zero and cost: 142 euros for a family that makes 228 l transactions. ‘year. The price increase in the last three months was 3.7%. The figure refers to an average of seven Italian banks, according to a survey of “The Economy” of Corriere della Sera of January 2019. Less expensive, 26 euros for the same family, are the online accounts of the major banks that have chosen the way to have only (or almost) digital channels. But even the restricted deposit accounts, where some 500 billion are parked – and that do not serve to deposit wages, withdraw or lend bills, are not generous. These digital piggy banks offer on average 0.5% net to those who leave the money behind for a year. Unlike operating accounts, they do not cost, but inflation peaks at 0.9% on an annual basis: remuneration is therefore not sufficient to keep parceled capital intact.
Those who have little savings, those who have a lot do not invest
Obviously not all Italian account holders have a lot of money. The distribution of wealth, even when it comes to money immediately available, is increasingly uneven. From the Ipsos-Acre survey of October 2018, only 78% (- 2% compared to 2017) could face an unexpected expense of one thousand euros. While 36% (+ 2%) could face a 10 thousand euro emergency. Basically it increases who gets along better, while those who have little has less and less. What’s happening now? With the slowdown in GDP and the now-certified “technical” recession, the entrepreneurs I intend to make investments in 2019 have fallen from 25% to 11%. Families are increasingly cautious: the propensity to save has risen to 8.1% of disposable income. It means that if I earn 100 euros, I try to put away 8 (Bank of Italy, Economic Bulletin January 2019).
The fears of Italians
What worries more? 53% of Italians with current accounts indicate the recession, 40% the possible loss of work, 27% fear rising taxes. While to the question: “What would you do if you gave them a hundred thousand euros?”, 47% answered “I’ll put them aside”. Only 14% of account holders would invest them in shares, funds or financial products (Anima Gfk Observatory).
But how much does it cost not to invest? Ten thousand euros parked on a non-interest bearing account after five years become little more than 9 thousand, due to costs and inflation. Investing in international bonds, assuming to be able to obtain the same average returns for the period 1900-2017, after five years they can become 11 thousand. The processing carried out by AdviseOnly takes into account a very long period of time, in which good times and bad seasons have occurred for the markets.
Almost 9 billion emigrated to foreign accounts
Between the spring and the autumn of 2018, before the government found an agreement with Europe on the maneuver, the fear for a possible exit from the euro was brought back to the fore, today indicated only by 11% of the account holders in the recent survey of Anima Gfk. Then the fear of a property pays off. The consequence was to set in motion the interest in opening accounts abroad, which would allow a small / large share of liquidity to be maintained in euros if the lira returns. But in the event of a balance sheet, do you recover from taxes? If you do not want to be prosecuted for evasion, the answer is no, since the opening of foreign accounts should be reported in the tax return. Certainly for the State everything becomes more complicated: not being able to impose the automatic withdrawal to a Swiss or Maltese bank, will have to go through the Inland Revenue, with all the inevitable disputes. On balance, the liquidity of Italians emigrated in 2018 amounted to 8.9 billion euros. The analysis of the flows on current accounts found an increase in deposits on foreign accounts in the period March-September, the most critical.
The frontiers of online accounts
How much does it cost to escape without having significant capital? How to hold an account in Italy, if not more: in Monte Carlo a debit card can reach 10 euros. But even in this case, digital opens up new ways. The online bank account N26, which operates under German license and has landed in Italy in 2017, has reduced costs to the bone and 300 thousand customers in Italy (13% of its 2.3 million spread across 24 European markets). Those who choose it are the owner of a German Iban. With the money in Berlin, without having to go to Germany.
How to put money back in circulation
A greater link between the saving capacity of individuals and the real economy, that of companies and public works, would serve to break the climate of uncertainty. Today there are the individual savings plans to focus on the Italian company: the funds full of shares and bonds of small and medium enterprises that grant tax exemption to those who remain invested for at least five years. A novelty that has collected over two billion in two years, but ended up in pause at the beginning of 2019 because the Finance has further expanded their ability to buy small businesses not listed, but opening up a problem of increased risk to be resolved. In conclusion, this huge savings is our oil, if we do not exploit it, the system erodes and eventually they will exploit others by buying our banks. Why not then assume that the State and companies can work together to build high-multiplier infrastructures, and modernize the country, also involving the liquidity of families? It would be enough to foresee that part of the financial requirement is obtained from guaranteed bonds of the State, and that is an investment so similar to government bonds to overcome the fears of families. A country thrives only when money circulates, not when it remains motionless and sterile on an account.
February 17, 2019 | 23:02
© RESERVED REPRODUCTION
Switzerland closes 2018 with 2.9 billion profit (10 times better than expected)
The tax revenue was 2.2 billion higher than expected, mainly due to the profits of the companies. But the federal tax burden is among the lowest in the OECD
The Swiss state coffers ended 2018 with a “profit” of 2.9 billion francs, or about 2.6 billion euros. The budget surplus clearly outweighs the forecasts made twelve months ago, which spoke of a surplus of just 300 million francs. A figure that allows the government of Berne to look at the future with peace of mind at least until 2022 and that seems to belong to another world compared to Italy grappling with deficits, growing public debt and increasingly insistent rumors of a corrective maneuver within the end of year.
The 2018 surplus was announced by an official note from the Swiss government issued a few days ago. The result, says the communication reached by Bern “is due to the positive evolution of revenue and the great discipline maintained on the front of the outputs”. In particular, the tax revenue was 2.2 billion higher than the estimate, with a strong contribution coming from the increase in company profits. Instead, expenses recorded a “savings” of 500 million and a decrease of 1.8% compared to the previous year. Among the smaller issues are those for people (-150 million) for goods and services (-390 million) for political asylum applications (-160 million). For 2020 a “bonus” of 400 million is put into account while six months ago the same amount was expected but with the minus sign.
Switzerland, by habit, sets the state budget very cautiously (especially in terms of spending) so that it is more likely to find itself at the end of the year with a budget surplus. The result of 2018 is however macroscopic having exceeded almost 10 times the forecasts. But what could have contributed to the 2.9 billion surplus? The Swiss economy, which is not backward even in the worst years of the global crisis, has continued to march and the latest available figure speaks of a growth of 1.6% of GDP. The tax amnesty that over the course of several years brought over 31 billion Swiss francs (mainly returned from Liechtenstein) to the coffers of Berne continued to make its impact. It should be noted that according to OECD data, the tax burden on salaries in Switzerland is 21.8%.
By Claudio Del Frate - 19 February 2019 - (modification 19 February 2019 | 13:00)© RESERVED REPRODUCTION - https://www.corriere.it/
Forced Withdrawal Risk: Safe Current Accounts Up To 100,000 Euro?
Forced withdrawal, we have been talking about it for years, always inappropriately. In any case, in moments of maximum tension on the financial markets for our government bonds, the newspapers are full of articles concerning the extreme hypothesis, although not impossible, of a forced withdrawal. The Conte government has denied it categorically, after the fact that it re-launched the rating agency Moody’s, which in downgrading our public debt to “Baa3”, has maintained its stable outlook, pointing out how the Italian private wealth is high, letting it be seen that the Treasury would be able to draw from it should it be necessary. In good words, by asking that the state really had liquidity problems and would not be able to access the markets to refinance, it would have thousands of billions of Italians to be damaged. Such as? Through a forced withdrawal precisely.
As of 31st August, in the current accounts and deposits of Italians there were stocks of over 1,300 billion euros. In total, the wealth was estimated at 4,290 billion euros, something like two and a half times the GDP and almost double the 2,300 billion euros of public debt. Italy also has a precedent that does not put in favor of savings. The night between July 9 and 10, 1992, the Amato government imposed a one-off tax of 0.6% on Italian bank accounts, clearly without preannouncing it, otherwise there would have been an assault on the branches to withdraw the deposited money.
The question that many of us are going to pose these days is as follows: but the current accounts and deposit are not secure up to 100,000 euros? The answer is yes, but with reference to the hypothesis of bank resolution. Basically, the Interbank Deposit Protection Fund ensures every account up to 100,000 euros, but for the case where the bank turns out to be insolvent. Here, we would be in a completely different situation, because the state could decide to tax any stock, without providing any deductible in favor of small deposits. So it happened in 1992 and so could, in theory, also occur this time. Therefore, we must not bask in the fact that the deposits are insured for the first 100,000 euros, as nothing would prevent a government from taxing any amount.
There is good news, however: a government that decides to enter the bank accounts at night and withdraw even a small portion would mark its political end. The measure would be so unpopular, that in fact it would go to the election almost certainly defeated and nobody would commit suicide credibly, so much so that not even the Monti government, which would have had such a provision in mind, found in the majority of then the minimum support for to impose any forced levy, even though it put the hands on the family assets, through various kinds of damage to various assets.
Compared to 1992, then, today the financial conditions would be different and would account for an intervention of this magnitude. Then, the mobility of capital was still low, today with a click of the mouse the Italians would probably react to the blow by bringing their money abroad, causing the domestic banking collapse and forcing the government to impose controls on financial movements. It would be a disaster and, moreover, in the face of an apparent and ephemeral benefit to the state coffers. Suppose that the forced withdrawal provided for withdrawal from the accounts of 1% of stocks: the state would collect in an instant 13 billion euros, managing to reduce the debt by only 0.7% of GDP. Meanwhile, trust in banks and the state would fall to even lower levels and create ideal conditions for falling into a new recession. It would be the third in a decade. In short, formally the state could take a percentage of the savings deposited on bank accounts, but we bet that this does not happen for essentially political reasons and because, after all, it would be a demented measure of pure financial self-harm.
BNL, Postepay, Fineco and Unicredit: scams put current accounts at risk
This new year for some consumers has not started very well; the cause is hackers and their sneaky tricks with which they empty the current account of poor victims. Many consumers have reported messages under the false name of their credit institution and have found themselves in a few minutes with their account reset; the consumers affected are the customers of Unicredit, Intesa San Paolo, BNL and Postepay.
Cheated customers: here’s how
We must pay more and more attention to the messages we receive because with appropriate equipment, today it is easy to falsify the sender’s name; hackers manage to cheat consumers in two ways:
The first method takes place through emails containing invoices to be paid, for real services received. The hacker succeeds in intercepting these emails and modifying the true iban with a fake, he manages to be credited with the total amount that the victim must pay.
The second method is done via messages on whatsapp; the hacker sends messages under the false name of the Credit Institute of which the victim is a member, containing information about his account and about an alleged “account block”. In addition, the message continues with the method to unlock your account and a link that would direct the victim directly to Home Banking; once the victim accesses the Home Banking with his own credentials, the hacker manages to steal every single personal data and to empty all the account credit in a few minutes.
These are the two scams that have hit the consumers the most; so it is advisable to keep an eye on more, while receiving similar messages. In addition, downloading an anti-phishing software is great for avoiding receiving such emails and falling into the snares of suspected hackers.
HACKER ATTACK !!!
Collection # 1, the «biggest» online data theft: collected 773 million emails. Change your passwords
The number of addresses and codes stolen from the Net would be the collection (“Collection”) of thefts of the past: the new data would be reduced “only” to 140 million emails and 10 million passwords. All collected in a single 87 Gigabyte file. It is described as “the biggest data theft in history” and is called “Collection # 1”, a hacking operation that would have collected 773 million (772.904.991 to be precise) of web addresses and more than 21 million (21,222 .975) of unique passwords. The name also suggests that there are also other versions of this attack that led to the collection of an archive of 87 gigabytes of sensitive data (photo above). According to Agi to have been the first to tell the news in Italy on Twitter was the user Odisseus, an Italian cybersecurity expert, but to discover the archive was Troy Hunt, IT researcher, author of the site Have I been pwned? («I was punctured?») That for years has retained the result of subsequent theft of data against Yahoo !, Facebook, Twitter, Adobe, YouPorn and so on. By going to this site you can find out if you have been objects of theft. In any case, the advice of security experts is to immediately change their passwords. Below you can find a guide to do it safely. According to Hunt, Collection # 1 is “the biggest databreach ever loaded on the site”. And on this trail have been titled all the major US technology sites, the first to have reported the operation, from Wired to Mashable. In reality, however, the theft itself should not have this scope, ie an analysis of the emails made available by the researcher suggests that the huge archive (the photo below) is precisely the collection of different databreach operated over the years against individual individuals, sites and organizations. Many accounts are in fact present in collections of attacks from the past. But by comparing the emails already collected from his site and the newly discovered emails, Troy Hunt himself claims that “there are 140 million emails that had never been uploaded before” in his database and the same applies to half of the passwords , Around 10 million “new” passwords. Only these new data would therefore be those really at risk because the precedents have probably already been modified by users. As mentioned, to check if you have been “laundry” you can check here. Many of the domains involved in the theft, those from which the data were collected, end with “.com” and are linked to sites with pornographic materials or social networks and bitcoin wallets.
The data seem to come from different operations and sources the researcher Troy Hunt says he found the 87 Gb archive on the Mega hosting site, from which it was subsequently removed. But the data would continue to travel on some popular discussion forums among hacker groups. According to Sergey Lozhkin, of the Great research team at Kaspersky Lab: “The most worrying thing is that all these data, obtained through various violations, can easily be transformed into a single list of email addresses and passwords: everything that cybercriminals would need to do, then, is to create a rather simple software and verify the actual functioning of those same passwords. For phishing actions, up to targeted attacks on digital identity theft, the stealing of money or compromising data on social networks ». For years, experts have been alerting users and companies about the risks of the so-called “cybercrime”: according to a new Accenture study, additional expenses to solve vulnerabilities and the consequences of attacks, as well as lost revenues, could cost companies up to 5,200 billions of dollars over the next five years. On the site “Have I been pwned?”, Literally stormed in these hours, you can then check if your email has been stolen, in this specific action or in some previous ones. If the email has appeared on some pastebin, the «blackboards» used to communicate anonymously and quickly, it is good to change the password of the accounts associated with that email address also add an additional level of security by activating where possible the double authentication. It is also good to make (greater) attention from now on to any “strange” emails because they could be lures for phishing attempts related precisely to the circulation of one’s email online in environments linked to cybercriminals.
TO SEE ABSOLUTELY! “Goldman Sachs”
How bank safe deposit boxes work in Italy
The safes in the bank are used more and more by Italians
deposit cash, valuable assets, securities and anything else,
normally of a certain value, do not want to keep at home.
For example, from those who buy investment coins, a large sector
growth and much loved by collectors or simple investors.
Of course there are also those who use them to escape the tax and checks
of the Revenue Agency or of the Guardia di Finanza and this is a
speech that we will address in the course of the article.
As we will see, the Italian state has become smart and the concept of secrecy
banking, anonymity of the safe, practically not
it exists more. Well, let’s start by seeing a summary of how they work
the safes in the bank, the steps to take to open one,
how to access, how much it costs and all the safety considerations of the
our belongings. We will see later
what are the rules related to tax controls and also some
information on the forced opening of the safety box.
Accessing such a service is not a difficult or a limited thing
only to particular clients of a credit institution, even if it should be said that the
banks can implement very different policies.
For example: some institutions do not require any fees for the opening of
a safe for their best customers. In practice, they grant it
for free. Furthermore, even the rules for access can be
differentiated and specific for each institution.
An additional service of the banks
The lenders, the banks in substance, among the various services that
offer can also guarantee a custody service of goods,
documents, cash and so on, ensuring both a high level of privacy
that a high degree of security, in any case of a regulation
changed in recent years and must be taken into account.
Operation is very simple.
The boxes are positioned in fact in the vault or in a room anyway
armored banking institutions, so they are to be considered absolutely
secure, and the owner accesses the service in total autonomy, so
manage operations in the most absolute privacy.
When we talk about security, we refer to the possibility of being stolen,
certainly very difficult in this case, if not improbable.
If instead we refer to fiscal controls, then the speech is different but
we’ll talk about it later. It must be said that until a few years ago one
this kind of solution gave the certainty of being completely
anonymous in the eyes of the Treasury, but now things have changed and
the Inland Revenue can also request the opening of the box
security in the bank, if we have it.
The state, but not only Italy must be said, must face an evasion
tax no longer tolerable in these dimensions and therefore were
realized of the regulations that oblige the institutes to declare many more
things compared to the past, but we’ll talk later.
How does it work :
Let’s briefly see how the service works.
After signing the contract the customer is required to deposit the
signature authorizing access. It is also possible to delegate subjects
third parties, who will naturally have to file the signature authorizing them
to access your safe in the bank in total security.
Once this operation is completed, you will be given the key
numbered corresponding to your deposit.
Whenever you want to log in, you will need to write down access to it
special register, as established by current regulations,
and there must be an official whose job is to
identify the client, check the correspondence of the signature with
the authorized one and then accompany you in the appropriate rooms.
For a security issue, in addition to your key to open the
cassette is also required a universal key in the possession of the bank.
Of the costs, which are very variable must be said, we will talk later.
They are not completely anonymous:
When you sign the contract for the use of a cassette
security in the bank you are not required to declare the content and the same
what’s worth every time you deposit goods, documents, cash or everything
what you want. The system therefore allows a high degree of
anonymity. Attention, however, to the new anti-money laundering regulations,
that require banks to declare the names of those who have
entered into a service of this type. Therefore anonymity is valid for the
content, but if the Inland Revenue obtains from a judge the
possibility to check the content, it can do it accordingly
safe deposit boxes in the bank are safe, from the point of view of the
hide their assets, but not completely.
Anonymity must be considered a relative thing, not absolute.
Also, if you want to guarantee with a contract
What happens in the event of theft or tampering:
Although the possibility that the bank may be intruded into his
we can consider it quite remote, it does not mean it is
impossible. The chronicle testifies to us that even the most credit institutions
renowned and safe may suffer thefts that mainly affect them
customer safes, of course.
Let’s see what the Civil Code says about it.
In short, what happens in the case of theft of stored assets
inside our bank box? We are reimbursed, for
example of deposited cash? The answer to this question is not
easy as you can imagine, also because it involves the speech
anonymity! It must be said however that now the banks associate with the
safe even an insurance policy, we will talk more
forward, but which naturally provides for a ceiling.
Responsibility of the bank:
In the case of theft of the contents of a bank safe,
jurisprudence denies the possibility of “chance”, while it tends to
include it in the case of “predictable events”.
Going beyond the bureaucracy of legal regulations, this means
that in case of theft of goods stored in a safe deposit box,
including cash, the bank is to be considered always responsible and is
therefore required to pay compensation for the damage suffered by the customer.
In some court cases the bank was given the chance to try to
to demonstrate that no action could have prevented the break and therefore
the theft of customer assets contained in the safe, but
a ruling by the Court of Rome excluded that a credit institution
he can exempt himself from responsibility citing the technical impossibility of
avoid theft, even if the latter has been put in place
with the complicity of the bank’s internal staff, most common case of
as you can imagine. In short, from the point of view of the
bank liability in the event of theft, the safe can
consider itself a safe solution.
Cancellation of the contract:
In case the safe has been tampered with, technically
one speaks of “alteration of integrity”, the customer has the right to request the
termination of the contract and compensation for damages incurred, provided
that the event has not been generated by its responsibility, for example
loss of the key without promptly advising the bank.
It is important to know the actions to be implemented at the time
you realize that your safety box has been tampered with,
under penalty of forfeiture of the right to obtain compensation for the goods
- Avoid opening it
- Submit a written complaint to the bank immediately
- It is necessary to provide, at the time of filing the complaint,
the complete and detailed list of the assets contained in the mailbox
- The opening of the box to check the damage must take place at
presence of a representative of the bank and a notary.
- A report should be drawn up with a description of the external status of the
box, of the contained goods and of those that according to the customer of the
bank are missing.
- If the bank becomes aware of tampering, it must notify the
customer with registered letter and if these do not appear for the
verification, the bank can pass to the forced opening of the
Evidence of damage:
Once it has been ascertained that there has been a theft of goods contained in the box
security in the bank, it is necessary to prove the extent of the theft.
From this point of view the nature of anonymity and secrecy of the service
in question makes it difficult to prove the extent of the theft, so the
consistency of the damage suffered. It must be said that some cassette players have l
habit of photographing the contents of the cassette, as you go
they introduce goods, but the thing has its limits.
In fact, the bank does not keep track of the goods inserted in the box and therefore
it can not have an objective confirmation of the damage suffered by the client in the event
of theft. In this case the jurisprudence makes use of the criterion called
“presumptive”, that is to say that the judge who will decide in the eventual cause
between the cassette player and the bank, he will be able to deduce the damage caused to the
customer from the theft immediately and then estimate, with “equitable assessment ex
art. 1226 of the Civil Code, the extent of the damage suffered by the drawer.
But what is this “presumptive” assessment based on? Let’s see.
- The economic condition of the owner of the safety deposit box
- The annual cost of the box
- Possible invoices and testimonies of the stolen goods
- Customer witnesses aware of the contents of the box
- The list of stolen goods submitted as soon as established
- The certain and proven morality of the drawer (in short, not
you must have a criminal record
Money under the mattress: the “solution” against the risks of the current account?
Put the money under the mattress: is it the right choice for the numerous risks that run the savings deposited on the current account?
Keeping the money under the mattress is the right choice in response to the numerous
risks that threaten the savings deposited on the current account?
When we talk about savings and investments, the solution is very special
personal: according to your risk profile (and not only),
independently or through financial consultants, plans are studied
ad hoc to maximize profit on capital.
A choice that attracts many, in this historical period, is to hold their own
savings at home hidden under tables, in bookshops, secret compartments
in the kitchen, or through the classic "money under the mattress" remedy.
With returns increasingly difficult to obtain, the
crisis of Italian banks, the extreme volatility of the market due
political uncertainty and the risks that threaten the security of the accounts
many people are asking themselves whether it is better to avoid investment
on the market, preferring the zero yield given by the mattress, together
at the risk of capital erosion by inflation.
The choice is dictated by the context. In a historical era where the savings
they run the risk of being lost even if "simply" paid up
a current account wonders if indeed the classic remedy of the grandfather, the
famous mattress is not the best choice.
Yeah, because now the dangers they threaten have become many and serious
the safety of its capital in the bank's coffers.
First of all, and we know that it can really happen by looking at them
news of the last year, there is a risk of bankruptcy of the institution
banking to which we have entrusted our savings.
The bail in, European regulation that defines the management of bankruptcy
of banks in that of Europe, provides that to pay for the flaws of the
own bank are not just investors (shareholders and
bondholders), but also the savers who have more on the bill
100,000 euros. The advice, in this case, is so obvious: diversifies
re banking institutions that we rely on never exceeding the threshold that
would expose our capital to a forced withdrawal in order to save the
The application of the real foreclosure on the current account
but it is up to the dear and old State, applied to recover debts and
arrears on the accounts of employees and pensioners.
The figure of the financial broker, after the latest scandals
they saw pensioners with a low risk profile having bought
subordinated bonds for "recommended by experts", lost by
credibility in the eyes of many.
Investment fund managers no longer know what to invent for
find some profit, often exposing yourself to excessive risks or
And that's how the need returns - more than a fashion - of the savings below
to the mattress, or perhaps to deposit their cash in boxes of
security far from the hand of the managers.
If then the alternative are the interest rates in negative territory on
government bonds, so much better to sleep over their own money.
Even if the banking sector has already moved down the commissions,
for some savers, keeping a bank account open is synonymous with
constraints, costs and risks. The spectrum of the balance sheet on bank accounts is
present more than ever.
To confirm this sense of distrust on the part of the savers are i
data of the Bank of Italy. In total, the collection of banks is in
decrease now since 2013, a trend that has registered its highest
in 2012. The trend, with the intensification of the banking crisis, was
strengthened in 2016.
In many portfolio allocation models, cash plays a role
The age of the investor, his income and his risk tolerability are
naturally essential factors that make up all the variables of the case.
As a general rule, many financial advisors advise to hold
cash in view of hard times thinking about a period of one
year, no more.
Most investors, after all, have a goal to do
to capitalize on your capital over the long term.
Putting money under the mattress could cause you to lose opportunities
important investments on the market.
But have a good availability of cash, without the risk of
losses if not those from theft but protected from commissions and losses on the
market, can give a "sense of peace", perhaps while waiting for it
right investment opportunity.
Is keeping the money under the mattress the right choice?
The right vehicle wins. Set aside cash, under your own mattress
or less, while waiting for the right investment opportunity.
We think of our savings as a pirate fort.
Proper money management could be to divide
own capital in three trunks.
The first segment - cash - must be considered as a measure
of indefinite security and absolute priority.
Once this first bucket is filled, you can contact it
pay attention to a second bucket - a typical mix of stock and
bond with a time horizon of up to 10 years.
The third bucket represents the most long-term investments, including i
pension funds, which are left to do their own over the decades.
Happiness and savings go hand in hand. And more wealth in
liquidity accumulates, the more savers feel happy, according to one
study of 2016 written by Joe Gladstone, a professor at
University College London.
Someone could define this approach too conservative,
but it's actually the same strategy that big investors use
Warren Buffett, who holds billions in cash and waits for only the
possibility to buy.
Based on "money.it" by Flavia Provenzani
5 September 2017 - 17:30
More Switzerland, less EU »: the referendum that wants to break with Brussels
On 25 November, popular consultation to decide whether Swiss laws should always prevail over international law and agreements. Yes would open the way for a Swiss Brexit
More Switzerland, less EU »: the referendum that wants to break with Brussels
On 25 November, popular consultation to decide whether Swiss laws should always prevail over international law and agreements. Yes would open the way for a Swiss Brexit
by Claudio Del Frate
There is not only Britain fleeing from Europe. The sovereign and isolationist pressures are also embodied in the referendum that on 25 November will call Swiss citizens to vote. The electorate will have to express itself on a constitutional reform measure that will place the Swiss laws above international treaties and law: a way, in the intentions of the proponents, to give more weight to the decisions taken by the government of Bern or by citizens through the referendum institute. But also to regain that “eroded” independence in recent years by the pressure of the international community. Popular consultations are a custom for Switzerland, on the most disparate topics, but that of November 25 could have a much greater weight on the future of the country, because it would open the road to a sort of “Swissexit” by a series of agreements (primarily with the European Union).
«More Switzerland, less EU»
«Self-determination initiative»: this is how the government website defines the consultation. «Swiss law instead of foreign judges» is instead the slogan chosen by the promoters of the initiative (alongside an even more explicit one: «Less EU, more Switzerland»), including the UDC, the right-wing and sovereign-inspired party that in Switzerland has long been a relative majority. And it is precisely the conflictual relations of Brussels that gave the greatest boost to the consensus on the referendum. The bill submitted to the ballot box provides that “in cases of incompatibility between an initiative accepted in the popular vote and an international treaty already concluded, the Constitution shall prevail (except in cases of mandatory provisions such as the prohibition of torture, etc.). The international agreement will have to be renegotiated with the countries involved and, in case of failure of the negotiations, it can also be denounced ». In other words, a sort of “Swiss first”, a supremacy of the Swiss will at the cost of arriving at a break with foreign partners.
The case of the referendum on foreigners
Currently, when this kind of conflict opens up, the Berne government negotiates a deal trying to compensate for popular will and international commitments. The most striking case concerns the referendum with which, in February 2014, the people voted in favor of the introduction of quotas for immigrants and foreign workers; an address in clear conflict with the free circulation treaties signed by Bern with the EU. The government then passed a provision that greatly “watered down” the referendum requests, introducing yes of the quotas but on the basis of a mechanism that will hardly take off. Precisely the vain hopes of that referendum have prompted the UDC to promote the new campaign aimed at “lock the government” against the will of the people.
The reasons for yes and no
In view of November 25 (the day on which other measures will take place, including the bizarre that would forbid to cut the horns of cows to goats) parties and associations have taken a position on the initiative for self-determination »: the government has recommended to vote no. Supporters of this front fear that a series of international treaties vital to Switzerland will be put at risk (for example those that govern free trade relations with the European Union); not to mention that the modification of international agreements can never be a unilateral act but always implies a dialogue with the counterpart. The yes front, on the other hand, maintains that self-determination has always brought freedom and independence to Switzerland and that in this way the primacy of the popular will is reaffirmed.
November 15, 2018 (change November 15, 2018 | 16:51) © REPRODUCTION RESERVED by Corriere della Sera.
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