I’m leaving the country in a few months and my savings tanking is a legitimate concern. I don’t know a lot about finances. Any ideas how I can squirrel away a bunch of it in case the US goes full sideways before I can leave and move everything over to my target country’s money?
I don’t want to be that guy, regardless of my username!
Gold is probably going to be the easiest intermediary for you to travel with, it’s a pretty good hedge against inflation - but it has been on a bit of a tear lately; so there’s always a risk of pullback.
Alternatively, you can exchange part of your current savings into your target country’s currency? (There will be caps on how much you can travel with, so research that first).
Might be worth seeing if you can buy/invest in Gov’t bonds in your target country, or open up a bank account and deposit the funds into a high-yield savings account or term-deposit.
Lastly, there is always crypto - but that’s probably even more volatile than what the US would be over the next few months.
if you have a brokerage account, you may be able to sell USD for your target currency in it. you could do this slowly over time.
if you can’t do that, you might be able to buy an ETF that tracks your target country’s stock market, but some of these are “currency hedged” and in this case you wouldn’t want that. the ETF would have a fee (MER) that is worth looking up. 1% is high.
tl;dr: it sounds like you want to hedge currency risk and there are products for that, but it requires a brokerage account and some decipline, ymmv
I’m leaving the country in a few months and my savings tanking is a legitimate concern. I don’t know a lot about finances. Any ideas how I can squirrel away a bunch of it in case the US goes full sideways before I can leave and move everything over to my target country’s money?
I don’t want to be that guy, regardless of my username!
Gold is probably going to be the easiest intermediary for you to travel with, it’s a pretty good hedge against inflation - but it has been on a bit of a tear lately; so there’s always a risk of pullback.
Alternatively, you can exchange part of your current savings into your target country’s currency? (There will be caps on how much you can travel with, so research that first).
Might be worth seeing if you can buy/invest in Gov’t bonds in your target country, or open up a bank account and deposit the funds into a high-yield savings account or term-deposit.
Lastly, there is always crypto - but that’s probably even more volatile than what the US would be over the next few months.
if you have a brokerage account, you may be able to sell USD for your target currency in it. you could do this slowly over time.
if you can’t do that, you might be able to buy an ETF that tracks your target country’s stock market, but some of these are “currency hedged” and in this case you wouldn’t want that. the ETF would have a fee (MER) that is worth looking up. 1% is high.
tl;dr: it sounds like you want to hedge currency risk and there are products for that, but it requires a brokerage account and some decipline, ymmv