Mike Milligan and Gary Nolan compare the FDIC's role during the Great Depression to building a personal recession-proof plan: emergency reserves, asset allocation, income planning, and risk management. A structured financial plan reduces panic when markets swing. They explain what assets are protected under FDIC and SIPC insurance versus what isn't.
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Uncertainty is unavoidable. This is the One of a Kind Financial Show Daily with your host, Mike Milligan. And it is Friday. Last weekend on the One of a Kind Financial Show, Gary and I spent some time talking about the creation of the FDIC or Federal Deposit Insurance Corporation. That came out as a result of the Great Depression. in 1933 to make people feel more comfortable and give them more peace about where to place their money in times of uncertainty. The creation of the FDIC in January of 1933 built a legacy of stability into the financial system that we've now been able to secure for the last 93 years. Wow. That's been a long time. We've had some ups and downs in the markets over those times, and we're going to talk about that. Uh, we talked about that in the radio show. And so enjoy this segment.
Let's shift gears, talk about stability, specifically the creation of the Federal Deposit Insurance Corporation, or FDIC. And we have to go back in time when financial uncertainty was overwhelming, Mike.
Yeah, that was during the Great Depression, and when bank failures were common. It was just as— I mean, you'd see them on the front page of newspapers every day, and trust in the financial system had all But collapsed. If your bank failed, there was no guarantee you would even get your money back.
Yeah, exactly. People rushed to the banks to withdraw everything at once and made problems worse. It fueled instability. Reminds me of the wonderful scene from It's a Wonderful Life where everybody has a run on the bank and on Bailey's Business and Loan, and everybody wants their money and not enough money to go around, Mike.
There's not, because a bank The bank doesn't keep— and this took me a long time to understand in my early career— is that the bank doesn't have all that cash sitting in the vault. I mean, the vault—
It does not.
The vault actually doesn't have as much money as you think it has in it. And so people, just like in the movie, people rush the banks trying to withdraw everything at once. And that instability is what led to the creation of FDIC after the Great Depression. It was created to restore confidence. It didn't eliminate risk, but it introduced a layer of protection called insured deposits that helped people feel secure enough to keep their money in the system.
Yeah, and the idea of building systems that protect people during uncertain times is, is the heart of good financial planning, Mike.
It is, because uncertainty is unavoidable. Markets rise and fall, policies change, Life throws curveballs. The question isn't whether uncertainty will happen, it's whether you're prepared for it when it does.
And at One Oak Financial, we remind clients that confidence doesn't just come from predicting the future. It comes from having a plan that's built to endure it, Mike.
It does. The One of a Kind Financial Plan is designed with layers, just like the financial system itself. Emergency, reserves, thoughtful asset allocation, income planning, risk management. Each piece serves a purpose to help clients sleep better at night.
Yeah, and just like the FDIC insurance, important to understand what's protected and what's not. Not all assets are safeguarded the same way. Not all strategies are appropriate for every person. Talk about that for a little bit, Mike.
That's where education becomes critical. When people understand how their financial plan is structured, they're less likely to make emotional decisions during periods of volatility or uncertainty.
The show is the One of a Kind Financial Show. I'm Gary Nolan, your consumer advocate. With us each week at this time is Mike Milligan. I want you to get on Mike's calendar, get you all set up with that comprehensive plan, that one of a kind financial plan that Mike talks about each week here on the show. That phone number is 800-748-1838. 800-748-1838, or text the word ideas to 600-700. The folks at Warnock Financial standing by this weekend ready for your phone call. It's still January, early in the year. Let's get you on solid financial footing for 2026. 800-748-1838, or text the word ideas to 600-700. Now we've seen time and time again that panic comes from uncertainty, not loss itself, but from knowing What comes next? Not knowing what comes next. Now, a clear plan helps you replace fear with perspective, Mike.
It does, right? The FDIC doesn't prevent every crisis. And so I'll just give our local listeners a taste of one. People out in Midland, Texas, do you remember the First National Bank of Midland when it failed in October of 1983? People in Hampton Roads, you remember when the Bank of the Commonwealth failed during the financial crisis in 2008? See, these crises, when they occur, when these companies failed, the FDIC helped stabilize the system for a certain level of deposits by creating trust. Well, this trust is foundational, whether we're talking about banking or personal financial planning.
Yeah, the One of a Kind Financial Plan serves that same role. It's not eliminating risk. It's about building resilience. So when uncertainty shows up, you're not just starting from scratch, Mike.
As always, Gary, we share on this One of a Kind Financial Show educational material for the purpose of helping people make financial decisions. But that financial decision needs to be done in conjunction with a qualified Certified financial planner or financial professional who actually understands your unique situation.
Well, the legacy of FDIC remains us— reminds us that stability doesn't happen by accident. It's built intentionally, thoughtfully, and long-term vision too, Mike.
And when your life is built with that same intention, you're better equipped to move forward with clarity, no matter what the future holds.
All right, we're up against the clock. Final thoughts on the one-of-a-kind financial plan, Mike?
Gary, there are safeguards that have been put in when economic calamity happened. The FDIC was put in as a result of the Great Depression. The Security Investment Protection Corp was put in when brokerage companies lost money during the Great Depression. State insurance guarantees are out there to protect you. But I'm telling you guys, When you depend on the federal government to bail you out, that is a world of hurt. The best way you can prevent calamity or financial catastrophe in your life is not to depend on a system, but depend on a financial plan that is all about you. Now, we'll still operate within those systems, with the FDIC, SIPC, State Insurance Guarantee Fund, credit unions, We'll manage risk appropriately for that money that goes up and down in the market. But ultimately, what the one-of-a-kind financial plan does is build in a risk level of— a level of protection into your risk that you're comfortable with. The one-of-a-kind financial plan helps you sleep at night. It reduces fear. It reduces anxiety when it comes to the future. It allows you to have dignity for the rest of your life. And it tells your family, I love you. while at the same time reducing taxes. And if we're honest with each other, it'll give you something that you probably don't have today, a written plan that's clear to understand, that's simple, and that will ultimately allow you to live a one-of-a-kind life. So—
Folks—
We're happy the FDIC's around, but let's not depend on them, folks. Let's build a one-of-a-kind financial plan for your one-of-a-kind life.
Yeah, what I was gonna say, that folks, advice like this shows you how important it is to meet with a financial coach, to meet with Mike and the team. They understand the ins and outs of the financial world. Take advantage of this opportunity right now. There's no cost, there's no obligation. Here's that phone number, 800-748-1838, 800-748-1838, or text the word ideas to 600-700. Do it right now. The folks at One Oak Financial are standing by ready for your phone call. One more time on the phone number before we take our final break.
800-748-1838.
800-748-1838 or text the word ideas to 600-700.
This has been the One of a Kind Financial Show Daily with your host, Mike Milligan. Mike is an investment advisory representative with Advisory Alpha LLC. Ideas by Mike, doing business as Win Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. Mike is in partnership with Advisory Alpha to be able to provide financial planning and assets under management services to his clients. Coaching, education, financial, other financial services are offered through Ideas by Mike, doing business as Win Oak Financial. All education, all content provided on the One of a Kind Financial Show Daily and the One of a Kind Financial Show is for education purposes only. Please consult a licensed financial professional before acting on any of the things discussed in the show. And as always, you have the opportunity of reaching out to Mike by texting ideas to 600-700, getting on his calendar and spending time with him to discover how to build a one of a kind financial plan for your one of a kind life.
Be one of a kind with Mike's plan. Innovation, growth, take a stand. Visibility, strategy, take the lead. Transformation's yours, fulfill the need. Mike's got the way to help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight. Mike's the guide. You'll shine bright.
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