If you like your money, don’t do this..

13 Oct 2022 · 1 min

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In this brief monologue, financial commentator Jerry Taylor explains that the fastest way to lose all the money in your bank accounts is to add another person—such as a child, friend, or spouse—to the account. He warns that any co‑holder’s creditors, bankruptcies, divorce decrees, or lawsuits can expose the entire balance to seizure. Taylor advises viewers to keep their accounts solely in their own name to avoid this risk.

Chapters

What do you think is the quickest way for you to lose every bit of money you have in your bank accounts? I'm talking about one day you get a notice that all the money in your accounts is being seized. Well, the quickest way for that to happen is when you have someone else on your bank account with you. And that someone else could be literally anyone, your child, a friend, your spouse. Obviously, some people are more risky than others. But if there is anyone other than you on your bank account, you are exposing all the money in that account to that person's creditors, bankruptcies, divorce decrees, lawsuits against them. So my suggestion to you is govern yourselves accordingly.