Did you know that pessimists are able to save a lot of money? Jim Wang wrote about it.
How does it work for depositors?
Do you agree that credit bankers are very pessimistic? They always ask for the “worst case”. What will happen if a customer can’t pay back his debts? Conversely customers could ask, what will happen if my bank is unable to pay interest or my money back in the “worst case”. If customers think like critical investors they could save much money.
Here are my pessimistic banking rules to prevent trouble and losses:
- Financial institutions are friendly to money, not to customers.
- Don’t decide at a moment’s notice for or against a financial product.
- Buy only understandable and reasonable products.
- Buy and forget is a bad investment strategy. Credit ratings of banks and firms will change over time.
- Emotions are poor consultants.
- Use your common sense.
- Most consultants are better vendors without know how.
- Write down a briefly journal of your consultation and let it sign by your consultant.
- Witnesses could help to resolve later conflicts.
- Always consider what will happen with your money in the “worst case”.
This list could be a never ending story. Feel free to add a comment with your pessimistic rules.