May 18th, 2021 | Single point of failure #1

Lately I've eliminating a few points of failure. It was a high level plan I had set out to do in Q1 of 2021.

But you know... Life gets in the way and things take a little longer. Better late than never tho.

Anyway, the first point of failure I addressed this month was splitting my money into separate bank accounts.

Yes, it's a boring subject. But if you've read my February blog post, you know exactly why this is important.

Basically I had 85% of my money in Revolut and they froze my account. Although everything was resolved, it helped understand the value of diversifying. Across banks. Across nations. Across currencies. And across assets.

It's still far too early for me to start investing. Or start opening offshore accounts. But, as of now, I managed with what I have to split my money in four different places.

- Revolut, which is a digital bank in Lithuania
- Piraeus bank, which is a bank in Greece
- UniCredit bank, which is a bank in Italy
- PayPal account

And to be honest, I feel a lot safer.


@alexwestco

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