Question for the Money Doctors

Question submitted on Sep 13, 2012.

Question

I am thinking about putting money in a Swiss bank account. Is that safe and a good idea? What are the drawbacks of doing this and what are the benefits?

Answer

Thank you for the question.  However, I think this question needs to be directed to a personal advisor.  There are too many unknowns to give you a relevant answer.  Some things to keep in mind are:

-Why are you considering doing this (taxes, safety, etc.)?

-Are you investing US dollars, buying Swiss Francs, etc.?

-How much are you thinking about putting there?

-What is your time period?

I recommend that you contact a qualified, local advisor for advice.   You can visit www.findacpapfs.org to find a personal financial planner in your area.

For additional information visit http://www.360financialliteracy.org/