Convert Savings to "Safer" Currency during government shutdown

[Anonymous]

I've read online that it would be wise or even an opportunity to take some cash savings and convert them to another currency such as the Yen or GBP. The US dollar has been losing it's value for some time as the Fed has been printing money...but if the government shutdown extends beyond the lending limit deadline the US dollar will plunge considerably (supposedly).

Personally I have quite a bit of savings that I wanted to use to pay off debt...I figured I could convert the savings to another currency hoping it would rise than convert back to USD and pay off more debt.

I'm not an economist or very savvy financially so I don't know what to believe in the currency game. If anyone has any thoughts or suggestions please share.

Thanks!

[Anonymous]

If you have money saved, the best thing to do is use it to pay off debt now. No reason to hang around holding it - just pay the debt off and be done with it!

[Anonymous]

Speculating in foreign currency exchange is pretty much straight out gambling so unless you are looking to gamble with your savings you should avoid it.

[Anonymous]

The transaction fees alone probably wouldn't make this worth it.

[Anonymous]

I'm an economist. The dollar is still the safest currency on earth. It is not declining nearly as much as Fox News would have you believe.

[Anonymous]

It does sounds like a gamble. Do we have any clue what would happen to the dollar and assets like my home if the debt ceiling restriction is not lifted?

[Anonymous]

I've gone all in on bit coins. It's the currency of the future !!!

[Anonymous]

you "have read online"...you have significant savings that you were planning to use to pay off debts but instead of doing it you are thinking about converting them in a foreign currency hoping (or based on your online advice) that the dollar is going to drop and with the gains you can pay off the debt? frankly what you are saying does not make any sense. why don't you just pay off the debt with the money you have, as you were planning? you are not a savvy investor (and it is not that easy to make money by speculating on foreign currencies), so it is unlikely that you are going to gain

[Anonymous]

Don't.

Stay put. Relax. As I wrote on another thread, the market will recover, and you must look past the next few days of so-called turmoil.

[Anonymous]

PP here. And do not pay off debt quicker than you planned! Just go with your schedule, and look far ahead.

[Anonymous]

OP, please don't try to do this... it will cost you a lot of money in fees.

Signed, a banker.

[Anonymous]

Anonymous wrote:If you have money saved, the best thing to do is use it to pay off debt now. No reason to hang around holding it - just pay the debt off and be done with it!

If OP is concerned about the value of the dollar decreasing, it makes absolutely no sense to pay down debt that is in dollars!

[Anonymous]

If you have money saved, the best thing to do is use it to pay off debt now. No reason to hang around holding it - just pay the debt off and be done with it!

my debt is at a 3.25 interest rate. my investment portfolio has risen 17 percent in the last year.

[Anonymous]

Anonymous wrote:I'm an economist. The dollar is still the safest currency on earth. It is not declining nearly as much as Fox News would have you believe.

That's funny, my husband is also an economist and we've steadily invested away from USD and into foreign currencies and commodities over the past decade. Our investments have appreciated significantly over that time.

[Anonymous]

Anonymous wrote:

If you have money saved, the best thing to do is use it to pay off debt now. No reason to hang around holding it - just pay the debt off and be done with it!

my debt is at a 3.25 interest rate. my investment portfolio has risen 17 percent in the last year.

Don't even bother. There's a group of posters on here who are just loopy about debt.