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I’ve gotten a lot of questions about the recent Silicon Valley Bank failure and what it means for business owners everywhere. In this episode, we’ll talk about the cause and implications of the bank’s failure from a high-level (don’t worry, you don’t need a finance or banking degree to follow along!) and the takeaways that could help protect your business moving forward.
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In this episode, you’ll learn:
2:45 How banks operate
6:10 What is the FDIC?
7:53 The background on Silicon Valley Bank
12:49 What happened to cause Silicon Valley Bank’s failure
16:53 What to expect from a recession
19:17 How much money you can safely keep in the bank
20:52 Two investments you should hold off on right now
23:14 Why and where you should diversify
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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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