Money Risk Management When Travelling

i want to talk about how to keep your money safe using better risk management when you're traveling a lot of people keep everything they have in the same place they keep the cards that they're using to pull money out in the wallet with the cash that they pulled out in the wallet and if you get that stolen not only is the cash that you have stolen but all of the cards that you actually need to pull more cash out are gone so this is very bad risk management even splitting those two things out and having the cards in the wallet and the cash in the pocket means that if someone mugs you it's just it's not gonna happen really like this chance of this happening is so small but even that means that you double your risk tolerance because oh here's my wallet you've got some cash but now your cards are gone so maybe keep the cash in the wallet and the cards out that's one strategy it's not very good but it's better than keeping everything in one go you see people that have their phone with the cards and the cash all in the same place that is terrible risk management the ideal situation is to split your cards and your cash up into four or five different places me when i travel i have four or five cards that i can pull money out of and some of them have higher rates of interest so some of them i use more often but i have four or five cards that i can pull money out of a cash machine are they in the same wallet no i have some in the pocket that i of the clothes i wear i have some in a wallet i have some in my bag i have some in uh the the satchel thing that i carry around with me that's four different places where i keep a card that i can pull money out at any time cash as well i always take some uk pounds i'm from the uk i keep uk pounds on me so that if i need to because i've lost my cards and my local currency i can go to a bureau to change very good pronunciation there in french i can go to one of those places and just immediately get cash for cash local currency it also means that if i go back to my home country i'm not just sat there with no cash let's say i get everything stolen like i've still got a bit of things i can get home cash if every time i pull cash out the machine don't just put it straight away in the pocket split it into two piles immediately put one in one pocket one in the other get away from that cash machine if someone's watching you over their shoulder they see you pull a big pile of cash out and you quickly do it into two pockets let's say they follow you down the street and they're like give me the money you're like okay pull out one of the things give it to them your life is worth more than a pile of cash that you've just split into two they're not gonna hang around they're just gonna take it and run keep some cash in your pocket keep some cash in your satchel keep some cash in the wallet that you carry around keep some cash in your bag back at the hostel anywhere you can separate keep different piles of money around you suddenly go from okay everything has just been stolen to oh actually doesn't matter i have five or six other places where i have money running out of money in a place is pretty crazy not through theft but i ran out of money in the philippines i didn't even have enough money to pay for the hostel and luckily i had a support network back at home but a lot of people maybe they don't have that and so for those people it's even more important if you don't have anyone you can rely on to get money out for you or send you extra money you need to be super careful with your money and one of the ways that you're going to do this is by splitting up your money into different places maybe your hotel room gets broken into and they take it back okay fine he took my bag but i've got cards in here i've got cards in my wallet i've got cards hidden where the sun doesn't shine i don't know you don't have to go that extreme unless you want to i don't risk management if you're the type of person with your cards and your cash and your phone in one place you are doing a disservice to yourself you're gonna get yourself in trouble even through clumsiness not necessarily just theft split everything up four or five places every time you go traveling you take four or five different cars you've told every one of those banks that you're traveling internationally monzo not to just separate one i'm not sponsored by monzo monzo is fantastic they have really good international rates and taking cash out in the country they prefer you to use the card but they'll let you take the cash out for free basically there's no problem there you'll just get charged a percentage in the local currency but take all of your cards have four or five banks take it all with you there's no they're so small and every single time you add a new card it just increases your safety don't be one of these people that gets everything stolen they have to come to someone else and be like can you get money out for me please it's not good luck you look really silly i mean it sucks that you are in this bad situation but you could have protected yourself from that cards are free they give you the cards for free at the bank why would you not have five or six of them even better if you memorize the details of one but that's a thing for another time my card details are yeah right [Laughter] um that's actually a video i'm going to make is why you should memorize it polish guy told me that cooper yeah recap on this one then if you have one card with you traveling you're a fool if you keep all your money in one place you're a fool if you keep your money cards and phone in the same place you're full if you want to not be a fool every time you get cash out of the cash you can split it into two piles two separate pockets keep cards in your bag cash in your bag cards in your wallet cash in your wallet cards in your bag back in the hostel cash in the bag back in your hostel take four or five cards with you make sure you tell every bank that you're traveling internationally don't be a fool don't get everything stolen in one go i've written a guide on remote working it's in the description it just talks about the kind of remote job you actually want to look for why you'd want to do this a couple of places you can find them and some other tips and tricks in there it's completely free just give your email i'll send you the guide