Cash on hand. What is needed?

[GOPerfect]

The storm that is affecting so many in Texas has made me think a bit more.

Cash on hand. How many have a decent supply of cash on a regular basis?

None of the ATM's are working in the parts of Texas that power is down. Even if these people wanted to leave to be safe and secure, most do not have the cash to do it. They cannot use the ATM's banks are closed. How do they get out of dodge if they cannot get to their money?

I have cash. I have not always been a cash in the house kind of guy. That changed a few years ago for me. Now, I ensure that we have a very healthy supply of money in the house. Yeah, it is locked up and safe from your sticky fingers.

I have all of the little wads broken down into $1000 bundles. Small bills, to include, ones, fives, tens and a few twenty's.

Anyone else understand the need for hard cash?

 

[fresch]

Me,
Years ago our house was robbed by "friends " of my kids and the cops wanted to know why I had a few thousand in cash in my house. My response was " because I can".

 

[dwa12479]

Always have plenty of cash on hand in the house in smaller denominations. Wont get caught completely pants down in a run on the bank situation

 

[kev74]

Keeping a few bucks around is smart.

 

[GOPerfect]

What I am working on now, is just how much is enough? My wife gets all pissy because of how much is in my safe at all times. I keep telling her, you never know....

 

[crunchberry]

This thread reminds me of the episode of MTV Cribs years ago where they toured Method Mans not very fancy house and he had a shoebox filled with a bunch of unorganized cash. I think it was on top of his fridge or something.

 

[FRB]

What I am working on now, is just how much is enough? My wife gets all pissy because of how much is in my safe at all times. I keep telling her, you never know....

I try to keep $300 in my wallet at all times and a grand or so hidden at home.

 

[GOPerfect]

I try to keep $300 in my wallet at all times and a grand or so hidden at home.

Okay, maybe I have too much already then....

 

[kev74]

Okay, maybe I have too much already then....

I've had worse problems.

 

[FRB]

Okay, maybe I have too much already then....

I keep more at most times, those be minimum levels. I should have worded that better.

 

[spat]

What I am working on now, is just how much is enough? My wife gets all pissy because of how much is in my safe at all times. I keep telling her, you never know....

She thinks it's safer in the bank ?

It's not like you're earning enough interest to make a difference these days.

Even in a savings account right now the interest is so low as to be insignificant on a few grand.

Do the math and tell her "oh, this cost me $10 in interest last year to have it physically in my possession". I'd say $10 was well spent for that.

More than a few grand might be unnecessary, but I think at least 2 is prudent.

 

[Deplorable Me]

Don't keep all your valuables in one location. The main safe and a second safe.

 

[spat]

Keep adding $$ to the safe $50 or $100 at a time.

When it gets to be too much, buy an ounce of gold to keep in there.

Try to keep at least few hundred $$ in silver too.

Rinse, repeat.

 

[GOPerfect]

She thinks it's safer in the bank ?

It's not like you're earning enough interest to make a difference these days.

Even in a savings account right now the interest is so low as to be insignificant on a few grand.

Do the math and tell her "oh, this cost me $10 in interest last year to have it physically in my possession". I'd say $10 was well spent for that.

More than a few grand might be unnecessary, but I think at least 2 is prudent.

She is on board, a bit. I have been working on her for a while. She thinks keeping it in the bank is safer in regards to theft.

 

[spat]

She is on board, a bit. I have been working on her for a while. She thinks keeping it in the bank is safer in regards to theft.

If your home is broken into and your things are stolen, is losing a few grand cash going to be the thing that bothers her ?

I would think that might be the easiest thing to replace.

Especially when it's a few grand that *isn't* this months mortgage payment or groceries.

By it's nature as an emergency fall back, losing it won't cripple you financially unless it happens in the middle of the SHTF situation it is designed for.

 

[GOPerfect]

If your home is broken into and your things are stolen, is losing a few grand cash going to be the thing that bothers her ?

I would think that might be the easiest thing to replace.

Especially when it's a few grand that *isn't* this months mortgage payment or groceries.

By it's nature as an emergency fall back, losing it won't cripple you financially unless it happens in the middle of the SHTF situation it is designed for.

Like I say, she is learning and understanding more and more each day.

When I first began stocking food and ammo, she thought I was nuts, she is understanding now though...

 

[Uzi]

You should have as much cash as you feel comfortable with.
We don't all have the same salaries or living expenses or bad spending habits and lifestyles. An emergency fund or savings for one person could be radically different in terms of necessity for another. There are things to obviously consider like how well is it being protected in your home. There is no right or wrong answer.

It's never too late to start having a healthy cash supply, until the banks shutdown and you're unable to gain any access to your money, or are simply denied the amount you need to withdrawal. It's really important to note that what this country is currently going through, almost zero have experienced. Should be an obvious red flag to anyone in terms of independent security. If you don't hold it, you don't own it. I think that about sums up my opinion.

 

[JaguarJaguarGolf]

I try to have a grand in small bills around. A couple of hundred in foreign currencies because I have a child in Scotland and I pray to God I have to never just get on a plane and go. I try to have enough cash on me to have a bender with a buddy in fancy bar , just because.
Gold and silver coins have been given to my children as stocking stuffers and birthday's for a few decades. The ex- took all the jewelry and family silver. Heck, she even took the cover plates off the electric outlets. "THEY'RE MINE!"

That book on the Argentinian bank collapse and the other one from the guy in Bosnia both said food and ammo, smokes, medicine and booze were the new monies in a collapsed country. Life revolved around getting food. You could get anything if you had food.

I remember after Sandy there was no electricity for gas pumps and no internet or phone lines around here to use credit cards, the tolls on the Thruway didn't even work, but I could face time with my daughter in Germany?

 

[JaguarJaguarGolf]

What was the inflation rate back in the early 80's? I remember guys, married guys with families, spending every penny of their paycheck buying stuff, because the check would be worth less next month. I remember being told it wasn't worth trying to save your money in a bank, it was just losing value every day.

 

[1075tech]

I keep just enough money in the bank to cover the month's bills. If there's anything left after that, I have a small cup to put the coins in

 

[Doc8404]

She is on board, a bit. I have been working on her for a while. She thinks keeping it in the bank is safer in regards to theft.

my wife finally saw my safe.
lots of questions LOL.
That’s why she doesn’t know how much we have around.

 

[dsdmmat]

I think 2K is probably adequate for short term disasters. This way both of you can carry a thousand if you get separated. More important is to have a full tank of gas and a few 5 gallon cans on hand. That way you do not have to worry about getting out of the effected area, when the gas stations are overwhelmed with people or cannot operate because they have no power.

 

[tc556guy]

If I need some immediate cash on weekends or evenings, the cash on hand from the FFL business is my stop-gap resource that can be replaced later as required. Otherwise its plastic and checks. I really don't make enough to keep literally thousands of dollars just laying around serving no immediate purpose.

 

[Jmac00]

She is on board, a bit. I have been working on her for a while. She thinks keeping it in the bank is safer in regards to theft.

my wife is the exact opposite, a savings account pays what? ½ percent? not even worth the effort, and it ties up money we could be using for something else. Im not going to say how much i have on hand, but it should be enough to get me anywhere in the country with no problem.

my bigger concern is my stock account. If the power goes out for a long time, that money maybe unrecoverable

 

[SomeSoldier]

I was just talking to my wife about closing our savings account and keeping the money in house. Why should I let my bank make money with my money and not get a cut.

 

[spat]

my wife is the exact opposite, a savings account pays what? ½ percent? not even worth the effort, and it ties up money we could be using for something else. Im not going to say how much i have on hand, but it should be enough to get me anywhere in the country with no problem.

my bigger concern is my stock account. If the power goes out for a long time, that money maybe unrecoverable

We have a lot of money in 401Ks and so forth.

Basically at this point I look at that as the hedge in case things *don't* collapse.

 

[Jmac00]

We have a lot of money in 401Ks and so forth.

Basically at this point I look at that as the hedge in case things *don't* collapse.

ya, but what if the SHTF and the power is out for a month?? or more

 

[spat]

ya, but what if the SHTF and the power is out for a month?? or more

A month, not a big deal.

We've got plenty to get by for that long.

A year ? You can assume it's probably not coming back.

It's the associated economic collapse that worries me. I can deal without power. But without a functioning economy things are going to get very sporty.

 

[Jmac00]

But without a functioning economy things are going to get very sporty.

sporty is a good term, i have enough to last me 3 months, even in winter. and i have alliances with good friends.

 

[togmaster]

Yes please post how much cash you have at home along with your address. Interesting thread...