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Old 02-22-2009, 07:56 PM
 
1,788 posts, read 3,470,929 times
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"a bag of gold won't buy a loaf of bread"

That is where all this is heading anyhow. So who cares. If you truly think stuffing your mattress with cash will make you more comfortable, then do so. Survival of the most fit coming to a town near you very soon.
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Old 02-23-2009, 06:46 AM
 
705 posts, read 1,144,318 times
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I have been slowly building up a pretty good cash stockpile just in case we have a bank holiday or some event. My father is 91 and he lived thru the depression. He told me he recently had my mother get $25,000 in cash to stash away.
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Old 02-23-2009, 07:01 AM
 
Location: Castle Hills
1,129 posts, read 2,285,190 times
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Quote:
Originally Posted by Jaggy001 View Post
If you have cash and are worried about bank failures, you can always use it to pay down your mortgage (i.e. stash it in your house but in a way a thief cannot get at it). Then. if you need it back when/if the economy turns around, just re-mortgage.
Jaggy,
Not at bad idea. The problem is if it gets REAL bad out there cash will be king and its a good idea to have a decent amount of it.

I am getting the $7500 tax credit for being a first time home buyer and I'm putting all of that right on my mortgage.
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Old 02-23-2009, 07:06 AM
 
Location: Castle Hills
1,129 posts, read 2,285,190 times
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Quote:
Originally Posted by jimmyP View Post
I have been slowly building up a pretty good cash stockpile just in case we have a bank holiday or some event. My father is 91 and he lived thru the depression. He told me he recently had my mother get $25,000 in cash to stash away.
Smart move and perfect timing too. Just my opinion.
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Old 02-23-2009, 12:28 PM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,305 posts, read 11,815,250 times
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Quote:
Originally Posted by CarolinaCowboy View Post
"a bag of gold won't buy a loaf of bread"

That is where all this is heading anyhow. So who cares. If you truly think stuffing your mattress with cash will make you more comfortable, then do so. Survival of the most fit coming to a town near you very soon.
We don't really know how bad things will get ..... tangibles like nonperishable food are certainly higher on my priority list than cash in the mattress, but they ought to be somewhere on everyone's list, even if lower.
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Old 02-23-2009, 01:43 PM
 
591 posts, read 1,647,630 times
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Quote:
Originally Posted by jimmyP View Post
I have been slowly building up a pretty good cash stockpile just in case we have a bank holiday or some event. My father is 91 and he lived thru the depression. He told me he recently had my mother get $25,000 in cash to stash away.

My Dad is 80 and has always recommended to me to keep a good amount of cash secure at my home. He, too was raised during the depression years and said that it is important to keep cash available that doesn't require SOMEBODY ELSE to get it for you.

My Dad has kept his "home stash" in his freezer all these years --- we refer to his stash as "Cold Hard Cash". Not sure how secure that is but my Dad is convinced it is safer than the stock market right now!!
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Old 02-24-2009, 09:07 AM
 
Location: Ocean Shores, WA
5,082 posts, read 12,586,660 times
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Quote:
Originally Posted by CarolinaCowboy View Post

...If you truly think stuffing your mattress with cash will make you more comfortable, then do so...
I did that very thing and I was quite comfortable.

But then I kept hearing that paper money would be worthless and I should convert it to gold.

So I did that.

I haven't had a good night's sleep since, and my back is killing me.

And it's a real drag to make the bed.

Forget about turning the mattress.
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Old 02-24-2009, 09:33 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,140,804 times
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Quote:
Originally Posted by kwalk65 View Post
My Dad is 80 and has always recommended to me to keep a good amount of cash secure at my home. He, too was raised during the depression years and said that it is important to keep cash available that doesn't require SOMEBODY ELSE to get it for you.

My Dad has kept his "home stash" in his freezer all these years --- we refer to his stash as "Cold Hard Cash". Not sure how secure that is but my Dad is convinced it is safer than the stock market right now!!
The thing that worries me a little is the upswing in home invasion robberies. I would rather go back into real estate and hope to find a good tenant for the rent income than keep it in the freezer.
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Old 02-24-2009, 09:14 PM
 
488 posts, read 1,013,946 times
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No wonder banks are failing. Some of them are incompetent. I closed an account at one of our local banks 5 days ago. They cashed me out and gave me a reciept. So today I get a letter from them informing me that I have a 9 cent overdraw on my account.

Then the letter goes on to say that because of my relationship with the bank they will waive the $25 overdraft fee as a courtesy for this occurrence only.

In the next paragraph it goes on to say for me to avoid being charged a $6 fee for each day I am overdrawn I must make a deposit by 2-23-09 (yesterday). Oh yeah, postage for the letter was 34 cents.

Makes a person have a lot of faith in the banking industry.
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Old 02-25-2009, 09:41 AM
 
Location: Rockland County New York
2,984 posts, read 5,124,081 times
Reputation: 1285
Quote:
Originally Posted by lakerat View Post
No wonder banks are failing. Some of them are incompetent. I closed an account at one of our local banks 5 days ago. They cashed me out and gave me a reciept. So today I get a letter from them informing me that I have a 9 cent overdraw on my account.

Then the letter goes on to say that because of my relationship with the bank they will waive the $25 overdraft fee as a courtesy for this occurrence only.

In the next paragraph it goes on to say for me to avoid being charged a $6 fee for each day I am overdrawn I must make a deposit by 2-23-09 (yesterday). Oh yeah, postage for the letter was 34 cents.

Makes a person have a lot of faith in the banking industry.
When I was a loan/customer service office for Dime Savings bank a number of years ago. During our merger with Washington Mutual we were telling our customers that that their account numbers would remain the same but we would be receiving a new aba number from the fed. We told all of our customers that we would handle the converstion and that they did not have worry about their salary being direct deposited into their checking account.

What a big mistake/lie that was. Washington Mutual was behind in getting the aba numbers changed and thousands of salary direct deposits never made our customers accounts. To make matters worse the the manager at the back I worked at did not want to reverse a great number of overdarfts becasue it was income to his branch. His ideas was to leave it alone and let the customers complain about them and they did.
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