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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.
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.
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.
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.
Location: where you sip the tea of the breasts of the spinsters of Utica
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Quote:
Originally Posted by CarolinaCowboy
"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.
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!!
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.
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.
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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Not sure how secure that is but my Dad is convinced it is safer than the stock market right now!!
