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I'm surprised more of you don't keep cash around as a standard. My wife and I always keep at least $800 in the house for needs here or there. I typically would find I needed a few hundred for cash purchases like used furniture on craigslist and was tired of going to the bank. I keep a safe in basement stocked with some cash for this purpose but I guess it doubles as a doomsday fund as well.
In these parts in ny many banks are closed and atms are being drained dry ....we already had 2 instances here where in many areas you could not use credit cards ...one was 9-11 and the other after sandy .......
We finally made a go bag up with copies of paper work , cash , energy bars ,water ,etc .....
Two weeks ago a message came over my citizen’s app about a electrical fire in a high rise ...it took a few seconds to sink in ....it was our building .......all was okay by us but it was a wake up call
I'm surprised more of you don't keep cash around as a standard. My wife and I always keep at least $800 in the house for needs here or there. I typically would find I needed a few hundred for cash purchases like used furniture on craigslist and was tired of going to the bank. I keep a safe in basement stocked with some cash for this purpose but I guess it doubles as a doomsday fund as well.
I keep zero cash at my place. All of my stocks, fixed income, and cash are digital numbers on a screen lol. Again, if Doomsday comes, I'm really not sure what any cash is going to do under my mattress because it's not like I'm going to have an economy to do any commerce trade with it .
If there is run on banks and people are in the streets looting/shooting and killing. Money will be the least of your concerns.
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But if you stop and think, if the US collapses, what good is your toilet paper, water, and cash going to do for you,
I know we've been talking about "cash" specifically. But, IMO, it's ALWAYS better to have money than not.
-- People with money weren't dying in the Superdome when Katrina hit. THEY had the money to get out of town.
-- People with money can leave the country.
-- People with money can get care and services others without money cannot get.
-- People with cash can perhaps:
-- pay off the person who might take the money and go away
-- offer a friend or neighbor to "come along and let's get out of town. You drive and let's get out of here."
Call it a pay-off, call it a bribe. Call it an incentive.
Whatever you call it, I know I'd always rather have money than not.
Money is good because it means having options. And sometimes having those options can save your life. Not always, obviously. But for the times when it can, I want to have it available. Cash -- at the ready.
I keep zero cash at my place. All of my stocks, fixed income, and cash are digital numbers on a screen lol. Again, if Doomsday comes, I'm really not sure what any cash is going to do under my mattress because it's not like I'm going to have an economy to do any commerce trade with it .
Do you also keep a cyanide pill on hand to end yourself in the event of this doomsday?
I can tell people are quietly accumulating cash. I'd be curious to see the actual numbers. It's funny that when you Google it, you get mostly propaganda trying to convince people not to pull out their cash
he FDIC noted “The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015.” Moreover, the bank’s capital levels as of Dec 31, 2019 were too low for legally staying operational.
I'm confused about FDIC. If there is a depression, how can the FDIC protect my money? Is it foolish to consider getting it all out into cash? I have savings accounts and CDs in several banks.
You are protected up to $250k per person. So you can have $250k and a spouse can have $250k and you can have a joint account for $250k in in bank.
Banks are pretty safe, but not a bad idea to keep some denominations of 5,10,20 and 100 at home. I also keep denominations of 9,12,22, 357,38,45,556 etc just in case it gets real dicey.
It took me a minute...
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