Cash on hand ?

[Inigoes]

No doubt, but I surely wouldn't want to have as much as $10k laying around to get destroyed or stolen.

We are in agreement, that's way too much.

You only need enough to get you through a couple of weeks, 2K is plenty for immediate needs.

After a few weeks, at least one branch of your bank will have power restored, so you can get more cash, if needed.

 

[Inigoes]

I always have cash on me too. I feel naked without a wad of cash on my person. For those who just use a credit card/ATM card everyday; I 'm not comfortable just with that. I use a credit card too but I also like the reassuring presence of cold, hard cash in my wallet.

^This

Ever experienced card readers being down, and the checkout line going cash only? It happens all the time, and it's nice to have a quick checkout, because everyone else is using plastic.

 

[willtill]

^This

Ever experienced card readers being down, and the checkout line going cash only? It happens all the time, and it's nice to have a quick checkout, because everyone else is using plastic.

Yes, using cash most of the time is often faster than plastic, for checkout.

 

[shadow116]

I have an American Eagle safe with an electronic lock on it. I bought it 15 years ago... Now that I am aware of EMP , I am pissed that I didn’t get one with a simple combination lock....

Contact a Safe Tech, swapping a lock on a safe can be done without any problems.

 

[Donald1818]

We were talking about how much cash we should have in the safe for that just in case moment when your plastic is no good , First thing that comes to mind is a prolonged loss of power , My biggest fear is not being able to get more Gas or Propane because it's Cash only , I know in a total meltdown cash will only be valuable for a short time , I told my Girl friend that I would feel good with 10 Grand , She thinks that is to much and it's better to leave it in the bank , I said that's fine if you can get to it .How much do you keep

well, I wont tell how much, if anything, i have.
but in survival lectures, the rule of thumb is keep track of what your weekly money burn is, and store how ever many weeks you think is prudent.
keep lower denomination bills for making hand to hand or hand to store purchases. $50 realistically is a bit high. 5,10,20's.

10k is not a bad number, it should get you everything you will need for 6-8 weeks or more. and this is just for immediate "needs" purchases. preppers should have a nice storehouse of supplies to ride out any small to medium bump in the road.

another thing i learned, when you pull cash out of the bank, keep the transaction slip with your bundle. if for some un godly reason law enforcement ever needed to get into your safe, they wont be able to say you were doing something ill-eagle with all that cash.

for what its worth,
D

 

[newmuzzleloader]

$1k in gold
$1k in silver
$1k in cash

That's a way to start.. kinda like 100 9mm, 300 5.56 and 500 .22

 

[Inigoes]

For those that have a lot of cash on hand to pay bills: there is always old school banking. Write a check and mail it to whomever (mortgage/eelctric/phone/etc.).

This is the main reason, why I always opt for paper billing, in case electronic payment is interrupted, there is always plan B with an envelope and stamp.

Paper billing is also for the Mrs., in the event of my demise. She can continue on, without any issues where regular services would be shut off for nonpayment.

 

[willtill]

well, I wont tell how much, if anything, i have.
but in survival lectures, the rule of thumb is keep track of what your weekly money burn is, and store how ever many weeks you think is prudent.
keep lower denomination bills for making hand to hand or hand to store purchases. $50 realistically is a bit high. 5,10,20's.

10k is not a bad number, it should get you everything you will need for 6-8 weeks or more. and this is just for immediate "needs" purchases. preppers should have a nice storehouse of supplies to ride out any small to medium bump in the road.

another thing i learned, when you pull cash out of the bank, keep the transaction slip with your bundle. if for some un godly reason law enforcement ever needed to get into your safe, they wont be able to say you were doing something ill-eagle with all that cash.

for what its worth,
D

Interesting.

 

[Donald1818]

You may be overlooking something.

I would bet that the average person participating on this forum has less debt and more savings than the average person in the general population of the country.

nicely stated.

D

 

[dist1646]

I may have a buck in my wallet at any given time but then again, I'm married.

I know that feeling! Before I got married, I never had less that $1,000 in my pocket and beaucoup cash in the safe.

Who needs cash right now though, I have primers!

 

[jollymon]

Just a point of reference , A few years ago we were doing a family reunion/vacation on Hatters Island , A crew working on the new bridge footers clipped the main power cable to the island, Bingo no power for the whole place, Most palaces had generators so you could get gas and to keep the food they had on hand from going bad , But it was All Cash Only, I have always kept a supply of cash on me when I travel so it wasn't a problem for me but for some of the other family members it was , Some of them were "Why do you have all that cash" I said for just this reason . A sister in law said I should keep my money in a bank , I told her that wouldn't have been helpful now would it . I didn't like being the "Bank" for the week , Lessons learned, Don't share that you have cash , Don't expect them to pay you back quickly.
But I was able to enlighten some to the fact that being prepared isn't a bad idea. I one sister in law that said I should keep my money in the bank turns out to be a spender and her husband is a enabler of it and they live paycheck to paycheck , Some how any events and get to gethers they have been unable to join us ,I wonder if it has anything to do with that they still owe me money ,There that type. , Though I should share that

 

[Doctor_M]

So to reverse the question, how much is too much cash on hand? There are inherent risks with keeping cash. It isn't typical covered by insurance, so in the event of theft or fire, you are SOL. Also, if for some reason the crown thinks you have been doing something naughty, it can be confiscated until such time as you can prove it was legitimately acquired. Plus when you are talking about large sums, it isn't working for you while under the mattress.

I used to keep like a year's salary in cash in the safe... probably way too much. I keep about half that now and split its locations, but I still worry it's too much risk.

 

[Alea Jacta Est]

Risk is an awful lot like beauty...in the eyes of the beholder.

Whatever you feel comfortable with Doc...that’s good for you.

I’ll bet my next retirement check, you’ve given it lots of thought.

All good.

 

[Doctor_M]

Yep... I've seesawed on the topic a time or two

 

[Inigoes]

Everyone's needs are unique.

How much cash do you need, for the length of time you define?

Owning your own business, my require larger sums of cash.

Same goes for buying and selling guns.
However, waiting for an emergency to buy a gun, is wrong timing.

 

[AssMan]

One good reason to keep a bunch of cash: the Government, in an attempt to exercise greater control, will move to phase out cash in the next couple of decades.

See the thread on FedCoin.

 

[jollymon]

So to reverse the question, how much is too much cash on hand? There are inherent risks with keeping cash. It isn't typical covered by insurance, so in the event of theft or fire, you are SOL. Also, if for some reason the crown thinks you have been doing something naughty, it can be confiscated until such time as you can prove it was legitimately acquired. Plus when you are talking about large sums, it isn't working for you while under the mattress.

I used to keep like a year's salary in cash in the safe... probably way too much. I keep about half that now and split its locations, but I still worry it's too much risk.

Fire proof safe , 2 or 3 small ones in different locations but secure so they can't walk away , If you can have it close it's a small risk .

 

[DutchV]

I think some of it is a humble brag as well.

Considering the amount of debt the average person lives in, I'd be shocked if this many folks here had the thousands they claim. But perhaps that is why there is so much debt, these folks are storing up their cash and not paying the credit card bills.

Even if you have debt, it's important to have a cash buffer. About six years ago, an ex-girlfriend of mine got laid off from her contracting job. She had made some poor decisions previously, and was working hard to pay down her credit cards. Her mistake? She didn't have a cash buffer. When the layoff came, she had less than $1,000 in the bank - not even enough for one month's mortgage. A six month cash buffer would have made her layoff a lot less stressful.

 

[lazarus]

Even if you have debt, it's important to have a cash buffer. About six years ago, an ex-girlfriend of mine got laid off from her contracting job. She had made some poor decisions previously, and was working hard to pay down her credit cards. Her mistake? She didn't have a cash buffer. When the layoff came, she had less than $1,000 in the bank - not even enough for one month's mortgage. A six month cash buffer would have made her layoff a lot less stressful.

For a lot of people that's really hard. We do a good job of F-ing over poor people in our country (well, in pretty much all countries). Harder for them to get loans, and at much higher rates. Payday loans are usury. Hard for them to buy things in bulk and save, because they don't have the money to do that. Etc. Unemployment benefits if you do get laid off are a tiny fraction of your pay. No medical coverage if you get laid off. Even if you do have medical coverage, most people are one serious illness or injury away from bankruptcy.

Makes it a ton harder to get ahead.

I agree people SHOULD try to have a few month buffer of cash (ideally in a bank account), but for like 50% of Americans more than a couple of weeks is just about out of reach and more than a month or two is just about impossible for like 80% of Americans.

IMHO, actual physical paper money on hand, enough to get out of dodge or for that gun you've been wanting that just happens to have been in your collection the entire time if your wife asks you "is that new?"

Unless my pay was pretty danged low, I can't wrap my head around keeping a YEARS salary physical cash on hand. Hell, even 6 months. Tens of thousands of dollars is pretty damn risky. As pointed out, Insurance is unlikely to cover its loss through fire or theft. Pretty unlikely police would ever toss my house on a warrant (or otherwise), but that level of cash probably WOULD raise eyebrows from the police or a DA. A grand or two in a safe probably wouldn't and is sure sufficient for probably 99.9999% of eventualities in life. I am not going to worry about that .0001% where the bank is closed and I somehow need several thousand in physical cash NOW.

 

[Inigoes]

If the cash on hand is lost and not easily replaceable, then you have too much on hand.