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Physical cash on hand
Posted on 7/2/23 at 6:47 am
Posted on 7/2/23 at 6:47 am
What is a solid amount of 100s that I should have on hand? We have 50k in our safe and have kept that amount stable for a few years.
With this digital currency stuff possibly on the horizon, should I up the amount?
With this digital currency stuff possibly on the horizon, should I up the amount?
Posted on 7/2/23 at 7:11 am to El Segundo Guy
the amount of purchasing power you are losing on that over the years is mind boggling
Posted on 7/2/23 at 7:20 am to TigerTatorTots
I get that but this is just emergency money. I have the rest of it doing good things but for this is contingency money that I don't need or really care about except for emergency crap.
Posted on 7/2/23 at 7:26 am to El Segundo Guy
Usually about $20 in my wallet. Wife carries $0 in her purse and probably couldn’t identify what American currency looks like.
Posted on 7/2/23 at 7:45 am to El Segundo Guy
Why in the world would you need $50k sitting in a safe? It’s way more than what you need for most common emergencies, and not nearly enough for unique emergencies (need to disappear for “business” reasons, ransom money, etc.”)
I keep about $1k at home. That’s usually more than enough and helpful to have when I don’t have a few bills to tip the delivery people.
I keep about $1k at home. That’s usually more than enough and helpful to have when I don’t have a few bills to tip the delivery people.
Posted on 7/2/23 at 7:50 am to El Segundo Guy
My man if the economy ever devolves to the point where 'cash is king' in the manner that $50k in a safe is suddenly indefinitely valuable, you're gonna have much bigger problems to worry about.
Feels like this is just a troll, but...meh.
Feels like this is just a troll, but...meh.
Posted on 7/2/23 at 7:53 am to El Segundo Guy
I think $50k is a good start. Id imagine you have already, but maybe get a brick of gold and silver while its low. Then fill the rest of the safe with ammo
Posted on 7/2/23 at 8:03 am to El Segundo Guy
I have the James Bond approach for no other reason that I feel like him when I open the safe.
$5,000 USD
$1,000 Colombian Peso
$1,000 Euros
Hand gun and AR-15
Gold Coins
USB drive with my babies(BTC)
$5,000 USD
$1,000 Colombian Peso
$1,000 Euros
Hand gun and AR-15
Gold Coins
USB drive with my babies(BTC)
Posted on 7/2/23 at 8:09 am to El Segundo Guy
Wife and I have $4K in the safe with an undisclosed number of gold coins. Also several vacuumed packs of select seeds for planting.
Posted on 7/2/23 at 8:12 am to El Segundo Guy
You're currently costing yourself ~$2500/y (just based on HYSA rates) keeping that cash on hand. Seems foolish. I've never had an emergency situation where I needed more than $100 cash and cant imagine fhe scenario where $50k would be necessary. More likely, having $50k would make me more anxious especially if I had to take it with me in an evac situation.
Posted on 7/2/23 at 8:31 am to El Segundo Guy
quote:Personally I wouldn’t keep anywhere near that amount in my house. 5-10k max imo (I only keep a few thousand). I guess the only exception would be if you are a multimillionaire and losing interest on that much cash makes no difference.
What is a solid amount of 100s that I should have on hand? We have 50k in our safe and have kept that amount stable for a few years. With this digital currency stuff possibly on the horizon, should I up the amount?
Posted on 7/2/23 at 9:12 am to El Segundo Guy
Keep $10k in the safe, $20k in easy get savings, everything else goes in stocks, ETF, mutual funds, 401k.
Posted on 7/2/23 at 9:49 am to El Segundo Guy
quote:
We have 50k in our safe and have kept that amount stable for a few years.
Just assuming you’re holding this for a disaster or EOALAWKI moment, you do realize that paper currency will become less than worthless?
Posted on 7/2/23 at 9:51 am to El Segundo Guy
I think $5000-8000 is plenty of cash to have in hand just in case you have to leave quickly or pay cash to get a better deal on something. Anything more than that I’d keep in gold or jewelry so at least you get an inflation hedge and could still barter if needed.
If you are worried about some type of bug out situation, it’s too risky taking $50,000 with you across a border. I’d set up 1-3 bank accounts in other countries you would consider living in and put $10,000 in these. Mexico is the most obvious choice but El Salvador or Panama is good too now. It’s not a hard process, particularly if you are looking for a quick vacation.
If you are worried about some type of bug out situation, it’s too risky taking $50,000 with you across a border. I’d set up 1-3 bank accounts in other countries you would consider living in and put $10,000 in these. Mexico is the most obvious choice but El Salvador or Panama is good too now. It’s not a hard process, particularly if you are looking for a quick vacation.
Posted on 7/2/23 at 9:54 am to Drizzt
quote:
I’d set up 1-3 bank accounts in other countries you would consider living in and put $10,000 in these. Mexico is the most obvious choice but El Salvador or Panama is good too now. It’s not a hard process, particularly if you are looking for a quick vacation.
Fun fact.
Dominican Republic, Nicaragua nor Paraguay reports banking activity to USA. Mexico does.
Take that information and do what you wish.
Posted on 7/2/23 at 9:57 am to TorchtheFlyingTiger
Assuming that all investments with tax implications are maxed out ..
What if you get paid in cash (are honest and report it as you get a 1099) .. to the tune of 10s of thousands? What to do with it? Depositing it in a. And I’m sure would flag you even though you had legit business and it’s reported
Id pay for everything in cash .. car,
Computer, home projects, groceries, as much as possible. ,
What if you get paid in cash (are honest and report it as you get a 1099) .. to the tune of 10s of thousands? What to do with it? Depositing it in a. And I’m sure would flag you even though you had legit business and it’s reported
Id pay for everything in cash .. car,
Computer, home projects, groceries, as much as possible. ,
This post was edited on 7/2/23 at 9:59 am
Posted on 7/2/23 at 10:36 am to El Segundo Guy
quote:
get that but this is just emergency money.
Put it in a High interest account
Posted on 7/2/23 at 10:53 am to I Love Bama
quote:
I have the James Bond approach for no other reason that I feel like him when I open the safe.
$5,000 USD $1,000 Colombian Peso $1,000 Euros Hand gun and AR-15 Gold Coins USB drive with my babies(BTC)
This is so inspiring. I want to be like 007 too.
Thanks for the idea.
This post was edited on 7/2/23 at 10:54 am
Posted on 7/2/23 at 10:57 am to El Segundo Guy
You must be taking tips from your grandparents who grew up in the depression.
What if you get robbed or have a house fire? Is that money insured?
Put it in a money market account. It is federally insured, and is basically cash but in a secure location. Plus you make 4% interest.
What if you get robbed or have a house fire? Is that money insured?
Put it in a money market account. It is federally insured, and is basically cash but in a secure location. Plus you make 4% interest.
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