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Mud_Till_May
USA Fan
Member since Aug 2014
8320 posts
 Online 

What is the point of hoarding cash?
Please educate my dumbass.

If I had $200,000 in my bank account 4 years ago, I could buy a house for $160 and then have money for repairs.

Today, I couldn't even buy that same for $200,000. What is the point of keeping cash if you can't even buy a house with it?

Same thing with cars. So many people have access to credit, its driving the price of cars up. High demand, low inventory.

Access to credit is more important than saving money. I need help.


AllDayEveryDay
Texas A&M Fan
Nawf Tejas
Member since Jun 2015
1748 posts
 Online 

re: What is the point of hoarding cash?
Makin it rain on some hoes


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842
Bawcephus
New Orleans Saints Fan
Member since Jul 2018
1860 posts

re: What is the point of hoarding cash?
Interest. Security.

Neither occur under your mattress where anyone can grab it.

ETA:I misread your rambling post.


How you plan on gaining access to credit when on paper you don't have the ability to pay it back?

You need money or "cash hoarding" as you call it in the bank.
This post was edited on 10/17 at 11:01 pm


TigahJay
Maryland Fan
New Orleans
Member since Sep 2015
5865 posts

re: What is the point of hoarding cash?
Hiding it from the tax man


Mud_Till_May
USA Fan
Member since Aug 2014
8320 posts
 Online 

re: What is the point of hoarding cash?
quote:

Interest. Security.

Neither occur under your mattress where anyone can grab it.


Thats why you keep gold under your mattress.


Mud_Till_May
USA Fan
Member since Aug 2014
8320 posts
 Online 

re: What is the point of hoarding cash?
quote:

Hiding it from the tax man


How do you hide it from the tax man?


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024
Bawcephus
New Orleans Saints Fan
Member since Jul 2018
1860 posts

re: What is the point of hoarding cash?
quote:


Thats why you keep gold under your mattress.


Def. don't hide it in your ass...

People caught trying to smuggle gold in their arse to avoid taxes.


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60
SloaneRanger
LSU Fan
Upper Hurstville
Member since Jan 2014
2350 posts

re: What is the point of hoarding cash?
Just "hoarding" cash, whether in a bank account or otherwise is probably a terrible strategy, especially in an environment where you get no return on it. But having some portion of your assets in liquid cash to deal with emergencies or to just have dry powder for when opportunities present themselves makes sense for a lot of people. You shouldn't assume that you will always have access to cheap credit, and being leveraged is not a good thing.


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301
sta4ever
LSU Fan
Member since Aug 2014
5697 posts

re: What is the point of hoarding cash?
For when shite hits the fan because of the Dems


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4911
tigergirl10
Member since Jul 2019
3014 posts

re: What is the point of hoarding cash?
quote:

What is the point of keeping cash if you can't even buy a house with it?
Nice to have if you get laid off or sick and can’t work. Tough to pay credit bills with no money.


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180
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USA
Member since 2001
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jeffsdad
Member since Mar 2007
13077 posts
 Online 

re: What is the point of hoarding cash?
You have to look at what you would do with it other than keeping just cash. Assuming you already paid taxes on it, its yours free and clear. Putting it into any bank, retirement fund, property, allows the government to directly or indirectly put a tax on it, or at worst, confiscate it. Not making this a political post, but the Democrats are already looking at methods of getting into our IRAs and 401Ks with additional taxes. Its called wealth redistribution. The gov is unlikely to have access to your pure cash. I'm not suggesting this, and I don't keep cash on hand, but that is some peoples reasoning, and I can see it becoming more popular if the democrats get the white house.
This post was edited on 10/17 at 11:08 pm


Yewkindewit
LSU Fan
Near Birmingham, Alabama
Member since Apr 2012
15738 posts

re: What is the point of hoarding cash?
A friend of mine’s dad (85yrs old) has millions and does not trust banks nor financial planners nor the stock market for that matter. He isn’t hurting for anything.
He sits on it basically.


jcaz
LSU Fan
Laffy
Member since Aug 2014
6799 posts
 Online 

re: What is the point of hoarding cash?
Some people like liquid assets and don’t want to tie it up where they can’t get it quick. Look at Apple. Billions in cash sitting around.


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20
tgrbaitn08
Vanderbilt Fan
I can’t stay in one place
Member since Dec 2007
108351 posts

re: What is the point of hoarding cash?
quote:


A friend of mine’s dad (85yrs old) has millions and does not trust banks nor financial planners nor the stock market for that matter. He isn’t hurting for anything.
He sits on it basically.


Where does he keep his millions of dollars of cash money?


WinnPtiger
TCU Fan
Arlington
Member since Mar 2011
16904 posts
 Online 

re: What is the point of hoarding cash?
quote:

He sits on it basically.


and every dollar he sits on loses value by the minute


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183
jeffsdad
Member since Mar 2007
13077 posts
 Online 

re: What is the point of hoarding cash?
Yew - from Woodlawn?


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olgoi khorkhoi
Bucknell Fan
priapism survivor
Member since May 2011
10979 posts

re: What is the point of hoarding cash?
quote:

If I had $200,000 in my bank account 4 years ago, I could buy a house for $160 and then have money for repairs.

Today, I couldn't even buy that same for $200,000. What is the point of keeping cash if you can't even buy a house with it?

Same thing with cars. So many people have access to credit, its driving the price of cars up. High demand, low inventory.

Access to credit is more important than saving money. I need help.








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100
lazy
Member since Jun 2020
287 posts

re: What is the point of hoarding cash?
Interest rates are super low right now so need to pay cash for anything. But those of us old enough know low rates are ephemeral. A few years from now rates may be 10% or more and so cash would be more valuable


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26
Wishnitwas1998
Tennessee Fan
where TN, MS, and AL meet
Member since Oct 2010
43111 posts

re: What is the point of hoarding cash?
It’s called “asset diversification” and you should prolly try it


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Rize
Texas Fan
Baton Rouge
Member since Sep 2011
10482 posts
 Online 

re: What is the point of hoarding cash?
I kept around 200k cash because I was planning on building a house and wanted easy access. 3 years later I wish I would have invested it.


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