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Started By
Message
What is the point of hoarding cash?
Posted on 10/17/20 at 10:53 pm
Posted on 10/17/20 at 10:53 pm
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.
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.
38
Posted on 10/17/20 at 10:55 pm to Mud_Till_May
Makin it rain on some hoes
Posted on 10/17/20 at 10:55 pm to Mud_Till_May
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.
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 10/17/20 at 11:01 pm
Posted on 10/17/20 at 10:59 pm to Mud_Till_May
Hiding it from the tax man
Posted on 10/17/20 at 10:59 pm to Bawcephus
quote:
Interest. Security.
Neither occur under your mattress where anyone can grab it.
Thats why you keep gold under your mattress.
Posted on 10/17/20 at 11:00 pm to TigahJay
quote:
Hiding it from the tax man
How do you hide it from the tax man?
Posted on 10/17/20 at 11:03 pm to Mud_Till_May
quote:
Thats why you keep gold under your mattress.
Def. don't hide it in your arse...
People caught trying to smuggle gold in their arse to avoid taxes.
Posted on 10/17/20 at 11:05 pm to Mud_Till_May
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.
Posted on 10/17/20 at 11:05 pm to Mud_Till_May
For when shite hits the fan because of the Dems
Posted on 10/17/20 at 11:05 pm to Mud_Till_May
quote:Nice to have if you get laid off or sick and can’t work. Tough to pay credit bills with no money.
What is the point of keeping cash if you can't even buy a house with it?
Posted on 10/17/20 at 11:07 pm to Mud_Till_May
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 10/17/20 at 11:08 pm
Posted on 10/17/20 at 11:21 pm to jeffsdad
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.
He sits on it basically.
Posted on 10/17/20 at 11:26 pm to Mud_Till_May
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.
Posted on 10/17/20 at 11:29 pm to Yewkindewit
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?
Posted on 10/17/20 at 11:32 pm to Yewkindewit
quote:
He sits on it basically.
and every dollar he sits on loses value by the minute
Posted on 10/17/20 at 11:38 pm to Yewkindewit
Yew - from Woodlawn?
Posted on 10/18/20 at 12:04 am to Mud_Till_May
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.
Posted on 10/18/20 at 12:11 am to Mud_Till_May
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
Posted on 10/18/20 at 12:30 am to Mud_Till_May
It’s called “asset diversification” and you should prolly try it
Posted on 10/18/20 at 12:34 am to Mud_Till_May
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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