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SEClint
New Orleans Saints Fan
New Orleans, LA/Portland, OR
Member since Nov 2006
36674 posts

re: What is the point of hoarding cash?
Sometimes it just accumulates


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lsu xman
Member since Oct 2006
13733 posts
 Online 

re: What is the point of hoarding cash?
You would be shitting bricks if you lost your job due to Covid with that house note too.


fr33manator
LSU Fan
Baton Rouge
Member since Oct 2010
97100 posts

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

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


quote:

He sits on it basically.



In his chair, obviously.


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TheRoarRestoredInBR
LSU Fan
Member since Dec 2004
26862 posts

re: What is the point of hoarding cash?
Robert Kiyosaki daily show, George Gammon blog, Dave Ramsey, DiMartino Booth, Peter Schiff,etc..

You should try them.


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Sao
SMU Fan
East Texas Piney Woods
Member since Jun 2009
45326 posts

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

Access to credit is more important than saving money.


But the system is backwards at the same time. Solvency is frowned upon in terms of credit worthiness. Debt is important for approval of more debt. Not your ability to pay, but your willingness to pay interest with your own money.

Debt drives our economy. without it, the transfer of wealth dries up and other means to suppress us would be almost certain.


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NPComb
USA Fan
Member since Jan 2019
9961 posts
 Online 

re: What is the point of hoarding cash?
Cash is a terrible investment.


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NYNolaguy1
LSU Fan
Member since May 2011
19077 posts

re: What is the point of hoarding cash?
(no message)
This post was edited on 10/20 at 10:46 am


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tigerbutt
LSU Fan
Deep South
Member since Jun 2006
20709 posts

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

Thats why you keep gold in your butt


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Ronaldo Burgundiaz
Arkansas Fan
NWA
Member since Jan 2012
2786 posts

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

hoarding cash

Bad idea



Bestbank Tiger
Tulane Fan
RTWFU
Member since Jan 2005
53791 posts

re: What is the point of hoarding cash?
To pay monthly expenses or cover an emergency.

I keep 6-12 months of bills on hand.


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TD SponsorTD Fan
USA
Member since 2001
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Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
48699 posts

re: What is the point of hoarding cash?

quote:

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.


Almost all forms of credit doesn’t even look at what you have in the bank.

Outside of niche circumstances, having much more than a month or two of expenses in cash is a waste. There are far better vehicles now a days.


Y’all frickers don’t know about opportunity costs and it shows.


LT
Southeastern LA Fan
The City of St. George
Member since May 2008
4037 posts

re: What is the point of hoarding cash?
I hoard brass


Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
48699 posts

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

You would be shitting bricks if you lost your job due to Covid with that house note too.


It’s possible to save without it sitting as cash.

For instance, I have around eight months of expenses in a Roth account, a retirement account that enjoys tax shielding but I can withdraw my contributions tax/penalty free.

“BUT WHAT IF YOU NEED IT AND THE MARKET TANKS!”

Because of dollar cost averaging, the money has been allowed to mature in a diversified account.

The market can tank by 70% and I can still pull the money I put in. All I lost was the growth I wouldn’t have had anyway if I hadn’t put it in the account. And every year that doesn’t happen...that number gets bigger. Every year that it doesn’t, I get further and further ahead.


And if the stock market tanks by 80% and doesn’t recover rapidly, we are talking scenarios where it doesn’t really matter if you have cash in the bank either.
This post was edited on 10/18 at 9:13 am


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04
soccerfüt
Location: A Series of Tubes
Member since May 2013
43924 posts

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

I hoard brass
Your favorite song is 40 years old now...



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tigerpimpbot
Jacksonville St. Fan
Florida Board
Member since Nov 2011
58292 posts
 Online 

re: What is the point of hoarding cash?
Two words: Iraqi dinars


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go ta hell ole miss
New York Yankees Fan
Member since Jan 2007
8595 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.


If you had $200k in your bank account in 2006 and bought a house it was worth about 2/3 value by 2008. If you had cash and could buy a house in 2008-2010 you could have bought a much better home for the same price as you would have paid in 2006.


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PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
12168 posts

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

Let's that sink in

If you are going to post an idiotic meme, at least don't include a grammar error.


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BobLeeDagger
Army Fan
In Your Head
Member since May 2016
5402 posts

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

I need help


You sure do
This post was edited on 10/18 at 9:49 am


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TheHarahanian
LSU Fan
Duh
Member since May 2017
12984 posts

re: What is the point of hoarding cash?

I keep 6 months living expenses in a savings account. No more or less than that.


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yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
94907 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?



Real estate doesn’t always appreciate. That house might be 120k in 4 years


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