If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
I just want my money to keep outgrowing the inflation rate. That’s why I'm looking for companies now to invest about 150k in savings i have parked in the bank. Just don't know strategies to employ to make significant gains with stable cashflow.
@@CurbalnkYou're right, I and a few Neighbors in Bel Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 40% in the last quarter.
@@velayuthman I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Well, I chose Kristin Amber Landis as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
I'm 49 and earn about £2M ($2.5M) per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how w0rthless 'cash savings' are in this current unstable economy. D0 you suggest I invst in real estate, stocks or Gold?
A consistent 5% return from the bank and US securities sounds better to me than worrying about losing your money if the stock market falls. Also consider financial advisory with the size of your budget.
You should obviously consult a professional. However you have multiple options. 5% CD/Bond rates very low risk. Or buy equities and purchase puts for insurance. Either way you win.
The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, Financial Consultants are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded massively in ROI, summing up to 7-figures as of today.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@BrandonIvan-c6e However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
I've been keeping much of my savings in cash for a long time, but I'm unsure if it's right for retirement. Contemplating investing around $200K in stocks, as I've heard investors can make enough money for retirement. What's the best strategy to employ?
When the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions so you don't get burnt in the market.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I consulted with a coach when I needed to invest my $120K savings, and my portfolio surged by nearly 85% in 6 months.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I consulted with a coach when I needed to invest my $120K savings, and my portfolio surged by nearly 85% in 6 months.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I consulted with a coach when I needed to invest my $120K savings, and my portfolio surged by nearly 85% in 6 months.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I consulted with a coach when I needed to invest my $120K savings, and my portfolio surged by nearly 85% in 6 months.
Fireproof doesn't mean the contents won't burn. Several years ago, the city I live in had a horrible fire that burned over 85 homes and it was reported that, after the fires were out and the debris had cooled, homeowners were horrified to find that the contents of their fireproof" safes were nothing but ASHES and gold and silver blobs that had once been jewelry.
Recently had the experience of having my bank issued debit card declined. After some phone calls and questions, I learned that the bank has placed a $1500 daily limit on spending. That is MY money!! Only keep enough to cover your monthly bills! The bank is not going to control my money!
Not so long ago I tried to pay the dentist $3,k for some work with my atm card. It was refused . I was so embarrassed and the dentist didn't trust me enough to take a check. So I had to charge it on my M/C card, which I did not want to do. I wish I'd had some cash money with me to put down on the counter!
Thank you sir... as a full time waiter I can not stress to you how good it makes me feel to hear your statements about your carrying cash with a large part of that utility being for tips. I have previously heard you say something to the effect of "I drive a car that doesn't make the valet think I'm rich, until I tip". You warm my heart as you fill my co-industry-workers palms with generosity.
My wife and I are raising three grandsons after a death in the family. We eat out pretty often. Mainly when the boys are in school. It's not at all uncommon for me to leave a 50% tip or more if the service and food was great! I just feel grateful to be able to reward those who take pride in their work.
@@deborah7398 Trust and believe that some of us bear a great deal of pride in what we do. I "tip" my hat to you Deborah. May your grandsons be very happy and successful, thankfully you are in their life to help grant the opportunity.
I have kept 250k in my home safe forever, I have seen homes at auctions where I needed 5,000 to put down on a Sunday, or seen a classic car that was a good deal on a Saturday after banks are closed and was always able to get the cash and buy things when needed. So I have always kept 250k in my home safe and when I take out 10k I put 10 k back so it's available if needed
$250K sitting in High Yield Bank or Treasury Bond could earn you $12,500 or more a year or $1041 or more depending on interest rates which I came up with those numbers on 5% interest rates but I understand that you want to keep money in Safe because its the fastest way with withdrawal money without answering to Banks or waiting a few Days depending on how much you’re taking out plus Emergency money in Cash is safer to some People
@redscorpion9325 I have definatrly made a lot more money, by having cash on hand and in my home then sitting in a bank making 5 percent interest, I couldn't tell you how many times I seen a great deal on a car, truck ,atv ect took the cash and within 2 or 3 days doubled my return on investment, over a year instead of making 5 percent interest, I have easily made 10 to 20 percent interest just having and using my own money, I have bought land and homes also, where I was able to immediatly secure the property,then buy quickly and flip within 60 days for for much then the measly 5 percent bank interest, I understand for a lot of people it's hard to keep even 1000 dollars at home ,but 5 percent bank interest that you have to pay taxes on is nothing compared to the interest you can make by having your own money in your control and ready to use when needed, I say use your own money and keep what you can at home and make a lot more then bank or treasury interest and pay zero or little in taxes, compared to keeping it in the bank.
I disagree. Leave ONLY what you need in the bank to pay your monthly bills. Not savings! I know Dave hates Preppers, but imagine his face when there’s a protracted and widespread bank holiday and you can’t get your cash. I used to work at a bank. This is not a fantasy. It’s simply not worth leaving large sums in a public bank. “Be the Bank!”👌🏼
"Cash is king" means buy what you can afford. If you can't buy it without going into debt, you can't afford it. Most of us, myself included, had to learn that the hard way.
@epop-Berrytwistexactly. you cant get these braindead ramsey drones to accept the average man doesnt have 60k or even 20k in cash to buy a fkn car outright or 400k to buy a home with cash. Credit isnt the devil lmao...what they all do is project their own poor self control out onto everyone else. THEY cant handle credit so the Ramseyites need credit to be the devil so they can shun it and pretend everyone else need to do that too lmao
Actually it’s not a bad question if you lose power due to a weather event and need some cash to survive for a couple of weeks and ATMs aren’t functioning.
Exactly! Perhaps one month worth of expenses, since most disasters are resolved in a single month or less. And, honestly if the power is out for more than a month, we've got bigger problems than cash...
I learned this recently. I didn’t take out enough cash before Hurricane Ida and it was over a week before I could get to an ATM and even then it was a struggle to find one that worked. Luckily FEMA was able to provide basic supplies and we were able to get hot food via the generosity of others, but not having at least a few hundred dollars in the house is not a mistake I will make again.
Would it have been so hard to give her a straight answer? She asked with all sincerity and all they did was make fun of her. My husband sent me the link to watch it since we have just had this conversion so I expected some guidance. All I got was disrespect for Dave Ramsey!
If it is so safe to keep cash in the bank, why were banking laws changed in both Canada and the USA to include Bank bail-ins? CDIC and FDIC won't cover a bank run.
@@carmenlauri6271 When everybody and their grandmother WANTS THEIR CASH OUT AT THE SAME TIME!!! Banks do not actually have ALL of EVERYBODY'S money in the vault!!!!!!!!!!!!
After my father passed I was finding cash all over the house. Wasn't looking for it but I would stumble on it doing projects for my mother. Changed the carpet on the basement stairs and there was a couple hundred under each stair. Found a mason jar in one of the cold air returns. There's more but I ain't telling everything.
Tips: Buy a good, fire "proof", heavy "gun safe", that weighs at least 1,000 lbs, then bolt it down to a concrete floor. Put an additional, small, "fireproof" box inside the large safe for additional protection. That will cost you about $2000, but it should give you about 3-4 hours of fire protection for your cash. Plus, you can store a lot of other valuables inside the larger safe. I wouldn't recommend keeping more than $15-20K in cash at home, unless you are willing to buy a much better "gun" safe, that has more weight, thicker steel in the body and door, and better fire protection, but then you will spend $4-5K for it. Do NOT buy a small safe, that can easily be wheeled out of your home in a hurry, only to be cracked open later at the robber's convenience. A really "good" safe is a good investment. You can always sell it if you have no use for it, and if it is a really good one, you will get MOST of your money back on it.
My Dad kept 10k in an envelope in a drawer. Never told my Mom it was their. Said if she knew, she would spend it. Only found out about it when he went into the hospital.
I'm a city person, I like cash as well. I like it in my pocket. Also, she asked if you were to keep it at home "where would you keep it"? I wouldn't keep it in a safe, I'd definitely keep it in a safe place though.
It's important to remember that most homeowner/renter insurance policies have tight limits on how much cash they will cover in the event of loss or theft. Unless you get a special policy on the contents of your home bank vault, it may not be recoverable.
So my question is, does it outweigh the ramifications of what would happen. If the bank gets a hacker, economic collapse, ceo greed or just red flags. On large amount of cash getting extracted from your account?
Yup, a house in my town burned down a while ago, it was so hot that their safe imploded. They claimed they had over 200k in cash in there and nothing was recoverable.
Like others have stated, it seems some people mis understand what it means to pay cash for something. "CASH" in this case means being able to write a check to cover the whole cost of something, aka. a car or lawn tractor etc. Or to wire money directly from bank to bank, etc. When I buy cars, I write a check. I don't take 15 K to the dealer. The other thing that he should have mentioned to her is that if you have a larger sum of money on you and the cops stop you for any reason and find it, they can and will take it under civil forfeiture, even without charging you with anything. It's a stupid law that has cost a lot of innocent people headaches in getting their money back.
Always keep some cash at home. Listen to the stories of Hurricane Katrina, no electricity, no banks, no ATM's, no cash anywhere to be had. I keep coins, bills of $1,5,10, 20, and 100's.
Cash for what? Gas stations are closed or wrecked, stores are closed or wrecked. During hurricane season its not hard to stash up on gas and food and water, and a water purifier.
@@hubster4477 After a catastrophic event like Katrina, yes the stores were wrecked but places like Lowes and Home Depot brought building supplies (plywood, lumber, screws, et al) and home emergency items (batteries, tarps, et al) out into the parking lot to sell. The buildings were unsafe so you couldn't go inside, but folks could still buy essentials to patch up their homes and try to save what they had left. There was no electricity even to run a cash register, so store employees with a cash box were doing transactions in cash in the parking lot. Exact change was a priority so when you stash cash for emergencies, make sure you have a lot of small bills. If you have cash, you might also be able to get stuff from neighbors, like dry ammo, bottled water, or canned goods. For most emergencies, you stash enough food and water for three or four days, but after Katrina, there was no electricity here for two weeks. and it was six days before emergency services started showing up with MREs and bottled water.
Excellent question. Thanks for asking it. I’ve wondered how much cash to keep at home also. I wouldn’t keep too much because it could get lost in a fire or if something happened to you and no one else knows where the cash is it may not be found by your heirs. As far as buying a car, I bought my 2015 Jeep for 10K. They could only put 5K on my debit card so I got a cashier check for the remainder. No cash in a suitcase 😊
Living in CA where wildfires and earthquakes can cause power outages we keep a few thousand in a fireproof safe. If the ATMs are out we have quick access to cash. Also we have cash available for things we pay cash for so we don't have to keep going to the bank/ATM to get cash to fund our budget. One less thing on our to do list is always nice.
CA here, too. You should keep some in your car(s) as well. What says you will be at home when tragedy strikes? I am very un-prepared... most of us are un-prepared. What are you going to do with that cash, when the roads are impassible? What will we do when the water supply is contaminated? What will we do when electricity and gas lines are severely damaged? Cell phones?
Had 30K in our FIREPROOF safe, gone in the wildfires, everyone we know that had fireproof safes lost everything inside the safes, guns, cash etc. The safes (expensive ones) are only made to resist a short lived house fire, not a raging wildfire with high winds (more heat for a prolonged time). Its not that the safe was melting, but the heat inside the safe is so great, anything flammable inside is gone.
This is a great example of a person that blindly follows the steps without really understanding them. At least she called and hopefully learned something.
Caller has to use common sense: Cash in this context doesn't necessarily mean literal cash bills - it means money saved and not financing. Cash isn't the method of payment.
@@charliesanders6930 and with reason. That money yiu deposit to the bank is no longer yours, its theirs. Runs on the banks are the main reason for this.
They gave bad/no advice imo! I'd keep emergency money on hand at all times (maybe 10% of what ever you have) you never know when you need it in an emergency. Example: back in Feb we had a ice storm that knocked out power, you couldn't go to the Bank to get money. Couldn't use cards, but some places/people were still taking cash. Seen many times where the same thing happened from natural events. Also recently computers have been down a lot of places I go and they can't use cards till there back up....what happens if it goes down for a extended period. Places likely would still except cash!
Good idea. Living in the PRK,we have catastrophic event more than I would have ever liked to have seen. I collect coins and keep cash for emergency. Always be prepared.
Yep the system went down at the grocery the day before Thanksgiving one year. I was standing there with $200 rung up trying to call my husband and explain to him where to find my cash to bring to me, so I could leave. That wasn’t even an emergency. Cashless is a disaster waiting to happen.
Let's take "cash" in its literal sense for a moment. Some time ago, I had for $80 groceries because of a family get-together we were planning. Checking out my stuff, the creditcard reader didn't work. Whatever the error was, I don't know, but at that very moment, nobody was able to pay for their groceries other than with good old cash. I took out four 20's and I was out on the parking lot a minute later. Thank you CASH! I always carry cash with me and I always have some cash at home.
Cash is what we really need. Maybe if you have extra money, reserve something for emergency n retirement funds but the problems is if you have more. It's good to invest it in stocks of big companies who can give dividends to investors. Just study their business profile. All investments in this world have risks so try in just a minimal amount n if its OK then add more.
I was going to comment the same thing. These guys are a little out of touch with new car buying these days but they aren't the type to buy new or advise us to buy new. Used car prices are so high right now that buying new is becoming more attractive.
@@aundybkoo Negotiate the price after telling them you're financing it with them. Once you joo them down to the price you want, tell them you changed your mind. You're paying cash. I've done that three times and it works. They get furious and I laugh in their face.
@@mt_goxI contacted a dealership in the next town over and had an emailed quote in hand. The manager’s face was hilarious when the salesman showed it to him.
Have a friend that carried in 70 thousand for a custom GMC truck. No problems. Only problem is she didn’t bother to put full insurance coverage on her truck. Three years later she ran into a tree and totaled her awesome truck. This is a true story. People were talking for months about she paid cash for her truck.
I keep 5k in a safe in my house "just in case." Not sure under what circumstances I would need it, but it makes me feel better. I had a very eccentric friend that buried tens of thousands of dollars around the city we lived in and had a map to where it all was. I moved away and he then passed away. Not sure who got ahold of that map!
Lots of people want to do the safest thing but don't trust the bank. And with civil forfeiture, they don't trust the cops either. As naive as this lady may be, would that we were all as innocent of worldly things. May God bless her and keep her.
Just for context, I'm a mid-30s millennial that never goes to the bank because I have direct deposit, and pay all my bills online, or via check. Whenever I get cash, I keep it at home. I'll then use that to gift. Generally, I have anywhere from $500-$2000 at home at any given time. I think that's probably reasonable.
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Given that I live in a hurricane prone area, I like to have cash on hand, in case I need to evacuate. Oftentimes, electricity goes out, which means businesses aren't taking ATM cards. I like to be prepared.
I learned the power of cash after Hurricane Michael. No banks were open. Everything had to be purchased with cash. Everything! It took s weeks for the banks to open and cash withdrawals were limited. Without cash I would have been in a world of pain. It taught me well.
A locksmith might cost you $150. A furnace or water heater repair callout might be a couple hundred. A tank of gas during disaster-inflated prices might run you $125. A week of emergency groceries might be a couple hundred for a typical size family. I lived through the Great Blackout of 2003 and for me, that really answered the question: "Do you want to rely on the card machine working when you really need a service?" And the answer for me was a resounding, "No, I would rather have some cash on hand." My advice would be $400 for the household plus another $100 for every household member -- and don't make it a habit of driving around on less than 1/4 tank. (And I would say those are reasonable minimums, understanding that some people might need a much thicker cash security blanket at home to feel safe.)
@@jerradwilson Agreed. Same goes for hurricane zones in hurricane season and winter storms in places that get them. Waiting in line for gas when you should be evacuating or freezing to death in a stuck car is just dumb and often preventable.
I think he really miss understood the lady's question altogether. I think she is a newbie she was wondering what's a safe amount of money to keep in your house.
He said..about 10k in a safe! He's not one of those ppl who thinks it's necessary to keep money at home.I do think they ran in the other direction...instead of staying on the path of the question.
The most important thing about keeping any cash at home, don’t tell more than one or two most trusted family members. And tell them to not tell anybody. There are people that will invade your home for very little.
You missed the mark on this one. She wasn’t really meaning that she was going to buy a car. She simply wanted to know if you think it’s a good idea to keep your money in a bank that doesn’t pay very much interest and she’s probably not sure that we can even trust the banks at this point. This is the question that I’ve been wanting to ask as well. What do you do with your money? Do you leave it in the bank or do you put it somewhere else to protect it during these times?
Exactly what I was thinking. She obviously doesn't trust the banks, many of which are failing, and she was hoping to get an intelligent & thoughtful answer from these numbnuts.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,>>>
This year 2024,don't set your financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
You're right based on personal experience working with an investment advisor, I currently have over $300k in a well-diversified portfolio, that has experienced exponential growth. It is not only about having money to invest in stocks but also you need to be knowledgeable, persistent, and have strong hands to back it up.
@@David-we3bx1xm9fHow can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Gotta love that she said, "Go down to the car store." No way I'm walking around with more than $100 unless I'm making a very specific purchase because (me problem) I have too many experiences losing small amounts of cash. No way I'm keeping more than a couple hundred in my home. If the banks/ATMs are down for so long that I run out of that money...there a bigger problems going on that need addressing as well.
I mostly agree with this, BUT after what happened in Canada, it only takes one left wing dictator to freeze access to your own money. Now it suddenly seems that keeping more cash on hand is a bit wiser.
RG: Wrong! Only the accounts of those involved in the illegal blockades were frozen. Even with that action, I believe the banks, who actually froze the accounts, are in for some serious law suits.
Well misunderstandings and differences are what make the world a beautiful place. This world and the USA is so diverse with people from all walks of life with different teachings and upbringing. So although its easy to be a keyboard warrior and pre-jude someone's understanding and their cognitive ability, just don't. She's sitting on 70k in cash, whatever shortcomings she may have, she's still doing well, Let her live and show a little compassion. Have a blessed day.
What if your home is burglarized or your home catches on fire? Then what? Home owners insurance companies only cover a small portion of “assumed” cash on hand……..DEFINITELY not 70k
I have cash in a money market fund, paying about 4.9%. I keep money in a QQQ fund which extremely liquid. The JEPQ fund is very liquid & pays a monthly dividend. Annual is 10%. My carry around, folding money is about $60.
I keep some at home only for use during an emergency where power / communications is disrupted. I’ve seen it a few times here.. stores had no power but food stores / gas stations were accepting cash.
@@smokinhalf I've see it happen after Hurricane Katrina, almost the whole State of Louisiana, Mississippi and Alabama had no power. They had generators to pump gas, but we had to pay cash for gas and any snacks you purchased. The generators was only used to pump gas so people could evacuate.
As the doctor/investor in the family, I have to pay for group and family restaurant meals, EVERY TIME. It's annoying to dine with fully employed family members and they never offer to pay the bill. I never liked handing my credit card over to a waitress to take to the back room (so easy for fraud to occur), eventhough my newest card has 3% cash back for restaurants. Thus I always need a stack of $50's. Also, with criminals targeting bank and ATM customers, fewer withdrawal trips is safer. So for me, I need a modest wad.
Sounds like you have never had the IRS freeze your accounts because of a $400 error. all your automatic payments stop; No house payment, no auto pay, no electric/water payment, nothing out, but the system will accept your payroll direct deposit which is immediately frozen....
In a few countries like Cyprus and Lebanon banks seized assets of customers without warning. So I would not laugh so hard about hiding cash at home. No one ever thought it was going to happen to them until it did...
Not entirely true. Your cash in a bank isn't really yours in a physical sense, the bank uses it to give mortgages, small business loans etc. It's only yours in the literal sense when you withdraw it. The banks you mentioned didn't have the physical money to give to everyone that wanted to request it, the money was still theirs though.
The money is gone, in Cyprus, they irreversibly did a haircut on some deposits. In Lebanon, none of the depositors will get anything(I am confident of this, I'm familiar with the criminals running it) we can argue philosophically about who owns what, but the bottom line is, people lost their money.
$1-3K at the most at home. Need to store it in a cool dark and DRY place. Temperature, light, and moisture will RUIN your paper cash real quick. Make sure you check on it every few months to make sure it looks all right. Also, have some SMALL denominations in that cash. Don't just keep $100's where nobody has change.
I think, Ramsey missed the point of the question of keeping cash at home. If Police ever visit the woman asking, they will confiscate lose cash. End of story. That was her question. He didn't answer her question.
Do not allow a search without a search warrant….. cops can get sued for seizures…..without legitimate cause! Having large sums of cash is not illegal….
I keep about 3 grand at home for emergencies and it comes in useful for things like home repairs since you can often get a deal or avoid taxes with cash. Its difficult to go to the bank when you have something unexpected to pay for like that.
Wrap a stack of Ben Franklins in aluminum foil ...Triple thickness. Put those stacks somewhere LOW and DRY. (If you ever visit a structure after a fire, you will likely see the high areas gone or charred, while the very low areas may still have carpet, painted trim, etc. In five minutes, I can grab thousands of $$$ cash, ignition key, car always 3/4 tank of fuel, place another four gallon tank of fuel in the trunk and be on the road. I'm good for many hundreds of miles of driving plus a month of "motel stays'. My chest of important things in the trunk (blanket, first aid kit, flares, shovel, jumper cables, air pump, tool set, flash lights/batteries, etc. also include bottled water and food/snacks.) A power blackout will very likely affect banks and gasoline stations. Hospitals probably have an alternate source and MAY permit you to charge your phone...if you don't have an adapter that runs off your vehicle.
My dad kept $75k in cash in a damn Rubbermaid container in his bedroom closet with no lock on it and also barely hidden, "just in case of Y2K." My junkie sister stole it all.
Save some at home and some at the bank and a little more elsewhere. That way if your house burns down, you still have money in the bank. And if the bank suffers a financial crisis and you can't get your money, you still have some at home. And if both crises occur, you have a third option.
plastic pipe sealed both ends, put the cash in a plastic bad with o2 absorbers and take a post hole digger and bury it in an obscure place on your land about 3 feet deep and place something inocuous over the place u put the money, just my 2 cents
I wish I had the freedom to go to a hospital in Idahofor shoulder surgery or to have a pre-cancerous mole removed, but I guess all those vaxxer/deniers exercised their freedom first.
depends upon how you stash it, protect it from fire and thieves, how much you can stand to lose. For most folks, I'd say $5000 is pushing it. If you're a black belt, carry a gun, wear armor, scatter it around in several safes, 20k might be all right., if you're not in a flood zone or fire-storm alley.
I keep enough cash on me for a bite to eat and a tank of fuel for the vehicle. Have had internet down to my small town before, and no internet meant cards couldn't be processed, but if you had cash you could buy fuel. Keep enough cash at home to cover a few things, just in case.
That’s actually a good strategy that I hadn’t considered. I rarely have actual cash on me. If I have a $20 in my wallet it just means my wife hadn’t found it yet LOL. Not a bad idea to keep $300 to $500 in the home safe just in case you find your self in a situation where you can’t get to your funds for several days.
as someone not from north America, many of us use the word cash for physical cash lol. Bank transfer/eftpos/debit card/bank wire is what we generally mean by buying without debt. I can imagine a few older people who dont use bank cards/internet will run into this!
She won't get a discount by paying cash at a dealer - they make money off her financing. What Beverly should do is finance the car, make sure there's no prepayment penalty, then pay it off at the first payment. Financing it will get her a better deal because the dealer gets his spiff on the note.
First, Never put all of your money in a bank or other financial institution. That is risky and on the verge of stupidity. ALWAYS keep some cash on hand, but never keep it all in one place and never, never keep it all in a bank, they are not that trust worthy.
I worked in the Philippines in the 80's. A very good friend of mine went to a car dealership to buy a new truck with US$18K equivalent in bags. But it was in Philippine pesos and the biggest note was P100 and I believe the exchange rate was about P14=$1 at the time. It's like taking over 2500, $7 bills to a car dealership. He was a great guy, but his willingness to carry a lot of cash may have gotten him killed in 1986. RIP Mark.
My way of thinking , it is ideal for most people to have maybe a few hundred dollars up to maybe $1K on them in case they have to buy something and not use a debit or credit card. At home I would keep about $1.5K at the very most in case of an emergency. Best to keep your money safe in the bank and collect a bit of interest on it.
It's not a bad idea to have $10K laying around. Someone I know had their dad pass and finding that $10K helped them take car of burial costs and things, while estate issues were worked out. Plus there's a lot of parallels with the 1920s and the 2020s. Having your bank account close, when the banks enter an era of IFFY, is not a terrible idea. I tend to make multiple trips to the atm in a given week, and at least 1/3rd of the time it's broken or empty. Even on weekday / work days and banks with more than one ATM, and all of them are offline.
Then go to a different ATM for crying out loud. To be honest I don't believe a word of what you are saying that 1/3rd of the time they are broken or empty.
@@PowerNGlory My banks' ATM's have never been broken or empty. I've had trouble reading the directions because no one ever cleans the screen, so have to go around to the bank window.
They could have bought what is essentially a small whole life insurance policy through a funeral home to cover the burial and funeral costs. That served the same function for us when a relative passed and made everything easier because the funeral home went through with the deceased all of the details they wanted, down to the dessert to serve at the luncheon. DR doesn't recommend whole life because the money would grow better invested yourself. Keeping $10k under your mattress isn't growing at all and carries an unreasonable risk of loss if you're robbed or the house is burned or flooded.
The problem with holding 70k of cash at home is that inflation is eroding that cash every day. Over the last 3 years, inflation has increased by almost 16%, which means that 70k is now worth $11,200 less than it was three years ago. If she stuck that 70k in a money market account or other fixed interest investment, she would be earning 5% right now. That would be $3,500 a year in interest, or around $11k compound interest over the same three years, effectively cancelling out inflation.
@@stevenessary7986 - hopefully the 70k under the mattress isn’t all that she has. But you are correct, you should always diversify your investments. That is the point of buying mutual funds. If you buy shares of an S&P 500 Index fund you have essentially bought stock in the top 500 companies in the US, weighted by how successful they currently are (capitalization). You should also have lower risk, fixed income investments of some type in your portfolio, as a hedge against a down market. Throughout the last 100 years, since the great market crash, on average there have been 2 down years in stocks out of every 10. But that also means that there have been 8 up years out of 10. If you invest in a broad index fund and hold it long term (greater than 10 years) you will have earned about 10% over any period in the past 100 years.
There aren’t a whole lot of people around anymore who lived through the Depression. And those who are still around, are likely so young, that the depression pass by without their hardly noticing. I only recently learned that I lived through the great recession, and I am by no means young.
There are many people still alive that lived through the DEPRESSION and still member it!...just consider the number of people that's still alive , and not to mention researching the great DEPRESSION
I believe that anyone what wants to keep their money in their home than so be it. I’d rather trust myself with a burglar coming into my home than the banks taking it.
But there are more types of risk than a burglar, such as a fire that could start when you are not home, or if you are home it spreads so fast you can't rescue your money and it goes up in flames and cash that has been totally destroyed can't be saved. At the least, keep it in a fire-proof safe.
I remember every time my grandmother would get her paycheck, she would cash it and put it in her purse. She never used a bank. Im sure she had a place to hide most of the money, but she was smart with spending.
Close friends and I keep $45 to 60k at home. This is divided into multiple safes hidden and spread around our houses. We each can easily live on this if the banks go down for a year.
