Personal Finance Question

[HerefordSire]

With all the uncertainty in the economy do you think it might be wise to build up some cash reserves to have on hand just in case?

If these uncharted intertwined financial derivative dominoes start falling (and they could anytime now)....you may want to build a survival kit. Gold will provide a good currency exchange in case cash becomes obsolete during the end of this credit crisis. Keep plenty of garden seed. Toilet paper by the cases. A case of Bic lighters. Plenty of ammunition to kill game. Download "how to do" information on the internet and have it printed so you will know how to do things like refrigerate in a stream.

 

[dyates]

If these uncharted intertwined financial derivative dominoes start falling (and they could anytime now)....you may want to build a survival kit. Gold will provide a good currency exchange in case cash becomes obsolete during the end of this credit crisis. Keep plenty of garden seed. Toilet paper by the cases. A case of Bic lighters. Plenty of ammunition to kill game. Download "how to do" information on the internet and have it printed so you will know how to do things like refrigerate in a stream.[/quote]

I'm sure glad gun control didn't get out of control before all this. I would sure hate to be a sitting duck right now. Hope I never have to use a firearm for anything other than food, but at least I still have the option.

 

[ga. prime]

Way too much is being made of this so called "crisis". It'll blow over in a short time. If you don't want your money in a bank account, at least put it in a safe deposit box at the bank. Keeping a lot of cash at home or in your pocket is insane.

 

[Jogeephus]

Way too much is being made of this so called "crisis".

I hope you are right. When the stock market peaked, my gut feeling was to sell out while it was high but I listened to reason and was convinced otherwise. Two years ago my gut told me to liquidate some stocks and bonds and buy add to my tiny gold coin collection but again I listened to reason and didn't do it. For the last three years I have felt the pinch of a recession, reason said everything was fine but my gut said otherwise. My gut is now telling me to prepare for the worst and I intend to listen this time. Having some cash on hand doesn't seem unreasonable to me. I just hope my gut is wrong.

 

[Running Arrow Bill]

Being of sound mind and mostly sound body...lol

We use more than one FDIC insured bank. We don't leave purses or billfolds out of site, aka in our pocket or on us. We use CD's: You always get all of your money back, regardless, plus a little interest. Keep a little cash for out of pocket expenses...

That aside,

Stock market, "investments", bonds, and other forms of "other managed" money is always a wreck waiting to happen...highly subject to economy and global markets. My advice is to never put any of your hard earned money in anything that you aren't guaranteed to get back a minimum of the $$ you put into the thing.

Caveat: "Investment Counselors", stock brokers, money market managers, mutual fund managers, etc., will ALWAYS get their fees and commissions off the top...regardless of whether YOU win or lose...they could care less. Their goal is to "earn a fee"...and maybe convince you to put more money in their program. Bottomline: "Never invest any more money in anything than you are willing to lose..."

 

[ollie?]

Way too much is being made of this so called "crisis". It'll blow over in a short time. If you don't want your money in a bank account, at least put it in a safe deposit box at the bank. Keeping a lot of cash at home or in your pocket is insane.

I know a fella that drives an old monte carlo, bootlegs a little drink and carries between 20,000 and 60,000 in his pocket any time you meet him. He'll be glad to show it to you too.

 

[Jogeephus]

Way too much is being made of this so called "crisis". It'll blow over in a short time. If you don't want your money in a bank account, at least put it in a safe deposit box at the bank. Keeping a lot of cash at home or in your pocket is insane.

I know a fella that drives an old monte carlo, bootlegs a little drink and carries between 20,000 and 60,000 in his pocket any time you meet him. He'll be glad to show it to you too.

I bet he's got a little something extra in his other pocket that he'll show you if you cross him the wrong way. Probably a little something else under the seat as well. :nod: :lol2:

 

[TexasBred]

Thanks. I'm thinking of building up an emergency fund just in case. I have a CD that has matured. I think I'd just as soon not draw any interest as to take the chance of it getting tied up for a spell. Did you know they fill out forms on you if you take out over a certain amount? I guess now I'll be on a terrorist watch list or something.

Jogee..I knew banks and S&L's use to have to turn in a report to the treasury on "cash transactions" over a certain amount....(use to be $10,000..maybe less now) never applied to a CD's being cashed in. Had more to do with deposits and trying to keep up with where the money might have come from.

For the short run I'd probalby stick with the bank CD. A small rate of return and insured and available at anytime if you're willing to pay the small penalty or if you need money put the CD up as collateral for a short term loan rather than cashingin.

 

[john250]

Way too much is being made of this so called "crisis". It'll blow over in a short time. If you don't want your money in a bank account, at least put it in a safe deposit box at the bank. Keeping a lot of cash at home or in your pocket is insane.

I know a fella that drives an old monte carlo, bootlegs a little drink and carries between 20,000 and 60,000 in his pocket any time you meet him. He'll be glad to show it to you too.

I bet he's got a little something extra in his other pocket that he'll show you if you cross him the wrong way. Probably a little something else under the seat as well. :nod: :lol2:

And in the trunk!

Reporting cash deposits was instituted to stop money laundering and tax evasion. Mostly tax evasion. He has to carry the cash because he cannot take it to the bank.
If I had 20K, and if I carried it around with me, I wouldn't even tell my mother.

 

[HerefordSire]

Thanks. I'm thinking of building up an emergency fund just in case. I have a CD that has matured. I think I'd just as soon not draw any interest as to take the chance of it getting tied up for a spell. Did you know they fill out forms on you if you take out over a certain amount? I guess now I'll be on a terrorist watch list or something.

Jogee..I knew banks and S&L's use to have to turn in a report to the treasury on "cash transactions" over a certain amount....(use to be $10,000..maybe less now) never applied to a CD's being cashed in. Had more to do with deposits and trying to keep up with where the money might have come from.

For the short run I'd probalby stick with the bank CD. A small rate of return and insured and available at anytime if you're willing to pay the small penalty or if you need money put the CD up as collateral for a short term loan rather than cashingin.

It leaves an electronic paper trail so the good guys can catch the bad guys (don't ask me which one I am). It is mainly used for drug smuggling since this is the largest source of underground money. The kingpins need currency counters or they can just separate the denominations and weigh the money to estimate quantity. Nowadays, they even use the technique to catch terror suspects. Somewhere in the chain of banking system, the money has to work its way in. Otherwise, you would need a fleet of semis to constantly store and transport mounds of cash.

 

[ga. prime]

Way too much is being made of this so called "crisis". It'll blow over in a short time. If you don't want your money in a bank account, at least put it in a safe deposit box at the bank. Keeping a lot of cash at home or in your pocket is insane.

I know a fella that drives an old monte carlo, bootlegs a little drink and carries between 20,000 and 60,000 in his pocket any time you meet him. He'll be glad to show it to you too.

:lol2: I knew and still know a guy that carried a few thousand in his billfold for years and years . Got jacked by some of his son's drug buddies. Long recuperation.

 

[Jogeephus]

A lot of money is a relative term. Bout like a mess of turnips. I'm afraid if someone rolled me they would get about $40. Of course they would most likely never get to spend it.

 

[grannysoo]

I'm in the same boat. Really haven't been able to save money in the last three years. What money I do have feel I have worked to hard for and done without too many nice things to let some pencil pushing SOB take it away from me due to their greed and extravagant lifestyle. I'm just thinking of circling the wagons. Unfortunately I don't really have enough wagon's to make a full circle if you get my drift.

We pretty much circled the wagons last year. Like you, we don't have enough wagons to make a complete circle, but we try. Haven't been able to save any money, but we have built up our inventory of food and water. Now don't get me wrong, I'm not one of those that are going down into the bunker if the shtf, but it's 15 miles to town and nothing aggravates me more than not having something I need when cooking. It doesn't take but a few of those wasted trips to understand that money is better spent on food than diesel fuel.

Cash may be king, but it doesn't taste good if you're hungry.

 

[dun]

Take a page from "Blazing Saddles". If you don;t have enough wagons to circel, just keep running the one(s) you do have in a circle.

 

[Jogeephus]

Take a page from "Blazing Saddles". If you don;t have enough wagons to circel, just keep running the one(s) you do have in a circle.

:lol2: :lol2: :lol2: That is so appropriate for me and is about what I seem to be doing. I just wish I could at least get to see my tail once in a while. ;-) :lol2:

 

[dun]

Take a page from "Blazing Saddles". If you don;t have enough wagons to circel, just keep running the one(s) you do have in a circle.

:lol2: :lol2: :lol2: That is so appropriate for me and is about what I seem to be doing. I just wish I could at least get to see my tail once in a while. ;-) :lol2:

Rear veiw mirror!

 

[jcummins]

Take a page from "Blazing Saddles". If you don;t have enough wagons to circel, just keep running the one(s) you do have in a circle.

:lol2: :lol2: :lol2: That is so appropriate for me and is about what I seem to be doing. I just wish I could at least get to see my tail once in a while. ;-) :lol2:

Rear veiw mirror!

Dun solves one of life's more prelexing things....how to stop chasing your tail. Thanks, I'm going to go buy one..

 

[CattleHand]

With all the uncertainty in the economy do you think it might be wise to build up some cash reserves to have on hand just in case?

The short and sweet version of the stories I remember being told about the last depression was something like: The country folk didn't have any money but had goods to trade and the city folks that had money didn't hav anything to buy.

yes. I asked my grandparents how the great depression was for them. My grandma said "we had eggs all the time and had enough to get by" but that the drifters from the cities would come by and ask for an egg sandwhich. From my understanding they had what they needed so it didnt matter that they had no money.

 

[newrancher]

With all the uncertainty in the economy do you think it might be wise to build up some cash reserves to have on hand just in case?

The short and sweet version of the stories I remember being told about the last depression was something like: The country folk didn't have any money but had goods to trade and the city folks that had money didn't hav anything to buy.

yes. I asked my grandparents how the great depression was for them. My grandma said "we had eggs all the time and had enough to get by" but that the drifters from the cities would come by and ask for an egg sandwhich. From my understanding they had what they needed so it didnt matter that they had no money.

The problem today is the moral decline, the people will not ask you for an egg sandwitch, they will TAKE your hens. They will prey on your vulnerability or your culpability in their quest to stay above water.

 

[CattleHand]

The problem today is the moral decline, the people will not ask you for an egg sandwitch, they will TAKE your hens. They will prey on your vulnerability or your culpability in their quest to stay above water.

I think it depends where you look. My friend and I were at a gas station buyin a snack and this girl drives up in a nice truck with a lift and everything (daddy must have some money). She leaves it running, gets out and runs in to buy some beer. We walk by and I say "what an idiot to leave it running like that. Just asking for someone to take it" and he said "well are you going to take it" and I said "of course not". He said "neither will anyone else".

I just remember that situation when i read your post. Of course no one should leave their car running with the keys in it, but to my friends point most people are good enough not to steal from you. But when people get desperate youre right. they will do crazy things.