3 months cash on hand...good idea?

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C.D.'s picture
C.D.
Status: Member (Offline)
Joined: Oct 7 2009
Posts: 13
3 months cash on hand...good idea?

I've heard that this is a good idea in case banks fail and you are unable to get your money out of your accounts.  What does everyone think about this strategy?  I'm already doing it but I am wondering if it is really that good of an idea.  After all the money is gaining no interest and is losing value with inflation.  Would it make more sense just to invest that into PMs?  Would love some input.

 

Thanks,

 

C.D.

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1444
Re: 3 months cash on hand...good idea?

If you have it, do it.  I actually keep 12 months cash on hand in different locations.  Its not like it's making interest;-)  I also keep 2 months cash in Yen, Swiss Franc and Yuan.

Again, do it if you can.  Diversification will be key when shtf.

Cloudfire's picture
Cloudfire
Status: Diamond Member (Offline)
Joined: Sep 29 2008
Posts: 1813
Re: 3 months cash on hand...good idea?

I keep a stash of multicolored trading beads that are popular in the south sea islands, and my passport handy . . .   Wink

 

Seriously, absolutely, I would keep 3 months of cash onhand at all times.  I'd also keep some junk silver, just in case the buck goes kerplunk . . .

 

bluestone's picture
bluestone
Status: Gold Member (Offline)
Joined: Dec 29 2008
Posts: 263
Re: 3 months cash on hand...good idea?

C.D.

yes absolutely.  the dollar is still our accepted medium of exchange.  We could still have deflation.  cash in your hand is money you own.  money in the bank account is only a promise to pay.  you should buy PMs as well.  Not paper stocks, but the physical stuff. 

 

brian

ao's picture
ao
Status: Diamond Member (Offline)
Joined: Feb 4 2009
Posts: 2220
Re: 3 months cash on hand...good idea?

A good idea but it depends on your income and your expenses.  If you make 60K a year and have the normal expenses associated with that, it's very reasonable to have 15K around.  If you make 400K a year and have your mortgage paid off and no other debt, keeping 100K of cash on hand is a bit much.  Even though it's legal, you could run into money laundering issues as well.  In a SHTF scenario, you will most likely scale back your standard of living and not need as much.  I agree with Cloudfire about having some junk silver on hand in case the paper becomes worthless.  Then, as you are able to, add to your supply of gold. 

Ed Archer's picture
Ed Archer
Status: Martenson Brigade Member (Offline)
Joined: Oct 12 2008
Posts: 225
Re: 3 months cash on hand...good idea?

To hell with cash, buy ammo! :)

(Plz note any intelligent agencies reading this post should note its a damn joke!)

C.D.'s picture
C.D.
Status: Member (Offline)
Joined: Oct 7 2009
Posts: 13
Re: 3 months cash on hand...good idea?

Thanks for all the input...it is greatly appreciated!  I thoroughly agree about stock piling ammo.  You can look at that as an investment as well

agitating prop's picture
agitating prop
Status: Platinum Member (Offline)
Joined: May 28 2009
Posts: 863
Re: 3 months cash on hand...good idea?
Cloudfire wrote:

I keep a stash of multicolored trading beads that are popular in the south sea islands, and my passport handy . . .   Wink

 

Seriously, absolutely, I would keep 3 months of cash onhand at all times.  I'd also keep some junk silver, just in case the buck goes kerplunk . .

 It might be more useful to create a cargo cult based around the stunning achievements of the banking industry. Perhaps if we dress up like  bankers, act like a pirates,  plead poverty and threaten to destroy the international financial system, the Gods will summarily dump boatloads of wampum, cowrie shells, goats, or worthless fiat on us. It's worth a shot. The "Cult of Bael-Out"--that's catchy.  Want to be a high priestess, Cloudfire?

Cargo Cults--Wikipedia:

"Cargo cults thus focus on efforts to overcome what they perceive as the undue influence of the others attracting the goods, by conducting rituals imitating behavior they have observed among the holders of the desired wealth and presuming that their deities and ancestors will, at last, recognize their own people and send the cargo to them instead. Thus, a characteristic feature of cargo cults is the belief that spiritual agents will, at some future time, give much valuable cargo and desirable manufactured products to the cult members[citation needed].

In other instances, such as on the island of Tanna in Vanuatu, cult members worship certain Americans, who brought the desired cargo to their island during World War II as part of the supplies used in the war effort, as the spiritual entity who will provide the cargo to them in the future."

http://en.wikipedia.org/wiki/Cargo_cult

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