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Old 02-06-2017, 05:46 PM
mygunisjammed mygunisjammed is offline
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Default Where to actually keep emergency savings/cash? bank? Mattress?



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I always read that one of the first things to do financially is have at least six months of earnings put away in a safe place, not in stocks. But where do you keep it? If its all in the bank and the banks close, then what? do you put half in the bank and half in a shoe at home and a few dollars in your car? what is your ideal breakdown of where all to put it?
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Old 02-06-2017, 05:52 PM
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I keep most of our emergency cash in our gun safe and a little extra in a fire resistant envelope taped in what I hope is a good hiding spot in the house.
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Old 02-06-2017, 06:11 PM
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10% in the vehicle(s) in three or more cache containers
10% in your bedroom in a hidden location
10% in a spare wallet/purse or two in the closet or drawer
15% in a fire resistant cache container in or under the house
25% in a fire resistant cache container in the garage
10% in a cache container buried in the yard
10% in a cache container buried in the yard in a second location
10% in a can safe at a family member's or friend's house

Just my opinion.
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Old 02-06-2017, 06:32 PM
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I'm coming over to Jerry's house with a metal detector and cash sniffing dog.
Second that on his last choice...somewhere OFF your property but tell someone you really trust.
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Old 02-06-2017, 06:43 PM
dealfinder500 dealfinder500 is offline
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If you are going to put it in multiple locations, make sure you write it down. At least in someway that's meaningful to you, but wouldn't mean anything to anyone else. I'm almost certain I've got $50 in the attic, but I can't remember if I got it, or if I never put it there to begin with, only thought about it. lol!

Tip: If you're going to put some cash in the car in a hidden place (like under the seat, etc.), also put $20 in the glove compartment and in the little console between the front seats. If someone did break in to your car, chances are they'd look there, take the $20, and leave.

If you are going to keep a larger amount of cash in the house, it's certainly a good idea to get a fireproof safe.
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Old 02-06-2017, 06:46 PM
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Quote:
Originally Posted by albertjohnson View Post
I'm coming over to Jerry's house with a metal detector and cash sniffing dog.
Second that on his last choice...somewhere OFF your property but tell someone you really trust.
I'm sure Jerry has a way to make you and your dog disappear if you step on his property with the intention to take his money.
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Old 02-06-2017, 07:05 PM
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What you want is a liquidity waterfall: small amounts of cash that are easy to access, and progressively larger amounts of cash that are increasingly safer but harder to access.

This is just an arbitrary example, assuming a person with $2,000/month of living expenses:

$200 cash in your pocket at all times. Easy to access, combined with a credit card it will get you out of most jams. Be sure to replenish this regularly, as pocket cash has a way of disappearing at vending machines, sandwich shops, bars, etc.

$2,000 cash in your home in a fire resistant lock box or safe. It's reasonable to duplicate this and have a second $2,000 at a second location (work, family or friend's house, etc).

$12,000 in the bank, invested in a money market fund or CD waterfall (i.e. relatively easily accessible, invested against inflation).

$240,000 in a long term investment vehicle (susceptible to market timing, so you don't want to have to rely on it tomorrow, but will grow over time).

I would warn against "stashing" money in too many places. Caches buried in the yard are easily forgotten and are vulnerable to loss.

Also, don't let yourself be swayed by the tinfoil hat crowd - you shouldn't be afraid of banks. They're well insured, and they protect you from the most overlooked form of loss: inflation. Stick $10,000 in a coffee can and bury it in the back yard, and 10 years from now that's going to be worth a whole lot less than $10k.
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Old 02-06-2017, 08:37 PM
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Quote:
Originally Posted by TonyDedo View Post
. Stick $10,000 in a coffee can and bury it in the back yard, and 10 years from now that's going to be worth a whole lot less than $10k.
Not if it's gold or silver.
Unlike a Checking, savings, CD or uninsured money market pulling down LESS THAN 1%!


There's damn few places you can't have that converted to FRN'S in under 24 hours.

That said there's a very real value in moments notice liquidity.

7-8 years ago I 'made' ~$1,000 over a long bank weekend (think it was labor day weekend) because a guy who could of bought me and gave me away needed a few thousand dollars while the banks were closed (on another deal)
I got his whole .50 setup, he did the other deal (guy was waiting there when I showed up with the cash) and the money went through 3 hands in 1 minute.
I got my money back (+$100-$200 IIRC) out of the rifle abd scope, And kept his .50 press, bullets, powder, primers, etc. (Easily $1k+)
I've done that more times than I can count on smaller deals (glocks etc) late at night with people who needed cash before the banks opened in the morning.

As to where: it depends on the person, no one is going to tell you where they stash their cash.

My recommendation: Google "good hiding places" and then put it somewhere OTHER THAN those places!

Me, I keep 6 -12 months in my hot little hands, and some more in the bank.

The flip side of this is MY monthly expenses are probably smaller than 95% of this board.... YMMV.
To me a good rule of thumb was enough to buy a good used car.
As Forrest Gump said: "It happens"
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Old 02-06-2017, 09:00 PM
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Quote:
Originally Posted by Jerry D Young View Post
10% in the vehicle(s) in three or more cache containers
10% in your bedroom in a hidden location
10% in a spare wallet/purse or two in the closet or drawer
15% in a fire resistant cache container in or under the house
25% in a fire resistant cache container in the garage
10% in a cache container buried in the yard
10% in a cache container buried in the yard in a second location
10% in a can safe at a family member's or friend's house

Just my opinion.
I hope you have a better memory than I do.I misplace things when I am putting them someplace special.
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Old 02-06-2017, 09:34 PM
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Quote:
Originally Posted by TonyDedo View Post
What you want is a liquidity waterfall: small amounts of cash that are easy to access, and progressively larger amounts of cash that are increasingly safer but harder to access.

This is just an arbitrary example, assuming a person with $2,000/month of living expenses:

$200 cash in your pocket at all times. Easy to access, combined with a credit card it will get you out of most jams. Be sure to replenish this regularly, as pocket cash has a way of disappearing at vending machines, sandwich shops, bars, etc.

$2,000 cash in your home in a fire resistant lock box or safe. It's reasonable to duplicate this and have a second $2,000 at a second location (work, family or friend's house, etc).

$12,000 in the bank, invested in a money market fund or CD waterfall (i.e. relatively easily accessible, invested against inflation).

$240,000 in a long term investment vehicle (susceptible to market timing, so you don't want to have to rely on it tomorrow, but will grow over time).

I would warn against "stashing" money in too many places. Caches buried in the yard are easily forgotten and are vulnerable to loss.

Also, don't let yourself be swayed by the tinfoil hat crowd - you shouldn't be afraid of banks. They're well insured, and they protect you from the most overlooked form of loss: inflation. Stick $10,000 in a coffee can and bury it in the back yard, and 10 years from now that's going to be worth a whole lot less than $10k.
Seriously? Even as an "arbitrary example," only $2200, less than 1% of your "waterfall" in hard (i.e. non-digital) cash? How long/how far will that take you even just when the power is down, let alone when any of several different types of contingencies disrupts the ATM/credit card/banking system locally or nationally?

I've seen the way people--individuals and business people--panic, just seem to lose their minds, even in the first few hours of a simple snowstorm, internet or phone line failure, anything that disrupts the flow of electronic payments. At first you may have to show somebody how they can even write up their sales on a notepad, in semi-duplicate, take your money and tear off a receipt to give you. But with cash you can at least go to the front of the line, make deep discount deals, pay contractors to do your stuff first, and get out of the store. Must one have a tinfoil hat to suppose this is not the worst that could happen?

I actually like your liquidity waterfall concept, but I definitely like my waterfalls a lot wetter and faster flowing up front!
Old 02-06-2017, 11:52 PM
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Read up on "bank bail in".
It happened in Cyprus.
No one should have all their cash in their house, but you need enough for more than a few weeks.
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Old 02-07-2017, 12:19 AM
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Quote:
Originally Posted by Jerry D Young View Post
10% in the vehicle(s) in three or more cache containers
10% in your bedroom in a hidden location
10% in a spare wallet/purse or two in the closet or drawer
15% in a fire resistant cache container in or under the house
25% in a fire resistant cache container in the garage
10% in a cache container buried in the yard
10% in a cache container buried in the yard in a second location
10% in a can safe at a family member's or friend's house

Just my opinion.
Jerry is the man. You asked and he came out with the most thought out and broken down answer you could possibly have wanted.

And here I was going to suggest breaking it up 4 ways. 1 buried and 1 off property. I feel so inadequate.
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Old 02-07-2017, 02:06 AM
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Quote:
Originally Posted by prairiegirl1925 View Post
I hope you have a better memory than I do.I misplace things when I am putting them someplace special.
Chances are my memory is a great deal worse than yours. But either way, I never depend on memory for anything. Every important piece of information is recorded somewhere. And if it is critical, the information has been encoded in some way.

Just my opinion.
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Old 02-07-2017, 08:21 AM
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Grab and Go Caches of Cash.

As you hide your cash in various spots be sure it is ready to grab and go quickly. Our hidden caches are in money belts and neck wallets, doesn't matter if it is in the safe, closet or other hiding places. The world is coming to an end, grab it, hide it on your body then run for your life. I also always have a couple hundred of cash in my wallet. Also have some cash tucked away in my BOB. Multiple hiding places but easy to grab.



Old 02-07-2017, 08:40 AM
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I hid $500 cash somewhere and forgot I'd hidden it there. Don't often check this spot. Found it a year later and was so happy, was $500 richer that day. My cousin hid more than that and found it later...it was molded.
(i'm an almni Hlltppr too)
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Old 02-07-2017, 09:52 AM
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Originally Posted by mygunisjammed View Post
I always read that one of the first things to do financially is have at least six months of earnings put away in a safe place, not in stocks. But where do you keep it? If its all in the bank and the banks close, then what? do you put half in the bank and half in a shoe at home and a few dollars in your car? what is your ideal breakdown of where all to put it?
measuring and comparing risk becomes important. The chance of you getting home invaded and forced to give up your cash, robbed, or a house fire are much higher than the economy crashing and the banks all closing.

My strategy is to keep 1-2 months of cash at home and the rest in two different banks. (1 credit union and 1 large bank). I keep about 1 month in PMs
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Old 02-07-2017, 10:40 AM
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measuring and comparing risk becomes important. The chance of you getting home invaded and forced to give up your cash, robbed, or a house fire are much higher than the economy crashing and the banks all closing.
Wait so your claiming that for those of us who DON'T go by "Daddy Warbux" or "Scrouge McDuck" people are looking to break in and force us to give them our millions we keep in petty cash!?!

Robbed is about the same. I keep a wallet and then I keep most of the cash I keep on me.
Right next to my Glock.

Fire: there's easy and inexpensive "vaults", just keep a fire hose on that area....


I'd say there's MORE history of banks screwing depositers than REALISTIC threats (so long as your not a well known diamond broker etc) of the sort you mentioned.

That's not even approaching needing cash during non "bankers hours" of the sort I mentioned, or during a Katrina or earthquake type disaster when BELIEVE ME cashing a check gets really difficult!
Old 02-07-2017, 11:25 AM
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I have a place inside the house that is secure and hard to detect. You want to have it built in, not in something that can grow legs. I have an outside stash, actually 2 of them.

In one I have a flash drive that is vacuum sealed with all my financial information in it. Some jewelry as well. The other stash is empty right now, a section of buried PVC pipe. One end is threaded and the thread can be sealed with hot glue.
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Old 02-07-2017, 11:34 AM
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I keep a couple hundred bucks in my wallet. A few more hundred bucks in a fire safe at home...the rest just stays in my CU account. I'll be moving into an RV in September so keeping large amounts of cash or valuables in an easy-to-break-into living space is not an option. I'd rather keep more on me, but I can't afford to lose the little I have to fire or theft which are more likely options currently than the credit union refusing to give me my money. I do keep PMs on hand also.

One things I will be doing when I go home to the UK this summer is to open an account there and attach it to my PayPal account. I've thought about doing this elsewhere too.
Old 02-07-2017, 05:23 PM
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It's been a while since I reviewed the cash on hand. I know I've pinched from it several times~! So I guess I should do a cash assets walk-thru.
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