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Discussion Starter #1
Today I went to the bank and withdrew $500, which I then stuffed into a concealed area of my house.

I will not touch this money until a SHTF senario comes into being.

I've read on other sites that if there is an even bigger financial meltdown(and there will be another one soon), some banks may shut down for a while making physical transactions and the use of debit/credit cards impossible. That would really screw things up, considering how many purchases are done electronically nowadays.

I'm just wondering, besides guns and grub, does anyone else have a stock of physical cash on hand in case of an emergency? How much do you have and do you guys think $500 is enough?
 

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I keep $500 in my wallet!


Take a look at Hurricane country... after Katrina it was MONTHS in some cases before some people could get to their checking accounts.

(IMHO 1-2.5 months of expenses is a good number)
 

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To the Liberty Tree!
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I currently have about about $3k hidden in house. I want about 3 months mortgage payments on hand if nothing else, so we are a little shy on that but will be there soon. Really it depends on what you need it for.
 

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We've taken out a good chunk to cover 1-2 months worth of expenses. If there are massive bank runs it might be a while before the FDIC can get your money to you. If one of the big 3 banks go down it will probably require the FDIC to exercise its new unlimited borrowing power (from the Treasury). Right now they only have $45 billion on hand to cover failures - there's about $6.4 TRILLION in insured deposits. Cash reserves at banks I think are in the $250 to $300 billion range. Gold and silver (in your personal possession) are good insurance in an environment like this. If everyone tries to convert their bank money into high powered currency it would require printing a bunch of new notes and inflation would be a likely result.

Fractional reserve banking is an inherently fraudulent activity and should be eliminated. What we need is a new kind of institution that holds on to your cash and lets you write checks but doesn't lend your cash out to others. You'd pay for this service, as you should.
 

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One of the most basic preparedness steps everyone should take. Not everyone can afford to keep $500 in cash around but they should have some cash easily available. Amount is dependent on means but even less than $100 is far better than nothing. $500 is also the amount we keep around. In small bills.
 

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Discussion Starter #7
Wow!

Well, I have thousands in the bank so my mortgage/utility/insurance/car payments/taxes are covered for at least a year as they are debited from my account automatically each month.

The only out of pocket expenses I would then have would be gasoline for my car and food after my 3 mth supply runs out.
 

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Wow!

Well, I have thousands in the bank so my mortgage/utility/insurance/car payments/taxes are covered for at least a year as they are debited from my account automatically each month.

The only out of pocket expenses I would then have would be gasoline for my car and food after my 3 mth supply runs out.

If the bank's open...

2 examples above...

Hurricanes and the FDIC... (Bear Sterns... I read an article at the time sayign SOME of the accounts would take up to a year to settle.)

Meanwile... the Electric bill keeps comming...
 

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cute is not always enough
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I keep $200 in fives, tens, and twenties plus $25 worth of $1 coins (Loonies) in my go bag. I also have about $10 worth of Canadian Tire money. :D:

I suggest storing the new bills with the anti-counterfeit technology. I just came back from the store and the cashier refused to take this ratty old five dollar bill. Crime will rise SHTF and counterfeiting will certainly surge right along with it. Newer bills are less likely to be questioned.
 

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1000 is fine by me

I have about 1000 put away in cash along with about 2500 in gold (0.10 oz coins)

Also I have stocked lighters, can openers, etc to use in trade.
 

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CabinBuilder/Author
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Good move BGF!
For me? I don't keep ANY cash in the banks, except what I need for month to month bills, expenses, etc.
I've read that that phony $100,000 FDIC guarantee, that if you did lose it, sure they'd pay you back, but there's fine print somewhere in papers you signed, that they don't have to pay you back right away. They can dole it out to you over time, something like $300 a month for the next 10 years or something like that. By the time you DO get it all back, those bucks would be worth a lot less.
Better to buy storage food, ammo, etc, which is going up at what, 15-25% per year anyway, so you'd be earning that on your money instead of 3% in the bank.
Not that I have much, certainly not anywhere near $100,000, but I keep what little I do have, OUT of the bank.

Good thread.
 

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Information is Ammunition
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you must have a MIGHTY lumpy mattress Al.
 

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Inglourious Basterd
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This is a purely subjective question, I would think $500 would be enough under most circumstanses. Most people don't keep any money on their person,they use a bank card to buy a cup of coffee at starbuck's, write a check at the grocery store etc. You are way ahead of the masses w/ $500 on hand.
Personally I keep around $200 in bills , a few silver coins, and probably $1000 in rolled up change that I am just to lazy to cash in for paper money.
 

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Nahhh, DWind, like i said, i don't have much.

Besides, my math isn't that good, since i can't count much higher than a hunderd.
 

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Any amount you can stash is better than nothing. I tried to buy gold and silver, but could not find any for sale. The hunt is still on!

Good idea about storing bartering supplies. Another thing to add to the list :(
 

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The Punisher
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I'm just wondering, besides guns and grub, does anyone else have a stock of physical cash on hand in case of an emergency? How much do you have and do you guys think $500 is enough?
Yes, enough cash on hand.

How much? You're going to have to come and find out, but watch out for the trip wires, early warning devices, and big dogs. If you get by that, well, we all know how that end's.

$500 is not nearly enough, not even close.
 

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How much cash you keep on hand is best measured as a multiple of your expected monthly expenses or some similar determination. $10,000 can be a lot for someone or next to nothing for someone else.

How safe are the banks in your area? Do you think we will have an extened bank holiday? IF so, your particular bank is irrelevant.

Do you have a safe? Is it installed into the floor, ground or bolted? Small safes can be carried off and cracked later. Also, consider that unless you have a rather expensive ($3,000 +) safe, it is not likely fire-proof to a sufficient level either time or degree wise.

For most people on this site, probable the best bet is to keep a good chunk of the cash in your gun safe in one of these fire-prooof bags.

www.anclotefire.com

Finally, do not keep any bills over 20's. In past situations, people with cash were not able to make change.
 

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If displaced $500.00 will not be enough. In terms of bug-out cash: I'd like enough to purchase gas(even if gouged), food and one basic car repair (road service to fix a flat or something) to get me 1,000 miles away from where I'm at. I would like to arrive at my destination with at least $1,000 in my pocket and have enough to get back home.
 

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Renegade Vegan
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How much cash you keep on hand is best measured as a multiple of your expected monthly expenses or some similar determination. $10,000 can be a lot for someone or next to nothing for someone else.
Exactly, it's a very subjective question. We have about $500 cash on hand, though I think the kids probably have well over $1,000 in their piggybank by now. Our $500 is a lot of money in our tiny budget, and it's enough to pay our mortgage for two months and still have money left over. Some folks on this forum live in McMansions in the finest suburbs and some of us live in rickety old houses in long forgotten towns. It just depends on your situation.:cool:
 
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