ESB 244 Posted January 8, 2022 I keep seeing you need to keep cash on hand, but no mention of ballpark amounts. I'm thinking at least enough to buy a marked-up generator and some fuel (~$2000). Assuming I don't actually need a genny, that should cover just about anything I would need for a few weeks? Other rationales? 1 Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 8, 2022 More... Cash is king, when your plastic doesn't work, and you want to eat or buy important necessities. Also, trying to find a marked-up generator when the power goes off is a bad strategy. You should already have it, and the fuel to run it BEFORE the lights go off. 1 Quote Share this post Link to post Share on other sites
ESB 244 Posted January 8, 2022 Agree. This is plan C in case genny's break or run out of fuel. Quote Share this post Link to post Share on other sites
rifleman 90 Posted January 8, 2022 You can also have a network of associates with generators and an agreement to share if needed. Power is often on in close places. I gave up my spare to a buddy when he needed it. Quote Share this post Link to post Share on other sites
siderman 1,137 Posted January 9, 2022 We always have lots of cash on hand. That includes stashed in our vehicles well hidden. You never know where you'll be in a power crisis and plastic won't work. Also a good idea is have plenty small bills, making change and breaking large bills can be problematic in those cases. 2 Quote Share this post Link to post Share on other sites
Bomber 1,091 Posted January 9, 2022 11 hours ago, ESB said: I keep seeing you need to keep cash on hand, but no mention of ballpark amounts. I'm thinking at least enough to buy a marked-up generator and some fuel (~$2000). Assuming I don't actually need a genny, that should cover just about anything I would need for a few weeks? Just for perspective. I usually carry about a $1000 just for walking around money, aside from other emergency cash on hand. Some might think thats crazy but I've been down the credit card debt road and it sucked. Now its always cash on the barrelhead and it feels good. Quote Share this post Link to post Share on other sites
1LtCAP 4,262 Posted January 9, 2022 keep as much cash as you can comfortably afford to keep around. what you might find surprising.....get rid of ALL of your plastic. no debit, no credit cards. buy all you want/need with cash or checks. you'll be shocked at how much more cash you actually have/ 34 minutes ago, Bomber said: Just for perspective. I usually carry around $1000 just for walking around money, aside from other emergency cash on hand. Some might think thats crazy but I've been down the credit card debt road and it sucked. Now its always cash on the barrelhead and it feels good. yep. i buried myself BAD in cc debt years ago. got rid of them all after that, and pay cash or check for anything. i have more money to deal with now that i don't have to deal with cc bills. 1 Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 9, 2022 It's also important to keep cash in your pocket everyday, you never know when the card processing services go down. It drives me nuts to watch people swipe their card when they buy a $1.50 bottle of Coke! Hardly anyone today carries a few bucks in their pocket. The younger generations are the biggest example of this. I can remember when Hurricane Sandy came through. The only stores open were the ones accepting cash, like pizza places and Chinese takeout. If you didn't have cash, you starved... Quote Share this post Link to post Share on other sites
Mrs. Peel 7,157 Posted January 9, 2022 12 hours ago, ESB said: I keep seeing you need to keep cash on hand, but no mention of ballpark amounts. I'm thinking at least enough to buy a marked-up generator and some fuel (~$2000). Goodness, another great post/question! 3 hours ago, siderman said: We always have lots of cash on hand. That includes stashed in our vehicles well hidden. 2 hours ago, Bomber said: I usually carry about a $1000 just for walking around money, aside from other emergency cash on hand. And here I was proud of myself for keeping a small amount of cash in my wallet at all times and about $300-400 in small bills (1's - 10's) at home (a relatively new habit, formed in the last year). Now you folks have me feeling like that's an inadequate amount! I might need to plump that up. And I never would have thought of stashing money in the car either, but I guess that's not a bad idea --- at least enough to fill a tank and get you home if your wallet was stolen. Got me re-thinking my plans again.... Quote Share this post Link to post Share on other sites
JohnnyB 4,323 Posted January 9, 2022 55 minutes ago, Mrs. Peel said: Goodness, another great post/question! And here I was proud of myself for keeping a small amount of cash in my wallet at all times and about $300-400 in small bills (1's - 10's) at home (a relatively new habit, formed in the last year). Now you folks have me feeling like that's an inadequate amount! I might need to plump that up. And I never would have thought of stashing money in the car either, but I guess that's not a bad idea --- at least enough to fill a tank and get you home if your wallet was stolen. Got me re-thinking my plans again.... To be perfectly honest, I would keep a minimum of $10,000.00 in cash on hand. I had an old friend who carried $5,000.00 in his front pocket at all times just in case he came across a great deal on something! He was a hoarder and a Medical Doctor. They actually made a TV episode about his unfortunate cockroach collection! I like to keep $1,000.00 in my wallet and a bunch more at home in case of something crazy! For storage space reasons, I keep all $100 bills. I will endeavor to get a few thousand in smaller bills since smaller purchases where no change is available are most likely probable. Everyday, I trust the government less and less! I pay tax on every dollar I earn and I don't appreciate being questioned about what I do with it! My wife chose to keep our savings in the bank so, in revolt, I keep a small amount of extra cash at home that I call my "gun money", she hates that term as much as she hates when I buy another gun! If she knew how big my gun fund was, she would divorce me and demand half.....I can think of worse things! 1 Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 9, 2022 35 minutes ago, JohnnyB said: To be perfectly honest, I would keep a minimum of $10,000.00 in cash on hand. I had an old friend who carried $5,000.00 in his front pocket at all times just in case he came across a great deal on something! I was going to mention something similar, to have a sizable amount, readily available, in case a good deal comes around, or you want to buy something "off the radar". Some of my best purchases and deals were cash. 37 minutes ago, JohnnyB said: I like to keep $1,000.00 in my wallet and a bunch more at home in case of something crazy! For storage space reasons, I keep all $100 bills. I will endeavor to get a few thousand in smaller bills since smaller purchases where no change is available are most likely probable. I was originally doing that too, with $100 bills, to save space, but it started to get more difficult to break them when making small purchases. Local retailers were looking "funny" at the $100s. So, I got wifey in the habit to use them for the bigger purchases (like groceries) and then bring back the smaller bills as change. Plus, periodically you need to change out the older $100s with newer bills. Make sure the old ones stay dry or keep them packed with silica-gel packets to remove moisture. Wanna get a funny look, go to the bank and cash a big check, and ask for the cash in $20s.... I love the look the teller gives me... like WTF... 1 Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 9, 2022 43 minutes ago, JohnnyB said: My wife chose to keep our savings in the bank so, in revolt, I keep a small amount of extra cash at home that I call my "gun money", she hates that term as much as she hates when I buy another gun! I don't know if I'm lucky, or not, in that area. Wifey doesn't say a word when I bring something new home, and doesn't question it at all... But, on the other hand, I think she plays an "eye for an eye", and I see new pairs of shoes or purses come home shortly after... 2 Quote Share this post Link to post Share on other sites
JohnnyB 4,323 Posted January 9, 2022 19 minutes ago, Sniper said: I was going to mention something similar, to have a sizable amount, readily available, in case a good deal comes around, or you want to buy something "off the radar". Some of my best purchases and deals were cash. I was originally doing that too, with $100 bills, to save space, but it started to get more difficult to break them when making small purchases. Local retailers were looking "funny" at the $100s. So, I got wifey in the habit to use them for the bigger purchases (like groceries) and then bring back the smaller bills as change. Plus, periodically you need to change out the older $100s with newer bills. Make sure the old ones stay dry or keep them packed with silica-gel packets to remove moisture. Wanna get a funny look, go to the bank and cash a big check, and ask for the cash in $20s.... I love the look the teller gives me... like WTF... My cash is in a small safe that is both water and fire resistant. That small safe lives in a very large safe that is also fire and water resistant! The humidity and temperatures are controlled. The entire property is monitored by an alarm company with surveillance cameras 24/7. I feel more secure than if my money was in a bank. Plus, I work mostly from home as of late, so I would have the pleasure of being the armed guard that they would have to get past first! 1 1 Quote Share this post Link to post Share on other sites
dajonga 396 Posted January 9, 2022 Sandy taught my wife and I some valuable lessons. We were without power for 12 days. Some local stores had power, but no cc machines. We had a few hundred on hand to go out to eat a few times and buy some gasoline, but I will never be without $2000 or so in small bills ever again. Both cars have $100 or so in them for gas and food emergencies. If I see a big storm or fire coming, I will up those cash amounts quite a bit whilst out buying the standard prep items. On a related prep note... in 20 years, we have had to evac 3 times due to forest fires, so I have a list of things to grab on the way out the door. A couple times a year, I go over that list and make sure everything is where it is still supposed to be. 1 Quote Share this post Link to post Share on other sites
siderman 1,137 Posted January 9, 2022 7 hours ago, Mrs. Peel said: And I never would have thought of stashing money in the car either, but I guess that's not a bad idea --- at least enough to fill a tank and get you home if your wallet was stolen. Got me re-thinking my plans again.... Re-thinking is your best strategy! Keep the brain's on button always on lol. Also, if your home is your castle think of your car as an outpost. It's your portable safe space when out in the wilds of the world and should have its own little go bag type supplies. Quote Share this post Link to post Share on other sites
Sota 1,191 Posted January 9, 2022 1st, buy a generator now, or if you want to wait until snow storm season has passed to hopefully get a better price, fine. 2nd, buy 2 generators. A "big" guy (~6000W or larger) and a "small" one (<2000W) so you have a backup. 3rd, learn how to hook them up, and especially to things like your furnace if your central HVAC and gas fired. 4rd, and this one is controversial, get Harbor Freight Predator based unit(s). In my experience, their performance and reliability is far above their price tag. 1 Quote Share this post Link to post Share on other sites
Bklynracer 1,263 Posted January 9, 2022 3 hours ago, Sota said: 4rd, and this one is controversial, get Harbor Freight Predator based unit(s) Just wondering, Why controversial? Quote Share this post Link to post Share on other sites
SmittyMHS 603 Posted January 9, 2022 54 minutes ago, Bklynracer said: Just wondering, Why controversial? Because it's from Harbor Freight. They've come a long way in resent years. Quote Share this post Link to post Share on other sites
Bomber 1,091 Posted January 9, 2022 14 hours ago, Sniper said: Hardly anyone today carries a few bucks in their pocket. The younger generations are the biggest example of this. I don't understand how grown men can walk around with almost no cash in their pockets. And its not just younger gens either. People think credit/debit cards exist solely for their convenience. Wrong. They exist to separate you from your money as painlessly as possible (while collecting a fee), get you in high interest CC debt and track/monitor all your transactions. Quote Share this post Link to post Share on other sites
Bomber 1,091 Posted January 9, 2022 14 hours ago, Mrs. Peel said: And here I was proud of myself for keeping a small amount of cash in my wallet at all times and about $300-400 in small bills (1's - 10's) at home (a relatively new habit, formed in the last year). Now you folks have me feeling like that's an inadequate amount! I might need to plump that up. And I never would have thought of stashing money in the car either, I've never used more than fraction of my walking around money at any one time. But its comforting to know I can pay cash for just about anything outside of big expense just with what I normally have on me. I also do the car cash stash thing, not much, just enough to fill the tank get something to eat and a little left over. 1 Quote Share this post Link to post Share on other sites
father-of-three 243 Posted January 9, 2022 I'm slowly building up that stash of cash. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 9, 2022 4 hours ago, Bomber said: I don't understand how grown men can walk around with almost no cash in their pockets. Maybe because their wives take it all from them? 4 hours ago, Bomber said: People think credit/debit cards exist solely for their convenience. Wrong. They exist to separate you from your money as painlessly as possible (while collecting a fee) I had to beat that into my kid's heads when debit cards first came out. They kept running to the ATM to grab $20 (when they only need $5) multiple times a month. When they got their bank statements, and looked at all the crazy ATM fees (because they would go to non network banks), the amount they pissed away on fees was amazing. Quote Share this post Link to post Share on other sites
1LtCAP 4,262 Posted January 9, 2022 think of it this way with cards. you are essentially asking permission to purchase whatever product it is that you're paying for. what do you think it means when you see "approved" or "authorized" on the screen? Quote Share this post Link to post Share on other sites
Bklynracer 1,263 Posted January 10, 2022 41 minutes ago, 1LtCAP said: think of it this way with cards. you are essentially asking permission to purchase whatever product it is that you're paying for. what do you think it means when you see "approved" or "authorized" on the screen? They only say no when they sucked you dry. Then sometimes they give you a little more credit to get it all. Quote Share this post Link to post Share on other sites
Bomber 1,091 Posted January 10, 2022 4 hours ago, 1LtCAP said: you are essentially asking permission to purchase whatever product it is that you're paying for. what do you think it means when you see "approved" or "authorized" on the screen? Not exactly, its an unsecured loan that is being approved. The aim is to get people to overspend and carry a balance so they can hit them with double digit interest rates in a zero interest rate world. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 10, 2022 1 hour ago, Bomber said: The aim is to get people to overspend and carry a balance so they can hit them double digit interest rates in a zero interest rate world. They also love to tease you with the intro 0% rates to suck you in. They know that half the people will miss a payment, then they get to back hammer you for the double digit rate for the whole period and amount. Quote Share this post Link to post Share on other sites
Sota 1,191 Posted January 10, 2022 I'm the guy CC companies hate. 1 Quote Share this post Link to post Share on other sites
1LtCAP 4,262 Posted January 10, 2022 2 hours ago, Sota said: I'm the guy CC companies hate. you might think that. i'm presuming you just payoff your balance every month so you don't pay interest? that's ok by them. they still make money from the merchants you spend with. if it's any type of rewards card, then they hit the merchants even harder. Quote Share this post Link to post Share on other sites
gleninjersey 2,139 Posted January 11, 2022 I hardly ever have much cash on me and don't keep a stash at home. I have pretty much everything I really need, enough food and water to last weeks at a minium and a back up plan if things were to get really bad power wise. If everyone goes without power for a few weeks then cash is meaningless anway. I would like to get a generator but if things get that bad we move to our fall back position. I may still get one just so I don't have to leave if I don't want to. And honestly, we've only had to fall back on our back up plan once I believe in close to twenty years. And than was during Sandy. And I was stuck in NYC working (with hardly any cash on me) and couldn't get home for three days. Luckily power stayed on in NYC. If I had to do that again it would definetly be wise to have some cash. But the I doubt that's every happening again for several reasons. I understand and get the topic and many people's reasoning for keeping a few grand around. But I'm not big on carrying lots of cash or having it around. And yes, credit cards suck. They are indentured servitude. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 11, 2022 1 hour ago, gleninjersey said: I hardly ever have much cash on me and don't keep a stash at home. And yes, credit cards suck. You might want to reconsider that, and put away some cash. If a cyber attack happens, like mentioned in this article, your plastic would be useless, and your accounts could be wiped out..... I'll also mention that people should regularly print out their investment and bank balances. Wouldn't it really suck if you woke up one morning, and your balances were ZERO, and you have no backup copy to show the finance institution and prove your balances. ........."Israel on Thursday led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks. The simulated "war game", as Israel's Finance Ministry called it and planned over the past year, evolved over 10 days, with sensitive data emerging on the Dark Web. The simulation also used fake news reports that in the scenario caused chaos in global markets and a run on banks. The simulation -- likely caused by what officials called "sophisticated" players -- featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters. "These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters. "Attackers are 10 steps ahead of the defender," Micha Weis, financial cyber manager at Israel's Finance Ministry, told Reuters. https://www.reuters.com/markets/europe/exclusive-imf-10-countries-simulate-cyber-attack-global-financial-system-2021-12-09/ 1 Quote Share this post Link to post Share on other sites