Money under the Mattress

[LennG]

Silly title, but I thought I would share something here.

As a Vet, I go to Veteran's organization meetings regularly. I went last week and several guys were discussing something, that I really never paid much attention to.

Many said, with the way the world is now,and other countries and organizations trying their damnest to hack into our systems, what would happen if say a North Korea (use anyone you want) was able to hack into our banking system and cause havoc as people wouldn't be able to get access to their money. I am not saying that their money would be lost as all probably have backup statements, but what do you do for money until things get right again?

The point being, several people said, besides having an array of weapons to protect what you do have, is it a good idea to have 'some cash' on hand so you can survive whatever happens? Would it be a good idea to have a 'stash' of Gold or another tradable commodity to 'get by' until things get straightened out, no matter how long it took?
Do you stash money under the mattress for emergencies?

People think that they would be able to run to the ATM and withdraw money but if the systems are hacked and corrupted, there would be no way of getting money for goods.

I sort of got to thinking about this and think that this scenario is worth a listen and act on.

Looking for what others think.

[Bob In PA]

I have a few bucks "under the mattress" and believe everyone should if possible.... actually under a mattress, but easily accessible and not in the bank.

I think it's very important to have some cash on hand (actually, as much as you can afford to "salt away" - so long as it can be stored safely and securely).

Some people (not me) also have bought tiny gold (or silver, or both) coins that come on a credit card; they are made so you can punch them out individually and spend them (if anyone will accept them as payment).

Bob

[DaveBrown74]

I do, yes. I certainly don't keep a major amount outside of our accounts, but having some physical cash that is readily accessible has always seemed like a good idea to me.

[LennG]

I have thought that Gold would be a better option as money will never increase in value, but from what I have been hearing, if such a catastrophe occurred, and gold is the money, who do you sell it to, and what do you do with it?

[DaveBrown74]

I have thought that Gold would be a better option as money will never increase in value, but from what I have been hearing, if such a catastrophe occurred, and gold is the money, who do you sell it to, and what do you do with it?

Exactly. While I get the point about holding gold as a physical asset versus actual cash, I'm not talking about an amount of money that is substantial enough that I'm especially concerned about it from an investment/future value point of view. It's more for peace of mind that if I could not access my accounts for some period of time, I would have enough cash on hand to not have to worry about basic needs for myself and my family for a period of time. I thought that's all you meant. I'm not really envisioning a scenario where physical US Dollars would be worthless.

[LennG]

Exactly. While I get the point about holding gold as a physical asset versus actual cash, I'm not talking about an amount of money that is substantial enough that I'm especially concerned about it from an investment/future value point of view. It's more for peace of mind that if I could not access my accounts for some period of time, I would have enough cash on hand to not have to worry about basic needs for myself and my family for a period of time. I thought that's all you meant. I'm not really envisioning a scenario where physical US Dollars would be worthless.

What you interpreted was exactly what I was asking or questioning.

We have an investment broker who we have been using for many years. On this thought, I called him today to also ask about this very thing. He advised that one should have enough cash to make it thru a couple of weeks if you could not access your money.

Personally, I think I would feel better knowing I have maybe a good month's worth of cash.

[DaveBrown74]

What you interpreted was exactly what I was asking or questioning.

We have an investment broker who we have been using for many years. On this thought, I called him today to also ask about this very thing. He advised that one should have enough cash to make it thru a couple of weeks if you could not access your money.

Personally, I think I would feel better knowing I have maybe a good month's worth of cash.

Other than the very basic things like food, gas, etc, it's hard to know exactly what you might need money for in a situation like that. For basics, I feel we have at least a month's worth, probably more than that. It's not like I'd be out buying lobsters and caviar in that situation.

I remember about 15 years ago (maybe more) in NYC we had a major blackout. For a period of time you couldn't get money out of the ATMs. I didn't have much cash in my wallet that day, but the main boss asked the team if anyone needed to borrow some cash. Several of us said we did. We went into his office and he had a substantial amount of money (must have been about 5 grand) in his safe in his office. I borrowed $200 from him and paid him back the next day, but it made an impression on me that it's just smart to have some money on hand in a secure but accessible place. You really just don't know what you might need it for.

[ozzie]

All good points Gentlemen. I have a little stashed, but this has me thinking I might want to add to it just to be safe. I like the two week timeframe.

[MightyGiants]

I will share a couple of things.   For the more elderly, make sure your cash is stashed in secure locations.   As an EMT I lost count of how many times I would respond to a call and see cash lying around.  Those people were lucky that my crew and I were above reproach.  Also, don't put your money in a location where it could accidentally get thrown up.  I have read far too many local stories with that theme, over the years.


The other thing, is I keep a couple of hundred in cash around.  It came in handy with Super Storm Sandy.  When I first went out to get more propane for my generator, there were limited places open.  One place that was open was doing a cash-only business because the power was down and they couldn't process credit cards


Finally, I read a long time ago, keep a good supply of beer on hand.   In an emergency, it could be used as something to barter with.

[Bob In PA]

I will share a couple of things.   For the more elderly, make sure your cash is stashed in secure locations.   As an EMT I lost count of how many times I would respond to a call and see cash lying around.  Those people were lucky that my crew and I were above reproach.  Also, don't put your money in a location where it could accidentally get thrown up.  I have read far too many local stories with that theme, over the years.

The other thing, is I keep a couple of hundred in cash around.  It came in handy with Super Storm Sandy.  When I first went out to get more propane for my generator, there were limited places open.  One place that was open was doing a cash-only business because the power was down and they couldn't process credit cards

Finally, I read a long time ago, keep a good supply of beer on hand.   In an emergency, it could be used as something to barter with.

Rich: I don't know if I'd necessarily say you're "above reproach." LOL    Seriously, all good advice... and I do consider the EMT crowd to be above reproach.  Many from my family (most now gone) were EMT's.  Bob

[Sem]

Finally, I read a long time ago, keep a good supply of beer on hand.   In an emergency, it could be used as something to barter with.

Hmmmmmmm. As a home brewer with lots of ingredients, as long as I have access to water I

[Bob In PA]

Hmmmmmmm. As a home brewer with lots of ingredients, as long as I have access to water I

[Sem]

Bob, I don

[Bob In PA]

Bob, I don

[MightyGiants]

Hmmmmmmm. As a home brewer with lots of ingredients, as long as I have access to water I