How Much Emergency Cash Should You Keep at Home? | WSJ Your Money Briefing

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  • Опубліковано 3 жов 2023
  • Financial advisors recommend keeping physical cash at home in the event of an emergency or natural disaster.
    Wall Street Journal personal finance bureau chief Jeremy Olshan joins host J.R. Whalen to discuss how much cash should be put aside.
    Your Money Briefing
    WSJ's personal-finance podcast features the news that affects your money and what you do with it, breaking down complicated money questions from spending and saving to investing and taxes.
    For more episodes of WSJ's Your Money Briefing: link.chtbl.com/WSJYourMoneyBr...
    #Cash #Savings #WSJ

КОМЕНТАРІ • 361

  • @WSJNews
    @WSJNews  10 днів тому +1

    Just want to listen to the episode? Visit the WSJ Audio Center: on.wsj.com/44QEfsJ

  • @PreValDay13
    @PreValDay13 Місяць тому +47

    We were without power for 13 days during the 2009 Ice Storm. Thankfully, we had $2,000 in cash stashed at home. It was lifesaving!

    • @confusedwhynot
      @confusedwhynot 7 днів тому

      Only works if the businesses are up and running. When tech goes down this country will be in a mess. Automation will be our downfall in a big disaster.

  • @SouthoftheBigChicken
    @SouthoftheBigChicken 2 місяці тому +67

    It is important to keep change and small bills, 1's, 5's, 10's, 20's, 50's, and 100's. If grid goes down, there will be no change, keeping all large bills will not work. There is a story of a woman after Katrina, she spent $20.00 for $5.00 worth of items because of no change. Hope this helps.

    • @MoonMan1956
      @MoonMan1956 Місяць тому +3

      Those are the only denominations the US prints. I don't keep anything larger than a $20 bill. $50's and higher get broken at the store now if I have them.

  • @joshs9066
    @joshs9066 Місяць тому +53

    For the love of God, as a lifelong Florida resident don’t ever pay any contractor in cash during a storm. That’s the fastest way to say goodbye to your money and they skip town and you’ll never see them again. Tons of guys did this back in 2004 and 2005 ripping people off left right and center.

  • @thewisdomdivatv
    @thewisdomdivatv 7 місяців тому +60

    A few years ago I stopped spending $5 bills & stash them in the house. I got my husband to do the same and we have a few thousand dollars now so we got a safe.

    • @situated4
      @situated4 Місяць тому +1

      Excellent. I keep a sh-ton of them in a Kleenex tissue folding wrapper in the car. Very handy when needed and on the go camping firewood pay boxes, etc.

  • @demimorest963
    @demimorest963 Місяць тому +10

    Someone hit a power pole in Georgia a few weeks ago. ALL of the businesses in that area only accepted cash as their electricity was out. Starving, I was glad I had cash on me. Always keep some on me. Since the food wouldn’t last long without electricity, they doubled my order for the price of one serving. Big win for me.

  • @hisaddle
    @hisaddle 7 місяців тому +87

    I stopped by a McDonalds a few Saturdays ago, their system was down, all they could do was write down orders and take cash. I was fine, always have some cash with me.

    • @cherylT321
      @cherylT321 7 місяців тому +9

      I was at my local supermarket last week. I tried to pay for my purchases with my card, it kept rejecting it. I always keep cash on me just in case, so I was still able to pay for my purchases and not have to put anything back!

    • @jeffmiller9798
      @jeffmiller9798 7 місяців тому

      @@cherylT321 smart

    • @robertwalker5521
      @robertwalker5521 2 місяці тому +4

      Always have cash in the vehicle. Most tow truck operators will not accept check
      or credit cards. 'same with roadside emergency services

    • @situated4
      @situated4 Місяць тому +5

      I keep a couple of twenties buried in my vehicle manual in the glove box just in case as well. Came in handy a time or two while out camping (firewood), etc.

  • @geniferteal4178
    @geniferteal4178 7 місяців тому +46

    When Sandy hit I was lucky to find a deli that was open because most didn't have power.
    They still didn't have internet connections so they were only accepting cash.
    This is the kind of situation you need cash for in an emergency.

  • @GenK1991
    @GenK1991 7 місяців тому +65

    Its crazy to think that this newer generation sees the use of cash as archaic 😮

    • @ALCAN52
      @ALCAN52 7 місяців тому +4

      Until they see it first hand. Ask any of them if they would turn it down if you offered it to them. Then their answer is totally different. The same is true with gold and silver. 99.95% of the US population doesnt own gold or silver. They refuse to buy it. But if offered to them or when heirs who do own it die, that is the first thing they want.

    • @chemquests
      @chemquests 7 місяців тому +1

      I never carry cash but I can see keeping some stashed.

    • @Username_CC_
      @Username_CC_ 7 місяців тому

      ​@@ALCAN52gold is a Ponzi

    • @davidmack4495
      @davidmack4495 7 місяців тому +1

      I'm 62, and haven't touched bills or change in probably 5-6 yrs.....

    • @mysterybuyer3738
      @mysterybuyer3738 7 місяців тому +2

      @@ALCAN52 I see gold and silver as true and the ultimate form of money. Most people dont understand its significance or would know how to use it as a financial tool.

  • @brennelement6451
    @brennelement6451 7 місяців тому +57

    1 month’s expenses is a solid recommendation

    • @MoneyMas3
      @MoneyMas3 2 місяці тому +1

      Excellent

    • @dontbanmebrodontbanme5403
      @dontbanmebrodontbanme5403 Місяць тому +1

      What scenario are you think of where you need to have 1 month's worth of expenses on hand?

    • @edennis8578
      @edennis8578 Місяць тому +3

      ​@@dontbanmebrodontbanme5403If you live in blizzard country, the power can be out in town for three weeks. Bills still have to be paid.

    • @1bluensx
      @1bluensx Місяць тому +2

      I completely agree. 1-2 months of your average monthly spend. Sitting in a safe, to be forgotten about spot (preferably a safe) unless a true emergency. This will be different for every person based on their monthly spend.

    • @brennelement6451
      @brennelement6451 Місяць тому

      @@dontbanmebrodontbanme5403 Natural disasters like hurricanes, floods, and heavy ice/snow can knock out power for quite a while (especially in rural areas). Credit card payment systems can also go down due to glitches or cyberattacks. Of course, Murphy's Law dictates that you'll need a very expensive repair or service when you only have cash available, so plan accordingly.

  • @henryalmodovar6665
    @henryalmodovar6665 7 місяців тому +127

    I was in Puerto Rico during hurricane Maria, when the whole island went dark. My family spent close to $400 for around 2 weeks in groceries, gas, etc. So I'd say for extreme situations, $500 should cover the basics for a while.

    • @mitchell.9632
      @mitchell.9632 7 місяців тому

      In inquiry: Do you find yourself if you travel spending more on the mainland? Always thought Puerto Rico had a relativity low cost of living.
      @henryalmodovar6665
      2 days ago (edited)
      I was in Puerto Rico during hurricane Maria, when the whole island went dark. My family spent close to $400 for around 2 weeks in groceries, gas, etc. So I'd say for extreme situations, $500 should cover the basics for a while.

    • @bradspaugh9827
      @bradspaugh9827 Місяць тому +6

      500 is not enough

    • @poorwotan
      @poorwotan Місяць тому

      Same here after Maria. If one is prepared beforehand, the needs of cash are actually relatively small. I suppose those with gasoline generators might have needed more but us solar peeps were good to go right away. My biggest Maria expense was chartering a plane to leave for 3 months until the power was back...

    • @situated4
      @situated4 Місяць тому +1

      This is the number. I have a substantial silver mercury dime collection if things get really bad.

    • @starek1701
      @starek1701 Місяць тому +5

      I had like $2000 cash when the hurricane hit. I was able to survive for the whole month.

  • @washguy5982
    @washguy5982 7 місяців тому +40

    It needs to be in small denominations, if they can’t make change you loose the difference.

    • @situated4
      @situated4 Місяць тому

      Yes. I have all 50s now and need to do something about that today.

  • @clintpatty
    @clintpatty 7 місяців тому +56

    My credit union uses backup generators at every ATM, but I suspect that money would quickly run out if there was a sustained power outage.

    • @SiliconBong
      @SiliconBong 7 місяців тому +1

      Recently I had about a thousand dollars in a small safe, decided I only needed a hundred, a couple of fifties, twenties and tens, a dozen fives* and a small pile of coins.
      *if the effluvium impacts the rotating air conditioner courtesy of a sustained solar storm i'm thinking it might be handy to have small change to help with wee purchases like bread and butter.

    • @michaeldew7904
      @michaeldew7904 7 місяців тому

      The problem would probably be the ATM communicating with "the outside" to ask your bank account if you have the money needed. It would probably not give you any money in that case. Fortunately a credit union would probably be a fairly close "the outside".

    • @johnurban7333
      @johnurban7333 7 місяців тому +1

      Just drive further away where they isn’t a power outage

    • @michaeldew7904
      @michaeldew7904 7 місяців тому

      @@johnurban7333 that’s fine for a small power outage. A large area (like a hurricane) would make that difficult. Good idea overall though.

    • @CHSwildcats19
      @CHSwildcats19 6 місяців тому +5

      @@johnurban7333 That's hilarious lolololol And just where, may I ask, are you obtaining gas? Because, let me tell you, after Katrina all of the gas stations for hundreds of miles were empty - and they weren't being restocked because no trucks were even able to get in here. Trees and power lines blocked all roads in and out, plus we were under a curfew. There are so many roadblocks to attempting to live normally I can't even remember them all. People think this is a hurricane/natural disaster issue but it can literally happen anywhere if there is a power grid failure. Luck favors the prepared.

  • @myvenusheeler
    @myvenusheeler 7 місяців тому +19

    I was out of power for sixteen days after Hurricane Ike and at least for the first few days it was a PIA to find stores or gas stations open. After that I started keeping a thousand dollars in cash at home. Thankfully I had plenty of non-perishable food on hand, so eating was not problematic.

    • @takecare5077
      @takecare5077 3 місяці тому +3

      Seem like a lot have a lot of non-perishable food though I would say keep enough water on hand too (ideally for 3 or more days).

  • @user-uc9fx4ru7p
    @user-uc9fx4ru7p 7 місяців тому +44

    People may laugh . But this is a real need. If SHTF. Having some cash in the house will be needed. At least in the short term.Good and important video.

    • @grigorirasputin425
      @grigorirasputin425 7 місяців тому +2

      What about some gold? How much gold to keep in the house?

    • @kbjcda
      @kbjcda 7 місяців тому

      @@grigorirasputin425 all of it

    • @MoonMan1956
      @MoonMan1956 Місяць тому

      @@grigorirasputin425 All you have. If you don't hold it, you don't own it.

  • @Dollsteak69
    @Dollsteak69 7 місяців тому +26

    2k could cover everything for at least a couple weeks plus mis sized unexpected expenses. I've always been a envelope stuffer that pays my bills 6 months out so the 2k is there without really trying.

  • @poorwotan
    @poorwotan Місяць тому +8

    This story is about actual CASH not other prepping one may do. I live in hurricane alley so my prep is pretty extensive (from canned/dried foods, water, batteries, portable solar panels, hammocks, tarps, fans, snacks, etc); I calculate about 2 months of living without governmental help. But CASH is only for small stuff at the beginning and 500-1,000 is more than enough.

  • @muffineyes
    @muffineyes 7 місяців тому +68

    Senator Menendez recommends at least $500,000 cash on hand

    • @motoryzen
      @motoryzen 7 місяців тому +5

      Well maybe that is his or her 3 to 6 months of living expenses...but for the VAST majority of americans.... that is not attainable until reaching baby step 7.

    • @Bunnyacj
      @Bunnyacj 7 місяців тому +5

      And a few gold bars 😂

    • @sharonh2991
      @sharonh2991 6 місяців тому +5

      LOL! He also recommends that you keep it in the pockets of your coats and jackets, in the hall closet.😂

    • @yannip2083
      @yannip2083 6 місяців тому +2

      He stitched his $Cash to various parts of his jacket! LOL

    • @lizamorning5356
      @lizamorning5356 Місяць тому

      You’re kidding me, $500,000 really!?!1

  • @alphaj9
    @alphaj9 7 місяців тому +91

    I think $1k seems like a decent amount to keep hidden somewhere in the home.

    • @BArtleDoo92
      @BArtleDoo92 7 місяців тому +1

      Under the mattress

    • @johnurban7333
      @johnurban7333 7 місяців тому

      As long as it doesn’t burn down or destroyed by a hurricane

    • @Username_CC_
      @Username_CC_ 7 місяців тому

      ​@@johnurban7333fire proof safe and or home owners insurance would cover it

    • @grigorirasputin425
      @grigorirasputin425 7 місяців тому

      Under the doormat

    • @susan5661
      @susan5661 7 місяців тому +6

      I have a small hidden safe with cash and important documents. Peace of mind

  • @MichaelChengSanJose
    @MichaelChengSanJose 7 місяців тому +49

    $5-10K in petty cash seems about right to keep around. Just enough to do something in a pinch but not lose too much interest by not being in a savings account.

    • @mysterybuyer3738
      @mysterybuyer3738 7 місяців тому +10

      Who still leaves cash in a bank account? Thats like the worst thing anyone could do these days.

    • @MichaelChengSanJose
      @MichaelChengSanJose 7 місяців тому

      @@mysterybuyer3738 Is there a more convenient option that costs nothing? Love to hear.

    • @Ghostrider-71
      @Ghostrider-71 7 місяців тому

      A savings account pays 0.5% after the 6 month 1.5-2% intro rate for opening the account in the first place.

    • @myvenusheeler
      @myvenusheeler 6 місяців тому +12

      @@mysterybuyer3738 Uhh, probably the majority of the nation's population.

    • @loblowry6282
      @loblowry6282 6 місяців тому +3

      You probably need a million or two just to keep life comfortable for a long-duration power outage.

  • @ThePabloG30
    @ThePabloG30 7 місяців тому +16

    Burglars are loving his podcast.

  • @ASwagPecan
    @ASwagPecan 7 місяців тому +7

    Money briefing uploads are usually fun & bite sized

  • @RickGoodrich-mb4by
    @RickGoodrich-mb4by 6 місяців тому +9

    I think it is important to have some in smaller denominations if all you have is $100 bills everything will cost at least $100 because no one will have change

  • @SunnynPhilly
    @SunnynPhilly 7 місяців тому +18

    7K cash + Gold and vehicle titles in a fireproof/waterproof safe

    • @ALCAN52
      @ALCAN52 7 місяців тому +1

      Good answer. But I give a more detailed answer.

  • @9liveslisa
    @9liveslisa 7 місяців тому +12

    Great conversation. I've pondered over this myself. And you made me laugh about where to hide it! I worried I would forget where I put it. lol!

    • @ordinaryhuman5645
      @ordinaryhuman5645 7 місяців тому

      Obviously it goes in the most valued thing in the house - your waifu anime body pillow. Most people would not go digging in there.

  • @Steven-xf8mz
    @Steven-xf8mz 7 місяців тому +55

    Ain't no one selling you anything when everything is down. Not even grocery stores would be doing businesses as their cash would be considered "loots" for criminals. The better approach is probably have enough food at home for few weeks.

    • @j10001
      @j10001 7 місяців тому +3

      And a way to protect it

    • @mitchell.9632
      @mitchell.9632 7 місяців тому

      Are you in D.C. where the power goes out for a few minutes a year on average? The corner local-ish convenience store when there was a storm was packed while on generators and welcomed the money. Out of ice though.
      Still can be "Looted" digitally too.
      And there around this area an eatery that just got a new menu system this year and still are cash only.

    • @Steven-xf8mz
      @Steven-xf8mz 6 місяців тому

      @@mitchell.9632 the article was sort of hinting like a systematic power outage for weeks, definitely not like a temporary thing due to overheating at the grid or storm. Under such circumstances such as an earthquake or invasions food becomes scarce enough no one is selling or accepting cash. Gun would do much better than anything else. If you have stuff, you need ways to protect it. If you have means to protect it, you probably have enough means to get it from others.

    • @mitchell.9632
      @mitchell.9632 6 місяців тому

      @@Steven-xf8mz Major storms *can* knock power off for over a week and recently have for some throughout and around the storm path throughout the state.

    • @Steven-xf8mz
      @Steven-xf8mz 6 місяців тому

      @@mitchell.9632 I don't know the extend you're referring to. This may be biased opinion from me, because I have only seen that happen to exclusively zones which tends to be parts of cities, not like a 50 mile thing where you can't drive to a place to use your cc. Under a catastrophic event, it is unlikely cash is useful because money becomes the most useless thing around. It sounds like you're trying to counter my argument by using specific set of criteria which is fair but definitely not what I was referring to. So I do agree with what you said in a sense but also disagree because my original and ongoing comments aren't targeted to what you're referring to

  • @take5th
    @take5th Місяць тому +2

    If you own a gun, keep enough to hire a lawyer and pay bail. All I can say from experience, my own, is that I once lived through a hurricane and blackout that lasted a week, before power was restored. I was available on street corners, but was $20 a bag (1985). ATMs did not work, and anything that was available was available in exchange for cash. Bars were open!! but only took cash.

  • @mitchell.9632
    @mitchell.9632 7 місяців тому +2

    There is a generational difference (though it does not apply in whole to the whole cohort). In an area where the power has not gone out often in just over a decade there was scuffle even though the power was not off long enough that cell phone service was not interrupted on a relatively new unlimited plan.

  • @TexasEngineer
    @TexasEngineer Місяць тому +1

    As a former power company employee and having to deal with hurricane issues, I found that the cash issue is nonexistent because when the power is off the merchant’s cash registers and refrigerator/freezers and gas pumps do not work. They can’t sell you anything without the register. If the register is up, then most likely their internet connection will take your credit card and cash. Very few cashiers know how to make change the old fashion way.
    The most valuable thing to have is a full tank of gas to get out of the area with a power outage. Hurricanes with power outages have a limited affected areas where you could travel 200 miles and find a hotel room. Winter storms power outages are far worse because they can be very broad in nature. A winter storm requires a generator and maybe auxiliary form of heating and cooking. Their power outage foot print can be highly variable and unpredictable. Panic buying up resources like gas and food during the outage is the major issue.

  • @VideoconferencingUSA
    @VideoconferencingUSA Місяць тому

    I do talk on hurricane preparedness for one of my local charities groups and the talk is geared towards seniors or people with disabilities and once you start going down the rabbit hole cash, of course is one of the things but the rabbit hole can get very very long and deep.

  • @spacecoyote6646
    @spacecoyote6646 Місяць тому +5

    The takeaway is people have different needs and means and you have to come up with the answer that fits you

  • @tcaporale3192
    @tcaporale3192 Місяць тому +7

    If power is out the gas pumps don't work.

  • @glorgau
    @glorgau Місяць тому +2

    Me, I keep about $300-$400K scattered around the house in loose piles around the house - on the dining room table, in front of the living room window, etc.

  • @Farmer-bh3cg
    @Farmer-bh3cg 6 місяців тому +3

    A years worth of medicines, a strap (100 bills) of 1's,2's,5's,10's, and 20's, Whatever firearms you think you may need, two weeks of clean clothes, a medical kit, 25 gallons gas, a 5K home generator, personal items kit (soap, razor, comb, etc.), portable radio/tv/computer and fresh batteries, flashlights/ Coleman pressure lanterns. The list can go on and needs to be tailored to whether you stay in place or have to move. With Maria in PR, the entire Island had no power - the FRB shipped in Planeloads of Pallets of cash (CASH cash)to keep the economy going.

  • @chrissmurrayy
    @chrissmurrayy Місяць тому +71

    What I don’t understand is, on one hand we are told the stock market will crash and yet on the other we are told ways of investing in the stock market. Oxymoron or paradox?

    • @kurttSchuster
      @kurttSchuster Місяць тому +3

      People employ various tactics to capitalize on market fluctuations, whether it's experiencing an upswing or downturn.

    • @maddysys
      @maddysys Місяць тому

      Personally, I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.

    • @eastwood224
      @eastwood224 Місяць тому

      De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends.

    • @tonicruger
      @tonicruger Місяць тому +2

      this is all new to me, where do I find a fiduciary, can you recommend any?

    • @Mcllwain
      @Mcllwain Місяць тому

      Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her

  • @lawyerina305
    @lawyerina305 7 місяців тому +6

    Great episode

  • @ladeestayceejohnson806
    @ladeestayceejohnson806 Місяць тому +1

    Thank you for this information.

  • @cashflow68
    @cashflow68 7 місяців тому +7

    I usually keep $2500 in cash. This covers emergency repairs in case a contractor that cannot accept cc.

    • @situated4
      @situated4 Місяць тому +1

      Plus your weed delivery guy, no?

  • @baldeagle242
    @baldeagle242 Місяць тому +6

    I think I'm the only person on this planet who uses cash only. There are numerous places I won't go to because they don't take cash.

  • @garykemp2729
    @garykemp2729 Місяць тому +4

    Keep in mind price gouging could very well happen so $500 worth of goods could cost you $3,000!

  • @IronEagleMath
    @IronEagleMath Місяць тому +2

    I have $1k in tens and $1k in ones - quite a stack. Along with 200 ounces of silver in various forms.

  • @southernnaturalhairaffair7912
    @southernnaturalhairaffair7912 7 місяців тому +7

    This was great, thank you!

  • @mikeg3810
    @mikeg3810 7 місяців тому +9

    Hopefully we learned something from the 9/11 when their was a run on the banks. You’ll remembered what happened… “Sorry, our ATMs are not working right now.”

  • @jarvisskooge8602
    @jarvisskooge8602 Місяць тому +5

    Don’t keep it in $100’s

  • @michaeldew7904
    @michaeldew7904 7 місяців тому +6

    He said one week (or two) of expenses. Most of my expenses are not payable in cash (automatic mortgage payment for example), so I assume you mean a week or two of locally purchased expenses (like groceries).

    • @bcase5328
      @bcase5328 7 місяців тому +3

      How much does a night at a motel cost? How many nights may your family need to stay outside of your home? That plus food and gas would be the main items which you would need to pay while out of your home.

  • @JohnAranita
    @JohnAranita 9 днів тому

    Thanx, Mr. Whalen. Long time no see on UA-cam. Hope to see u soon.

  • @DarthDaddy-cg6ro
    @DarthDaddy-cg6ro 7 місяців тому +1

    Thanks.

  • @jackpoage5419
    @jackpoage5419 Місяць тому +3

    I have done extensive backpacking in remote areas. When the power was off for 5 days at home I just lived like in the back country with the benefit of sleeping in my own bed in a leak and wind proof building instead of in a tent or under a tarp and running water and a real bathroom.. Eating for 5 days off my normal stock of food was no problem. I don't think I spent any money during that time.

    • @situated4
      @situated4 Місяць тому +1

      I like the way you think, friend.

  • @Sky1
    @Sky1 2 місяці тому +5

    Enough for a one-way airline ticket out of the country

    • @Sky1
      @Sky1 2 місяці тому

      and if you pay cash you are instantly flagged by TSA

  • @DevylsAdvocut
    @DevylsAdvocut 7 місяців тому +15

    I have $6 laying around…

  • @NoMoreTears64
    @NoMoreTears64 Місяць тому +1

    My apartment complex has a big sign on their office door "NO CASH ACCEPTED". I bet if power was out for weeks or months, they would quickly change their tune. 😂

  • @timbradeen8459
    @timbradeen8459 6 місяців тому +5

    I'm here to tell you $1000 buck cash goes away very quickly. I say have as much on hand as you can comfortably muster for your personal situation.

  • @militaryhomes6292
    @militaryhomes6292 Місяць тому +1

    Its hard to have some money at home knowing that the high yield interest rates are so good right now. However the piece of mind knowing you have some money in case of an emergency is nice... If you can definitely keep it in a fire box if you can... Its not very useful if its burns away if you loose your home!

  • @kathryncooper4001
    @kathryncooper4001 Місяць тому +4

    I have a tornado survival station in my basement. When a tornado warning sounds, my son grabs all the electronics and the file box and takes them downstairs. I take the jewelry drawer, a couple of items of sentimental value, and the barley box from the pantry. It's filled with cash and sits between the quinoa and the faro.

    • @MoonMan1956
      @MoonMan1956 Місяць тому

      Not too smart telling people this and using your real name. "It's filled with cash and sits between the quinoa and the faro."

    • @kathryncooper4001
      @kathryncooper4001 Місяць тому

      Can you imagine how many people in the English speaking world have my name? Needle in a haystack to figure out which one posted that reply.
      @@MoonMan1956

  • @davidmack4495
    @davidmack4495 7 місяців тому +7

    2k should be fine.

  • @iceviking8280
    @iceviking8280 7 місяців тому +8

    At least 1 month worth of your living expenses.

  • @todddunn945
    @todddunn945 Місяць тому +1

    You can always write checks. Of course I live in a small town and the local businesses have no trouble with checks from locals. That said, I often go for a week or more without spending any money. I see no need to have a bunch of cash on hand given my lifestyle and where I live.

  • @clyben3397
    @clyben3397 9 днів тому +2

    That guys crackling voice is killing me😵‍💫

  • @kerrybyers257
    @kerrybyers257 6 місяців тому +2

    Ask the folks in Acapulco how much cash they wish they had right now. 🙏

  • @user-xo6dv7cw1b
    @user-xo6dv7cw1b Місяць тому +1

    I keep $20 bills hidden all around the house. Lots of them. They come in handy!

  • @timmaloney6441
    @timmaloney6441 7 місяців тому +2

    I'm not concerned with a power outage but a Panic 'Run on the Banks' frenzy .

  • @callmeNeno
    @callmeNeno 7 місяців тому +8

    I keep 2k in my apartment inside one of my shoes I never wear.

    • @Bunnyacj
      @Bunnyacj 7 місяців тому +12

      What’s your address 👀

    • @kay123nay
      @kay123nay Місяць тому +1

      @@Bunnyacj😂😂😂

  • @Username_CC_
    @Username_CC_ 7 місяців тому +4

    Its strangw because now savings accounts are paying iver 5% so every 1k out of the bank is losing 50 bucks a year but i get the sentiment

  • @cynthiabanks-holman6952
    @cynthiabanks-holman6952 6 місяців тому +6

    Cash Is King✨👌🏽

  • @mariahsmom9457
    @mariahsmom9457 Місяць тому

    A lot of stores close during power outages and dont take cash. Gas stations and grocery stores alike. Food, water, and a power source to cook some food (or food to eat raw) is probably more helpful in a true, sustained outage.

  • @DavidVelasquez9
    @DavidVelasquez9 6 місяців тому +54

    Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

    • @GregMunro
      @GregMunro 6 місяців тому

      yes, transportation, e-commerce among other sectors are expected to experience growth, but who knows, the market has been a basket of surprises.

    • @DavidVelasquez9
      @DavidVelasquez9 6 місяців тому

      Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years,

    • @GregMunro
      @GregMunro 6 місяців тому

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    • @DavidVelasquez9
      @DavidVelasquez9 6 місяців тому

      Having a counselor is essential for portfolio diversification. My advisor ASHLEY AIRAGAHI who is easily searchable and has extensive knowledge of the financial markets.

    • @GregMunro
      @GregMunro 6 місяців тому

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  • @cato451
    @cato451 7 місяців тому +1

    I keep $500 in small denominations for power outages and the like.

  • @straycat1674
    @straycat1674 7 місяців тому +1

    The problem with any emergency cash at home, now that they’re going digital and some banks are starting to not even deal with cash eventually There won’t be cash to deal with. That’s when everything is digital currency and every single transaction is taxed. Borrow money they’re gonna tax it, pay money back they’re gonna tax it. Tip somebody it’s all taxed. The system goes down nobody has access to cash because it doesn’t exist.
    This is why I think every state should except all forms of legal tender. What I mean by that is precious metals as well as digital currency and paper currency and coins. Golden silver coins, gold backs and silver versions. And people should have a bit of everything stocked up.

    • @mysterybuyer3738
      @mysterybuyer3738 7 місяців тому

      Yes people should have gold and silver for sure.

    • @tomhenry897
      @tomhenry897 6 місяців тому

      Loose when resell
      Use cash

  • @ingothitrust5248
    @ingothitrust5248 7 місяців тому +10

    As an urban prepper, I keep gold and silver around too, in addition to my cash, which I keep in separate denominations; it's wise to carry small bills and plenty of them because if you have to barter, any shyster will mark up what they're trying to sell you if you have nothing but 50s or 100s.

  • @takecare5077
    @takecare5077 7 місяців тому +1

    Jewelry doesn't get the attention that these holding cash discussions do and that in some cases are even smaller that cash and coin on the robbery topic.

  • @Operator_68
    @Operator_68 Місяць тому +1

    The answer is - as much as you can afford. Count on 2 weeks of paying for food, gas, and hotel rooms. If you can afford $500 that's only going to cover food and gas, so plan on sleeping at rest stops or campgrounds. If you can afford it 2K-3K is the right amount because hotel rooms generally jack up their prices in those times.

  • @rrosen7370
    @rrosen7370 6 місяців тому

    Because we are in hurricane season I have $500.
    Generally, on hand I have $300.
    During hurricane Andrew you could not use credit cards due to power outages!!

  • @hectorgarza6679
    @hectorgarza6679 4 місяці тому

    I use cash for emergencies exclusively. Always have a bit of cash in your person. Always.
    Have a bit more at home in the event of a natural disaster or whatever. Only use it during emergency, so as to not dip into what you have in savings if you don't have to. Slowly replenish your cash reserves if you end up using them.

  • @americandissident9062
    @americandissident9062 Місяць тому

    I’ve got about 3-4 months worth of living expenses saved for an emergency, and about 10% of that is cash in a location that I can reach quickly.

  • @iamhowiam2862
    @iamhowiam2862 7 місяців тому +20

    61% of Americans are living paycheck to paycheck. How do we bring them up to speed?

    • @greekre
      @greekre 7 місяців тому +8

      they would need to leave "the greatest country in the world" and move to a place where delusion isnt king

    • @rsimmons1980
      @rsimmons1980 7 місяців тому +3

      They have to start saving, even 5 percent. Otherwise they screwed.

    • @bigshoe84
      @bigshoe84 7 місяців тому +6

      People will have to stop trying to have all the newest latest greatest junk and save some money. They have to decide for themselves that they want to do better, you can’t help them until they are ready to receive help. I recommend Dave Ramsey for people that are trying to change their financial situation.

    • @mitchell.9632
      @mitchell.9632 7 місяців тому

      That is a good point.

    • @aceyage
      @aceyage 7 місяців тому +5

      @@rsimmons1980How much is 5% of zero dollars?

  • @SorminaESar
    @SorminaESar 7 місяців тому +2

    Welcome sir, good morning🙏Where were you yesterday?

  • @lizamorning5356
    @lizamorning5356 Місяць тому

    And you should have tarps, tools, two weeks of food, including for animals, etc. check out earthquake prep lists. These supplies should be together on one place, and a suitcase of passports, few photos for each of the last 10 years, etc PLUS cash. I often have a few thousand around, depending on how broke I am. Think earthquake, floods, fire, storms, what would you need for each, how would you protect cash from each?

  • @NatalieG427
    @NatalieG427 5 місяців тому

    Power outages is also one good reason why going totally digital with it is the worst Idea & wouldn’t work for us at all. Cash IS Freedom. 💸

  • @sflasaint811
    @sflasaint811 Місяць тому +2

    As much as Fani.

  • @robertwalker5521
    @robertwalker5521 2 місяці тому

    Ywo weeks zoom past QUICK.
    Two months gives a very good cushion
    fn the event of a major power outage.
    Alway keep more than half tank of fuel
    in your 'get away car'. PLUS, a three or
    four gallon gas can (full) that can be placed in the trunk as you are escaping.
    All of that will give you the ability to get
    hundreds of miles away, in an emergency.
    in the trunk.

  • @afridgetoofar1818
    @afridgetoofar1818 Місяць тому +1

    $1,000 is about right.

  • @CaveLife652
    @CaveLife652 Місяць тому +1

    I keep $50 in coins, $2k in small bills, and $2k in large bills. My wife and I set this money aside when we got married from money we were gifted. We put 4 months of savings into a money market account for an emergency fund and everything else is invested. I think if you should start with $1k in small bills and slowly bump it up until you hit your risk threshold.

  • @kathys1285
    @kathys1285 19 днів тому

    I live in a hurricane 🌀 area so we prepare for it every single year I have up to 2,000 in cash in small to large bills 💵 we’re usually out of power no more than two to three weeks sometimes a month but my husband said to me the other day with things going up and up we should try to build it up to 5k we have no debt we have good paying jobs but I think 🤔 maybe it’s too much idk 🤷‍♀️ we would only need it for gas and food I usually stock pile water in June and can goods I think four k should be fine

  • @draneym2003
    @draneym2003 7 місяців тому

    I'd think If a situation is going to arise where it's expected to disrupt travel and infrastructure for an extended period, warnings would be widespread. At which point I'll get some cash. But to have cash laying around I have no immediate need for? Safety and it's not earning interest in my house

    • @mountaingarden8823
      @mountaingarden8823 7 місяців тому

      Like earthquakes?

    • @mysterybuyer3738
      @mysterybuyer3738 7 місяців тому

      There will be little to no warning. You wont be able to get cash at that point.

    • @vittoriogomez8179
      @vittoriogomez8179 5 місяців тому

      Maybe we'll get a polite little warning that the power has gone out overnight.

    • @takecare5077
      @takecare5077 3 місяці тому

      Do you not have any pricey watches or jewelry around due to safety and it is not earning interest?
      Storms come in with little advance warring and the extent is not known until it rolls in.

  • @darealphantom
    @darealphantom 6 місяців тому

    I didn’t carry cash for awhile then I would catch myself needing it now I try to take a spare $100 bill in my wallet and some cash at home because you never know what could happen

  • @williambeyer5095
    @williambeyer5095 7 місяців тому +1

    This is not about the Power being out, if any ATM or Register does not have internet connection transactions will not go through.

    • @takecare5077
      @takecare5077 3 місяці тому

      There are offline register operations. Also have seen and used backup pads.

  • @NicholasNerios
    @NicholasNerios 7 місяців тому

    Good advice,
    Where to pinch penny's

  • @andyamysarizonaadventures5450
    @andyamysarizonaadventures5450 2 місяці тому +3

    I think in a jar buried in the back yard would be good incase of a house fire but don't use a metal lid someone can find with there detector 😅

    • @edennis8578
      @edennis8578 Місяць тому

      I get plastic jars from my protein powder. Plastic jar, plastic lid.

    • @MichaelLawrenceMagic
      @MichaelLawrenceMagic Місяць тому

      Burying cash is ridiculous, they sell fireproof safes that you can hide in your house.

  • @johnjenson9965
    @johnjenson9965 Місяць тому +1

    The answer is to keep 20k at home!

  • @douglasdingwall1596
    @douglasdingwall1596 2 місяці тому

    If the power is out the gas can't be pumped....Stores have electric cash registers.....you're screwed regardless.

  • @teachccd
    @teachccd 7 місяців тому +5

    This video was fun to listen to but pretty much didn’t tell us anything.

  • @dobby6799
    @dobby6799 6 місяців тому

    I am glad you addressed this need JR. However, if the power goes out for a week, 99.99% of Americans will not worry about buying clothes for one week.

    • @edennis8578
      @edennis8578 Місяць тому

      Unless you live in blizzard country. Lots of people have warm clothes good enough for hopping in and out of warm cars, but not for spending three weeks in a cold, dark house in below freezing temperatures.

  • @miketracy9256
    @miketracy9256 7 місяців тому +2

    GOOD ADVICE, BUT WE NOW HAVE PLACES THAT WILL NOT ACCEPT REAL MONEY.

    • @edennis8578
      @edennis8578 Місяць тому

      During a prolonged power outage, they'll either take cash or go under. Three weeks is a long time to close down.

  • @youKnowWho3311
    @youKnowWho3311 Місяць тому +1

    $1k minimum. A tire, chainsaw, or generator will eat that amount. Unless you have every conceivable thing you will need, I would say 1k is a nice starting point. If you are reading this even 6 months from this post specifically in 2024, your number should be inflation adjusted going forward on a 15% per quarter basis (fingers crossed).
    Expert move. Have the same amount in silver/gold and Bitcoin. Also, always have 3-4 cases of water on hand and plenty of canned goods you can heat over a candle or camp stove/fire.

  • @lilmsgs
    @lilmsgs Місяць тому +1

    Gas pumps don't work when the power is out

  • @imthelovestamp
    @imthelovestamp 7 місяців тому +2

    Next month, I'm going to wake up to these 2 dudes in ski masks lifting my Barbasol

  • @user-yw8ir3mz5c
    @user-yw8ir3mz5c 6 місяців тому +7

    As older person, I keep more cash on hand than my kids. Just seen more life...

  • @tomj528
    @tomj528 7 місяців тому

    Stock up on canned and dry goods along with water then stash $5,000...don't fool around as you may need it to get outta Dodge.

  • @MerwinWren
    @MerwinWren 27 днів тому

    We are far too dependent on technology. There are circumstances where we could be hobbled for weeks or months yet we still put all our eggs in this fragile tech basket. Have an analog solution for everything. Cash. Precious metals. Handheld amateur transceivers with solar battery chargers. AM/FM radios. Gas powered tools and generators.

  • @pwu8194
    @pwu8194 6 місяців тому +4

    I never kept more than $100 in cash, and that money is mostly for tips when I go out to eat.
    If power went out and credit card becomes useless, I am pretty sure government would be all over the place. Cash at home is recipes for burglary, if anyone knew about it. There were stories about people hiding their cash in their walls, then they died and no one ever knew about the hidden treasure. The house was sold, and resold. Years later someone decided to remodel the home and voila, contractors found the cash.

    • @takecare5077
      @takecare5077 3 місяці тому

      Do you not have any watches or jewelry due to the being recipes for burglary?
      Personally did not see or hear of the government all over the place during the cascading power outage in 2003.
      in re to:
      @pwu8194
      3 months ago (edited)
      I never kept more than $100 in cash, and that money is mostly for tips when I go out to eat.
      If power went out and credit card becomes useless, I am pretty sure government would be all over the place. Cash at home is recipes for burglary, if anyone knew about it. There were stories about people hiding their cash in their walls, then they died and no one ever knew about the hidden treasure. The house was sold, and resold. Years later someone decided to remodel the home and voila, contractors found the cash.

    • @edennis8578
      @edennis8578 Місяць тому

      The government? Not during a blizzard. A blizzard can knock out the power in town for three weeks, and the government won't even give a look-in.