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MickinMD

Have some cash handy

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For people like me that rarely pay for anything with cash, I appreciated a Yahoo article recommending having 3-5 days of expenses in cash in case there's a problem with electronic checkouts, ATM's, etc.  The article also discusses handling cash:

https://finance.yahoo.com/video/handle-cash-coronavirus-spreads-224800514.html

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These are the kinds of things that don't need to spread.  This is crap reporting.  Yes I am cash carrying guy.  I don't use or currently need an ATM.  That said, telling people to be prepared to live with 3 days of cash is irresponsible. 

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I didn't read the article but I think the idea to keep some cash handy is sound.

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Cash makes no enemies.

 

Doug McClure

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19 minutes ago, donkpow said:

I didn't read the article but I think the idea to keep some cash handy is sound.

Especially if you earn it in cash.  :whistle:

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12 minutes ago, donkpow said:

I didn't read the article but I think the idea to keep some cash handy is sound.

I've been in situations where the credit card reader is out.  I usually have at least $100 in cash in my wallet and there are many times that's come in handy.

It can get very scary when you have assets but can't pay for something because you don't have the currency of choice.

When my companion and I arrived in Athens in 1996, we and others on our cruise were taken into a room and told that TWA Flight 800, which had taken off from JFK Airport in NYC 15 minutes after us, had blown up behind us over the Atlantic.  My companion was shaken and she went up to our room while I got in line to buy tickets to THE great side-trip to the Peloponnesian Peninsula before boarding ship for our Aegean Odyssey Cruise.

When I got to the front of the line there were only 4 tickets left and 10 people behind me.  My only credit card then was a Mastercard and the ticket seller said they only took Visa or Amex and no American cash.  I was SO dismayed!  Then, I suddenly remembered the Visa logo on my bank's ATM card.  "Will this work?"  "Yes!"  We were in!

Ever since, I've always made sure I have a few payment options when traveling overseas - especially cards requiring a pin #.  It's not a bad idea at home, either, especially now!

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1 minute ago, MickinMD said:

when traveling overseas

I think we can all acknowledge that travelling requires special preparation.

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I use cash, but typically don't carry a lot w/ me (a lot is relative). At home though, I have lots of cash (again relative). I have more than a couple allowable ATM withdrawls though. I'm old school and know what it's like before e-money :D I like to have some cash on hand in case I need it and am too lazy to go to a bank. Banks are allowed to remain open per the order in MI, so I don't see atms or cc paying to go kaput. But I'm ready :)

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The same message was stressed leading up to January 1, 2000 (Y2K). Everything was supposed to fall apart when computers rolled over to the year 2000. Having worked in the financial industry for close to 40 years I believe that this is bunk advice. I carry a few twenties in my wallet but the bulk of my purchases are done with a debit card. I don't forsee the electric/telecommunications grid failing to where we could not use credit/debit cards. If this unlikely event were to occur, I would be able to go to my credit union and obtain cash. If I were not able to do this, I think we would have bigger issues than getting cash. 

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I always have some cash on me, but almost never use it.  I carry it on rides because lots of convenience stores hate taking a CC for amounts under $10. Sure, it violates the CC agreement, but easier to just use cash to buy that overpriced water, soda, or ice cream sandwich.

I can't see how the CC system would be breaking down in any level any of us would notice.  In fact, we have tons of self-checkouts at grocery stores, Target, Home Depot, and the "cash" option is usually the one not operating, and a "CC/debit only" sign is on them.

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Well, I don't use a lot of cash, but I have access for >3 day's worth at all times.

Not sure this is current catastrophe news or just a generally good practice.

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1 minute ago, 2Far said:

Well, I don't use a lot of cash, but I have access for >3 day's worth at all times.

Not sure this is current catastrophe news or just a generally good practice.

Even when out for a ride?

My "reserve" cash is in the bank or at home.

But honestly, I probably have 3 days of "cash" in my spare change jar.  How much is 3 days cash? A $20? $200? 1/100th of your salary?

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1 minute ago, Razors Edge said:

How much is 3 days cash?

Enough to cover a trip to the grocery and bribe the warlord.

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Just now, donkpow said:

Enough to cover a trip to the grocery and bribe the warlord.

What if you ARE the warlord?

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1 minute ago, Razors Edge said:

What if you ARE the warlord?

Good question. Hookers and blow is the answer on that one.

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8 minutes ago, donkpow said:

Good question. Hookers and blow is the answer on that one.

Well, if anyone would know, it's you! It's good to be king, eh?

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I usually have cash in my old wallets stuck in a drawer, probably should put it under the mattress for safe keeping.

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24 minutes ago, Razors Edge said:

Even when out for a ride?

My "reserve" cash is in the bank or at home.

But honestly, I probably have 3 days of "cash" in my spare change jar.  How much is 3 days cash? A $20? $200? 1/100th of your salary?

Depends on the length & route of the ride. For a long ride I add a credit card to the money/ID clip in the seat bag.

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Yeah, I have a few days cash handy...now if I could just find it.

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As a part time traveler, I keep a little money if a few different places: truck, computer bag, ditty bag, wallet, etc.

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2 hours ago, 2Far said:

As a part time traveler, I keep a little money if a few different places: truck, computer bag, ditty bag, wallet, etc.

Can you use that time traveling to get past the virus?

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18 minutes ago, maddmaxx said:

Can you use that time traveling to get past the virus?

I can only go backwards, then back. I have to check my money before I go back to make sure it isn't dated for after the time period I'm in. Got any old hundreds laying around, I'll give you $120 for them.

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It's actually bad advice. 

1. It's a human virus, not a computer virus.  The ATM machines will outlast us.  You'll be able to get cash.

2. You're pretty much only allowed to spend money on line, all the stores are closed.

3. If you DO have to pay for groceries when anyone around you could be contagious, would you prefer passing back and forth virus absorbing wads of paper, or holding your own phone somewhere near the reader?

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Last thing we need is a run on the banks.  We should not spread even more panic.  

I don't like dirty cash.  We do have some, and it should be disease free by now.  If we need it, we have a little.  

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There are very few situations a stack of fifty's and or a shotgun can't make better....

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