How Much Cash Is Too Much To Keep At Home?
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- Опубликовано: 16 сен 2021
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I can’t wait I’m meeting with one of your investment pros next Wednesday yay
civil forfeiture the cops can steal your cash and not charge you with a crime.
I just hit $100,000 net worth this last quarter from saving and i plan to invest in the stock market to see it grow in the next 3 years. What is the best way to navigate the stock market as a newbie?
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
Consider allocating 30-40% to a High-Yield Savings Account (HYSA) and entrusting the rest to a financial advisor for investment. My advisor has significantly impacted my financial journey, fostering clarity and confidence in the stock market. Thanks to her guidance, I've grown my portfolio from $100k to $1.4m in just 5 years.
Wonderful!!! I've recently sold property and aim to invest in stocks, seeking guidance. How can I reach them?
’Jill Marie Carroll' is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
"Cash is king" means buy what you can afford. If you can't buy it without going into debt, you can't afford it. Most of us, myself included, had to learn that the hard way.
The cost of money can be expensive. Good you use your own money. Smart move.
Well very few can afford a house with cash. XD
I guess your goofy ass will never own a home unless you have 400k sitting around the house lmao
@epop-Berrytwistexactly.
you cant get these braindead ramsey drones to accept the average man doesnt have 60k or even 20k in cash to buy a fkn car outright or 400k to buy a home with cash.
Credit isnt the devil lmao...what they all do is project their own poor self control out onto everyone else. THEY cant handle credit so the Ramseyites need credit to be the devil so they can shun it and pretend everyone else need to do that too lmao
wrong video
Y’all laughing at the old lady but having 70k at home is a good problem
What if your home is burglarized or your home catches on fire?
Then what?
Home owners insurance companies only cover a small portion of “assumed” cash on hand……..DEFINITELY not 70k
@@gmrrnracr mine will assume up to 150k in cash so do some shopping
@@gmrrnracr is hope you have a fireproof safe if your gonna store 70k safe. But yeah that’s still excessive
@@Postokon I highly doubt that’s true! If so you are paying crazy high home owners insurance
Put it on the bank.
Thank you sir... as a full time waiter I can not stress to you how good it makes me feel to hear your statements about your carrying cash with a large part of that utility being for tips. I have previously heard you say something to the effect of "I drive a car that doesn't make the valet think I'm rich, until I tip".
You warm my heart as you fill my co-industry-workers palms with generosity.
My wife and I are raising three grandsons after a death in the family. We eat out pretty often. Mainly when the boys are in school. It's not at all uncommon for me to leave a 50% tip or more if the service and food was great! I just feel grateful to be able to reward those who take pride in their work.
@@deborah7398 Trust and believe that some of us bear a great deal of pride in what we do.
I "tip" my hat to you Deborah.
May your grandsons be very happy and successful, thankfully you are in their life to help grant the opportunity.
I ofte stop a waiter bfore the check comes AND give them a "GIFT"!!
Then not so much tip on the check. They dont have to declare a "gift"!!!!
Short answer is "as much as you can keep your mouth shut about" fire-proof storage is a must.
Always keep some cash at home. Listen to the stories of Hurricane Katrina, no electricity, no banks, no ATM's, no cash anywhere to be had. I keep coins, bills of $1,5,10, 20, and 100's.
This happend on Virginia as well no power for 2 weeks . Glad I had cash
Actually it’s not a bad question if you lose power due to a weather event and need some cash to survive for a couple of weeks and ATMs aren’t functioning.
Exactly! Perhaps one month worth of expenses, since most disasters are resolved in a single month or less. And, honestly if the power is out for more than a month, we've got bigger problems than cash...
But the other side is if there's a house fire, there goes your money that's under the mattress
True. We live in Louisiana and this is exactly what just happened. Couldn’t even buy a tank of gas or food without cash
Which is why Dave said $5-10kvil in a home safe (waterproof and fireproof) is OK
I learned this recently. I didn’t take out enough cash before Hurricane Ida and it was over a week before I could get to an ATM and even then it was a struggle to find one that worked. Luckily FEMA was able to provide basic supplies and we were able to get hot food via the generosity of others, but not having at least a few hundred dollars in the house is not a mistake I will make again.
I think he really miss understood the lady's question altogether. I think she is a newbie she was wondering what's a safe amount of money to keep in your house.
It's important to remember that most homeowner/renter insurance policies have tight limits on how much cash they will cover in the event of loss or theft. Unless you get a special policy on the contents of your home bank vault, it may not be recoverable.
So my question is, does it outweigh the ramifications of what would happen. If the bank gets a hacker, economic collapse, ceo greed or just red flags. On large amount of cash getting extracted from your account?
Yup, a house in my town burned down a while ago, it was so hot that their safe imploded. They claimed they had over 200k in cash in there and nothing was recoverable.
@@AKAT1980 Your money is worthless in the case of an economic collapse anyway...
Recently had the experience of having my bank issued debit card declined. After some phone calls and questions, I learned that the bank has placed a $1500 daily limit on spending. That is MY money!! Only keep enough to cover your monthly bills! The bank is not going to control my money!
Easy. Lift the limit or I'm out! They won't care so why should you. Banks are friendly but they are NOT your friends.
Can’t you just increase the limit?
Write a check. Its called a demand deposit for a reason.
Get a new bank.
Not so long ago I tried to pay the dentist $3,k for some work with my atm card. It was refused . I was so embarrassed and the dentist didn't trust me enough to take a check. So I had to charge it on my M/C card, which I did not want to do. I wish I'd had some cash money with me to put down on the counter!
My Dad kept 10k in an envelope in a drawer. Never told my Mom it was their. Said if she knew, she would spend it. Only found out about it when he went into the hospital.
LOL. Sorry to laugh bro. That's a funny story though.
Best to wrap it in foil and put in the freezer. Almost looks like a NY strip.
Your Dad was a smart man
@@sad754ytyou keep
cold cash in freezer😂
There
I keep 5k in a safe in my house "just in case." Not sure under what circumstances I would need it, but it makes me feel better. I had a very eccentric friend that buried tens of thousands of dollars around the city we lived in and had a map to where it all was. I moved away and he then passed away. Not sure who got ahold of that map!
What city and state?! 😅
@@cheerfulmouse lol. Nice try
@@irishman4671 or he could've died before he could
this is a cool plot for a movie
@@xyla2235 I was just thinking about him yesterday. It would be a cool documentary or something. My best guess is that money is still buried.
Biggest problem with cash in any large quantity is Law Enforcement abusing civil asset forfeiture, which has a unique caveat of 'you're assumed guilty until you sue us to prove you're innocent...and even then we probably won't give it back...'
So you don't tell law enforcement about your money. 😀
@@bite-sizedshorts9635 If you get pulled over and they find it..what now..
@@whitegoodman7465why would you be driving with your savings on you?
This year 2024,don't set your financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
You're right based on personal experience working with an investment advisor, I currently have over $300k in a well-diversified portfolio, that has experienced exponential growth. It is not only about having money to invest in stocks but also you need to be knowledgeable, persistent, and have strong hands to back it up.
@@David-we3bx1xm9fHow can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@Eva.sanchezMarie Ann Treloar
She's the licensed coach I use.
Look her up on Google you will find the necessary information and also her web page to make a contact and schedule an appointment with her
I disagree. Leave ONLY what you need in the bank to pay your monthly bills. Not savings! I know Dave hates Preppers, but imagine his face when there’s a protracted and widespread bank holiday and you can’t get your cash. I used to work at a bank. This is not a fantasy. It’s simply not worth leaving large sums in a public bank. “Be the Bank!”👌🏼
I'm with you on that one. Just enough currency in the bank to pay the bills. The rest gets traded for real money
Exactly.
It's happening... Not in the form of a "holiday", but bank shutdowns are coming none the less.
So, Mr. Yankee Stacking, where would YOU stash you money that's currently in a savings account????
@@rickadams9 What do you call "REAL" money???
Living in CA where wildfires and earthquakes can cause power outages we keep a few thousand in a fireproof safe. If the ATMs are out we have quick access to cash. Also we have cash available for things we pay cash for so we don't have to keep going to the bank/ATM to get cash to fund our budget. One less thing on our to do list is always nice.
Do you live in a mountainous area because I live in CA and not in an area where wildfires or earthquakes are an issue
CA here, too. You should keep some in your car(s) as well. What says you will be at home when tragedy strikes? I am very un-prepared... most of us are un-prepared. What are you going to do with that cash, when the roads are impassible? What will we do when the water supply is contaminated? What will we do when electricity and gas lines are severely damaged? Cell phones?
Had 30K in our FIREPROOF safe, gone in the wildfires, everyone we know that had fireproof safes lost everything inside the safes, guns, cash etc. The safes (expensive ones) are only made to resist a short lived house fire, not a raging wildfire with high winds (more heat for a prolonged time). Its not that the safe was melting, but the heat inside the safe is so great, anything flammable inside is gone.
Certainly hope you are not using your real name on this YT account.
@@ibberman Do you realize what great service you provided with your explanation ? Thank you !
Good for you Dave. Stay safe, stay vigilant.
First, Never put all of your money in a bank or other financial institution. That is risky and on the verge of stupidity. ALWAYS keep some cash on hand, but never keep it all in one place and never, never keep it all in a bank, they are not that trust worthy.
This is a great example of a person that blindly follows the steps without really understanding them. At least she called and hopefully learned something.
Yeah lol, pay cash means don't borrow money. Not literally paper notes.
@@Bertuzz84 😂😂😂
Caller has to use common sense: Cash in this context doesn't necessarily mean literal cash bills - it means money saved and not financing. Cash isn't the method of payment.
I've heard a ton of stories in person and through his show, but no one quite as oblivious as this person.
@@charliesanders6930 and with reason. That money yiu deposit to the bank is no longer yours, its theirs. Runs on the banks are the main reason for this.
If it is so safe to keep cash in the bank, why were banking laws changed in both Canada and the USA to include Bank bail-ins? CDIC and FDIC won't cover a bank run.
Exactly
What's a bank run?
@@carmenlauri6271 When everybody and their grandmother WANTS THEIR CASH OUT AT THE SAME TIME!!! Banks do not actually have ALL of EVERYBODY'S money in the vault!!!!!!!!!!!!
always keep around 5k in cash, maybe 10 if you are more well off. Its about having that for life emergency's where a card would not work or be valid
Would it have been so hard to give her a straight answer? She asked with all sincerity and all they did was make fun of her. My husband sent me the link to watch it since we have just had this conversion so I expected some guidance. All I got was disrespect for Dave Ramsey!
I agree
He gave her advise. Put it in a bank. Put on your listening ears
@@justinballard7242 I think he could have at least told her to shop around for a better paying bank. I didn't like how they poked fun at her either.
I woud say 10k is a nice figure to have in cash
@@justinballard7242 she didn't ask where she should put it. She asked how much to keep at home. Put on your listening ears.
I'm a city person, I like cash as well. I like it in my pocket. Also, she asked if you were to keep it at home "where would you keep it"? I wouldn't keep it in a safe, I'd definitely keep it in a safe place though.
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
how do I get in touch with this consultant that assist?
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later.....
Thanks for the info . Found her website and it really impressive
You can't live in the USA if you are losing money in this market!!!
Dealerships literally don't care about cash deals. They rather hook you for the finance charges on top as well
Yep. They will not take much off the cost of the car unless you finance.
I was going to comment the same thing. These guys are a little out of touch with new car buying these days but they aren't the type to buy new or advise us to buy new. Used car prices are so high right now that buying new is becoming more attractive.
@@aundybkoo Negotiate the price after telling them you're financing it with them. Once you joo them down to the price you want, tell them you changed your mind. You're paying cash. I've done that three times and it works. They get furious and I laugh in their face.
@@mt_goxI contacted a dealership in the next town over and had an emailed quote in hand. The manager’s face was hilarious when the salesman showed it to him.
When buying a car you don't say a word about cash until you have a deal in writing 😊
Dave has his emergency fund in his front pocket lol
*Starter* emergency fund
After my father passed I was finding cash all over the house. Wasn't looking for it but I would stumble on it doing projects for my mother. Changed the carpet on the basement stairs and there was a couple hundred under each stair. Found a mason jar in one of the cold air returns. There's more but I ain't telling everything.
I have a friend whose grandma did the same thing. They found money all over the place!
When my grandma died my mom found hundreds of dollars in the pages of her cook books. Never leave any stone unturned I swear
God Bless You and your father.
That money you found under the carpeting was mine, I put it there for safekeeping. I’ll thank you to return it.
Older people also hide cash in books. My friend was finding bills.
I think the TMM book answers the question. $1000 is what Dave recommends to keep at home for emergencies even though he never said it on this video.
He just said he keeps $1000 in a money clip in his front pocket
He said 5-10k was fine in this video.
Tips:
Buy a good, fire "proof", heavy "gun safe", that weighs at least 1,000 lbs, then bolt it
down to a concrete floor. Put an additional, small, "fireproof" box inside the large
safe for additional protection. That will cost you about $2000, but it should give
you about 3-4 hours of fire protection for your cash. Plus, you can store a lot of
other valuables inside the larger safe. I wouldn't recommend keeping more than
$15-20K in cash at home, unless you are willing to buy a much better "gun" safe,
that has more weight, thicker steel in the body and door, and better fire protection,
but then you will spend $4-5K for it. Do NOT buy a small safe, that can easily
be wheeled out of your home in a hurry, only to be cracked open later at the
robber's convenience. A really "good" safe is a good investment. You can
always sell it if you have no use for it, and if it is a really good one, you will
get MOST of your money back on it.
And somebody kicks the door in and puts a gun to your head and says "open it." Hard to hide that big ole safe.
I appreciate this video
This is exactly what I need as motivation 🥰
Dave said he keeps a 1000 cash on him. That’s just his walking around money😂😩😂😩
Well he's worth like 200 million...so it's the equivalent of us broke people carrying like 20 bucks with us.
@@chriscrawl3732 funny cause I was literally trying to calculate the equivalent for me. Lol
That's some people's whole paycheck 🤣
Warren Buffet said he has usually has $400 in his pocket and no more. Look how much he is worth.
Sometimes I carry $100-$200 on me and I think that's too much
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,>>>
how do I get in touch with this consultant that assist??>>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
'I'm not muggable i'm just huggable' love that 😂
Because his other hip has the .45 and that's not loaded with a money clip. =Huggable not muggable.
Very good! Yeah when he says pay cash for things I just thought he meant bringing in stacks of cash. I see now how that might not be the greatest idea
The most important thing about keeping any cash at home, don’t tell more than one or two most trusted family members. And tell them to not tell anybody. There are people that will invade your home for very little.
Sure fire way to get it all out there is to say Don't tell anybody, lol
Dave got everything from a warm hug to a fo-fo for ya! 😂
The biggest problem with cash is the store clerks don't know what it is.
the cops were called for a 2 dollar bill once
They certainly don't know how to give change.
And they don't know how to count.
They may think you are some dealer.
They know what it is, they just don't know how to count it.
i never heard him answer the question, she said its not like i can buy a truck in cash she was asking a good question that never got answered
Like others have stated, it seems some people mis understand what it means to pay cash for something. "CASH" in this case means being able to write a check to cover the whole cost of something, aka. a car or lawn tractor etc. Or to wire money directly from bank to bank, etc. When I buy cars, I write a check. I don't take 15 K to the dealer. The other thing that he should have mentioned to her is that if you have a larger sum of money on you and the cops stop you for any reason and find it, they can and will take it under civil forfeiture, even without charging you with anything. It's a stupid law that has cost a lot of innocent people headaches in getting their money back.
Given that I live in a hurricane prone area, I like to have cash on hand, in case I need to evacuate. Oftentimes, electricity goes out, which means businesses aren't taking ATM cards. I like to be prepared.
I learned the power of cash after Hurricane Michael. No banks were open. Everything had to be purchased with cash. Everything! It took s weeks for the banks to open and cash withdrawals were limited. Without cash I would have been in a world of pain. It taught me well.
better not let that money fly away in a hurricane, place a brick on it ! lol.
I keep about 3 grand at home for emergencies and it comes in useful for things like home repairs since you can often get a deal or avoid taxes with cash. Its difficult to go to the bank when you have something unexpected to pay for like that.
when dave says pay cash for big purchases she took it literally
I probably would have before I realized that I could transfer funds. 🤭
I just write a check.
Some of us take instructions literally and need further explanation or help thinking outside the box
@@issaa3565 I never worked a job in my life and already understood what pay in cash means.
Ant---Lol!(: right?
Hilarious! That was a good question she asked and I’m glad Dave clarified it. I understand better now.
They gave bad/no advice imo! I'd keep emergency money on hand at all times (maybe 10% of what ever you have) you never know when you need it in an emergency. Example: back in Feb we had a ice storm that knocked out power, you couldn't go to the Bank to get money. Couldn't use cards, but some places/people were still taking cash. Seen many times where the same thing happened from natural events. Also recently computers have been down a lot of places I go and they can't use cards till there back up....what happens if it goes down for a extended period. Places likely would still except cash!
10% of whatever you have? You must not have much.
Good idea. Living in the PRK,we have catastrophic event more than I would have ever liked to have seen. I collect coins and keep cash for emergency. Always be prepared.
Yep the system went down at the grocery the day before Thanksgiving one year. I was standing there with $200 rung up trying to call my husband and explain to him where to find my cash to bring to me, so I could leave. That wasn’t even an emergency. Cashless is a disaster waiting to happen.
Thank you for this one i was wondering the same thanks Beverly
Just for context, I'm a mid-30s millennial that never goes to the bank because I have direct deposit, and pay all my bills online, or via check. Whenever I get cash, I keep it at home. I'll then use that to gift. Generally, I have anywhere from $500-$2000 at home at any given time. I think that's probably reasonable.
I'm a boomer and do the same things.
Now all I need is your address and the times you are usually not at home😀👍🏼😁
@@beautyRest1 honestly, I thought my amount was low. I know people that keep many multiples the amount I keep.
@@MartianAmbassador69 let me know their addresses as well!!😀😅😃😁
@@beautyRest1 🤣
dave be like "cash in one pocket and the clip's on the other!
Excellent question. Thanks for asking it. I’ve wondered how much cash to keep at home also. I wouldn’t keep too much because it could get lost in a fire or if something happened to you and no one else knows where the cash is it may not be found by your heirs. As far as buying a car, I bought my 2015 Jeep for 10K. They could only put 5K on my debit card so I got a cashier check for the remainder. No cash in a suitcase 😊
that 5K in cashiers check, the bank will fill out a form to the IRS..anything over 3K
@@paulbunyun3663 it was over 5 years ago so I’m not concerned
Lots of people want to do the safest thing but don't trust the bank. And with civil forfeiture, they don't trust the cops either. As naive as this lady may be, would that we were all as innocent of worldly things. May God bless her and keep her.
Have a friend that carried in 70 thousand for a custom GMC truck. No problems. Only problem is she didn’t bother to put full insurance coverage on her truck. Three years later she ran into a tree and totaled her awesome truck. This is a true story. People were talking for months about she paid cash for her truck.
@L Cam $100 a month on what Planet? 😂
@@ClaxtonBay123 my insurance is less than $100 a month…
@@ClaxtonBay123 I pay that with State Farm I also have gap insurance
“Getting into the land of preppers”. 😂 If people prepped, they wouldn’t watch Dave!
'I'm not muggable, I'm just huggable!' has to be my favourite Dave quote yet!
When you deposit cash in the bank you become an unsecured creditor.
What's wrong with prepping Dave?
Let's take "cash" in its literal sense for a moment. Some time ago, I had for $80 groceries because of a family get-together we were planning. Checking out my stuff, the creditcard reader didn't work. Whatever the error was, I don't know, but at that very moment, nobody was able to pay for their groceries other than with good old cash. I took out four 20's and I was out on the parking lot a minute later. Thank you CASH! I always carry cash with me and I always have some cash at home.
Cash is what we really need. Maybe if you have extra money, reserve something for emergency n retirement funds but the problems is if you have more. It's good to invest it in stocks of big companies who can give dividends to investors. Just study their business profile. All investments in this world have risks so try in just a minimal amount n if its OK then add more.
I mostly agree with this, BUT after what happened in Canada, it only takes one left wing dictator to freeze access to your own money. Now it suddenly seems that keeping more cash on hand is a bit wiser.
RG: Wrong! Only the accounts of those involved in the illegal blockades were frozen.
Even with that action, I believe the banks, who actually froze the accounts, are in for some serious law suits.
I agree
Yup,
Taking my money out of the bank bit by bit.
( I am Canadian )
I do not trust banks, and politicians are even worse, much worse.
U got it !! Trudeau for jail
I have kept 250k in my home safe forever, I have seen homes at auctions where I needed 5,000 to put down on a Sunday, or seen a classic car that was a good deal on a Saturday after banks are closed and was always able to get the cash and buy things when needed. So I have always kept 250k in my home safe and when I take out 10k I put 10 k back so it's available if needed
Gotta love that she said, "Go down to the car store." No way I'm walking around with more than $100 unless I'm making a very specific purchase because (me problem) I have too many experiences losing small amounts of cash. No way I'm keeping more than a couple hundred in my home. If the banks/ATMs are down for so long that I run out of that money...there a bigger problems going on that need addressing as well.
You are putting all your trust in people who have shown they are manipulators and cannot - or should not - be trusted.
Thanks dave ! Love you show 😀
Just be carful of civil asset forfeiture when carrying a lot of cash.
In a few countries like Cyprus and Lebanon banks seized assets of customers without warning. So I would not laugh so hard about hiding cash at home. No one ever thought it was going to happen to them until it did...
Yep.
Not entirely true. Your cash in a bank isn't really yours in a physical sense, the bank uses it to give mortgages, small business loans etc. It's only yours in the literal sense when you withdraw it. The banks you mentioned didn't have the physical money to give to everyone that wanted to request it, the money was still theirs though.
The money is gone, in Cyprus, they irreversibly did a haircut on some deposits. In Lebanon, none of the depositors will get anything(I am confident of this, I'm familiar with the criminals running it) we can argue philosophically about who owns what, but the bottom line is, people lost their money.
Do Lebanon and Cyprus have an equivalent to the US FDIC?
And Canada.
I keep some at home only for use during an emergency where power / communications is disrupted. I’ve seen it a few times here.. stores had no power but food stores / gas stations were accepting cash.
how do you pump gas without power?
@@smokinhalf I've see it happen after Hurricane Katrina, almost the whole State of Louisiana, Mississippi and Alabama had no power. They had generators to pump gas, but we had to pay cash for gas and any snacks you purchased. The generators was only used to pump gas so people could evacuate.
This is a gem of a video 💎
It always amazes and FREIGHTENS me how people take things literally.
It’s frightens
dang did it makes you gain weight?? “it freightens me” 😭😂😂
I think she didnt mean nothing bad about it. She just seemed pretty innocent lady.
@@MalachiMunn poem words
Well misunderstandings and differences are what make the world a beautiful place. This world and the USA is so diverse with people from all walks of life with different teachings and upbringing. So although its easy to be a keyboard warrior and pre-jude someone's understanding and their cognitive ability, just don't. She's sitting on 70k in cash, whatever shortcomings she may have, she's still doing well, Let her live and show a little compassion. Have a blessed day.
Love how Dave tells the world he carries $1000 in his pocket LOL.
As the doctor/investor in the family, I have to pay for group and family restaurant meals, EVERY TIME. It's annoying to dine with fully employed family members and they never offer to pay the bill. I never liked handing my credit card over to a waitress to take to the back room (so easy for fraud to occur), eventhough my newest card has 3% cash back for restaurants. Thus I always need a stack of $50's. Also, with criminals targeting bank and ATM customers, fewer withdrawal trips is safer. So for me, I need a modest wad.
PS if you do use a C card, ALWAYS make sure IT'S YOURS when you get it back.
Wrap a stack of Ben Franklins in aluminum foil
...Triple thickness. Put those stacks somewhere LOW and DRY. (If you ever visit a structure after a fire, you will likely see the high areas gone or charred, while the very low areas may still have carpet, painted trim, etc.
In five minutes, I can grab thousands of $$$
cash, ignition key, car always 3/4 tank of fuel,
place another four gallon tank of fuel in the
trunk and be on the road.
I'm good for many hundreds of miles of driving
plus a month of "motel stays'.
My chest of important things in the trunk
(blanket, first aid kit, flares, shovel, jumper cables, air pump, tool set, flash lights/batteries,
etc. also include bottled water and food/snacks.)
A power blackout will very likely affect banks and gasoline stations. Hospitals probably have an alternate source and MAY permit you to charge your phone...if you don't have an adapter
that runs off your vehicle.
You missed the mark on this one. She wasn’t really meaning that she was going to buy a car. She simply wanted to know if you think it’s a good idea to keep your money in a bank that doesn’t pay very much interest and she’s probably not sure that we can even trust the banks at this point. This is the question that I’ve been wanting to ask as well. What do you do with your money? Do you leave it in the bank or do you put it somewhere else to protect it during these times?
Exactly! He misunderstood the question.
Exactly what I was thinking. She obviously doesn't trust the banks, many of which are failing, and she was hoping to get an intelligent & thoughtful answer from these numbnuts.
Agree. They missed her point entirely and should be embarrassed. Did she even get her question answered?
There is a valid question about how much cash to keep in hand in case of an emergency, power outage or electric grid attack.
Up to about $5 - $6k. Fireman said keep in a fireproof safe inside a larger metal safe
@@buckybarnes3803 thank you!
A locksmith might cost you $150. A furnace or water heater repair callout might be a couple hundred. A tank of gas during disaster-inflated prices might run you $125. A week of emergency groceries might be a couple hundred for a typical size family. I lived through the Great Blackout of 2003 and for me, that really answered the question: "Do you want to rely on the card machine working when you really need a service?" And the answer for me was a resounding, "No, I would rather have some cash on hand."
My advice would be $400 for the household plus another $100 for every household member -- and don't make it a habit of driving around on less than 1/4 tank. (And I would say those are reasonable minimums, understanding that some people might need a much thicker cash security blanket at home to feel safe.)
Gas pumps don't operate without electricity, so living in an earthquake prone area, ¼ tank is the bare minimum to have, but preferably a ½ tank.
@@jerradwilson Agreed. Same goes for hurricane zones in hurricane season and winter storms in places that get them. Waiting in line for gas when you should be evacuating or freezing to death in a stuck car is just dumb and often preventable.
Lol cash under mattress 😂 in back of tv
The person stealing your TV will get a great tip or give a great tip to the pawn shop lol
Every Beverly in Idaho is now in mortal danger lol
Lol!
I told my husband the same thing.
I wish I had the freedom to go to a hospital in Idahofor shoulder surgery or to have a pre-cancerous mole removed, but I guess all those vaxxer/deniers exercised their freedom first.
@@1960markN what the heck does that have to do with anything
@@lmnop01 Vax nazis are becoming like rabid pro lifers. Every conversation has to be high jacked for their self righteous obsession .
$1-3K at the most at home. Need to store it in a cool dark and DRY place. Temperature, light, and moisture will RUIN your paper cash real quick. Make sure you check on it every few months to make sure it looks all right. Also, have some SMALL denominations in that cash. Don't just keep $100's where nobody has change.
Put it in a cool, dry place. TravelingWilburys.
If you have a good safe 5-10k is ok
In Canada we dont have that problem the bills are made of plastic 😂
Should have it in a good fire prof case or safe
@@danielsoto_toronto
Why is storing money in a cool dry place a problem?
That's how most things are stored.
She won't get a discount by paying cash at a dealer - they make money off her financing. What Beverly should do is finance the car, make sure there's no prepayment penalty, then pay it off at the first payment. Financing it will get her a better deal because the dealer gets his spiff on the note.
interesting
Elderly folks who lived through the depression of the 1930's kept their cash in the house like Danny Glover on "the color purple" 😂😂.
That's not funny. Do you have any idea what it was like to live through a depression?
There aren’t a whole lot of people around anymore who lived through the Depression. And those who are still around, are likely so young, that the depression pass by without their hardly noticing. I only recently learned that I lived through the great recession, and I am by no means young.
There are many people still alive that lived through the DEPRESSION and still member it!...just consider the number of people that's still alive , and not to mention researching the great DEPRESSION
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Lourd-Bab However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Johnwilliams086 Oh please I’d love that. Thanks!
@@Lourd-Bab Judith Ann peace is her name
Lookup with her name on the webpage.
Beware of civil asset forfeiture when carrying cash.
I keep enough cash on me for a bite to eat and a tank of fuel for the vehicle. Have had internet down to my small town before, and no internet meant cards couldn't be processed, but if you had cash you could buy fuel. Keep enough cash at home to cover a few things, just in case.
I was going to comment similarly. Like to carry $100-$200.
So a bite to eat and a tank of gas is enough to get by if everything shuts down?? 😂
@@ronaldswindell1525 yeah until you get to another town to get more
"Emergency Fund"
That’s actually a good strategy that I hadn’t considered. I rarely have actual cash on me. If I have a $20 in my wallet it just means my wife hadn’t found it yet LOL. Not a bad idea to keep $300 to $500 in the home safe just in case you find your self in a situation where you can’t get to your funds for several days.
Sounds like you have never had the IRS freeze your accounts because of a $400 error. all your automatic payments stop; No house payment, no auto pay, no electric/water payment, nothing out, but the system will accept your payroll direct deposit which is immediately frozen....
Keeping cash at home seems to be safer than trusting the banks
The problem with holding 70k of cash at home is that inflation is eroding that cash every day. Over the last 3 years, inflation has increased by almost 16%, which means that 70k is now worth $11,200 less than it was three years ago.
If she stuck that 70k in a money market account or other fixed interest investment, she would be earning 5% right now. That would be $3,500 a year in interest, or around $11k compound interest over the same three years, effectively cancelling out inflation.
Only IF the investment doesn’t go belly up. Never put all your eggs in one basket.
@@stevenessary7986 - hopefully the 70k under the mattress isn’t all that she has.
But you are correct, you should always diversify your investments. That is the point of buying mutual funds. If you buy shares of an S&P 500 Index fund you have essentially bought stock in the top 500 companies in the US, weighted by how successful they currently are (capitalization). You should also have lower risk, fixed income investments of some type in your portfolio, as a hedge against a down market.
Throughout the last 100 years, since the great market crash, on average there have been 2 down years in stocks out of every 10. But that also means that there have been 8 up years out of 10. If you invest in a broad index fund and hold it long term (greater than 10 years) you will have earned about 10% over any period in the past 100 years.
Bless her heart. 🤗
He could have just said 10k and be done with it! 😆
He really DID NOT answer the question!
I think, Ramsey missed the point of the question of keeping cash at home. If Police ever visit the woman asking, they will confiscate lose cash. End of story. That was her question. He didn't answer her question.
Do not allow a search without a search warrant….. cops can get sued for seizures…..without legitimate cause! Having large sums of cash is not illegal….
as someone not from north America, many of us use the word cash for physical cash lol. Bank transfer/eftpos/debit card/bank wire is what we generally mean by buying without debt. I can imagine a few older people who dont use bank cards/internet will run into this!
Close friends and I keep $45 to 60k at home. This is divided into multiple safes hidden and spread around our houses. We each can easily live on this if the banks go down for a year.
10K cash at home is not a lot. Better at home than in a bank.
I paid for a nice used car with cash once. They were very surprised when I pulled out that bag of cash
Finally a simple to the point question.
Save some at home and some at the bank and a little more elsewhere. That way if your house burns down, you still have money in the bank. And if the bank suffers a financial crisis and you can't get your money, you still have some at home. And if both crises occur, you have a third option.
And I'm over here thinking what I need to do with my $600. 😂
As a prepper, we don't even keep that much laying around in cash. A few grand sure but not hundreds of thousands in paper money.
The last new car I bought a couple years ago the dealer did not want a personal check, did not want cash, they wanted a bank check. That's what we did.
She she had a simple question, unfortunately, he never actually gave her an answer.
He never does. Just sarcastic remarks to a lady with a serious question
True. I was put off by the jokes and bullying of a nice person.
You have a strange definition of bullying.
Too busy trying to make himself look cute.
Yea, dealerships HATE cash buyers!! Found that out recently; their attitude changed 100% into nastiness when they found out they would be losing out on that interest.
It's like when the dealership has to do warranty work on your car. They're paid a lesser rate.
They’d lose the whole deal if they did that to me!
They want you to finance so that they can bury warranties and add-ons to the monthly payment, and get a kickback from the bank for the car loan. It's hard for them to do that when you're paying cash.
The car dealerships I've bought cars from had no problem with counting a stack of Benjamins. They seemed happy to sell a car.
We paid cash for our truck a few years ago. The finance woman was actually very happy because it was the end of the day and she wanted to go home.
I can’t believe this woman actually thought “paying cash” meant literal bills to pay for EVERYTHING 🤣
Dave does mean use actual cash when he says that. Studies show you spend less. He means things like groceries and small items though, not 70K trucks.
She must be a drug dealer.... lol
Bless her I’m crying 😂😂😂😂
Dave should probably change his terminology to “Earned Wages” rather than “Cash”. Would eliminate the confusion to everyone over 60 lol.
What exactly was she imagining when he tells people to pay cash for their second home 🤣
such a funny look when I went and made a deal on a used car. this was more than 20yrs ago! I told the guy I had to come back on Sunday with the down payment. Oh No! we can't extend the deal til tomorrow. The guy had to come all the way across town....like 40miles to come to my house to get the $3K I had down. I counted it out in his hand that night. He stood there and looked at it and said, I have never been in this situation before! He had to drive back to the dealership after it was closed...and figure out how to deal with this new thing!
I pay cash for everything I buy. But I usually only carry $25-$50 on me during the week. On the weekends during garage sale season I might carry a few hundred on me then I put the money back into my safe.... I usually keep $1000 or less in my safe at all times so I can have access to some cash on the weekends just in case.
@Anthony Harris It is best to put everyone one a budget!!!! They can only have what their budget allows!!!! Your quote: (I carry no cash. When I have cash I always get annoying friends, family and street beggars begging me for money all the time.)
@Anthony Harris Not all but most of my friends are decently successful they have their own money, and never ask me for any. The first time in maybe a year one of my buddies was working over the road (He is a truck driver) he called me and asked if I could loan his parents $60 for gas to help them out while he wasn't able to, so I did, he paid me back like the next day when he was back in town. Other than small things like that to help a friends parents out real quick I never loan out money and no one asks me for any thankfully anymore. When I do give money these days it's a gift and an unexpected surprise to those I am giving to.
@@donaldlyons17
How would people know? And how about, "
That is personal, private information"...or....
"None of you damned business'.
@@robertwalker5521 People tend to talk. That is how so much is discovered. Also, only some things are private other stuff like taxes and the law are public and accessible. Plus, the budget for the vast majority of people only allows for just so much.