Are you storing cash in banknotes?

[Jet Cash]

I'm finding it difficult to predict the economic climate in England next year. I have a number of investments and plans for wealth preservation, but I'm not sure what to do about daily living expenses. I upped my Visa credit card limit, as banks seem to want to encourage the use of credit cards, and I have a Visa and Mastercard debit card. A couple of years ago, the whole Visa system shut down for more than a day. That was blamed on programming errors, but I think it might have been a trial for an economic shutdown by the banks. I have a number of cash collections in banknotes, and a few coins, and those are in various locations. I'm concerned that my normal situation may be compromised, and I was to have some backup. Now fiat cash must be one of the worst savings ideas - probably second to fiat bank deposits. Do you think I am stupid, or are some of you keeping cash in case there are problems with electronic banking?

I am aware of Bitcoin. I think that is an asset to be kept, and used to help rebuild life after the economic reset.

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[jrrsparkles]

No matter what kind of cards we have and what type of investments and stocks are available in our portfolio and how much money is in our savings account I am kind of person who keeps enough amount of physical Money needed for the next 30 days, savings money is the stupid idea but having enough money in our hand is s smart man's move no matter how much digital payment modes we have.

[Hispo]

I used to have a lil bit of cash just in case, but not anymore.
I had not considered the scenario you just exposed, I have been counting on the systems to reaming functioning indefinitely.

Smart move from you, I believe.
It is good to have several scenerios covered.

[yhiaali3]

As for me, I no longer keep banknotes except for daily expenses (in my country there is no great use of bank cards or Visa cards), I become completely dependent on bitcoin, cryptocurrencies and gold, I speculate in digital exchanges and keep capital in the platform and transfer profits Into dollars, then into gold.
I have the conviction that the assets that can be relied upon and the confidence that they will preserve their value are only Bitcoin and gold, so I do not save large amounts of paper money in my pocket or in the bank.

[Oshosondy]

Now fiat cash must be one of the worst savings ideas - probably second to fiat bank deposits. Do you think I am stupid, or are some of you keeping cash in case there are problems with electronic banking?

As for me, I do not keep cash with me but not in a way I will not have like $100 with me in case. The reason is not because of any failure in electronic banking because I will surely have alternatives. I have three banks which I have fiat I can be able to withdraw in case if one is down for certain time period, the remaining two will still work fine, or if two are faulty, there will still be one that will be working good. But I have most of my money in bitcoin and some well known altcoins like ethereum and binance coin, but that does not stop me not to have fiat for monthly spendings, in which I still have like $100 with me in cash in case.

[Similificator]

Dude, to avoid inflation, invest in stocks on the stock market and out some into real estate. Then, of course into this industry but on the reputable coins only since you are looking for a steady saving. Having profits through this is just a plus. And always, always keep physical money in your wallet or house for emergencies though not as huge as 10x what you need for a month at least sufficient enough to reach into when the need arises. Another thing would be buying pawnable jewelries! People overlook this quite often but is really pofitable in just a few years. And are pretty easy to get rid of when emergencies come.

I do these things myself so I can attest to its effectiveness. Wishing you luck. )

[BADecker]

You guys talk like you are talking about savings. I'm so poor, that it's like hand to mouth. And it has been getting faster lately. In fact, I almost bit a few fingers off a couple of times.

 

[tabas]

I'm still keeping a few of my cash but if the percentage of my cash, that would only be around 5%-10%. Since most of the transactions are digital, that's just in case that if I'm need to have some cash for some transactions and the same as your worry if something happens to the system.
While the of the remaining percentage, it's scattered in my investments including crypto.

[Poker Player]

Yes but not a lot. Just a couple of weeks of expenses or so, just in case. The fact is that the use of cash will continue to be progressively reduced over the next few years. Events such as the Visa system shutting down for a day happen very rarely and I expect that as we move to cashless societies they should be resolved even more quickly.

[BADecker]

Bottom line = bottom land.

Own land with a verifiable source of water... land that is fertile and lies in a safe area. If money systems fail, and if the power grid fails, you have a chance to live, based on your land with water.

If you can't afford land now, it's the most important thing to work and save for... or maybe take a mortgage out on. If money fails, you have an excuse for not making your payments.

But really work on getting your own free and clear land.

[just_Alice]

That's not stupid at all, people should be prepared for the worst. I keep money on bank accounts in several different banks, crypto, and cash, just like you. While the probability of Visa shutting down is extremely low, however, would it hurt to be prepared, just in case?
Also, I'm thinking of starting stock investments. Even though it is not quite a good way of keeping money and can lead to losses I'll try it anyway.
I think the more various types of investments a person uses - the better.

[OgNasty]

I would agree that it’s good to have a good sized amount of cash available to you should you need it, but I would consider that it’s own purpose and I don’t store cash as some sort of value alternative. I think for any larger amounts, silver and gold would still be most preferable.

[lienfaye]

Do you think I am stupid, or are some of you keeping cash in case there are problems with electronic banking?

Its not a stupid idea because its quite normal. In my case, I cant live without cash on hand (despite of the current situation that is more on cashless transaction). As a mother who have kids counting on me, its a must to always be prepared for different scenarios because we cant often rely to banks and sometimes they're offline. I also have credit card and bank savings account as well as bitcoin but it would be wiser to still have cash for emergency purposes.

[Mauser]

I'm finding it difficult to predict the economic climate in England next year. I have a number of investments and plans for wealth preservation, but I'm not sure what to do about daily living expenses. I upped my Visa credit card limit, as banks seem to want to encourage the use of credit cards, and I have a Visa and Mastercard debit card. A couple of years ago, the whole Visa system shut down for more than a day. That was blamed on programming errors, but I think it might have been a trial for an economic shutdown by the banks. I have a number of cash collections in banknotes, and a few coins, and those are in various locations. I'm concerned that my normal situation may be compromised, and I was to have some backup. Now fiat cash must be one of the worst savings ideas - probably second to fiat bank deposits. Do you think I am stupid, or are some of you keeping cash in case there are problems with electronic banking?

I am aware of Bitcoin. I think that is an asset to be kept, and used to help rebuild life after the economic reset.

Most of my money I have in assets like crypto currencies, stocks, real estate and commodity funds. Owning cash is not good at the moment because if rysubg inflation rates. But there is always the risk of having another big crisis. To protect ourselves from it the best we can do is to either store cash or gold at home. I personally have some banknotes at home as an emergency fund. If I had more money I would probably switch the banknotes for some gold.

[BADecker]

These days, if you have a little extra, it's a good idea to invest in many things, including holding a bit of cash.

[BADecker]

Of course, it might not mean anything at all. Watch this.


Federal Reserve Note Prank

https://www.youtube.com/watch?v=SML_pBhaPLM

[LTU_btc]

Personally, I prefer to pay for everything using card, but I also storing some money in banknotes. Not much, but probably it would enough for my 2-3 weeks expenses. I don't think it would be smart to keep everything in bank accounts. Some shit alway can happen and bank systems can collapse and it won't be possible to pay using card until things will be fixed. Or what if I lose my card, what I should do without it and cash in my pocket until I will get new card. After all, it's still not possible to live without cash.
Just one example why cash is needed. Yesterday I wanted to buy coffee from machine on street, but for unknown reasons it didn't accepted none of my cards. Fortunately few coins in my pocket.

[BADecker]

Are you storing cash in banknotes?


Actually, I am using the banknotes as cash.

[(o)(o)ilikeboobs(o)(o)]

As a crypto trader, I often do cash transactions because they are more secure than sending money on the banking network. Governments in countries are closely monitoring the possession of money by citizens so keeping cash and dealing in cash is an advantage. A friend of mine is a crypto trader and he doesn't have a stable job such as a salaried job so he was summoned by the police to clarify the source of his assets. I feel panic about such events.

[DaveF]

If not in banknotes how else would you store cash? Unless you are talking coins.
Either way the answer is no, other then the usual week or so of cash I have around.
Cash sitting at home is not earning interest so in essence you are throwing money away.

You guys talk like you are talking about savings. I'm so poor, that it's like hand to mouth. And it has been getting faster lately. In fact, I almost bit a few fingers off a couple of times.

 

You can always stop posting here and get a job.

-Dave