How Much Cash should you keep at home? (And why does Dave Ramsey disparage preppers?)

#wealth #financialfreedom #daveramsey
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[cucvfarmer]

For anyone who tries to break into Steve and Kelly's house they will leave in body bags.
I would rather have cash at home and not need it than have it in a bank and not be able to access it.

[thesurvivalistfarmer]

Remember credit limits can be reduced when the bank wants to tighten lending. They can even cancel credit cards if you have an excellent credit rating and payment history. I would always keep a good amount of emergency cash for these reasons.

[littlehummingbird]

If you have hundreds of thousands, you should probably divide it all up and deposit in various banks...not just one or two.

[xvximlb]

100 in ones
500 in fives
1000 in tens
2000 in twenties

💵 = 3, 600

If aggressive, you can add 5000 in fifties and super aggressive add 10, 000 in hundreds 💯

[Mag]

I think you should keep enough cash at home to cover your necessities (mortgage/rent, utilities, food, etc, plus an extra $1k in smaller bills on top of that) - but only if you have at least that amount in the bank also. (This gives you multiple options)
You would not want to do this if it is all you have....

The odds of needing more than that on hand, is slim. - If you did, then everything has gone to crap, and money will not be the primary thing you need. At that point, you would need goods...Food (long term type), water filtration, meds, camping gear, protection means (a gun if you are competent and willing to use it), extra ammo, booze, etc... - All of these type items will have more value than anything for trading if the country got to a point where 2 months of cash is not enough to cover your needs. (Even more valuable than your gold and silver stack)

[johnndavis]

I seem to remember DR advising people to keep a months supply of cash on hand. This was worked up too in steps as debts were paid down. Seems to make sense.
Even if things go really weird the cash will still be usable for a while.
I don't do it yet myself as I am still paying down debt. But I try to keep a few hundred dollars in cash on hand.
Thanks for the video.

[jerryjones]

Debit cards are becoming an increasing liability because of digital pirates. With discipline credit cards are safer online but for everyday expense cash is king.

[mattmichaels]

cash is king and the kings crown is made of gold

[michaeloldfield]

I think you're completely correct.

[curtlangevin]

My house or someone else's hmm. I'll choose mine.

[rootsrocksfeathers]

I think that people who scoff at those who stack cash won't be the ones who get the last laugh. You know how much I adore rude, condescending people. Good advice, all of it....yours, not his! I'm about to send you an email, my friend. Have a nice evening!

[takecare]

A few hundred in dollar coins., though your needs may very.

It is not talked about much (as the cash discussion do) but you still can end up in a pickle and still get robbed digitally too from anywhere in the world that has an internet connection.

[phantombarr]

Have an old coat you don't wear. Get a needle and thread open the hem and put some cash in and sew it back up. Take a large picture buy some butcher paper tape cash to the back of the picture then put the paper over the back of that. Lots of places to stash cash if you use your head. always have a safe that someone can steal with nothing in it.

[johnkowalski]

Whatever cash you decide to keep, make sure it is in $1.00, $5.00, $10.00, and $20.00 bills. Do not have $50.00 or $100.00 bills. Remember what Prime Minister Modi did in India. Small bills only.
00

[normanromick]

Money on hand is not really the issue for me, as long as I have potable water I'm okay for a week or two cash is important yes, but I can tighten my belt as long as I've got clean water.

[jjpac]

thank you. good video. you're very practical and compassionate, easy to listen to. not a big fan of arrogant dave ramsey either and to me, he doesn't act like a christian.

[nancyzimmerman]

17 minutes that told me nothing! I was hoping for guidelines.

[goofyroofy]

Great video as usual, don't know a lot about Dave from what I can gather, he seems good if you're trying to get out of debt but not much else. It could be that being in the "media" so to speak, either he or his corporate overlords that carry his broadcast want to poo poo prepping, you can be awake enough to not stiff B of A and Visa their money, but don't you dare put money away into items to make yourself self sufficient of the grid LOL.

Regarding having cash, being up here in the Soviet Socialist Republic of Kanada, we've had to keep money out of banks since the convoy last Feb. that is, if you're smart. Like you, I just have enough in to pay my monthly bills, in case anything happens, although our branch system is from a financial aspect quite robust, from a gov't overreach aspect tho, its very insecure. I like the six month cushion, can help a person sleep at night, if people have more than that, adding to preps is always a great idea, in my book. Most ppl don't have say five years out of all their material needs, so there's sort of always that "marathon" type goal to work towards.

Another way to "keep it" is to prepay your utility bills, if you're sure you're going to keep the same supplier, etc. That way it's not sitting in your house, and your six month cushion will go even further. Guns & Ammo (for you guys, at least) are a great way to "store" some cash, like you mentioned, there's prob some other tools and such like that as well that others may be aware of that I'm not.

While like you, I'm not a big gold & silver guy, if you are looking for your money to take up less of a footprint, it can be a way to go, but, like any "investment" the charts and timing of buying it is key, the gold channels don't like to talk about that, cause most of them loaded up @20-25 yrs ago when it was dirt cheap and are so ahead of the money, so to speak, while I wouldn't go so far as they're doing a pump and dump, they are "ensuring" a liquid market should they need to get out (see the "greater fool" theory).

A big part of living a prosperous life is cash/risk management, so hopefully some of those ideas help ppl that truly have more money than they know what to do with. Thanks again for all you do!!

[veritasfiles]

Your maybe unintentional dry humor really tickles me sometimes. "Stop it! There's other channels for you. This is for intelligent people who think." Hahahahaha! Anyway, I'd missed this video, and I'm glad to see you addressing old Dave. Probably 20 years+ ago, I actually used to listen to Dave Ramsey, and I agree with a lot of the things he says. However, on multiple issues, including prepping, I've been very disappointed in Dave, particularly since he claims to be a Christian. I don't know what's in the man's heart, but I think he's too smart to say some of the things he says without it being the result of open dishonesty. I didn't come to that conclusion quickly or lightly, but that's what I think today. Having said that, I love a lot of the advice you're giving here. Guns, properly stored ammunition, and food are probably always in my top five areas to store wealth. I did have a question for you though. I noticed that you've taken down your recent video on Gold. Is there a reason for that? Are you planning on putting up another one? Anyway, I was just curious, given my 3 part long response to the video. Great video! Take care, sir!

[billyunderwood]

Steve stop tease with us by starting a story an then say no I’m telling you that one ..ni ni 😛. Lol