Friday, December 19, 2008

Keep your Savings at HOME?

Any of YOU starting to think this is a dandy idea?

27 comments:

Beverly said...

I saw that cartoon the other day, and I thought back to the times I have thought that very thing!

Average American said...

I keep a fair stash at the homestead, not toooooo far from the trusty ole 357 magnum!

Anonymous said...

"Lay not up for yourselves treasures on earth where moth and rust doth corrupt and thieves do break in and steal. . ."


Need we say more?


~ FreeThinke

Anonymous said...

Too bad saving your pennies doesn't work that well either. The Federal Reserve can just print more money, and then the value in your piggy bank tanks just like you 401k. Maybe we'll just have to save up gold bullion, bushels of wheat, and barrels of oil in our houses...or listen to Free Thinkie.

--Tio Bowser

CJ said...

When the economy started going crazy I started keeping out bigger than usual chunks of cash from my paycheck deposits, not wanting to contribute to a bank crash by taking it all out but figuring it would be prudent to create a cash cushion just in case. I was also aware that money in any form could soon become worthless but having a little to eat on for a while seemed like a good idea just in case. A big crash could still come, you know.

cube said...

This reminds me of the joke about three men discussing the financial downturn.

The first man says he's stocking up on food in case there are shortages.

The second man says he's stocking up on food too, but has also bought warm clothing for everyone in his family in case the power goes out.

The third man says he's stocking up on weapons and he's also taking notes on where they live.

Yeah, I know, it's not much of a joke.

Anonymous said...

I bought gold nearly a year ago. I wish I'd bought more.

highboy said...

It beats the heck out of the government saving your money for you. Not sure why everyone complains about the government and then stand around and wait for them to bail them out of financial trouble and save up their money for them for retirement.

Z said...

FT..the point is WHERE "on earth!"! LOL!

Bev...me, too.

Average..we have a little put aside but keep going there when we need cash!!

CJ, I think a chunk under the mattress is a very good idea.

Cube...good one!

Highboy...Exactly

Pinky.. I wish we had gold. I've been hammering Mr. Z for a few years now, my instincts told me we should, but we never did. I'm disappointed because I think any portfolio should have some.

Tio..Free THinkie has a point but it's a little unrealistic when considering we must buy things here on earth NOW... or later, if/when things get worse.

I'm considering starting a far bigger stash of non-perishable foods than we've had for earth quake preparedness...just start buying Cheez-its and things like that which are protein but last a long time......a few boxes each shopping trip. Cans of tuna, etc.

let me just add that I can't believe we have to discuss this in America. WHAT THE H HAPPENED?

shoprat said...

We need to, if at all possible, get a hold of and hold on to real commodities such as gold and things people will need, along the means to protect them.

CJ said...

Cheez-its? I LOVE Cheez-its. I assumed I had to stock up on boring oatmeal and Campbell soups.

CJ said...

I can't afford gold but I really don't get the idea of gold in such circumstances. Doesn't it come in huge bricks? What can you buy with it? How do you make change from it?

Anonymous said...

Here's a great investment that no economic downturn can ever rob you of... create a special memory or learn a marketable skill... and then plant a garden this Spring!

Anonymous said...

I suppose if we need a commodity to barter with, gold coins or jewelry might come in handy. Or, maybe silver as well.

If things get that bad, we'll probably need to barricade our homes with openings just big enough for a gun barrel.

My God, it's hard to think we're talking about America.

Pris

Jungle Mom said...

I would do that if I had any savings...

Papa Frank said...

My new savings and loan is the gun safe in my bedroom. One of the most profitable savings right now is actually using the money to reduce any debt that you have. I've also acquired a bit of Iraqi Dinar as they SHOULD be a profitable nation once again. They have never been a poor nation - only a war torn nation. It's my own version of going to the casino.

Z said...

Pops, if things get REALLY bad, you think it would have been wise to use any of today's extra money to pay down debt? I'm curious....

Always On Watch said...

One should always have a cash stash. Even in good times, emergencies arise.

With banks not paying much interest these days, saving is not being encouraged. Another mistake for our economy!

Papa Frank said...

Absolutely Z!!! If things DO get REALLY bad then your money is of little or no value. What will then be of value is food, alcohol, firearms, basic survival supplies. If things get mildly bad or quite bad then having debt paid down to where your month to month expenditure needs are reduced from what they are currently will be very valuable indeed. With less debt you may only need 75% of what you currently need to make your monthly payments. If your hours are cut at work or if one person of a couple loses their job or if your commissions are no longer what they once were then you can still make your reduced payments.

Z said...

But, Pops..if everything goes completely screwy, will we be happy to have paid our cash away in old debt?

Papa Frank said...

In that instance cash will be nothing but scrap paper. Your cash only has any value at all because of the standing of the United States and the fact that people regard it as having value. Paying down debt is for if things only go partially screwy so that you don't need as much from month to month in order to still maintain your existence. The interest on debt owed far outweighs any interest that you can possibly receive through savings right now. If things go completely screwy the valuables will be food, alcohol, medicine, etc... These things will not BE ABLE to be bought with cash as the cash will not do anybody any good at that point. Then is when all will wish that they followed Farmer's advice above:

"Here's a great investment that no economic downturn can ever rob you of... create a special memory or learn a marketable skill... and then plant a garden this Spring!" -- FJ

Greywolfe said...

I hope you don't mind my chiming in on this worthy topic. But if you allow it's posting I hope that it's found worthy.

So, here's where I see us. Very shortly the dollar is gonna tank. It's becoming unavoidable as the Government seems hell bent on printing more and more without regard to what it's doing to the strength. If Barry does even a quarter of what he's promised, the Fed will declare a force majeure. The interest on our debt will be so much that our debts will become unservicable.

When this happens (not if. We screwed ourselves this year too much for if) the lovely ideals of civilized behavior will go out the window within a very few months.

We will have the wonderful ability to watch marshall law put into place in nearly every major city in the country. And very likely we will see the United States Military used in force against the American people.

This wonderful vision of the future brought to you by Barrack Obama and the Democratic Leadership of the Senate and House of Representatives. In conjunction with G.W. Bush and his administration.

My advice is to buy a really good set of weapons and "find" whatever you can exchange or change into gold. Preferably gold coins minted prior to 1933. The gold quality is higher and is not trackable/taxable by the U.S. Government.

Ducky's here said...

I've lost a half million dollars on paper during this little fiasco. I'm invested so that it hasn't hurt my income generation so it isn't all that bad.

As a result I have cash and I can buy distressed stocks that are trading at a P/E well below norms.

Gold and weapons are for suckers.

Brooke said...

I hear there's a run on guns and mattresses. ;)

Z said...

And Ducky, when you're trying to buy yourself some food or meds and nobody gives a darn about the cash, don't call us, huh?

Anonymous said...

Guilty as charged. I'm having trust issues with these banking institutions.

Anonymous said...

In God I trust.


Panic, hysteria, rage and flight are not going to help anyone.


The Great Depression brought out the BEST in many Americans. We may very well need some serious adversity in order to regain our senses, and understand once again what is and is not truly important.


"If God be for us, who can be against us?"


And if we choose to serve God, what could possibly harm us?


"Even though He slay me, yet will I trust in Him."


All we can do is try our best; the rest must be laid in the lap of the Lord.


HAPPY NEW YEAR!


~ FreeThinke