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Who else here is always "cash poor"?

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
Even though my wife and I have excellent incomes, we never have more than 5 or 6 k in the bank account. Im constantly converting any cash above that level into metals. Who else here keeps a paltry sum of cash on hand just for emergencies?

Comments

  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Even though my wife and I have excellent incomes, we never have more than 5 or 6 k in the bank account. Im constantly converting any cash above that level into metals. Who else here keeps a paltry sum of cash on hand just for emergencies? >>



    Me. the rest is in other assets that have a better return than a savings account.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • USMC_6115USMC_6115 Posts: 3,005 ✭✭✭✭✭
    I keep enough in my savings / checking account to cover bills - I have another account that is automatically deposited to for emergency cash.. Like you, if any of them get too far out of line, I am buying something (silver lately)! If I have too much excess, I up my 407b contributions...(it has been a while)
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I'm still working on the "excellent income" part. image ...and my wife hasn't worked in 4 years now. A job she gets paid for anyway.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    I'm the same way. Don't like keeping too much in cash. With today's interest rates there's no return on cash -- it's basically dead money. As long as you keep enough in highly liquid assets like PMs you'll be OK.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • tydyetydye Posts: 3,894 ✭✭✭
    I am always cash poor. I always keep a little silver handy though for when I need some cash
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    We keep almost no cash also, just $5-6k, but I have things I could convert to cash quickly if needed.
    JCM-Houston
    World Collection
    British Collection
    German States Collection
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    I grew up cash poor and didn't have two nickels to rub together until I hit my stride 15 years ago. Therefore, to be honest I do keep a lot of cash on hand (it's just not US dollars) as I always hated that feeling of MT pockets.

    MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • Musky1011Musky1011 Posts: 3,899 ✭✭✭✭
    Never....

    one year expenses in money market account ...."Fully funded emergency fund"

    Savings account seperate from that.

    15% of income into retirement accounts

    Stock portfolio in Dividend reinvestment and optional cash payment

    NO DEBT except for mortgage...approx $42k ...7 years to go at 5.5%

    www.daveramsey.com

    The "Key" to investments......never lose
    Pilgrim Clock and Gift Shop.. Expert clock repair since 1844

    Menomonee Falls Wisconsin USA

    http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    Cash doesn't really do anything. It doesn't make interest. You could argue successfully that for the last several years it's lost value at a rate that makes holding it a very bad idea. So I keep a tiny % of my net worth in cash.

    I have very little income--the majority of money I make is diverted to investments before I even see it.

    I pay myself enough for my modest bills--inexpensive house, utilities. Five year old economy car is already paid for.

    I pay myself about as much a month in "allowance" as my bills run. And that money goes towards my hobbies: coins, silver, and gold.

    I'm very fortunate that the things I like to buy and to spend money on, many other people would call "investments".
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • percybpercyb Posts: 3,324 ✭✭✭✭
    I keep at least enough cash around (1/2 us dollars 1/2 foriegn) to pay bills for a year. I keep thinking I should be in all Canadian or Austrialian $s though.
    "Poets are the unacknowledged legislators of the world." PBShelley
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