Cash at home
- Thread starter BankerCat12
- Start date
Be careful, a few on here will want half of it even though they did not earn it.
We have around $100 in a fireproof box in the closet, but I rarely have more than $10 on me at any time. I have a change box in the truck console if I need something to drink at a drive thru. My in-laws had $20K in a safe, but my wife talked them into getting a CD at the credit union with it. We pay everything online with credit cards that have decent rewards programs and use cards for groceries, gas and pretty much everything except the smallest of purchases.
I have a large amount in a MM right now paying 4.75%. I could get 5% but not worth opening another account when I have almost everything with the current bank and set up with online, etc. The interest paid annually is more than than double of my first job out of college. Ofcourse, interest on a MM is variable so hope it stays this way (it wont.)
I do use a credit card with a cash back option for some things, but pay cash as much as I can for 2 reasons. It hurts more to pull actual money out of your pocket and it's no ones business but mine if I want to buy a widget or thingamajig.
My grandma was a server at F&N Steakhouse in Dayton for like 40 years. She raised 3 kids on her own when my Grandpa walked out on family when my Dad was 8.
She passed away almost 20 years ago. My Dad and uncles found cash all over the house. They knew she hid a lot away but had no idea to what extent.
On a separate note, my Great Grandfather on Mom's side owned The Oasis in Southgate...very close to Beverly Hills Supper Club. He was Newport City Commissioner for a time and was named in The Syndicate Wife (book about gangsters/gamblers in Newport). Just thought you may find that interesting...
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Do you mean the rate is double what it was when you graduated from college or you have like a million dollars in a money market?
I keep a little a cash close, but nowhere near 10K, and I keep it well-secured (alongside almost all my old family photos) at a close relative's house instead of my own (I don't live in a bad neighborhood, but the odds of this person's house ever being broken into are nil).
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Guarantee Pops knew him. He knew all the politicians and gangsters, they were all clients
He passed in 1966 at 61 y/o. If that lines up with your dad's heyday that probably is the case.
Keep around $100 cash at home. Rest spread among money market accounts at Truist, Ally, CapitalOne, RBFCU, NFCU and SoFi. I received sign-up account bonuses at Ally, CapOne, NFCU and SoFi. Also maintain account at BoA.
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I walk around with about $50 on me in case I end up a cash only place or have to only get a couple of things at the store. I really don't get keeping cash in your house earning zero when you can get 5% in a bank. In my lifetime, don't think I've ever seen a time where I can have my money making 5% in the bank with zero risk
Just a reminder this a public forum that literally anyone can read.
Carry on.
Carry on.
Well HH, you're from my neck of the woods. Grew up in Highland Heights. Up/down 27 past Oasis & BHSC like 5-10x/wk thru high school. Dad & Grandpa worked at Wiedemann's. Ate at F&N 3-5x. Good stuff. Also spent a little time across Mary Ingles at Doyle's "Country Club". Aunt's father and brother were bigtime into working the Newport gambling scene in 50's at the York Street casinos. Once Ratterman shut them down, they moved to Vegas. LOL.
Recall Dad coming home from a Happy Chandler for Governor rally in Newport. He told the crowd "You run things up here & I'll run things down there.". Dad was grinning ear-to-ear. There were slot machines in many/most bars.
Dad hoarded money too. Mom & I were cleaning out basement rafters of various wood lengths & I pulled on one and bills came raining down. Several hundred. Then he had a shelf hidden on underside of workbench that had a cigar box full of bills. Lastly, as he was nearing the end, he told me there was $20,000 - less $50 - wrapped in Al foil under basement wall insulation. Went & got it out. Sure enough, $19,950. He was a Depression Era kid/teenager. Must have stuck with him.
Me/us? We keep around $200-300 around house & with us. Mainly use for playing various card games & festivals.
I had a customer back in the eighties who was a "retired" debt collector for Harrah's Casino in Las Vegas. I think he was laundering money, but that is just a guess. He said he wanted to get in the lamp business, so I gave him names and phone numbers. I guess he felt obligated to me, because he became very friendly afterwards. He was as big as a bear, but said he retired with heart trouble. He told me once that a federal judge from St Louis had skipped town owing the casino a lot of money. He was assigned to the case and flew to St Louis. He knocked on the door and asked the judge for the money. The judge said no, but he was persistent and got the money. Before he reached the airport, he was surrounded by police cars and they took him to jail. He sid he spent a couple of days in jail, but the casino got a supreme court judge to call the fed judge and convince him to drop the charges. He got a ten grand bonus for a job well done.
His drivers told me he lived in a mansion with always at least 50 grand in a safe, a loaded gun in every room and six rottweilers running loose in the house. Just talking as friends, I complained to him one day about my daughter's boyfriend. As serious as he could be, he said, " Just say the word and he will never bother you again." That kid doesn't know to this day that I probably saved his life by saying I'd take care of it myself.
What us your plan for when the interest rates fall back down to the lower 1 and 2 percentages?
I think I'm gonna let it ride in the accounts so long ad it's above 3%. If the rates drop I guess I'll either invest it or throw a large amount into a refi for the house/pay it down.
A more frivolous spend would be to then finally buy a used car. Had the same car for 10 years and off payments for about 4 years. It's time for a new ride, so I might just get a used family SUV and buy it in cash. Although if the rates do drop, then leasing a car isn't the worst thing.
You have a Mazda 6 don’t you? Mine is about the same age, been a good car.
Yep! I love it too. 2013 year, which I believe was the first redesign. I've had no issues with it, what so ever. The interior still looks better than a lot of other cars that have come out today.
But it's showing it's age. I think I need new tie rods, and with it just hitting 100k miles, I'm sure there's going to be some larger repairs and maintenance coming up. So it's time to trade it in for an SUV.
Im hoping to make it another year (we wfh and have my wife's jeep) and maybe try and time the car market for when the economy (maybe?) crashes and prices/rates come down. I do not want to be buying a car at this present time, that's for sure.
I've been eyeing the Volvo XC90 for years now. I think I'll go with one that's a few years old. Extremely safe, pretty reliable, and to me, I think it's the sleekest SUV, both interior and exterior for $40,000. Love the look of it.
What did you think? I just know I'll need an SUV just for the room with kids and house projects, and would like it to be fairly decent in quality.
There is a part of me that's thinking of going with the Tahoe or Yukon for the size
F*** Chase Bank. They recently shut down all my wife's accounts down after we deposited the proceeds from our house sale and then had the gaul to ask if she wanted investment advice after the check eventually clears. No, you momos. We do not want any advice from nitwits who can't do the central function of a bank (at the beginning of the month on an account with multiple automatic draws, to boot).
I used to keep about $2,500 or so out of a sense that I might need it for some unexplained reason. Since COVID, I see a lot less cash for payments so it really isn't something I even think about.
I guess the Davros Group or whatever won.
My dad usually kept a few grand in the safe at the house. My mom would also hide cash here and there. I've found a few of her locations. I own their house now and bet there are still a couple of places she hid money that I haven't found. So yeah, I keep cash around the house, I just haven't found it yet.
Why did they shut down the accounts? Were they able to reinstate them? That sounds weird.
Like someone said above, until they start losing some real deposits, they will never change,.
Good question. I will probably invest a good portion of it. I am conservative with cash, so I am happy with the returns at the moment. I like more cash on hand than most so will probably stay with more cash in the bank,. The stock market has been so weird for the past few years. I have a good size 401K that I manage myself. TD Ameritrade just sold a lot of accounts to Charles Schwab so would open a brokerage account there to have it all in one spot on the investment side,
Leasing a car is miserable now. Pay cash on a used car but you can still find low rates on a new car. Just hate paying top dollar on a used car in this market.
Visited both F&N and The Oasis many times over the years. But I still find it interesting that one of the greatest and oldest creations in human history is still relatively unknown or underappreciated in 2023. Compounding.