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The number isn't high enough to be meaningful, but many of the wealthier folks that I know have safes built into their homes and offices. Some even have a safe
by KGIII 9y ago
The number isn't high enough to be meaningful, but many of the wealthier folks that I know have safes built into their homes and offices. Some even have a safe built into their car and may have another built into their RV, if they have one.
I haven't seen inside all their safes, but I have seen inside a few of them - including my own. In those, again a very small sample size, there is always some cash.
I tend to be willing to jump on a deal and have a small automobile addiction. So, I keep a pretty decent stash on hand. The amount will vary, please don't rob me, but it's not unheard of for me to have nearly six figures in between a couple of safes.
If I'm planning on buying something big(ish), I may have already taken the cash out to have it on-hand. I live in a crime-free area, as in zero crime, so it's not really a risk. People will often favor me in barter, if they know I have cash immediately available.
So, if I'm going to a car show, then I will have extra cash already in my safe. If I'm going to be traveling, there will be extra cash in my safe. If I haven't made it to deposit the money, there will be extra cash in my safe.
A friend of mine owns an excavation/trucking company. I know he's usually got six, or more, figures in his safe - though some will be in checks.
Another one owns a bunch of franchises and doesn't always make it to the bank as often as he should. He's good for a five digit sum, probably (speculating) in the $20k region, plus whatever he usually has in there. This will usually be after a long holiday weekend.
I can't really say much about the rest but those are the only ones where I know some of the contents and they all have decent amounts of cash.
Again, that's a very, very small sample size and a very biased sample. I'm not sure if it carries over to other people and to other areas.
Since I retired to here, there have been zero property crimes. That's ten years. There have been zero violent crimes. The only crimes I know about was some guy was in an accident while he was driving drunk and one guy who led police on a merry chase that happened to go up the State highway. So, this may very well not apply elsewhere.
- pjc50 9y agoI know you know that's a biased sample, but I've been trying to estimate just how unusual it is and can't find the right stats. Six figures in cash is I think more than median total net worth. Having that much as an individual rather than a business is clearly top 10% territory and maybe even top 1%.
- StudentStuff 9y agoDefinitely very odd to have 6 figure in cash on hand in the top 10%. Even for those with a few million in net worth that I know, they use their safe purely to store their valuables while they're out of town (not to deter property crime, but to keep their kids from stealing it).
- KGIII 9y agoI was only addressing their idea that the wealthier wouldn't have access to cash in the event of an internet outage. In my limited experience, they might. In the few cases I know of, they would. However, it's a very small and biased data set, not much more than an anecdote. I can't speak about a larger group, I just don't know. So, I included caveats.
- KGIII 9y agoOh absolutely, but I am not sure that the wealthier people don't have access to cash. That's what I was addressing. They may use plastic on a daily basis, but I'd be surprised if they didn't have near immediate access to liquid assets, including some that are easily bartered with. I know at least two people who have gold in various weights, for example. I am not one of those two people. Some have art and jewelry, those could be bartered with - if things got really bad.
- msh 9y agoInteresting, where I am from (.dk) it is illegal for a company to receive payments above approximately 10k usd in cash. It must be a digital transfer (card/bank transfer/etc).
- rwallace 9y agoWhereabouts do you live, that has such a low crime rate? I'm curious, because that's unusual.
- reaperducer 9y agoNot really. It's just that "Nothing happened today" isn't a news story.