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We were surprised to discover after her death (in the late 80's) that my great grandmother kept $1,000 in a pouch in her bra. I can understand not trusting the

We were surprised to discover after her death (in the late 80's) that my great grandmother kept $1,000 in a pouch in her bra. I can understand not trusting the banks and wanting to always have some sort of cash on your person.

lotsofpulp 4y ago
I cannot understand not having at least a couple hundred cash on you, and much more at home. What are people’s plans if the power or payment networks go offline? Earthquake, hurricane, ice storm, volcano, etc.
- Red_Leaves_Flyy 4y ago
  You obviously have considerable wealth if you think most people have the savings to keep hundreds of dollars on them at all times and much more at home. A large percentage of Americans can’t afford a $500 emergency. Also, many people don’t carry cash because they’re worried, rightfully or not, about being robbed. Same idea behind leaving stuff in your vehicle.
  - lotsofpulp 4y ago
    I thought it would be obvious that my comment would preclude people who did not have emergency funds. Or who live in areas where the probability of robbery is high enough to negate the benefit of having some cash on you. My intent was to show that while electronic payments are nice and convenient, I still like the peace of mind of knowing I have a resilient payment method like cash on me.
  - bombcar 4y ago
    I am suspicious of that "can't afford a $500 emergency" number that is thrown around. It apparently comes from a survey [52] which says: "53% could manage an unforeseen expense of $500 without worry" What that actually means isn't directly stated - but people read it as "half of Americans can't afford $500" which isn't what it's stating. https://www.personalcapital.com/assets/public/src/2022-Wealth-and-Wellness-Index.pdf https://www.personalcapital.com/assets/public/src/2022-Wealt...
- mgkimsal 4y ago
  Plenty of us didn't always have 'a couple hundred cash' at all, much less 'free' to just carry around 'in case of emergency'. I can now, but don't for the most part, partially because of decades of not being in that position. We have a modest amount of cash on hand at home - we sometimes pay service folks in cash, or can tip a delivery person now and then, but those are rare instances. Neighbor kids selling door to door now and then too, but even then I wrote a check last time, directly to a school fundraiser, didn't just hand over cash. If we needed to leave due to an emergency, some cash may help for a hotel, probably, assuming it's far enough away to have power/water. If there's earthquake/hurricane/etc with resulting power outages, most of the places I'd go to wouldn't be able to even open their POS systems to take cash in the first place.
  - lotsofpulp 4y ago
    > If there's earthquake/hurricane/etc with resulting power outages, most of the places I'd go to wouldn't be able to even open their POS systems to take cash in the first place. Businesses or anyone wanting to get paid will figure out an alternative. Dealing with cash is not complicated.
    - kayodelycaon 4y ago
      Dealing with cash is complicated actually. You need to protect it from theft. You need to count it daily. You need a bank to deposit it. You need to have change because people don't bring exact amounts. Having change requires a bank or some other facility to exchange currency with. Cards require a machine, some kind of network connectivity, and an account. It's actually a lot easier to deal with as a small business. Most of the people I know who go to conventions as vendors prefer cards because it greatly simplifies their logistics.
      - lotsofpulp 4y ago
        Yes, but I was talking about a scenario where there is no network connectivity and hence no ability to take card payments. In the case of getting paid something versus getting paid nothing, I am guessing most merchants will opt to put in the work to accept cash rather than shut down.
- josephcsible 4y ago
  Carrying significant accounts of cash on you all the time seems like a good recipe for it to get lost or stolen.
  - lotsofpulp 4y ago
    There are always tradeoffs. Based on how much fuel and food costs these days, I would not say a couple hundred dollars is a significant amount of cash. Not even enough to get you a bed at night in case of an emergency.
    - throwaway894345 4y ago
      What kind of emergency would: 1. leave me with cash 2. not affect the ability of shops, hotels, etc to process those cash payments and render goods and services 3. prevent me from driving to the next town, county, etc
      - lotsofpulp 4y ago
        When hurricane sandy rolled through NJ/NYC area, I remember the power being out for 4+ days, and we used cash to buy groceries and fuel. I also did not have time to drive 1+ hours for supplies, especially when roads were not necessarily cleared of trees and whatnot, and I had elderly to take care of at home. Also, gas itself was challenging to get with very long lines so driving an hour was not a guarantee to getting it (since everyone else has the same bright idea, you can’t just shift 10M+ vehicles worth of demand overnight to surrounding areas).
        throwaway894345 4y ago
        I’m surprised gas pumps and everything else still works without power. I guess if you’re effectively tethered to an area that is prone to widespread regional disruptions it makes sense, but that’s a lot more niche than the original “I can’t imagine not having at least a couple hundred dollars in cash…”.
- tomjakubowski 4y ago
  I'm expecting to rely on pen and paper IOUs in this situation. That's really no different than cash, presuming you and local businesses have already established some trust.
- Brybry 4y ago
  While having some cash is good, if you're planning ahead for a disaster it's better to have stuff than cash cause in the event of disaster your ability to buy things is likely to be decreased. Or at least that's my experience from living in an area where hurricanes sometimes take down power for 2+ weeks. When things shut down for a long time the government usually sets up free distribution of MREs and water and already having gas in your tank is more valuable than having cash to buy gas at the theoretical gas station with power to pump but not payment network access.
- throwaway894345 4y ago
  I'd probably just drive somewhere that has power/payment networks (stay with friends, family, or airbnb/hotel/etc), especially since those point-of-sale systems are almost universally electronic anyway.
- aembleton 4y ago
  Why would you need cash on you? I can understand leaving some at home in case card networks fail, but day to day if I'm out and about I just pay with my phone.
aerostable_slug 4y ago
My grandfather carried $3k in his wallet every day for the same reason.
- cableshaft 4y ago
  I'd worry more about being mugged with that much in my wallet than an emergency happening that required needing that much cash on-my-person.
  - aembleton 4y ago
    I guess he grew up in a different era and had other concerns.

lotsofpulp 4y ago

I cannot understand not having at least a couple hundred cash on you, and much more at home. What are people’s plans if the power or payment networks go offline? Earthquake, hurricane, ice storm, volcano, etc.

Red_Leaves_Flyy 4y ago
You obviously have considerable wealth if you think most people have the savings to keep hundreds of dollars on them at all times and much more at home. A large percentage of Americans can’t afford a $500 emergency. Also, many people don’t carry cash because they’re worried, rightfully or not, about being robbed. Same idea behind leaving stuff in your vehicle.
- lotsofpulp 4y ago
  I thought it would be obvious that my comment would preclude people who did not have emergency funds. Or who live in areas where the probability of robbery is high enough to negate the benefit of having some cash on you. My intent was to show that while electronic payments are nice and convenient, I still like the peace of mind of knowing I have a resilient payment method like cash on me.
- bombcar 4y ago
  I am suspicious of that "can't afford a $500 emergency" number that is thrown around. It apparently comes from a survey [52] which says: "53% could manage an unforeseen expense of $500 without worry" What that actually means isn't directly stated - but people read it as "half of Americans can't afford $500" which isn't what it's stating. https://www.personalcapital.com/assets/public/src/2022-Wealth-and-Wellness-Index.pdf https://www.personalcapital.com/assets/public/src/2022-Wealt...
mgkimsal 4y ago
Plenty of us didn't always have 'a couple hundred cash' at all, much less 'free' to just carry around 'in case of emergency'. I can now, but don't for the most part, partially because of decades of not being in that position. We have a modest amount of cash on hand at home - we sometimes pay service folks in cash, or can tip a delivery person now and then, but those are rare instances. Neighbor kids selling door to door now and then too, but even then I wrote a check last time, directly to a school fundraiser, didn't just hand over cash. If we needed to leave due to an emergency, some cash may help for a hotel, probably, assuming it's far enough away to have power/water. If there's earthquake/hurricane/etc with resulting power outages, most of the places I'd go to wouldn't be able to even open their POS systems to take cash in the first place.
- lotsofpulp 4y ago
  > If there's earthquake/hurricane/etc with resulting power outages, most of the places I'd go to wouldn't be able to even open their POS systems to take cash in the first place. Businesses or anyone wanting to get paid will figure out an alternative. Dealing with cash is not complicated.
  - kayodelycaon 4y ago
    Dealing with cash is complicated actually. You need to protect it from theft. You need to count it daily. You need a bank to deposit it. You need to have change because people don't bring exact amounts. Having change requires a bank or some other facility to exchange currency with. Cards require a machine, some kind of network connectivity, and an account. It's actually a lot easier to deal with as a small business. Most of the people I know who go to conventions as vendors prefer cards because it greatly simplifies their logistics.
    - lotsofpulp 4y ago
      Yes, but I was talking about a scenario where there is no network connectivity and hence no ability to take card payments. In the case of getting paid something versus getting paid nothing, I am guessing most merchants will opt to put in the work to accept cash rather than shut down.
josephcsible 4y ago
Carrying significant accounts of cash on you all the time seems like a good recipe for it to get lost or stolen.
- lotsofpulp 4y ago
  There are always tradeoffs. Based on how much fuel and food costs these days, I would not say a couple hundred dollars is a significant amount of cash. Not even enough to get you a bed at night in case of an emergency.
  - throwaway894345 4y ago
    What kind of emergency would: 1. leave me with cash 2. not affect the ability of shops, hotels, etc to process those cash payments and render goods and services 3. prevent me from driving to the next town, county, etc
    - lotsofpulp 4y ago
      When hurricane sandy rolled through NJ/NYC area, I remember the power being out for 4+ days, and we used cash to buy groceries and fuel. I also did not have time to drive 1+ hours for supplies, especially when roads were not necessarily cleared of trees and whatnot, and I had elderly to take care of at home. Also, gas itself was challenging to get with very long lines so driving an hour was not a guarantee to getting it (since everyone else has the same bright idea, you can’t just shift 10M+ vehicles worth of demand overnight to surrounding areas).
      - throwaway894345 4y ago
        I’m surprised gas pumps and everything else still works without power. I guess if you’re effectively tethered to an area that is prone to widespread regional disruptions it makes sense, but that’s a lot more niche than the original “I can’t imagine not having at least a couple hundred dollars in cash…”.
tomjakubowski 4y ago
I'm expecting to rely on pen and paper IOUs in this situation. That's really no different than cash, presuming you and local businesses have already established some trust.
Brybry 4y ago
While having some cash is good, if you're planning ahead for a disaster it's better to have stuff than cash cause in the event of disaster your ability to buy things is likely to be decreased. Or at least that's my experience from living in an area where hurricanes sometimes take down power for 2+ weeks. When things shut down for a long time the government usually sets up free distribution of MREs and water and already having gas in your tank is more valuable than having cash to buy gas at the theoretical gas station with power to pump but not payment network access.
throwaway894345 4y ago
I'd probably just drive somewhere that has power/payment networks (stay with friends, family, or airbnb/hotel/etc), especially since those point-of-sale systems are almost universally electronic anyway.
aembleton 4y ago
Why would you need cash on you? I can understand leaving some at home in case card networks fail, but day to day if I'm out and about I just pay with my phone.

aerostable_slug 4y ago

My grandfather carried $3k in his wallet every day for the same reason.

cableshaft 4y ago
I'd worry more about being mugged with that much in my wallet than an emergency happening that required needing that much cash on-my-person.
- aembleton 4y ago
  I guess he grew up in a different era and had other concerns.