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How much cash in the bank ???

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Fred Werring
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PostPosted: Wed Jan 03, 2018 10:03 am    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

"but her and my ideas of necessities are way apart!"

Hmmmmm, sounds familiar.

Wanna make her mad? Tell her that at a sale, your stuff (tractors, equipment, tools, etc) will bring close to what you paid for it, while hers (knick-knacks, cookware, kitchen appliances, etc) will be the stuff on a wagon the auctioneer spends hours on trying to get a dollar bid.

CAUTION!!!...Start that discussion at your own risk!!!

In all seriousness, if it makes her happy and we can afford it, I'm good with that. Usually

Fred
 
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Ferd
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PostPosted: Wed Jan 03, 2018 10:05 am    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

For many years I served on the board of a privately owned food bank. We "served the working poor" - people that were unable to make ends meet for various reasons but were still working and not receiving any government assistance. Families needed to be recommended by others on the program to verify the need. We also charged $60.00 / month (I think the average family took home around $700.00 / month in food, clothes etc.). Without help, lots of these folks would have been out on the street or on government assistance.

So, it's difficult to do a budget and save enough to have six months to a year (better yet) in liquid funds. But, a lot of folks living on the streets in "progressive" west coast cities where housing is really expensive, are there because they had no backup funds and something went wrong (illness, layoff, etc.) Once on the street it's difficult to get two months rent down payment together, not to mention just day to day living conditions we take for granted like hygiene facilities, clothing and phone, to get back on their feet again.
 
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rusty6
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PostPosted: Wed Jan 03, 2018 10:42 am    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

How much cash should I have in the bank? Thats easy. All of it. Then when I need to buy something , I pay cash. Seen too many people living pay cheque to pay cheque and never getting ahead yet having all the toys.
 
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oldtanker
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PostPosted: Wed Jan 03, 2018 10:56 am    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

In the event of a bank collapse money in the bank isn't going to be available. And as we saw when both the farm crisis hit in the 80's and the housing bubble just a few short years ago land values can go down. Even gold is subject to market trends.

But to the OPs question? The US military told us 3 months pay in the bank. Then congress for most of my career kept us 3.5-13.5% behind the cost of living making it impossible to save 3 months pay! Also as we saw with the past recession, even with extended unemployment people were still out of work 2 plus years later. People were out of work for 8 to 9 years during the great depression. So it's subjective as to how much you should have to fall back on.

Rick
 
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cuby
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PostPosted: Wed Jan 03, 2018 1:11 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

I went through that d I v o r c e thing back in the '60s. We didn't have anything and she got less,but I got to keep the diamond ring.
 
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cuby
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PostPosted: Wed Jan 03, 2018 1:21 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

Fred,I hear you and you are comeing through loud and clear. Wife thinks that if we have it ,have to spend it. I am to damn conservative she says.
 
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Case e
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PostPosted: Wed Jan 03, 2018 1:46 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

think you need to listen more carefully......
 
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Ozlander
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PostPosted: Wed Jan 03, 2018 2:16 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote


6 months?
I wouldn't want $20K in the bank drawing 1% interest.
 
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Bob in WY
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PostPosted: Wed Jan 03, 2018 2:31 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote


My general rule of thumb is I want 50% of my yearly income in available cash which is split up with 75% of that split between two banks, the balance in my hand. On top of that I keep some precious metals around as an insurance policy, I usually keep that in gold eagles and silver eagles.

The only things I will borrow money for is a house to live in and a vehicle to get to work. Other than that, if I can't pay cash for it, I don't buy it.

I agree with Dave Ramsey on some things but not others. Where I disagree is with credit cards and FICO score. I travel quite a bit so credit cards help keep my from carrying so much cash, but the credit cards are paid in full every month. FICO scores affect more than a persons ability to borrow money. What you pay for insurance, among other things, is affected by your score.

And I am very lucky, my wife and I agree on how to handle finances.
 
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shaun wallace
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PostPosted: Wed Jan 03, 2018 4:17 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

I had excess of 30,000.00 in 100.00 dollar bills for down payment house. Could not use because wanted to know where came from. Been told cannot pay for new vehicle in cash. So it sits in checking account. Have no check book only debit card that don't use. So still cannot use.
 
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Crazy Horse
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PostPosted: Wed Jan 03, 2018 4:32 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

Shaun ....... Hmmmm, so where DID the 300 C-notes come from we're wondering? Maybe you sell "stuff" right? Why not tell them? Obviously if you are refusing to use a cheque or use your debit card, then you are refusing to access your money, so really to say you cannot use the money is not really true. You are choosing not to use it and to keep it safe in the bank. Just my humble financial opinion. Very interesting .....
 
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Mark - IN.
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PostPosted: Wed Jan 03, 2018 4:54 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

During this past Holiday season I watched "It's A Wonderful Life". In one of the scenes there was a run on the bank where many, most of the town's folk wanted, demanded their money from Jimmy Stewart's "Bailey Brothers Building And Loan", but as Jimmy Stewart explained to the folks that their money wasn't really in his bank, but rather invested in people's homes and Martini's Bar. So my point is that no matter what my bank book says, according to Jimmy Stewart I really pretty much have squat in the bank. And as the movie would have it, if I ever do need really need to pull all of my money out, Mr. Potter will give me 50 cents on the dollar for what I need and then charge me $1.20 on every dollar to live in his potter's field.

Mark
 
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Greg1959
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PostPosted: Wed Jan 03, 2018 6:00 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

Now, I have a checking/savings account. I used a wire transfer from my bank to their bank for almost $90,000, no problem.

Called my bank and told them where to transfer the money and what account #....over and done with pretty quick. I drove it off the lot.
 
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Bruce from Can.
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PostPosted: Wed Jan 03, 2018 6:29 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

I keep very little cash in the bank, just makes nothing sitting there. I reinvest my money back into my business. And if I need some cash, I can sell some grain , or cattle, or hay. Or I invest in a Dairy processing Coop. We have good cash flow, and I have no fear of borrowing money if need be for capital investment on the farm. It is just business.
 
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mtny
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PostPosted: Wed Jan 03, 2018 10:35 pm    Post subject: Re: How much cash in the bank ??? Reply to specific post Reply with quote

I keep a few months in savings , completely liquid , then close to a year in investment account which is liquid after about a week or so . Always have a nice knot of cash in the safe too.
 
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