How much physical cash do you/should you have on hand?

MonacoMonkey's picture
Rank: Neanderthal | banana points 2,220

It seems to vary quite a bit between individuals, often regardless of actual net worth.
When I say "on hand", it's what you carry around, and what's in your apartment/house.

Personally, I have a small stash of USD and CHF (Swiss Franc)- their paper bills are a work of art.
And some physical platinum. All together it's enough to buy groceries for some time :)

I've heard it's a bad idea to have too much physically, something to do with homeowners insurance.
But since I rent, it's a non-issue.

What about you guys / your thoughts?

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Comments (50)

Best Response
May 30, 2017

Bout tree fiddy

    • 27
May 30, 2017

what's your address?

    • 4
May 30, 2017

Also interested.^

'I'm jacked... JACKED TO THE TITS!!'

    • 3
May 31, 2017

I'm interested because Chuck is interested.

Axe

    • 14
May 30, 2017

LOL holy shit that was perfect

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May 30, 2017

[quote="MonacoMonkey"
I've heard it's a bad idea to have too much physically, something to do with homeowners insurance.
But since I rent, it's a non-issue.
[/quote]

Get Renters Insurance...now.

Also, I have a family so I keep $200-$300 on me at all times.

I have cash at home, as well as silver and gold bullion.

May 31, 2017

I like to have a hundred minimum on my person in a variety of bills Nothing worse than buying a drink/snack and having to swipe.
There is some at home, but not much more than I carry. Definitely get renters/home owners insurance, particularly if you have any nice things.

May 31, 2017

~$60-80 in my wallet

I play poker regularly so I actually do have a good amount of cash at my apartment.

May 31, 2017

Usually $0. I'll admit it's a terrible habit, not having cash on hand is irrelevant 95% of the time, but those times you get 5%, it's a really poor decision.

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Apr 26, 2018
EnergyHOU:

Usually $0. I'll admit it's a terrible habit, not having cash on hand is irrelevant 95% of the time, but those times you get 5%, it's a really poor decision.

Happens to me all the time! :D But thanks for making me feel better I am not the only one.

I did get a discount from my tax declaration this year because I pay everything by card. :D

May 31, 2017

I also carry next to no cash with me. I find it more convenient to use my card, and if I hold cash, I generally feel less aware of my spending. If I hold cash, I feel like there's a need to spend it if I'm carrying it around with me.

With my card, I seem to consider every purchase. It's more of my own bias than anything. But I agree that I should carry around some emergency cash around with me just incase.

May 31, 2017

You're an anomaly. Numerous studies show people tend to "overspend" using card, while cash promotes better financial management skills because it causes more 'pain' to spend physical bills.

https://www.psychologytoday.com/blog/retail-therap...

May 31, 2017

Wouldn't be surprised if I was. But that's what works for me. I have thought about this though. What would encourage me to better manage my finances, would be to draw out a certain amount of money (PS100) at the beginning on the week. If I knew that was all that I had for the week, I would certainly budget a hell of a lot better.

But, there's something about having cash in my wallet that makes me think it's okay to dispose of it. When I use a card, something registers in my brain to consciously think about my purchase.

Again, I probably am an anomaly. And I'm proud to be one. :)

Apr 26, 2018

I'm completely the same way. I think it's because I know that I'll have to eventually see and pay for it once the credit card bill is due and it'll be a punch in the gut then. Whereas once I spend cash, I feel like it never happened because I never think about it afterwards since it never shows on a credit card statement. For this reason, I make sure I don't carry cash when I go out drinking; I'd end up buying everyone and their cousin a round.

May 31, 2017

All those studies say to me is most people are really bad with their money. I'll average $20-$40 on me in cash and I never use it unless I'm taking a short cab ride or just want a single drink at a bar. There is no psychological effect between cash and credit for me because I don't buy iPhones I can't afford and incur interest for it.

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May 31, 2017

I usually carry about $60-80 on me.

At home I usually have an ox, a few goats and several chickens.....all for bartering purposes.

    • 6
May 31, 2017

Cash doesn't earn rewards.

I should carry some emergency bills but I always forget to get them.

May 31, 2017

True as hell. I only carry around $30 and swipe to play the airline status game (and never carry a balance of course).

May 31, 2017

just enough for weed and tacos

heister:

Look at all these wannabe richies hating on an expensive salad.

    • 2
May 31, 2017

But bro, if shit forreal hits the fan, fuck you gonna do with your pretty papers and shiny metals? I'm not a prepper, but I get those guys. You just have a bunch of cash depreciating like why do

heister:

Look at all these wannabe richies hating on an expensive salad.

    • 3
May 31, 2017

I have over $10k worth of MARIJUANA stashed in my house. Gold and cash are only WORTH anything because we SAY they are. CANNABIS is the only CURRENCY that has INTRINSIC VALUE.

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Jun 1, 2017
Angel Molester:

I have over $10k worth of MARIJUANA stashed in my house. Gold and cash are only WORTH anything because we SAY they are. CANNABIS is the only CURRENCY that has INTRINSIC VALUE.

If not poster of the year, certainly the poster of the week.

Keep it COMING and DISRUPT the wso herd MENTALITY.

    • 1
May 31, 2017

I usually have around $100 on me and don't keep cash at home other than leftover foreign currency from travels. Why do people keep cash at home? I guess I live in a big city so there's an atm every hundred feet.

Also, similar to others I use my credit card for 99% of my purchases to get points. With tap it's even faster than cash too so using cash makes no sense to me.

May 31, 2017

Usually carry around $10.

Probably have about $500 at my place though, probably going to spend it soon.

May 31, 2017

I try to keep some cash on me for tipping. I prefer to give the waitress or the valet some latitude on reported income. And every once in a blue moon I'll go to a cash-only restaurant.

May 31, 2017

I like to keep $200-300 in my wallet. Figure that would be enough should I find myself in a jam

May 31, 2017

I sometimes Walk down the Street with a massive Bankroll and withdraw even more when I pass an ATM.

Most don't have the honesty to admit this.

mbavsmfin:

I don't wear watches bro. Because it's always MBA BALLER time!

May 31, 2017

i don't have much cash on me, usually 100 or less, a couple 20's in each vehicle. none at home, and have no precious metals outside of whats in my tv and computer. that said, i've got about 10k rounds of 5.56 and 7.62x39, and a host of 12ga, 45acp, etc.

If the glove don't fit, you must acquit!

Jun 1, 2017
WalMartShopper:

i don't have much cash on me, usually 100 or less, a couple 20's in each vehicle. none at home, and have no precious metals outside of whats in my tv and computer. that said, i've got about 10k rounds of 5.56 and 7.62x39, and a host of 12ga, 45acp, etc.

About right...I keep no real cash. ATMs charge me money; why use them? I have some silver and gold in a safe. Mostly, I have 3 shotguns, an AR-15, an AK-47 and a few handguns, plus a lot of ammo. If things got really crazy, guns, not gold, win the day.

Jun 1, 2017
TechBanking:
WalMartShopper:

i don't have much cash on me, usually 100 or less, a couple 20's in each vehicle. none at home, and have no precious metals outside of whats in my tv and computer. that said, i've got about 10k rounds of 5.56 and 7.62x39, and a host of 12ga, 45acp, etc.

About right...I keep no real cash. ATMs charge me money; why use them? I have some silver and gold in a safe. Mostly, I have 3 shotguns, an AR-15, an AK-47 and a few handguns, plus a lot of ammo. If things got really crazy, guns, not gold, win the day.

Spoken like a true nut job who has never heard a gunshot fired in anger.

May 31, 2017
aeroscout:
TechBanking:
WalMartShopper:

i don't have much cash on me, usually 100 or less, a couple 20's in each vehicle. none at home, and have no precious metals outside of whats in my tv and computer. that said, i've got about 10k rounds of 5.56 and 7.62x39, and a host of 12ga, 45acp, etc.

About right...I keep no real cash. ATMs charge me money; why use them? I have some silver and gold in a safe. Mostly, I have 3 shotguns, an AR-15, an AK-47 and a few handguns, plus a lot of ammo. If things got really crazy, guns, not gold, win the day.

Spoken like a true nut job who has never heard a gunshot fired in anger.

Lol I've bartered ammo for services HVAC, drywall, etc. It's easily divisible, storable, appreciates, and is a great hobby. Kind of tough to pay a $50 bill in bullion.

Also not sure why the ad hominem attack, are you a former navy seal or a scrawny vegan? Never firing a shot in anger is a blessing my friend. Would love to hear your explanation.

If the glove don't fit, you must acquit!

Jun 1, 2017

Neither. I was in the army for 7 years and now I go to business school. Just a little tired of hearing people fanboy about guns, ammo, and doomsday prepping, especially when the vast majority of guys on this site live in cities with low crime and work in finance. Granted, I know nothing about you or techbanking, but guns and ammo just didn't seem pertinent for a discussion about how much cash one should carry.

Jun 1, 2017
aeroscout:
TechBanking:
WalMartShopper:

i don't have much cash on me, usually 100 or less, a couple 20's in each vehicle. none at home, and have no precious metals outside of whats in my tv and computer. that said, i've got about 10k rounds of 5.56 and 7.62x39, and a host of 12ga, 45acp, etc.

About right...I keep no real cash. ATMs charge me money; why use them? I have some silver and gold in a safe. Mostly, I have 3 shotguns, an AR-15, an AK-47 and a few handguns, plus a lot of ammo. If things got really crazy, guns, not gold, win the day.

Spoken like a true nut job who has never heard a gunshot fired in anger.

I may be a nut job, but I have heard/seen gunshots fired in anger on multiple occasions and also witnessed the aftermath. I'm not advocating violence, but I'd rather be ready to take care of myself if rule of law breaks down.

Jun 1, 2017

0, but I would like to have some coins on me for vending machine snacks at my internship..

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May 31, 2017

When I lived in a place with coin laundry I would go to the bank and withdraw $100 in quarters like once a year.

Always figured I would get strange looks from the tellers but they didn't seem to think anything of it.

Jun 1, 2017

Most people in Asia that I know do this:
- About USD 100,000 in cash, about another USD 100,000 in RMB or THB (local currencies)
- A duffel bag full of gold bars
- A small pack of diamonds (probably around USD 2-5 Million)
- 3-5 passports (with different names)
- A handful of handguns

    • 1
Jun 1, 2017

I feel like "a handful of handguns" is an oxymoron, solely due to the plurality of the guns.

Jun 1, 2017
Fugue:

I feel like "a handful of handguns" is an oxymoron, solely due to the plurality of the guns.

Maybe they are really small guns?

Apr 25, 2018

By definition a handgun is always a handful, though handful of handgun just doesn't roll off the tongue as easily

Jun 24, 2017

Not a doomsday guy, but have a couple K in cash as well as gold and silver coins.

Jun 1, 2017

I just carry platinum everywhere I go.

//Isn't it fucking bullshit how a sleeve of pop tarts went from 0.0000000000000002 oz/sleeve to 0.0000000000000001 oz/sleeve??

People always look at me like I'm on the spectrum when i break out my jeweler's scale and start weighing nuggets out at the checkout line.

Jun 1, 2017

Some of these responses are awesome. My honest answer:

On me: anywhere from $20-200, usually around $50
At home: a few hundred dollars in a drawer

I used to carry ~$200 regularly, but I literally never use cash anymore. My office provides drinks and snacks and I swipe/tap food, gas and hookers. I don't really go anywhere that requires a tip that's not on the card. I actually can't think of the last time I had to use cash.

I used to keep ~$1k in my apartment when I lived in the city, but that was mostly because because I played poker.

twitter: @CorpFin_Guy

    • 1
Jun 1, 2017

fiat Currency? That pre-mined shitcoin? LOL!
I walk around with heavy bags of BTC, ETH & XMR on me at all times.

Jun 1, 2017

$28 on me and a piggy bank of change and small bills at home.

Jun 1, 2017

Need to have gold bullion. I'm not sure when you'll need it but I suspect there's a pretty high likelihood that you will. #inflationiscoming

The one I struggle more with is water. Like how much water should you keep on hand for that inevitable earthquake, hurricane, plague, Korean ICBM or zombie apocalypse? Storage is obviously the issue but how many gallons should one have on hand for a family of four?

Jun 1, 2017

The Assets portion of my balance sheet is only one line. Cash. Cash rules everything around me. Dolla Dolla Bill Y'all.

Jun 1, 2017

About $50 most of the time in case I need a taxi home (ie My phone's been broken, stolen, lost or out of battery so no Uber).

Everything else is by card - It's faster, easier and more convenient.

Jun 1, 2017
Apr 25, 2018

Get your facts first, then you can distort them as you please.

Apr 26, 2018