The Briefing Room
General Category => General Discussion => Topic started by: libertybele on November 20, 2022, 11:11:57 pm
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This is in addition to your emergency stash. Another $1,000-$2,000 in the case of a national emergency.
Here’s How Much Cash You Need Stashed If a National Emergency Happens
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.....
....."Whether it's Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand," said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. "Banks and ATMs may not be up and running for days after a strong storm. I recommend my clients have three to five days' worth of spending money, just in case."
"Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket," said Brett Tharp, CFP and financial planning education consultant at eMoney Advisor. "Temporary lodging or shelter, fuel, food, water and necessary medications fall into this category. This will differ for each person depending on their level of preparedness or perception of how likely a catastrophic event might be."
Two-thousand dollars should cover those costs.
"The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe," said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma..........
https://www.yahoo.com/finance/news/much-cash-stashed-national-emergency-130023345.html
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Cash is good to a point, but if we have a serious nationwide or global economic collapse, goods will get short and that cash will either go fast or be essentially worthless.
So treat it as a perishable with a short shelf life. At the very most 6 months, but more like 1 to 3.
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:bkmk: