Quote:
Originally Posted by Fat Charlie
..... Using credit means having a buffer that you don't have to pay for: I can get to my savings, but they're not the most liquid. I don't have a box of cash buried in my backyard- my kids have more cash in shoeboxes in their rooms than I have in my pocket. But I've got a ton of purchasing power in that pocket if I really need it.
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I was the same way until April 27, 2011. I was living in Alabama and we got hit by a Supercell that spawned hundreds of tornadoes. We had some weak ones in the morning that I didn’t think much about until we went for lunch and couldn’t find a restaurant taking cards. We were all in or 20’s and 30’s and no one had any cash. The major tornadoes came through that afternoon and evening and caused massive damage all over the state and surrounding states. Cell networks and ATMs were down for days and we reverted to a cash economy for those that had it.
Since then I’ve kept some cash in the gun safe and $100 in each go bag that we keep in the cars.
We don’t have tornadoes here but we have a 40% chance of a 8.0 or larger earthquake in the next 50 years. Something like that would take down electronic payments for weeks or months.