Currently set to Index
Currently set to Follow

Richardcyoung.com

The Online Home of Author and Investor, Dick Young

Here’s Why You Should Treat Your Disaster Cash like Gold

By

By Bulent camci @ Shutterstock.com

In a true catastrophe, the value of your dollars may plummet to zero, and all you’ll be left with is your gold, canned goods, and ammo for bartering. That would be a terrifying scenario for sure. That said, most disasters you’ll face in life won’t impact the value of your cash, but they could very well impact your access to your bank account.

I’ve been writing to you recently about how the wealthy are moving their money out of bank accounts and into more traditional safety deposit boxes. For large amounts of cash you wouldn’t want unattended at home, safety deposit boxes are a great idea. This strategy also works for avoiding negative interest rates. But in a disaster that closes banks and ATMs, you need something closer to home.

For your immediate disaster cash needs, you should have a Sentry Safe, or some other fire/water resistant safe at home. You preferably want something portable, in case you need to evacuate quickly.

I like the Sentry Safe Fire/Water Chest (Note: this is not a paid endorsement, this is a real recommendation based on experience). You need something that can protect your cash from wildfires or water damage for a short time until you can collect it.

Save Some for the Family

If you’re a grandparent who has been diligent about keeping money on hand in case of disaster, you may want to consider the needs of your children and grandchildren. Are they preparing themselves to avoid risk in a disaster situation? Do they even have cash to put aside? If the answer to these questions is no, you may want to put a little extra aside for them.

You may consider gently urging them to start preparing by buying them a portable safe for Christmas. Tell them to treat their disaster cash like gold, and keep it close.

Originally posted on Your Survival Guy.

 

The following two tabs change content below.

E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.

Latest posts by E.J. Smith - Your Survival Guy (see all)