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Cold hard cash is best

August 1, 2015
coins are silver lining when black clouds appear.

coins are silver lining when black clouds appear.

Most of us have a lock for our front door to keep out burglars. With hackers and theft of debit card magnetic strip info, we can’t protect ourselves. I do not trust banks to guard my money, since Bill Clinton eliminated the 1933 Banking Act. This Glas Steagall Act prohibited banks from mixing investment money with deposit money. We got the 2008 financial collapse with banks losing on investments and we got the losses. Thank you Slick Willy. I do not think my money is safe because it is in a bank account. Most bank robberies happen when we walk into our bank. We get robbed. Bank fees are endless.

In olden days, American Express traveler checks let us carry a lot of cash that could not be stolen. However, counterfeit traveler checks since the late 1990’s have few merchants that accept traveler checks. So cash is king, again. If I am getting no interest on cash in a bank account, then I might as well hold cash.

I enjoy some coin collecting of silver. I always use the dollar coins. Paper currency on hand is always good. The government wants everybody to rely on electronic transfer of funds. We have no choice. I still use checks to pay my taxes.

Nobody loses money by holding cash. Banks pay no interest. When the ATM system is out of order, or the ATM is out of cash, it is good to keep some cash on hand. ATM fees take our money to get our money. I prefer using a credit union for storing money for checking and savings. I prefer investing in stocks and bonds with my serious money. Debt was necessary when raising a family. Now debt is ancient history for me.

One Comment leave one →
  1. August 1, 2015 6:52 pm

    Reblogged this on Brittius.

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