I never thought about this issue until just yesterday I have to make some withdrawal at the bank on the Holiday. Guess what? The line is simply humongous. It is pretty madness. people line up at the ATM after bank hours to withdraw the cash for the holiday. To make matter worst, you could only withdraw $200 a day for most bank with a regular account. I waited 30 mins just to get a few hundreds bucks out to go spend for the night.
Now just stop for a bit, calm your mind and think about this for a second..
This is just…Christmas Eve.
What about if there is a run on the bank or a cyber attack on our banking system and you can’t get your money out?
You can get ready to line up at the ATM jut like black Friday. Or have a little advance preparation and keep some of your wealth stored outside of the banking system in a safe place.
I won’t go too much into detail here but you get the ideal. Remember your paper money tends to go down in value over times so if you are going to store it. make sure you have a good mix between cash and other valuable asset such as gold or silver. Perhaps this is why rich people collect museum quality art. They never lose value – easy to carry and store as well.
I will end the post with this to make sure there is no one left behind: If you don’t have any money to store then forget about this.. your 1st task should be making so much money so that you have to spend time to think about to protect it. Get your priority straight. Some people messed it up…
Merry Christmas everyone!