Originally Posted by cj65
I do have a 401k being most companies don't offer a pension these days. And no I don't have a mortgage on any of my three homes. Just paid off my last home mortgage this month. I save most of my cash. I guess I'm old school but I don't trust banks to hold my cash.
Having stuff paid off and paying cash for stuff when you want it is a great feeling.
But, seriously not trusting the banks. Simply keep under the FDIC and split up your banks in that manner.
Not trusting people I totally understand. In the manner of identity theft and such having all your cash in one bank waiting to be hit is well stupid. But, diversifying over several accounts insured and constantly watched by a accountant will give you trust in the banks.
I know interest these days is a total laugh. The idea of a CD will give some a giggle. But, while at a demeaning rate the interest is still compounded and worth setting up a account you can forget about(if the SOB's will get it through there damn skulls what "do not mail me a statement" means). I have a few banks I do not "trust" due to there policies with things like "inactivity fee's" and "annual holding percentage" bs. But, getting a quality accountant "quarterly consultant" to keep track and handle any issues that may arise. Now do you trust the firm that is in place to make sure the bank is not snatching pennies out your pocket. It is a never ending game.
If anything major does happen to the banks do you seriously think that pile hidden in your basement (that the mice are nesting in) will be anymore then comical toilet paper.
If you are talking trading goods. That is a different story and this little rant is to long winded as it is. But, hording paper is useless. Now, back in 2001 and 2008 and 2010 I was in the same spot having boxes of cash hid about for when I needed them. But, over the years I have seen how foolish that is.
There is nothing old school about saving up to buy something or buying it outright. The banks are in the business of making cash. Weather it is a 3 day delay to transfer cash while they collect the interest, some fee that you end up paying for the convenience of using there services, or a "loss in records" ie identity theft. They will use you and your cash to make money.
I still do not trust banks or people for that manner That I next to never use even my debit card other then at a atm. I see someone use a personal credit card and tend to look down at them. If I see someone pull out a check book in a store part of me expects that check to bounce.
Being independent of others will place you level with them. I come up with a lot of stupid concepts and share them with you. But, with money I am really smart, careful, and wise.
Damn this thing is way to stinking long.
Congrats on having the house paid off.