The Importance of Having Emergency Cash at Home
Updated: Mar 5
Learning to live without modern conveniences can be daunting, but it’s always important to be prepared for the unexpected, especially with natural disasters and other disruptive events on the rise. Storing emergency cash at home can be an essential part of this preparation, since it gives you the option to run to the store or barter with others should your power go out, banks accounts are compromised or if banks are shut down in the event of an emergency.
Power Outages Mean Bank and ATM Closures
If a cyberattack or severe weather like a flood or tornado strikes your area, both banks and ATMs may be closed. If your bank is closed, you won't be able to get into your account in order to access your money. Even if ATMs are still operating, it might not be worth standing in long lines just to get cash out; if any cash is still available. Prepare for power outages by keeping cash on hand at home so you don't lose access to money during an emergency situation. The first to have cash available also will be the first to aquire valuable resources like food, water, and fuel before they run out.
Cyber Attacks Can Wipe Out Your Bank Accounts In An Instant
A cyberattack on America’s financial infrastructure could wipe out bank accounts in an instant. These systems are well-protected—but it’s still a risk worth thinking about. Two days ago, the Ukraine had banks and their Defense system hit by a cyberattack. Today, 5 of Canada's largest banks were shut down for hours by a cyberattack. If you think an attack is likely, or even just possible, it can be worthwhile to have some cash on hand as a failsafe. One way to do that is by setting up accounts with multiple banks and keeping a small balance so you can quickly access funds should something go wrong with one of the banks. The quickest way to have funds available is to have a secure place in the home to store some cash, preferably in a fire proof safe / security box.
If People Are Spooked And Rush To Make Bank Runs, There May Be No Cash Left For You
Let’s say your neighborhood gets hit by a blackout. It could be anything from an actual power outage to a run on ATMs when people suddenly realize they need their cash because they don’t trust their banks or credit cards. If you were unprepared, you might find yourself waiting in line for hours to get your own money. You might also find that there are no lines or tellers left to give it out; everybody else had come in earlier when they heard about other people rushing banks and making bank runs for cash. Would you stay at home or at work if you heard there was on run on the banks? Probable not. Between the market crashes, global conflicts, and the like, it's better to be prepared BEFORE something happens. Emergency Preparedness is a growing concern to everyone all over the world and we all must take it a lot more serious. Being prepared for life's uncertainties is not important to most people, until it is...
Coach Dex / Surviving What's Coming / www.survivingwhatscoming.com / 2/17/2022
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