The End Is Nigh. Bury Your Cash?
Should you bury your cash? Many, like 45-year old Alabaman David Lantham think so, according to Smart Money. Lantham withdrew $8,000 from a bank CD, put it in zip-lock bags, and buried the cash in a remote location on his 300-acre property. He figures the FDIC will pay up in the event of a bank failure, but that it may take a few weeks.
This seems illogical to me. If you have faith in the FDIC to pay what they owe, why bother burying cash in the ground? An easier (and just as effective) solution would be to purchase a safe
What about you? Would you ever bother burying cash as opposed to something with more intrinsic survival value?
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This is a great time to invest in gold, but its also good to keep 6-months cash on hand – maybe at a few different banks, and local banks not national chains like BofA. The layoffs are going to continue for at least another 6-months.
The problem with going to all cash is that the dollar is in very serious trouble and the day that the world stops funding the US with borrowed money, is the day that the dollar is going to drop, perhaps overnight. So, if you bury your cash you may still have it, but it could be worth a lot less than when you burried it.
Questions about storing cash:
If we are going to store cash in our personal possession, then we have two basic options: in our home or on our property. The home is subject to fire and/or theft risk. Even a quality safe could be destroyed in a long-burning or intense fire. Given these issues, I like the idea of burying cash, but I’m not sure how to do this safely to avoid the cash rotting due to moisture and microbes. Does anyone know step-by-step how to bury cash safely? Could they point me to a book or web resource that describes how to do it? I recently purchased a “midnight gardener”(www.themidnightgardener.com/)which is a capped PVC pipe with a deeply threaded screw-on cap. I’ve though about putting the cash in a plastic bag filled with dessicant, then putting that plastic bag in another also filled with dessicant. The PVC cap could be sealed with plumber’s tape. Would this work?
Burying cash is very shortsighted. I think that people fail to realize that if the whole economy crashes then the dollar becomes worthless.
Always convert to gold, silver, platinum, or palladium if you are going to bury money. Copper and nickel would be close seconds.