Moneygreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
We are often told by many on the forum to cash out or get as much cash as you can. What do you think would be a realistic amount to stash away? Would 5 thousand in small bills be a good target; or would one thousand be a minimal goal to shoot for? How about a thousand in coins? Should we borrow from our credit cards if we don't have the cash on account? How much would be a minimal target for gold/silver stashes?
-- DGBennett (firstname.lastname@example.org), September 05, 1999
Here are my personal recommendations and goals: 1.Thousands in small bills (yes, 5 thousand is a good goal) 2.Thousands in copper clad coins - dimes and quarters 3.Thousands in silver dollars 4.As many 1/10oz gold coins as I can muster 5.As many as 1oz American Eagles as I can afford 6.Barter items until gold/silver become the new units of wealth
-- Bobby Jordan (Bob@Prodigy.net), September 05, 1999.
Check out Gary North's reality check newsletters - he goes into these scenarios (various) in detail...
-- Andy (2000EOD@prodigy.net), September 05, 1999.
If I have one thousand on hand for the rollover I'll have to borrow 500.00 of it ): I'll bet there's more that will have less than there will be that have more.
-- Rooster (Gotitlate@wow.com), September 05, 1999.
Asking how much money you should convert is akin to asking how much food you should buy and at what price/quality, or how much clothes and what brand-name. It's very personal. Convert as much as you can acording to your means, but convert. Just don't leave it all in the bank.
-- (email@example.com), September 05, 1999.
these are the reality checks :)
-- Andy (2000EOD@prodigy.net), September 05, 1999.
This question branches out into several related, but different, questions.
1. How much cash would you need to get you through an end of year cash shortage before 1-1-2000?
2. How much cash would you need to get you through a Y2K problem that disrupted YOUR bank for an unpredictable amount of time?
3. How much cash would you need to get you through a Y2K problem that disrupted most or all of the banks for an unpredictable amount of time?
1. A few weeks worth, keeping in mind that before 1-1-2000, credit cards may be expected to continure to work.
2. Perhaps a couple of month's worth of cash, plus split your checking account among two or more banks right now.
3. Perhaps a few months worth of cash, plus pray a lot.
-- Jerry B (firstname.lastname@example.org), September 05, 1999.
You should understand that anything you leave in the bank or the stock market or in bonds will be lost completely if Y2K gets really bad, so if you want to preserve your wealth, you should convert it all into cash and gold and silver coins. Maybe I'm misunderstanding you but it appears that you're asking about certain minimum amounts of cash or gold and silver, implying that you plan to convert only that amount into cash and perhaps leave the rest in the bank. If so, by perhaps next March all the money you will have in the world will be your minimum stash; the rest will be irretrievably gone if Y2K is bad. The safest thing to do is to cash in everything and hold it in cash and gold and silver until the smoke clears and you find out just how bad things are going to get.
-- cody varian (email@example.com), September 06, 1999.
I think it's an excellent idea to max out your credit cards with cash advances in mid-December. Then if the economy is still functioning and we're all muddling along by March, 2000, simply pay your credit card balances off with the cash. Your only cost will be a few month's interest charges. If, however, the economy collapses, you will never have to pay off your cards because there will be no credit card companies to pay and no banks through which to transmit the funds. Either way you're covered.
-- cody (firstname.lastname@example.org), September 06, 1999.
If Y2K is a 9 or a 10, money will be worthless! Would anybody in his right mind sell 50 LBS of beans to anybody who has not prepared for any amount of money? Think about it! If the economy shuts down, no amount of money will buy anything from anybody!
-- freddie (email@example.com), September 06, 1999.
Wrong, Freddie. Oh -- yeah, !!!!!! and !!!! some more (!!!!!)
There will be money of some sort. We just don't know what it will be yet.
Think about it, and come back with your best guess. Class dismissed.
-- Mr Gresham (firstname.lastname@example.org?), September 06, 1999.
I'm with Freddie on this one. For a while, there will be little or no monetary transactions of any kind taking place if it's a 9-10.
That's why I'm on the Five & Five plan.
Five thousand in cash and five thousand rounds of 5.62 X 39 for my fine quality (vintage but reliable) assault rifle.
-- Gordon (email@example.com), September 06, 1999.
iN ORdER To bE SAfE, dIETeR WouLD SUggESt haViNG 2 MiLLion doLLaRS In smaLL biLLs.
-- Dieter (firstname.lastname@example.org), September 06, 1999.
What would you do with them SlimFast, do a Michelin Man by binding the bills to you with rolls of ducktape so you would be bulletproof?
-- Andy (2000EOD@prodigy.net), September 06, 1999.
In the WDCY2K scale, an 8 includes "infrastructure crippled". Once there, the rest of the scale is academic; it would be Road Warrior time.
-- Jerry B (email@example.com), September 06, 1999.
DG....your actions will be directed by your understanding of the overall Y2K problem. I have only 1000hrs in study myself. What Im seeing is folks with alot less time in then me, are doing less, folks with alot more time in then me, are doing more.We know the problem is real. So for your bennifit, I will repete myself here. Maxied out my cards, Sold my home, Sold my business, got all the money out of the bank, maxied out my overdraft. For folks who think this whole thing is a fart in the wind, some time next year put it all back in. Your minimum monthly was your Y2K insurance policy. For those like myself who pride themselves on being abel to read the writing on the wall, we are left holding the bag of cash that is, and it will be highly doubt-ful that the monitary system will change. Those in power today do not know how to phyiscally work, they only know how to manipulate cash. When the code fails them they maybe looking at there butler as holding more then they...---...
-- Les (firstname.lastname@example.org), September 06, 1999.
Everyone is talking about "small bills" (and I like your style, DIeTer, you think big, dude!) -- lets not forget COINS. Get a fair percentage of your cash stash into quarters, dimes, nickels and pennies.
-- King of Spain (email@example.com), September 06, 1999.
DiEteR - Are you in any way affiliated with the JeNniFeR AniSToN DiEt? Is tHe $2MM to ImpReSS HeR?
-- LiarLiar (Pants@Fire.ouch), September 06, 1999.