With all the craziness in the world right now, the tendency to start hoarding is difficult to overcome. Especially since, even now, it is still not unusual to see empty shelves at the grocery story.
But remember, the purpose of prepping is to have enought, not to hoard and deprive others of necessary supplies.
Unfortunately, that tendency to hoard also pertains to cash. I have had several people ask me lately if they should withdraw most, if not all, of their money from the bank.
My answer? Absolutely not!
First, this is not the type of situation where ATMs or electronic payment systems are down. You can still go to the bank and get cash if you need it. You can still pay your bills online and use your debit card to buy your groceries. If you have enough cash on hand to get you through a short disruption, you are good.
Second, your money is safer in the bank than it is in your home, It's insured. If you bring it home and you are robbed, or your home is destroyed in a fire or other natural disaster, you just basically lost all your money. Insurance may cover some of that loss, but probably not all of it.
Third, if your money is sitting at home in a shoe box, it is not working for you. It's not earning interest. It's not growing and building wealth. Until you need it to pay for something, it's just sitting there. Doing nothing.
"But what if the unthinkable happens and the banks collapse? How will I get my money?"
I suspect if it things were getting that bad, there would be enough warning signs for you to go withdraw whatever you think you needed. But let's be realistic. If the economy totally collapses, the odds of your cash being useful for anything other than kindling are pretty slim. So instead of hoarding cash, I would start stockpiling things that could be bartered in trade.
Check out my article Bartering: Get What You Need Without Cash to get started.
And stop hoarding cash!
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