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Ask Dave

Keep It Secret, Keep It Safe

Rose wants to keep some emergency cash in a specific, safe place. She asks Dave if others have had the same idea.

QUESTION: Rose asks if people should keep some cash at home in case there is a national disaster or huge emergency, rather than keeping it all at the bank?

ANSWER: Some people do. Some people have $20,000 in the bank and keep $1,000 at home. I have a friend who is worth $20 million and keeps $50,000 in cash in his safe. But do you need to put all your cash under your mattress because the banks are all failing and the world’s coming to an end? Absolutely not! But it’s all right to have a little bit of cash at home. Just remember that it’s not earning anything there.