Financial preps?

[DrjonesUSA]

What - if any - sorts of financial preparedness measures are you guys taking?

Obviously don't post dollar amounts here - bad idea - but in general; are you drawing extra cash out of the bank?

Anyone fearful of serious runs on the banks?

Moving around stocks, bonds, other investments?

What are y'all doing to prep from a financial perspective?


EDIT:

It kinda tripped me out & concerned me when I read that lots of major corporations are essentially running to their banks & drawing out cash:

Boeing to draw down full US$13.8bn loan



Now Kraft Heinz and Anheuser-Busch InBev Are Drawing Down Their Credit Lines






.

[jglabe]

IMO it is always a good idea to keep cash at home. In a safe or otherwise secure/hidden is ideal . Also physical gold is good too. Can even make an argument for silver as well.

A balanced portfolio to fit your needs is key. There is no perfect mix of bonds, stocks, cash, CDs etc. That is tailored to each individuals needs and updated as those change.
Just my two cents

[newbutold]

Stay ready, so no change.

[harbormaster]

I did take ATM pulls this past weekend; all three days to the max. Just wanted extra cash.

Until metals started moving upwards I was getting that ugly "depression" on the way feeling about this - in which there was deflation. Think about it; metals down, oil down, markets down, real estate about to go down, if everything is going down and 25% loss their work - cash would become the necessity. Things of value would have to deflate to pay bills. Don't think this is as likely now; I think our government knows how to avoid that vs the 1930's when they made it / let it happen.

[Eat Dirt]

Pulled out a little nest of Cash , to put in the safe

Just. In. Case


My bank was only letting 2 people in the door at a time

[elSquid]

Obviously don't post dollar amounts here - bad idea - but in general; are you drawing extra cash out of the bank?

I think that it makes sense to be able to go for a period of time without needing to hit up an ATM or use a credit card. How long that period is depends on that person's comfort level. Said cash should be retained as a buffer in case that it is later needed.

Anyone fearful of serious runs on the banks?

No.

Moving around stocks, bonds, other investments?

No.

What are y'all doing to prep from a financial perspective?

Nothing, really.

I should be getting a couple of chunks of cash this year. I'd love to be able to put that money in the stock market right now, but I'll have to wait...

Anyone who is regularly buying stock for the long term for retirement is getting a pretty good deal right now.

-- Michael

[elSquid]

EDIT:

It kinda tripped me out & concerned me when I read that lots of major corporations are essentially running to their banks & drawing out cash:

Boeing to draw down full US$13.8bn loan

Now Kraft Heinz and Anheuser-Busch InBev Are Drawing Down Their Credit Lines
.

Not really "drawing out cash" but rather "withdrawing the max on their credit card".

Looks like they basically want to make sure that their war chest is ready to go, and their concern is that they might not be able to borrow ( or borrow at "low rates" ) later. Probably smart.

-- Michael

[smashycrashy]

I grabbed 6 months worth of expenses from a low risk bond fund making 2% in February. Seemed prudent based on the data and I normally do not make moves.

There are many more mechanisms in place from 2008 that I’m not worried about bank runs. I do keep the amount in the banks below the FDIC limits.

I think if things stay shut down they will start pulling credit cards and HELOCs, so even though I’m plenty liquid I’m floating a CC balance to preserve cash and am considering draining the HELOC into the bank account as the interest rate on it is extremely low.

[Senko]

Not really "drawing out cash" but rather "withdrawing the max on their credit card".

Looks like they basically want to make sure that their war chest is ready to go, and their concern is that they might not be able to borrow ( or borrow at "low rates" ) later. Probably smart.

-- Michael

This^^^^ is what I was thinking. They are taking cash while they can on their lines of credit. Maybe so they don't have to agree to any draconian demands the left will require of companies that take any money from the gov.

Something like if we had an untapped HELOC. If we think we might need the money in the next year and there is a possibility of home values going down it would be prudent to take the cash while available at the best terms possible.

After the '08 crash. Some homeowners had HELOC's that they were planning on drawing from and the lending institutions reduced the line of credit of froze it.

[PaperTarget]

handling cash is icky. I think we will see more and more Apple Pay, Google Wallet, and Venmo

[Funbaby]

Extra cash on hand?

What the hell am I going to spend it on?

[Eat Dirt]

Extra cash on hand?

What the hell am I going to spend it on?

Home delivery marijuana service

[colossians323]

After being caught with my pants down in 2008, been prepping financially ever since

[mike7171]

We fully tapped our heloc and will pay it off in a couple of months if this passes over. If we hit a financial depression then I’m glad I have it.

“ Better to have it and not need it than to need it and not have it!” We keep some cash at home as well.

I also have expensive cars fully paid off with pink slips and rental properties. We’re ready for 2-4 years of depression but I’m hoping that it’s only two weeks! I agree with Trump on getting our economy turned around ASAP. I just wish he would let the alien kids at the border out of the cages. That’s my only disagreement with him. ( I know a bleeding heart gun owner.)

[cleonard]

Cash is great medium for transmitting the virus. Contactless payment on your phone is the order of the day.