Don't Panic! Total banking collapse in May?

I'm 51 and raising 5 kids.

I have never worked for anyone except construction as a boy.

Now I own businesses...a lot of them actually and care for my extended family too including more elderly than me that are so painfully in the way of you bratty under 35ers.

I employ a dozen or so folks and add more every year.

I don't plan to ever retire and what good would that do your grand scheme?

I create jobs and wealth (in theory..lol).

You youngsters see everything like your college professors and the books teach you like it's a zero sum game. It's not.

Investors like me are what push this economy, not corporate rank and file culture where the old move out and young MBAs move in.

You go get a medical degree or law or CPA etc and you will get a job regardless...like Dixie's daughter did btw.

Men in my family are all alpha and historically successful and driven. We never retire, we just die....with our effin boots on.

If I live long enough, doubtful....unless my heirs tell me I'm screwing up and killing the family fortune then I will be at the helm till I collapse.

I love it. I hope you find the same and quit think of yourself as a drone waiting to move up the anthill.

(no offense to folks who like retiring)

well good for you. i think that is great. I would like to try my own business but i havent a clue where to even start.

its been back a ways now but one of those 'great ideas' going around for this big bailout deal was to pay people (at retirement age) some large sum of money to retire with the idea of both stimulating the economy through increased consumption and reducing unemployment. I cant see how this sounds like a bad idea, even though it would never happen. If we are going to shovel money at wall street we may as well throw some at the little people too. You are probably not in the majority as far as not wanting to retire.

i am 34 and going back to school for engineering at the moment, and i personally dont have any plans to retire either. If you like what you do, then why would you want to quit it? and for what? to go play shuffleboard or watch soap operas? not my cup of tea. i dont think of myself as a drone waiting (for someone to get out of the way) so i can move up the anthill. I am, however, an opinionated problem solver.

RE: My question: “Exactly how much ready cash do you suggest we safely stash, anyway? Inquiring minds need to know.........”

***

...and your response: “Of course it depends on the amount of cash a person has available to him or her and on their needs. I would recommend enough to cover expenses for one or two months at least. Prudent business owners need enough to cover expenses and salaries for a similar time frame.

These precautions will help if a run on the banks actually occurs by lowering the panic.”

*******

I was thinking I needed to stash enough cash for one or two YEARS, not months — seriously! But if a couple of months would be enough, well, that’s good to know. Thanks.

"if a couple of months would be enough, well, that’s good to know"

If I had your money, I'd be stacking gold and silver bars in my private vault!

Since I don't, we could both be lying of course, I do the best I can as in weeks or months.

If the banks are closed longer than a month, access to cash isn't going to be as much of a problem as access to food and a secure location.

In my mind, preparing for the worst is actually the lowest cost alternative and covers all the bases. To prepare for the worst, get what you need to live hidden for the next 1 to 3 years.

Modern versions of the basic essentials of what native Americans equiped themselves with should get you by. Survive the die-off (worst-case) and you can use hundred dollar bills to wipe your butt with when there are no leaves available...

:-)

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.