With the popularity of digital payments and electronic money, more and more people are Xi not carrying cash. However, despite the convenience of electronic payments, it is wise to keep at least some cash at home. In this article, we will list 5 reasons why you should have tens of thousands of dollars in cash at home to help you understand the importance of cash in your daily life.
Emergencies can occur at any time, such as natural disasters, power outages, bank failures, etc. In these situations, cash is the key to life. Households without cash may face difficulties in purchasing food, water, and other necessities. Preparing tens of thousands of dollars in cash can provide emergency support to your family, ensuring you can meet basic needs in times of crisis.
Although electronic payments are very convenient for everyday purchases, in some cases, cash is still a symbol of purchasing power. Some small merchants may only accept cash, and better discounts can be obtained by using cash in transactions. Additionally, some small purchases may not be convenient for electronic payments, so keeping cash on hand can increase your flexibility.
A financial crisis could lead to the collapse of the banking system or the freezing of funds. In this case, people who don't have cash may not be able to access their bank accounts or ATMs. Preparing tens of thousands of dollars in cash can ensure that you have enough money to pay your bills and stay on top of your life during a financial crisis.
In some cases, trading cash can provide more privacy and security. Electronic payments can be threatened by cybercrime, while cash transactions are more vulnerable. In addition, cash is also more convenient and private when buying gifts or making some private transactions.
Cash can come in handy in emergency situations, such as when medical emergencies are needed or when a sudden vehicle breakdown occurs. Paying cash may resolve issues more quickly without relying on credit card or other payment method approvals. Having tens of thousands of dollars in cash on hand can help you respond more quickly in an emergency.
If you decide to have some cash on hand, make sure it's stored in a safe and secure way. Consider using a waterproof, fireproof safe, store your cash in a bank safe, or choose another secure storage method. It's important to make sure that only you know where the cash is kept.
Cash is not permanent because inflation may reduce its purchasing power. Therefore, it is wise to update your cash reserves regularly. Check your cash reserves to make sure there's enough to cover possible emergency needs.
Even though electronic payments have become very popular and convenient, it is still a wise option to have some cash on hand. Unexpected events, purchasing power, financial crises, ease of trading, and emergencies are all legitimate reasons to conserve cash. Therefore, for the safety and stability of the family, it is recommended to prepare at least tens of thousands of yuan in cash.
Finally, it's worth noting that holding a certain amount of cash can also improve a family's sense of financial security. Even if you wish to use electronic payments whenever possible, knowing that you have spare cash reserves at home can give you added peace of mind knowing that no matter what happens, you have some money to rely on.