Hoarding cash in a bank?

[Luddly Neddite]

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

 

[Luddly Neddite]

I should add that we're not doing anything differently because trump is in the WH. Unless the stock market really tanks bigly, there's not much he can do that would hurt us. Its the poor schlubs living paycheck to paycheck who will be hurt.

 

[Skull Pilot]

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

It's stupid not to put that extra cash to work for you

 

[Luddly Neddite]

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

It's stupid not to put that extra cash to work for you

Not at our age. If I were younger, I would agree but there is nothing that would actually benefit us that much right now. And we don't need further investments.

If we need it, we could draw extra cash from our investments but why not have it on hand? Accident, suddenly need to replace a car, surprise home repair etc -

Unless you know of something very liquid and very immediate, I'm happy with our decision.

 

[Silent Warrior]

If you don't need the cash and aren't going to put it to work, why not give it to the poor?

 

[Econ4Every1]

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

I don't think this chart is very useful.

It doesn't account for inflation, GDP, or per capita savings (population).

This chart is a lot more useful.

 

[sjay]

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

I don't think this chart is very useful.

It doesn't account for inflation, GDP, or per capita savings (population).

This chart is a lot more useful.

 

[miketx]

We keep some cash at home. Not much only about 3,000 dollars. It's came in handy a few times. Once I recall that a fiber optic cable was cut, or at least that was what they said, and no cards were accepted anywhere for 3 days.

 

[sjay]

Welcome aboard,econ4 every1,just from reading your recent posts it'seasy to tell you have unbiased intelligent economic knowledge to offer

Americans are hoarding money in checking accounts

Cash -- or something close to it -- is king again.

Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.

Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.

Coincidentally, we were talking about this very thing with friends a couple of days ago.

As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)

So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?

I don't think this chart is very useful.

It doesn't account for inflation, GDP, or per capita savings (population).

This chart is a lot more useful.

 

[miketx]

I think all your charts are pure bullshit.

 

[Vastator]

I should add that we're not doing anything differently because trump is in the WH. Unless the stock market really tanks bigly, there's not much he can do that would hurt us. Its the poor schlubs living paycheck to paycheck who will be hurt.

Similar boat here. However I never keep more than what it takes to cover my anticipated expenditures in the bank. I always insist on keeping full control, and possession of my money. In a grid down situation, cash will be king; and it does no one any good if they cannot access it.

 

[miketx]

Taking down the grid would hurt, if not kill, many.

 

[Vastator]

Taking down the grid would hurt, if not kill, many.

It wouldn't even take a doomsday scenario... Even a localized natural disaster would deprive you of your money when you need it most.