Being Off the Financial Grid

I had dinner with a friend of mine last night. She is a part time student in college and also holds down a job as a waitress. She doesn’t have a bank account and keeps all her cash at home….Recently her apartment complex was broken into and she lost her emergency saving stash of $3000.00!

For her, that’s a huge amount and she has what she believes are legitimate reasons for not having it in a bank, money market or stock account. I didn’t want to pursue her options at the time because she was so upset. But, what about using that money to buy a MasterCard Gift Card, American Express or anything that might protect her from robbery!

I’m guessing that she is worried about paying taxes but the amount of taxes would be inconsequential compared to losing the entire $3000!

Do you have friends who are off the financial grid? What do they do to protect their money?

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