<story><title>Price shocks in formative years scar consumption for life</title><url>https://knowledge.wharton.upenn.edu/article/how-price-shocks-in-formative-years-scar-consumption-for-life/</url></story><parent_chain><item><author>lotsofpulp</author><text>I cannot understand not having at least a couple hundred cash on you, and much more at home.  What are people’s plans if the power or payment networks go offline?  Earthquake, hurricane, ice storm, volcano, etc.</text></item><item><author>CalRobert</author><text>We were surprised to discover after her death (in the late 80&amp;#x27;s) that my great grandmother kept $1,000 in a pouch in her bra. I can understand not trusting the banks and wanting to always have some sort of cash on your person.</text></item><item><author>tootie</author><text>My grandma did this. Never left a penny on the sidewalk, always took the bread from a breadbasket home. Even my parents absorbed some of that behavior despite being born in the next generation.</text></item><item><author>cs137</author><text>I worked in a grocery store in the late &amp;#x27;90s, and the older customers (who grew up in the Great Depression) always carried penny pouches, because they remembered a time when one had to keep track of cents to survive.&lt;p&gt;This is how I know that, even if we miraculously fixed our medical system tomorrow and outlawed private health insurance by a constitutional amendment, we&amp;#x27;ll still have, thirty years from now, 60-year-old Millennials dropping dead of preventable causes. The American healthcare system has already killed millions, but it&amp;#x27;s also killed future millions.</text></item></parent_chain><comment><author>Brybry</author><text>While having some cash is good, if you&amp;#x27;re planning ahead for a disaster it&amp;#x27;s better to have &lt;i&gt;stuff&lt;/i&gt; than cash cause in the event of disaster your ability to buy things is likely to be decreased.&lt;p&gt;Or at least that&amp;#x27;s my experience from living in an area where hurricanes sometimes take down power for 2+ weeks.&lt;p&gt;When things shut down for a long time the government usually sets up free distribution of MREs and water and already having gas in your tank is more valuable than having cash to buy gas at the theoretical gas station with power to pump but not payment network access.</text></comment>
<story><title>Price shocks in formative years scar consumption for life</title><url>https://knowledge.wharton.upenn.edu/article/how-price-shocks-in-formative-years-scar-consumption-for-life/</url></story><parent_chain><item><author>lotsofpulp</author><text>I cannot understand not having at least a couple hundred cash on you, and much more at home.  What are people’s plans if the power or payment networks go offline?  Earthquake, hurricane, ice storm, volcano, etc.</text></item><item><author>CalRobert</author><text>We were surprised to discover after her death (in the late 80&amp;#x27;s) that my great grandmother kept $1,000 in a pouch in her bra. I can understand not trusting the banks and wanting to always have some sort of cash on your person.</text></item><item><author>tootie</author><text>My grandma did this. Never left a penny on the sidewalk, always took the bread from a breadbasket home. Even my parents absorbed some of that behavior despite being born in the next generation.</text></item><item><author>cs137</author><text>I worked in a grocery store in the late &amp;#x27;90s, and the older customers (who grew up in the Great Depression) always carried penny pouches, because they remembered a time when one had to keep track of cents to survive.&lt;p&gt;This is how I know that, even if we miraculously fixed our medical system tomorrow and outlawed private health insurance by a constitutional amendment, we&amp;#x27;ll still have, thirty years from now, 60-year-old Millennials dropping dead of preventable causes. The American healthcare system has already killed millions, but it&amp;#x27;s also killed future millions.</text></item></parent_chain><comment><author>Red_Leaves_Flyy</author><text>You obviously have considerable wealth if you think most people have the savings to keep hundreds of dollars on them at all times and much more at home. A large percentage of Americans can’t afford a $500 emergency. Also, many people don’t carry cash because they’re worried, rightfully or not, about being robbed. Same idea behind leaving stuff in your vehicle.</text></comment>