If you were to spot me at a coffee shop, settle next to me in a meeting, or perhaps bump into me on the street, there's something you might find peculiar about me, but not obvious at first glance. You see, I carry two wallets. No, this is not a fashion statement, nor is it due to an inability to part with an old, worn-out wallet. Rather, this is a calculated and strategic move I have adopted to ensure my personal security. Let me explain why.
The Dummy Wallet Strategy
In an ideal world, we wouldn't need to think about the potential of altercations or the possibility of falling victim to petty crimes. But reality dictates that we must be prepared for any scenario, no matter how unlikely. That's where the concept of the 'dummy wallet' comes in.
A dummy wallet is essentially a decoy—a replica of your real wallet, filled with a few small bills and expired or fake credit cards. In the event of an unfortunate incident, such as a mugging or pickpocketing, you can hand over the dummy wallet, which can help defuse the situation without losing anything of significant value.
An Effective Deterrent
By carrying a dummy wallet, you're effectively preparing a decoy. Should you ever find yourself in a threatening situation, handing over the dummy wallet can defuse the tension and provide a quick escape. The perpetrator, in the majority of cases, will flee the scene immediately after acquiring their supposed 'prize.'
Why It Works
The dummy wallet strategy is based on two key psychological principles: misdirection and satisfaction of demand.
In a tense situation, the perpetrator's attention is focused, their adrenaline is high, and they are usually keen to leave the scene as quickly as possible. Handing over a wallet can satisfy their immediate demand and misdirect their attention, allowing you a better chance of escape or calling for help.
Dummy Wallet Dos and Don'ts
Do make your dummy wallet look as real as possible. Use an old wallet that looks similar to your real one, and fill it with a few low-denomination bills and expired or cancelled credit cards.
Don't fill your dummy wallet with fake currency or obviously fake cards. This could potentially escalate a dangerous situation if the perpetrator realizes they've been tricked.
Do carry your dummy wallet in a pocket that's easily accessible and in which you might normally carry a wallet.
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Don't show signs of relief or make any immediate moves after handing over your dummy wallet. Maintain your composure until it's safe.
Do report any incidents to local law enforcement and provide as much information as you can to aid in investigations and potentially deter future crimes.
Conclusion
Carrying two wallets may seem strange, but the peace of mind offered by this additional layer of security is invaluable. The dummy wallet strategy is just one of many tools that can help protect you in unpredictable situations. Remember, personal security isn't about living in fear; it's about being prepared and equipped for all possibilities, however unlikely they may seem.
Remember, every ounce of preparation makes a difference. So, until we live in a world free from the threat of petty crimes, you'll find me strolling down the street, happily burdened by two wallets.
About the Author: Adam Sayler is a private investor working with closely held, small businesses to prepare their companies for successful exits. He has worked with, started and sold multiple companies in various industries such as business IT services, online marketing, real estate management and affordable housing. He also worked in the capital markets of New York City raising funding for a diverse group of hedge fund strategies.
Adam now manages his own family office through his various entities and currently spends his time working with his network of investors from around the world to prepare businesses for sale and mergers.
Adam received his BS in Electrical Engineering from Oregon State with a minor in accounting. He advises firms on all aspects of governance, systems and logistics management, hiring and capital sourcing to build the perfect team so owners can get out of the daily operations,
He spends his time in various locales around the world and enjoys sailing, downhill skiing and motorcycle riding and helping the emerging industry of decentralized finance.
