I used to travel to a lot of cities and towns, and regularly carried $5-10K (sometimes more) in cash as part of my business back then. I never was a victim of an armed robbery, but had a couple of close calls. Fortunately, I stayed aware of my situation and surroundings. I was able to sidestep one entirely and stop the other with a minor confrontation before it really had a chance to start. Neither of those instances kept me from continuing my business, or even from seriously reconsidering it.
We all have different individual thresholds for fear, concern, apprehension or whatever name you want to give it. My personal belief is that each person needs to recognize that threshold in themselves and act accordingly. However,making a judgement call about the reasonableness of someone else's threshold doesn't seem valid to me. (Unless, of course, you are considering going into a tight spot with them.)