Is their a good place to save your money besides banks?

[FrostedMoose]

Me and my wife have saved over $121,000 but i don't want to put it in the bank. we just keep it hid.

we have been saving it for a long time and keep it hid. is that the best thing to do?

[disneysteve]

How much interest are you earning on that “hid” money? Is it fully insured?

If you’re just keeping 121K in cash lying around you’re taking huge risks.

[james.hendrickson]

Me and my wife have saved over $121,000 but i don't want to put it in the bank. we just keep it hid.

we have been saving it for a long time and keep it hid. is that the best thing to do?

Um - yeah I'm with DisneySteve with this - you could easly have this money in Treasuries and get 3% on your money. If you're in hard cash, you're losing purchasing power from inflation.

[FrostedMoose]

ok. we have alot in the bank but most of the money i make and my wife makes thats in cash and we dont want the bank to know we have it. they are starting to track people when you put money in their.

[disneysteve]

ok. we have alot in the bank but most of the money i make and my wife makes thats in cash and we dont want the bank to know we have it. they are starting to track people when you put money in their.

Okay. That’s a very different situation. You’ve got a stash of illegal cash that you want to know what to do with. I don’t think any of us should be advising you on that so I’m out.

[FrostedMoose]

We dont do anything illegal we just get paid in cash a lot. cash is legal to have and use. we didn't steal it we earned it over the years.

[disneysteve]

We dont do anything illegal we just get paid in cash a lot. cash is legal to have and use. we didn't steal it we earned it over the years.

Have you reported and paid taxes on all of that cash as you are legally obligated to do? If so, then putting this money in the bank is no problem at all since you have a legit paper trail of where it came from.

[FrostedMoose]

i pay my tax i just want to put it somewhere safer than the banks i dont trust them. thats why i was asking where else can i put it.

[disneysteve]

i pay my tax i just want to put it somewhere safer than the banks i dont trust them. thats why i was asking where else can i put it.

Assuming that's true and you've fully and legally accounted for this money, what exactly are you looking for? What's your goal for this money and what is your timeline for when you'd need it? You could do money markets, Treasury bonds, I bonds, mutual funds, ETFs, etc. What does the rest of your portfolio look like? Do you have any retirement accounts like IRA, 401k, 403b? Or is this 121K everything you've got? How old are you? Kids? Annual income and expenses? In order to give advice about what to do with this money, we need to know the big picture.

[disneysteve]

Also, do you have any debt - car loan, credit cards, student loans, mortgage?

[Jluke]

FDIC or NCUA protects you from the banks / credit unions.

assuming you trust the government

[FrostedMoose]

i like the government ok they helped alot during the caronus virus. the wife had a factory job here but with the covid she made more laid off so she just started doing odd jobs.everyone likes to just pay her cash. i do jobs for a few kill houses here but everyone just pays cash and i do work for a taxidermist friend. i dont want to give the money to someone we just want to keep sure its safe. the money we get from the government we just keep in the bank but we dont touch it.i dont trust banks.

[Jluke]

Would you consider vanguard, fidelity and Schwab for investing in index funds?

otherwise you might want to look into gold bars or silver so you don’t have paper money lying around. I don’t have any experience there so I don’t know those specifics as far as risk and reward.

you should also look at your insurance policy to see how much cash they cover due to loss (like a fire).

[FrostedMoose]

there is a place pretty close to me that says they can store the money but i have to pay them a fee. i do have a whole lot of silver that ive bought and we keep it buried so its safe.the bank places spy on you and start messing with you.

[Drake3287]

This reminds me of something that just happened in our town. An Asian couple who run a small business in town had kept their life savings hidden in a small safe in their home. You guessed it, while at work last week someone burglarized the home and stole the cash. The police never said how much but most people believe it was well over $100k. This Asian couple said they kept it at home because it was a common practice in Vietnam before they immigrated to the US. I'm guessing the OP might fit this same situation unfortunately.