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

[disneysteve]

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.

People who don't trust banks and believe the banks are spying on them need help that is way beyond what this forum can provide. OP, I hope you get the assistance you need and that it happens before something tragic occurs to your stash of cash and silver.

[Fishindude77]

I'm not a fan of precious metals, but having a large quantity of cash like that sounds pretty cool to me.

Get yourself a high quality safe and install it in a manor so it can't be hauled away, poured into the concrete of your home or securely lagged to it at minimum.
Needs to be both fireproof and water tight in event of a house fire. If you can conceal it somewhere in the home, better yet.

I suspect we'd probably be surprised how many people keep large stashes of cash.

[FrostedMoose]

I'm not a fan of precious metals, but having a large quantity of cash like that sounds pretty cool to me.

Get yourself a high quality safe and install it in a manor so it can't be hauled away, poured into the concrete of your home or securely lagged to it at minimum.
Needs to be both fireproof and water tight in event of a house fire. If you can conceal it somewhere in the home, better yet.

I suspect we'd probably be surprised how many people keep large stashes of cash.

thank you I have thought of doing this with a good safe. we dont need a bank we dont owe money and never have.

[disneysteve]

Ihaving a large quantity of cash like that sounds pretty cool to me.

Why? What about that is appealing?

Let's say you and I both have 100K in cash today, 1/1/24.
You put your cash into a safe in your basement.
I put my cash into my Vanguard money market account.
On 12/31/24, you'll still have the same $100,000 but I'll have about $105,300.

I absolutely believe in keeping cash on hand for emergencies like widespread power outages when debit and credit cards may not function. I keep a few thousand in the house but I'd never consider keeping large amounts like OP is talking about.

[Fishindude77]

Nobody said stashing away cash was any kind of sound investment strategy.

If you've got all your bases covered; retirement, investments, adequate income, etc. what's wrong with having some money laying around?

[scfr]

there is a place pretty close to me that says they can store the money but i have to pay them a fee.

That sounds much less safe than a bank. Personally I'd never do that.
What about just keeping what you need to feel secure in hidden cash and putting the balance in a credit union or bank where you could earn some interest?

[disneysteve]

what's wrong with having some money laying around?

I'm just wondering what possible advantage you see in doing that? What purpose would having 100K in cash on hand serve? There would need to be some benefit that outweighs the loss of investment income.

Think of it this way, keeping 100K cash on hand will cost you $5,000/year. What are you getting for that $5,000?

[bjl584]

It's all relative. OP could be worth millions. $100K might be a drop in the bucket. The $5K in lost interest per year could be immaterial.

I would at least get a really good safe or find a facility that will keep your cash. Maybe a safety deposit box or as someone suggested, a place that stores precious metals for clients.

[FrostedMoose]

We live on a reservation and people dont steal here much but if their is a fire it would burn up.

[disneysteve]

I would at least get a really good safe or find a facility that will keep your cash. Maybe a safety deposit box or as someone suggested, a place that stores precious metals for clients.

Just keep in mind that safes aren't perfect and items can still be destroyed in a fire or flood.

Safety deposit boxes aren't perfect and items can still be stolen or damaged. They also aren't insured.

[bjl584]

Just keep in mind that safes aren't perfect and items can still be destroyed in a fire or flood.

Safety deposit boxes aren't perfect and items can still be stolen or damaged. They also aren't insured.

Neither are perfect, but both are better than stuffing cash in mason jars or in sock drawers like my grandmother did.
We found over 10K in cash stashed around her house after she passed.
I'd take my chances with a quality fire proof safe over a mason jar any day.

[Fishindude77]

Wasn't that many generations ago it was common practice to simply keep your savings hidden away somewhere.
Buddy of mine said his mom always kept $10k wrapped up in white paper in the freezer like a piece of meat, for emergencies.

I'm not aware of any banks in my town that still offer safety deposit boxes.
That used to be pretty common too.

[disneysteve]

Wasn't that many generations ago it was common practice to simply keep your savings hidden away somewhere.

True. The modern banking system isn’t that old. But now that it exists, keeping more than a nominal amount of cash on hand for emergencies makes no sense.

I'm not aware of any banks in my town that still offer safety deposit boxes.
That used to be pretty common too.

Yep. Those have largely died out. They weren’t profitable for the banks and bank branches have become much smaller to reduce overhead.

[Fishindude77]

keeping more than a nominal amount of cash on hand for emergencies makes no sense.

It makes no sense to you, that's quite clear.
I suspect we all might be surprised how many people hold large amounts of cash outside of banks.

[bjl584]

It makes no sense to you, that's quite clear.
I suspect we all might be surprised how many people hold large amounts of cash outside of banks.

An old coworker came across $30K in cash when his dad died.
It took him a few years to slowly deposit it all so he didn't raise any flags.