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

[disneysteve]

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.

I asked earlier what purpose it serves but you didn’t answer. Educate me on why having 100K+ cash at home is a good idea for anyone. Just because a lot of people may do it doesn’t make it a wise decision.

[disneysteve]

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.

Why bother? Why not just use the cash for day to day spending to gradually get rid of it? Instead of pulling out a debit or credit card for gas or groceries or dinner out or movie tickets or Target runs, just use the cash. If it took him a few years to deposit it, he probably could have spent it in less time.

Same for the OP here. Start using cash for all of your purchases. Do either of you have legit jobs where you get a paycheck? If so, use that money to feed your savings and investments and start using the cash for daily spending. It'll take you a while to go through 121K probably but every dollar you spend is one less dollar you need to worry about what to do with.

[bjl584]

Why bother? Why not just use the cash for day to day spending to gradually get rid of it? Instead of pulling out a debit or credit card for gas or groceries or dinner out or movie tickets or Target runs, just use the cash. If it took him a few years to deposit it, he probably could have spent it in less time.

Same for the OP here. Start using cash for all of your purchases. Do either of you have legit jobs where you get a paycheck? If so, use that money to feed your savings and investments and start using the cash for daily spending. It'll take you a while to go through 121K probably but every dollar you spend is one less dollar you need to worry about what to do with.

I have no idea. I didn't know details of his situation other than he deposited it slowly over time.
I thought the same thing, to use it for daily expenses.
He must have had some other plan or goal in mind.
I don't work with him anymore, so I'll never know.

[Fishindude77]

I asked earlier what purpose it serves but you didn't answer. Educate me on why having 100K+ cash at home is a good idea for anyone. Just because a lot of people may do it doesn't make it a wise decision.

Many things do not have to make A+B=C Logical sense. If it's a good idea or not depends upon the individual's feelings, wants or needs.
It doesn't have to be something you consider a wise decision either. Maybe it just makes someone feel good?

Friend of mine rat holed a large amount of cash for last couple years leading up to his retirement. Said he didn't have to dip into his nest egg for a couple years, just spent cash for everything.
Worked for him, who cares?

Original posters reason was they don't like banks.

[FrostedMoose]

This all was once our land and settlers came in and killed most of my ancestors and took it. They set up banks to take our land and money..We are only left with a little after it was stole we just want left alone with our money We have a lot of money in the bank but it is dirty money we dont touch it barely.

[LivingAlmostLarge]

Oh I will need to do that with my mom. sigh. i just observed she has a ton of cash not only in the house safe but all over

[disneysteve]

Oh I will need to do that with my mom. sigh. i just observed she has a ton of cash not only in the house safe but all over

Do your best to get her to tell you all of her hiding places now. I've heard so many stories of people finding cash hidden in homes that they were renovating that had been put there by a previous owner.

A few years ago when my cousin was terminally ill, I spent time with him reviewing all of his finances and that was one question on my list for him: is there any money or other valuables hidden anywhere in the house?

[ua_guy]

Many things do not have to make A+B=C Logical sense. If it's a good idea or not depends upon the individual's feelings, wants or needs.
It doesn't have to be something you consider a wise decision either. Maybe it just makes someone feel good?

Friend of mine rat holed a large amount of cash for last couple years leading up to his retirement. Said he didn't have to dip into his nest egg for a couple years, just spent cash for everything.
Worked for him, who cares?

Original posters reason was they don't like banks.

I thought this forum exists partly to guide people so they don't do stupid or emotional things with money when they probably can't afford to.

Stashing cash around the house is the very definition of doing something stupid and emotional with money. Most people do it in a volume that isn't of much consequence should something happen to it, but when the volume is a life savings/ nest egg that could significant alter trajectory if it disappeared, hiding it doesn't make much logical or emotional sense.

[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.

I took your advise we are putting in a concrete safe under ground to keep the money. we got a lot of old silver bars from my family on our land the map for it will go in the safe.

[disneysteve]

I took your advise we are putting in a concrete safe under ground to keep the money. we got a lot of old silver bars from my family on our land the map for it will go in the safe.

And who will have access to the safe in case something happens to you and your wife? Hidden money is only useful if people know where to find it.

[bjl584]

I took your advise we are putting in a concrete safe under ground to keep the money. we got a lot of old silver bars from my family on our land the map for it will go in the safe.

You have hidden silver bars buried around your property? How many are you talking about?

[FrostedMoose]

964 bars big and little

[bjl584]

964 bars big and little

You might have as much money buried as you do sitting in cash.
Definitely get moving on the safe.

[FrostedMoose]

we have a safe its just not a buried cement one and the silver we dont put in the safe its buried

[Fishindude77]

There are huge differences in the quality of safes.
Quite a few Youtubes showing how easy it is to pop open many gun safes with the right tools.

Fortunately, the tweakers that do most break ins aren't real skilled thieves.