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02-08-2014, 09:21 AM #1BANNED
So what is the best way to protect your $?
Let us say that someone had a $1000 or $5000 or even maybe $25000. And what if they didn't want to put their faith in a traditional bank. What then would you do by past experience if you had such kind of money and didn't choose to leave it in a bank? Have you put this kind of money in a safe? If so how did that work out and what kind of safe was it? Or have you simply hid the money somewhere? Or what have you done to protect you money other than leave it in the bank? I'm asking this because maybe a person may not want to take on the risk of a stranger getting into their bank account when the have rather large sums of money. Your thoughts and advice are welcomed as to what you think is a good decision.
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02-08-2014, 01:32 PM #2
Put it in a local bank. Stay away from a national one. We keep about $500 cash for emergencies in our safe but no more than that.
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02-10-2014, 04:34 AM #3
put it in a mason jar and burry it.....have a metal detector on hand though in case you forget lol
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02-10-2014, 09:02 AM #4
open a silver, gold savings or a money market account at a local bank, your money will earn money.
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02-10-2014, 02:02 PM #5
I get why one wouldn't want large sums in a bank account but that all has to do with the minimal interest rates. I'm confused why you think a bank isn't a great place to secure these funds? They are the safest as they are fully insured up to a certain number. $5,000 or even $10,000 falls well under that range of insurance. I personally have some cash hidden in my house, but it's not more than $1000.00. There's way too much risk even if you have it in a safe especially if you are worried about it's safety. Fire, theft, natural disaster, untimely death... these are just a few reasons to have large amounts of money in some sort of holding like a bank. I read an article about a guy who donated some of his dead relatives clothes to goodwill. In a robe, a worker found an envelope with $43,000.00. Luckily the guy was able to track down the guy who made the donation and he had no idea about the money. If you squirreled your money away in that manner or hide it somewhere I'm sure your family would suffer the same fate. When we cleaned out my grandmothers home we searched everything we donated as we knew she liked to squirrel cash away around the house. Even with the money we did find I'm sure there were some we missed.
I'de definitely look into investing it somehow as Shrew mentioned above.
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02-17-2014, 11:29 PM #6
Every bank account is FDIC insured up to $250,000 so I'm not sure why someone wouldn't trust them. If they are looking to save money for far in the future I would get a CD or Savings bond, but the payout is nowhere near what they were 25 years ago where you could make a ton of money. Just keeping your money laying around isn't the smartest because even though interest rates are low you will lose little by little with inflation, while in a money market, CD, etc. at least you won't lose value and will actually gain some.
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02-17-2014, 11:31 PM #7
AGreed with that amount you are protected with a bank.Now I keep my gold and silver in a fire proof safe hidden in my house.
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02-19-2014, 11:56 PM #8
Yahoo stock, you will see why in the near future
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02-20-2014, 07:28 PM #9
Bank is always best. You earn interest usually. The wife had wanted to save a little from each paycheck at home, but I had to convince her it is better in the bank than here. It isn't earning anything sitting at home.
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02-26-2014, 11:45 PM #10
I would love to hear your reasoning behind staying away from a national bank...
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Originally Posted by TobiasFunke 
