Forget The Bank: Why Many Are Hiding Their Cash

[UNEEK]

WOW - what a dilemma  we face these days -- We read & hear about the  risk of putting our money in the banks but yet if we hide it in our homes it still poses a risk --  Just what do we do??  One thing that I feel is a major consideration is a back up plan  -- a note somewhere to recover in case our memory fails us.....  or worse .... we expire our time here  ....  I just very recently  told my daughter some very personal information concerning some valuables  ...... just in case ........ 

 

I was in that 27% ha ha for the  freezer  -- I put it there probably 1 1/2 yrs ago and "forgot" -- found it by accident just a few days ago  along with a $100 bill in a wallet that I  was no longer carrying --   I have hidden small amounts of money for emergencies  since my early teen years when I first started earning it -  I think I have more hidden  but plan to clean out freezer soon so will take a closer  look at what I throw away -- lol  

 

Maybe it would not be too smart for us to mention our favorite hiding places but it might be fun to read stories of hiding and finding cash / treasures - Have you misplaced things that you still have not found?  Or have you found things that were hidden by  some one else?  

 

I have read some very interesting stories of folks finding huge hidden treasures in old houses -  In the walls - behind picture frames - in the floors -- under carpet -- in the basement -- etc.  My house is 100 years old but I have not found anything of value yet lol  -- I hope some of you will share your interesting stories -- Anyone still looking for their misplaced Dinar ? ??? I think I finally have all accounted for now with receipts --  UNEEK

 

 

Forget The Bank: Why Many Americans Are Hiding Cash

 

Where to stash your cash? Some Americans are sleeping on it-literally.

 

While banks are still the go-to solution for most consumers, 29 percent say they're keeping at least some savings in cash bills and coins, according to a new survey of 1,820 adults from American Express (AXP).

 

Of those holding cash savings, 53 percent are hiding it in a secret location. Millennials are even more apt than other generations to go the mattress or freezer route, with 67 percent of those saving cash saying that they hide it outside a bank account.

 

"We've long asked people about how they've planned to keep their savings, and for the past few years, we've seen an uptick in people saving cash," said Kimberly Litt, public affairs manager at American Express.

 

This is the first year the company has specifically asked Americans about tucking away cash. The survey also found that about 1 in 4 consumers anticipates a financial emergency this year, and hiding cash at home could be one way people are preparing. "I've also heard of people using it as a budget technique, keeping cash in envelopes set aside," said Litt.

 

AmEx didn't ask where, exactly, that cash is stashed, but a 2012 Marist College survey of 1,080 adults found that the most popular place-with 27 percent of the vote-is the freezer.

 

 A little less than 20 percent of Americans hide cash in a sock drawer, while 11 percent put it under the mattress and 10 percent secure it in a cookie jar. Another 9 percent keep their cash somewhere else in the house.

 

"We saw a surge of this back in 2008, when the banking crisis was going on," said security expert Todd Morris, founder and chief executive of BrickHouse Security, a company that sells security, technology and surveillance solutions.

 

The trend has continued in recent years, he said, with more people installing floor and wall safes to store important documents and cash.

 

But keeping large amounts of cash in the house is something that makes personal finance experts cringe. "Can't discourage it strongly enough," said Greg McBride, chief financial analyst at Bankrate.com. "That's a recipe for problems down the road."

 

Primarily, that's because the funds don't have the same loss protections afforded to an FDIC-insured savings or checking account. "Keeping money stashed around the house leaves you at tremendous risk of theft or loss due to fire or some sort of unforeseen disaster," he said.

 

There are plenty of horror stories, such as the Israeli woman who in 2009 replaced her mother's old mattress, only to learn that it was where she'd hidden her life savings, an estimated $1 million. Or the man in Moline, Illinois, who accidentally donated a suit with $13,000 stashed in a pocket.

 

That said, it's not a bad idea to have a little cash at home, for use in an emergency, said McBride. After a major storm, for example, ATM access may be limited or stores' credit card processing systems may not be working.

 

Keep on hand what you'd need to tide you over for a few days, with the exact amount depending on your family's financial situation, he said.

 

But even then, come up with a decent hiding spot. Thieves know which spots are popular, Morris said. "Burglars definitely know certain places to look, like the bottom of your sock drawers, and underneath your drawers, where it's easy to tape an envelope [of cash]," he said.

 

"If you think about your house and you know where things are, you can think about some places where people wouldn't look." Maybe a tool box in the basement, for example, or a little-looked-at book on your shelf.

 

Pick just one place, Morris said. Divvying up cash among multiple spots increases the chance of you forgetting one of the hiding places or otherwise losing the cash (say, by adding the pair of boots where it's stored to the yard sale pile, or throwing out that old hairbrush that's actually a diversion safe).

 

 Be sure to tell at least one other person the location of your hiding place, he said. That reduces the chances of an accidental disposal, and also ensures your assets won't be lost if you suddenly pass away

 

http://finance.yahoo.com/news/forget-bank-why-many-americans-161502396.html

[DWitte]

The luck and karma of my life dictates that I will never "find" any large sum of money in any way.  And no, I'm not gong to list all the ways here.  The term "any" includes all.  That's just how it is.  When I met my wife she told me that her good energy would easily overcome my "it's going to happen to me " life.  She was wrong.  Now she has the "life".  Can't help it.  That's just how it is.  Always has been, probably always will be.  Even when the dinar pops it will still be that way.  There's a song that says that a guy wins the Lottery and dies the next day.  That would be me.  Guaran f ing teed.  But no worries, I'm happy.

 

DW

[bigwave]

Someon long ago told me "The first part of all you earn is yours to keep."

 

Once the stash gets large enough then pick up a property and rent it out. Make sure you don't buy too big.

 

As the rental money increase then reinvest it and what ever you do do not spend it on booze, vacations etc.

 

Keep saving the 10% of what you earn and live off the 90%, and reinvest along the way.

 

He said "I don't care if you eat beans and tomato sandwiches, don't spend the 10% on anything but investments."

 

Its working....

 

Buy the way the bed earns about the same as a savings account.LOL

 

Peace,

 

Come on RV.

[UNEEK]

bigwave -- lol great post  thanks a bunch     it even gave me a chuckle --  yep beans  - cheese crackers -  peanut butter & jelly - what ever -- even buying clothes from thrift shops which I have done most of my life  and do not regret it --

 

We all make our own choices & decisions - I sacrificed in  certain areas in order to afford  in others  - don't regret that either !!  

[UNEEK]

The luck and karma of my life dictates that I will never "find" any large sum of money in any way.  And no, I'm not gong to list all the ways here.  The term "any" includes all.  That's just how it is.  When I met my wife she told me that her good energy would easily overcome my "it's going to happen to me " life.  She was wrong.  Now she has the "life".  Can't help it.  That's just how it is.  Always has been, probably always will be.  Even when the dinar pops it will still be that way.  There's a song that says that a guy wins the Lottery and dies the next day.  That would be me.  Guaran f ing teed.  But no worries, I'm happy.

 

DW

 

WOW --  Thanks for sharing your thoughts -- wish I could change your way of thinking -- I do believe in Karma -- I also believe in luck but think  we can influence that -- just like our actions influence our Karma --  we are either  collecting Karma Debt or  Paying our  dues  --

 

I can  only encourage you to do some research on how our "thinking"  --  the way we think and what we think creates our reality --  negative breeds negative --   There is a very inexpensive  book by James Allen --  "As A Man Thinketh" -- please give it some serious thought for  reading - it is only a few bucks on line -  UNEEK

 

There are many other great books that have been my food over the years that I do give credit to for helping me to thrive & survive in a challenging world - Maybe -- just maybe   I will compile a list and share it ???   Maybe others  would do like wise????  UNEEK

 

The foolish ( or slow learner) learns by their mistakes  -----  The Wise learn by the mistakes (or successes) of others  --  I have  learned by both lol UNEEK