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Thread: Money safe/vault??

  1. #1
    Moderator charlie61's Avatar
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    Default Money safe/vault??

    I tried searching for this, and didn't find anything.

    I REALLY need to stop storing my money loosely in my apartment. How do you guys store your money?

    Do you have a 'diversion' safe? Or a 300 lb monster? Safety deposit box? (I'm already putting in the bank what I pay taxes on, so that isn't an option.)

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    God/dess Deogol's Avatar
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    Default Re: Money safe/vault??

    You want at least a fire proof safe in case something happens! Keep your car title, birth certificate, passport, insurance papers, etc. in there too.

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    Banned Melonie's Avatar
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    Default Re: Money safe/vault??

    I actually have two safes. The first is an el-cheapo WalMart special floor safe that is 'hidden in plain sight' in a bedroom closet - in which I keep important documents but only a few hundred dollars. The second is a 'good' wall safe that is installed in a very hard to find location - in which I keep the bulk of my valuables.

    My logic behind the two safes is this. There will always be someone who makes the association that A. you are a dancer and B. you earn lots of cash. Thus if you are ever burglarized ... or worse, robbed ... the existance of the first safe is intended to 'whet the appetite' of the perp. As with the commission of any crime, the longer the criminal stays on the scene, the greater the chances that something will go wrong. So logically speaking if the perp finds the first safe, and gets a few hundred dollars for their 'trouble', odds are that their natural inclination to get the hell out will override any thoughts of staying longer and searching further on the 'unlikely' possibility that additional valuables are stashed elsewhere. And if a robbery scenario ever occurs, such that you're forced to open the (first) safe and hand over the few hundred dollars, you can easily claim 'sorry ... but I just made a bank deposit yesterday'.

    One more word of hard knocks wisdom about safes. Do NOT involve anybody else to help you install your safe ... not friends, not family, not even local contractors who are supposedly bonded. The problem of course is the stripper stereotype that all dancers earn tons of cash and don't report any of it on the books. As such, desparate friends and family members or enterprising employees of local contractors get to thinking 'gee ... if all of the money in her safe is 'under the table' money, then there's no way she could ever report a burglary / robbery to the police without causing bigger problems for herself than losing X hundred / thousand dollars. Thus if I were to rip off her safe there won't be any 'heat' involved.' I can cite an actual example where a high earning dancer had a bonded contractor install a safe in the concrete floor of her basement - only to be burglarized later by employees of the bonded contractor to the tune of about $10,000. As the employees had correctly assumed, this girl had been vastly under-reporting her dancing income for years, and as such could not risk making a police report and risk having to explain where the stolen $10,000 in cash came from in the first place.

    In reality, you don't really need an expensive 'good' second safe to protect yourself from a robbery / burglary if all you are trying to protect is a few grand in cash. As long as you have an el-cheapo 'hidden in plain sight' first safe, a diversion safe would probably serve the purpose of the second safe just as well. But if you're going to stash serious valuables like jewelry or gold bars or stock/bond certificates, then ponying up for a good quality second safe with a one hour or better yet two hour fire rating and the added security of a bolted-in installation is probably a smart investment.


    here's an older thread on this subject with lots of additional info ...


    As to bank safety deposit boxes, yes they are secure as hell against burglaries. However, based on many court precedents, they are also no longer 'private'. For example, if you rent a safety deposit box in a bank where you also make frequent cash deposits, bank employees may deem your frequent cash transactions to be a 'suspicious activity'. This in turn may lead to the bank inspecting the contents of your safety deposit box and reporting any suspicious 'discovery' to the IRS. Along similar lines, if the IRS decides to audit you for any reason, they can easily request that the bank inspect and report the contents of your safety deposit box. This isn't meant to imply that you are participating in any 'suspicious activity' or any activity that might prompt the IRS to want to audit you ... or that you'd be putting anything in a safety deposit box that you would not want to be discovered / known by the bank or the IRS ... but the fact remains that they are not 'private'. There is also the issue of access only being available during banking hours, which can be a real problem if, for example, you were to be bogusly busted on a friday night and in need of $1000 cash bail money.

    ~
    Last edited by Melonie; 09-14-2008 at 05:48 AM.

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    Moderator charlie61's Avatar
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    Default Re: Money safe/vault??

    ^ Wow, Melonie! Thank you SO much for the info. You came up with some really good points that I hadn't thought of!!!

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