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Thread: The best place to save money

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    Member exoticindia's Avatar
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    Default The best place to save money

    I currently don't file taxes but plan on it next year , should I keep my savings in the bank or in safe

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    God/dess Selina M's Avatar
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    Default Re: The best place to save money

    I keep mine in a safe. Don't trust banks (yes I know, paranoid freak), don't want to add one more errand to my chores every night, and the interest rate on savings accounts is so tiny anyway.

    Random suggestion though, if you do a safe, hide it in a strange place and put a 'decoy' safe with a few $$ in a more 'normal' location... That way if you ever get robbed, they get the more obvious safe and don't make off with your entire savings.
    "People jack off with the left hand and point with the right."

    "You can check out any time you like, but you can never leave."

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    Default Re: The best place to save money

    I have used banks the awful truth is....put money in an account & literally forget about it. Throw the bank papers in a closet or safe & literally forget about the savings account.

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    Member exoticindia's Avatar
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    Default Re: The best place to save money

    Yeah I don't trust banks either lol ,but thanks for the replies girls !!!

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    Default Re: The best place to save money

    Banks don't pay much in the way of interest, safes pay nothing. Banks are insured through the FDIC up to $250,000, safes are not. Stashing your money in a safe is a false economy.

    That said, the traditional passbook savings account isn't a very good investment. I have no more than one month's worth of expenses between my savings and checking accounts. I have twelve months worth of expenses in twelve different CDs each coming due in a different month. In theory, if I need money next month, I can cash in the CD that come due that month and I have my cash for the month. (This is my emergency fund in case no money is coming in.) Each month I don't need the money in the CD, I just roll it over for another year. That way, I have a year's worth of emergency money. Admittedly, those CDs are paying next to nothing, but that's better than nothing. Plus, I have them divided up among a couple of banks so I am no where close to the FDIC limit.

    Next up is my retirement fund. I have that money invested in three company stocks and an excellent no load mutual fund.

    Next is my daughter's college fund. She's 12 and in the 7th grade. I have her in public school, so my costs there are low. I have her money invested in a 529 fund that offers several mutual fund options. Basically her money is mostly in lower risk funds, but a little is in a growth fund. In five years, she'll start needing her college fund. At the rate I'm investing money in her account, I'l have enough socked away to pay out of state tuition at Indiana for her for four years.

    Our extra money is divided up half to vacations/fun and the other half to highly risky investments through my old VC fund employer. That is not for the feint of heart because you can lose a fortune on a start up, or make a fortune.

    Last in terms of investment strategy is my business. It performs well, I work hard at making it perform well. Thankfully, it is not requiring any cash infusions from me now. It is paying for itself and paying me a nice dividend. :-)

    HTH
    Z


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    Default Re: The best place to save money

    In a bank with Some interest is better than zero interest plus rate of inflation (aka stashed under your mattress or sitting in a safe). I'd just make sure the rate of interest is higher than the rate of inflation.
    “Cook for him like a housewife, fuck him good like a nympho….pay the rent and the car note, he invests in me like crypto”

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    Default Re: The best place to save money

    Since I'm a cam girl now, I get mostly direct deposits & will have to pay taxes on it next yr so is a savings account a good idea since I'm not working with direct cash anymore? I'm trying to save up to move away & decide whether or not to travel at the end of the month but I find it hard to separate my savings from my bills since it's all in one lump sum.
    "Alot of people are afraid to say what they want, that's why they don't get what they want"~ Madonna




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    Default Re: The best place to save money

    I'm seriously considering buying some gold when gold prices drop and put it in a safety deposit box. Yes, it can depreciate but gold will never be worth nothing and it always goes back. I am thinking a quarter of my savings in gold, and the rest in the bank. I do not trust safes. Banks are insured, even though their interest rates are shit. But pick a bank where they don't have fees for every little thing. Also, don't receive paper statements because they charge for those.

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    Default Re: The best place to save money

    DO NOT USE A SAFE. Mines was recently robbed and I am devastated in every way imaginable. Don't be lazy, at least put it in a safety deposit box. Don't be like me.

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    Default Re: The best place to save money

    Quote Originally Posted by arielbriel View Post
    DO NOT USE A SAFE.
    Sorry you got robbed. Currently I live in Japan, but when I move back to the states I'll eventually do the following:

    10% cash in safety deposit box

    10-20% gold in another safety deposit box (Rickards, an economist I read often recommends MIN of 10% in gold)

    20% liquid in a local credit union

    The rest working or invested.

    Regarding safes, this is is a pretty horrifying eye opener.

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    Default Re: The best place to save money

    Yep ^ I saw that AFTER I got robbed.

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    Default Re: The best place to save money

    ^^^ that sucks girl!!!!


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    Default Re: The best place to save money

    Quote Originally Posted by arielbriel View Post
    DO NOT USE A SAFE. Mines was recently robbed and I am devastated in every way imaginable. Don't be lazy, at least put it in a safety deposit box. Don't be like me.
    Horrifying. Just...horrifying. I am so sorry.

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    Default Re: The best place to save money

    Thank you. I learned my lesson, the HARD WAY.

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    Default Re: The best place to save money

    Quote Originally Posted by arielbriel View Post
    DO NOT USE A SAFE. Mines was recently robbed and I am devastated in every way imaginable. Don't be lazy, at least put it in a safety deposit box. Don't be like me.
    Wow. This is why I don't understand why folks say they distrust banks. You have a higher chance of getting robbed at home, then a bank somehow stealing your insured money. However safety deposit boxes are NOT insured. Open a bank account. But also keep some funds at home

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    Default Re: The best place to save money

    Now I don't keep ANY money at home. The most I have on me is $100, usually to pay my house fee the next day. That's it.

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    Default Re: The best place to save money

    ^^^wise

    Also check your home owners or renters insurance. If you get robbed they only cover x amount of cash. My last insurance company covered up to $400 cash now my new insurance only covers $200 so I never keep more than $200 cash on me. More reason not to keep oodles of cash under your mattress.
    “Cook for him like a housewife, fuck him good like a nympho….pay the rent and the car note, he invests in me like crypto”

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    Default Re: The best place to save money

    Quote Originally Posted by arielbriel View Post
    DO NOT USE A SAFE. Mines was recently robbed and I am devastated in every way imaginable. Don't be lazy, at least put it in a safety deposit box. Don't be like me.
    Ok, I just wanna chime in here about THIS^ (sorry t/j) 1st of all, I'm sorry!^
    Melonie, who's no longer on here mentioned safes, the way she said to do it was have a one visible safe w/say a hundred or so in it..
    Then, (this's in a house I believe) she says to hide a safe, she goes into details about it, I think it might've been in Stripping for some reason?


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    God/dess Selina M's Avatar
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    Default Re: The best place to save money

    ^ She suggested putting one in an obvious location a thief would check and keeping a couple hundred and some 'semi important' replaceable documents or credit cards (which you can freeze if stolen). Then put your actual stash in another safe somewhere strange. Then the robber assumes he got it all out of the first one.

    It's personal preference what you do with your money but if it's in your house, take steps to prevent disaster. Don't tell neighbors what you do, try not to have an obvious pattern of leaving every day, make sure your renters or homeowners insurance covers a decent amount, etc.
    "People jack off with the left hand and point with the right."

    "You can check out any time you like, but you can never leave."

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