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Thread: What to do with extra cash?

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    Default What to do with extra cash?

    Do you keep a small amount of cash in a safe? What about gold?
    Last edited by bananaqueen; 01-10-2019 at 07:58 PM. Reason: would like to delete

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    Veteran Member queenelayliah's Avatar
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    Default Re: What to do with extra cash?

    Thats a great question, currently all of my earning go to my bank account. Plus I’m not making enough ith my current expenses to have cash left ovee, Im just not currently at that financial point in my life.

    But If I did I would be concerned about investing in gold because just like stocks the price of gold changes for the best or for the worst. The onky thing I would suggest is a high intrest savings account but you dont want it in a bank. Mmmm I say get a strong FIRE PROOF, WATER PROOF home safe that can also that a impact. I plus wouldnt get a digital one in fear it could be simply hacked open by a criminal. I would be suppose if theres many criminals left who can crack open an old style safe.
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    Default Re: What to do with extra cash?

    Gold fluctuates in value, sometimes a lot, so it is not the same as holding cash. There are also steep transaction costs both in buying from and selling to a gold dealer. If you must keep it out of the banking system, then if I were you I would just buy a safe.

    But IMHO you really should seriously consider depositing some of it in a bank account. People who earn their income in cash businesses often face difficulties in proving income when they look to finance big purchases or event rent a nicer place. Having regular bank deposits really helps to overcome this hurdle by giving you a verifiable earnings trail. If you leave it in cash, then your money is really only doing half the good it could be.

    Anyway, good luck!

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    Default Re: What to do with extra cash?

    Converting your cash into bonds could be an option. I'm not too familiar with the various financial products there are but that seems to be one that I read about a girl in this industry using, and one that will allow you to keep your cash in hand before you are ready to cash it in. It doesn't accrue interest but it doesn't devalue either.

    As noted above, it's always best to deposit your cash and report it. That'll help you build up credit, as well as create a paper trail of income earned. That way, you would be ready to make larger, more important purchases in the future.

    I don't really keep cash around my home, unless it's cash waiting to be deposited in the bank. I feel as though it's best to spread your cash around a few different investments, like retirement accounts, paying off debt, investing in your business, maybe investing in property, and most recently, I've started messing around with stocks.

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    Default Re: What to do with extra cash?

    Quote Originally Posted by bananaqueen View Post
    So I have a fairly decent nest going on that I don't want to put in the bank and don't want to invest but am thinking the best way might be to cash it in for gold and then store it in a safety deposit box. What do you girls do with your cash besides in a in home safe?
    Check laws in your state before you put anything too valuable in a safe deposit box. California does allow warrants for search and seizure of property/cash in safe deposit boxes.

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    Default Re: What to do with extra cash?

    If you really want to convert your money into gold, why don't you?

    My personal concern with that is being robbed. What would you do then?

    As far as personal safety deposit box, if you are trying to hide money, those boxes are subject to warrant. So unless you wanna hold passports, sentimental jewelry or other small and possibly valuable pieces that are not income and to protect them in the event of a fire, natural disaster, burglary, etc, then that would be the appropriate use for a safety box.

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    Default Re: What to do with extra cash?

    Quote Originally Posted by Ifyouseekamy View Post
    and putting it in a different bank than your regular checking just in case you there’s ever warrant for your checking account. It’s illegal in a lot of places, but that doesn’t stop a lot of people from doing it.
    Yeah that reminded me, in Wisconsin there can be liens/warrants placed against your funds in a bank if you owe tax monies to the state or Fed. government.

    I'm not familiar with Minnesota's laws regarding this but I know they're all about tax collecting so don't be surprised if it's the same thing.

    Aside from that, putting cash away (physically) isn't the greatest or safest tactic to make your funds work for you long term....Also God forbid you are violently robbed and forced to go get cash you have saved to give to a robber...It's gone.

    I know financial news as of late hasn't been so great or encouraging...but the above points are true.

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    Default Re: What to do with extra cash?

    Unless your safe is cemented in your basement its pretty useless.. a safe can be stolen! Popped open later at their leisure ..

    I didn't claim taxes for a bunch of years --didn't know what to do and ended up paying like 40k in back taxes bc i needed to prove income to get a loan to pay my back taxes.. yep you read that right. It fucked me over but at the same time it did help later.. I
    also have great credit now ,maybe I shouldn't of claimed so much but IMO its better in the bank, having cash makes you a target. I purposely don't leave cash home now unless its my 1's basket which will count out after it looks like its over 300

    Story Time:
    Back in the day being a baby stripper This guy that knew I was a stripper whom I was buying weed from and hooked up with ended up setting me up.. watch who you keep or allow around you including guys you fuck with,.. i literally got set up by some pretty dude that also happened to be grimey ASF
    Last edited by ioienvyioi; 01-08-2019 at 11:19 AM.

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    Default Re: What to do with extra cash?

    Quote Originally Posted by ioienvyioi View Post

    I didn't claim taxes for a bunch of years --didn't know what to do and ended up paying like 40k in back taxes bc i needed to prove income to get a loan to pay my back taxes.. yep you read that right. It fucked me over but at the same time it did help later.. I
    also have great credit now ,maybe I shouldn't of claimed so much but IMO its better in the bank, having cash makes you a target.
    Yes this is how my friend ended up with a hellacious tax lien on his bank accounts. Unpaid taxes and then they pretty much hit him with the hard treatment when they tracked him down.

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    Default Re: What to do with extra cash?

    Safety deposit boxes. In home sAfes can be stolen. Mines was by someone I knew pretty well too.

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    Default Re: What to do with extra cash?

    Put your money in a bank. Open a checking account strictly for your business. Out of that account pay your ordinary and necessary business expenses. (Only those expenses that meet the IRS test for ordinary and necessary.) Once you have paid your O&N expenses, set aside 30% of your gross deposits for quarterly taxes. Open a SEP (a type of pension plan) and put at least 10% of your gross in the SEP. What's left is available for your draws. Take the draw money out and put it in your personal checking account. Any excess, put in your savings account. When you have six months of regular expenses in your savings account, start investing. Buy a good mutual fund that tracks the S&P 500. You will grow rich over time.

    Never borrow money if you don't have to, and then borrow the least you can. If you must borrow money to buy a house, limit your payment, including interest, principal, taxes, homeowners insurance and HOA dues to no more than 25% of your take home pay. Borrow on the shortest term you can and still finance the house. As your income grows, pay down the principal of your home loan as quickly as possible. Don't buy a new car, buy a good used car. Pay cash. Give serious consideration to buying older/cheaper rather than borrowing money.

    For the record, gold is a lousy investment. It pays no dividends. Over the last 30 years, the S&P 500 is up 1,255%, Fidelity's FBNDX bond fund is up 672%. In the same time period, gold is up only 335%. I do not give investment advice, but gold is a lousy investment.

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    Default Re: What to do with extra cash?

    For the purposes of conversation, assuming any cash is already accounted for and taxed.....

    cash is pretty dense, think of how small a couple grand in hundreds is.

    not a fan of any kind of portable safe, if is going to get stolen in a breakin.

    You would be better off hiding your cash in the November 2016 electric bill sitting in a stack on your desk than in a safe. Who would open that?

    IF one is worried about warrants, there are other things at play, and your house is subject to a warrant, so there is no reason a safe deposit box is not safe, as long as you check it regularly, and never use Bank of America

    Pre Paid credit cards are pretty much cash, but if you want any kind of security you need to sign up for an account, so they are not anonymous.

    Again, don't store it permanently as there are fees

    There are many legitimate reasons people want access to cash, so having a couple grand kicking around is not suspicious or illegal in any way.

    There are as many personal situations on this site as there are people, so no one size fits all hiding place works. The electric bill would not work against room mates, but would against burglars. YOu could hide any amount of cash in a tampon box and no guy would ever find it, but it wouldn't last 3 weeks in a house of women.

    I suppose if you cannot trust the people in your house, you do not have a hiding place problem, but a room mate problem..............

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    Default Re: What to do with extra cash?

    yeah that's why I want to have some cash around... you never know if the banks are randomly not going to work someday and it's been recommended to me to keep a bit of an emergency fund loose. I like your ideas Oldster.

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    Default Re: What to do with extra cash?

    Quote Originally Posted by oldster View Post
    not a fan of any kind of portable safe, if is going to get stolen in a breakin.
    Same here. A friend keeps a largish (but just barely carryable) safe visibly in his office. It's loaded with (presumably heavy) garbage. He figures that it's strong enough that a thief will steal the whole thing, rather than figuring out how to open it on-site. The thief will likely waste precious time and resources to take away... garbage. The thing is, he actually *does* have stuff (elsewhere) worth stealing.

    I think that he enjoys the thought of someone busting themselves on the safe and ending up with... garbage.

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    Default Re: What to do with extra cash?

    Pre loaded Amex and Visa are the best two choices for on hand cash that isnt cash. Open accounts at different banks for your personal and business with an LLC created for your business account. Use local credit unions, work like a bank but have different regulations and liability.

    put your personal in Wells fargo or Bank of America, while your business accounts at TD Bank or PNC. RBC and Bank of London also work well because they use british and canadian bank laws, not the US.

    If you have your heart set on gold, invest in small amounts and keep an eye on the price closely. if its moving up drop it and collect your profits, then stash in the safe deposit boxes

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