Some people may think the question ‘got cash?’ is hilarious in this bad economic landscape that we are currently in, but there are others who do have cash on hand and need a safe place to stash their cash.
Contrary to popular belief, your mattress is not a safe place to stash your cash, neither is placing the cash inside a container and burying it outside in the backyard. However, there are some safe places to stash your cash, seven safe places where your cash can still grow and earn dividends.
The collapse of the banking industry has created a distrust in financial institutions, which is why people have cash on hand, they withdrew their life savings from their bank and now need a safe place to stash the cash. Banks are still a safe place to keep your cash, if the bank is FDIC insured. Make sure a bank is FDIC insured before depositing your cash and it’s wise in the current economy to use more than one bank if you have a large amount of cash to deposit. Dividing your cash among different banks is just the common sense adage in action-don’t put all your eggs in one basket.
Investing your cash into Savings Bonds is another safe place to stash your cash. Keep your Savings Bonds in a safe location and write down the serial number of each bond, keeping those numbers in a separate safe location. You will need the Savings Bond numbers for replacement should your Savings Bond become lost or stolen.
Purchasing Government issued gold or silver coins with your cash is a safe place to stash your cash. The price of gold and silver fluctuates, but you can usually count on a nice dividend for your investment.
Starting a coin collection is a safe place to stash your cash. Coins always hold their face value and over time will increase in cash value.
You can safely stash your cash in real estate, even in today’s real estate market. It’s a Buyer’s Market in real estate, but the tide will turn when the economy recovers. Even if you don’t want to invest your cash into more real estate, simply holding onto the real estate you currently have will reap financial rewards for you when the real estate market bounces back.
If none of the prior suggestions appeal to you, you can still stash your cash safely at home, if you don’t stash it in obvious places. There are certain places that thieves look for cash, like mattresses which I mentioned earlier, bread boxes and jewelry boxes. Outsmart potential thieves and keep your cash in an unusual location. Stashing your cash in your deep freezer or refrigerator, packaged to look like a frozen food product will foil would-be thieves and protect your cash in the event of a house fire. Just don’t forget where the cash is or accidentally give the package away thinking it really is a food item.
A home safe for cash and other valuables is a good safety investment, as long as the safe is hidden and/or doesn’t look like a safe. Small home safes that people usually keep in their bedroom closet can easily be carted away by thieves and broken into at another time. Hide that small home safe in the wall, the floor or even in the deep freezer.