How do you store your money?

[rsbennett00]

Since most of us here make quite a bit, how are you storing it?

I'm not a financial expert but I think the fdic only insures $250k on normal bank accounts? Do CD's count or is that separate?

I like to keep things simple. Due to work requirements, I keep $150k in cash in a local safety deposit box. The rest of my savings, I convert to gold coins and keep in a safety deposit box in a small town about 2 hours away.

 

[MustISO]

You can have multiple accounts per bank. For example:

http://www.ally.com/bank/fdic/

 

[Sonikku]

In my wallet.

 

[steppinthrax]

Since most of us here make quite a bit, how are you storing it?

I'm not a financial expert but I think the fdic only insures $250k on normal bank accounts? Do CD's count or is that separate?

I like to keep things simple. Due to work requirements, I keep $150k in cash in a local safety deposit box. The rest of my savings, I convert to gold coins and keep in a safety deposit box in a small town about 2 hours away.

I have multiple accounts within my bank and other banks where I keep the income from the companies I work with separate. I have a separate account that I send "estimated tax". I have a sd box, but I would never store that much in a sd box. I usually place U.S. Passports and other docs I can't afford to lose. Since I have over 10K in my accounts total I have an "advantage account" that provides concierge service at the bank (free bank checks, free SD box, etc...)

If I collapsed the accounts it could easily hit the $250 mark.

When it comes tax time, that account is drained. In MD taxes are 4 times a year for business.

I don't really understand how the wealthy store their money with the $250K per depository cap.....

$250K is just not a whole lot of money for people who have it. i can imagine the very wealthy to hit that any 1000's of magnitudes over...

 

[Red Squirrel]

Bank account. Any left overs I put into a tax free savings. I buy RRSPs as well throughout the year, it's auto deducted.

 

[Xonim]

I'm not one of these high-income individuals, but I'd have to imagine anything over $200-250k is invested, which isn't covered by FDIC anyway.

If it's not invested, my next question would be -- why the heck not?

 

[steppinthrax]

Bank account. Any left overs I put into a tax free savings. I buy RRSPs as well throughout the year, it's auto deducted.

Can you stack it to the ceiling though, that's the point of this thread LOL.

Couldn't resist it's Friday LOL

 

[TwiceOver]

I don't have any money. Obama stole it from me.


I figure someone was going to, might as well get it out of the way and all.

 

[jlee]

$150k in cash? That's effectively cost you $10,000 in inflation over the last five years.

I don't have as much as a true ATOT'er, but I'm ~75% in index funds / retirement accounts and the rest split between bank account balance and company stock.

 

[steppinthrax]

$150k in cash? That's effectively cost you $10,000 in inflation over the last five years.

I don't have as much as a true ATOT'er, but I'm ~75% in index funds / retirement accounts and the rest split between bank account balance and company stock.

I think it may be GTFO money. Like he probably has a handgun, passports and and 150K in cash in that box....

 

[jlee]

I think it may be GTFO money. Like he probably has a handgun, passports and and 150K in cash in that box....

Maybe, but all savings in cash & gold means he's constantly losing money - at a really high rate, actually, when compared to average market returns over the last five years.

http://www.infomine.com/investment/metal-prices/gold/5-year/

http://www.moneychimp.com/features/market_cagr.htm

 

[Rakehellion]

Since most of us here make quite a bit, how are you storing it?

I'm not a financial expert but I think the fdic only insures $250k on normal bank accounts? Do CD's count or is that separate?

I like to keep things simple. Due to work requirements, I keep $150k in cash in a local safety deposit box. The rest of my savings, I convert to gold coins and keep in a safety deposit box in a small town about 2 hours away.

So basically you keep half stuffed in your mattress and the rest buried in your back yard.

 

[CraKaJaX]

Just because you make a lot doesn't mean you have 180k in the bank. I'm supporting myself 100%. I think that says more these days than how much you have in the bank. Some guys at work talk about their kids (30's) moving back in with them because they can't support themselves. Sad really.


Back to counting my gold nuggets. Still looking for a place to store them...

 

[TheSlamma]

Oh sweet, an ATOT $250K sitting around thread.

 

[tHa ShIzNiT]

Not very believable.

 

[rsbennett00]

$150k in cash? That's effectively cost you $10,000 in inflation over the last five years.

I don't have as much as a true ATOT'er, but I'm ~75% in index funds / retirement accounts and the rest split between bank account balance and company stock.

I think it may be GTFO money. Like he probably has a handgun, passports and and 150K in cash in that box....

GTFO money, lol. It's breach of contract money. Basically if I get the flu or something and can't work, and can't find someone to fill in for me, and I've already signed the contract, and I miss the deadline, I'm in breach and have to pay the fine. It's usually only $100k but I keep extra just in case. It's only happened once in the past but...

 

[xeemzor]

The OP makes my brain hurt. You need to take risks and diversity to get a decent return. Keeping all your money in one class of asset is just silly.

 

[JulesMaximus]

I bury it in large plastic barrels out in the desert and keep the coordinates on a lotto ticket I keep in my wallet.

 

[maddogchen]

I have multiple accounts with different banks, back when I was chasing interest rates when they were at 3-5%

 

[rsbennett00]

Maybe, but all savings in cash & gold means he's constantly losing money - at a really high rate, actually, when compared to average market returns over the last five years.

http://www.infomine.com/investment/metal-prices/gold/5-year/

http://www.moneychimp.com/features/market_cagr.htm

The first chart shows, if I'm reading it right, that gold value has had ups and downs but basically stayed the same. No?

So basically you keep half stuffed in your mattress and the rest buried in your back yard.

If by half you mean a piddly %, and if by mattress you mean a large old well respected bank vault, and if by buried in the back yard means a small little known town with an even older established bank vault, yes.

 

[DesiPower]

Diversity, do not keep all your savings in cash. Stocks, property, gold, forex... do not keep all your eggs in one basket. If you do that then most people would not need more than 2 accounts.

 

[madoka]

I convert my money into Star Wars Lego. I don't think there's ever been a set that went down in value.

 

[jlee]

The first chart shows, if I'm reading it right, that gold value has had ups and downs but basically stayed the same. No?



If by half you mean a piddly %, and if by mattress you mean a large old well respected bank vault, and if by buried in the back yard means a small little known town with an even older established bank vault, yes.

Yup. Now look at the second link for what your money could be doing instead.

 

[Red Squirrel]

Can you stack it to the ceiling though, that's the point of this thread LOL.

Couldn't resist it's Friday LOL

Haha wish I could.

Though, I made 80k last year, I really should have more extra money. I think I need to start tracking my spending more. I don't really have an excuse to not have a bigger savings account by now.

 

[steppinthrax]

I bury it in large plastic barrels out in the desert and keep the coordinates on a lotto ticket I keep in my wallet.

LMFAO!!!!

I was waiting for someone to come up with this, or I will.

Or you let your wife put it in those space saver bags and place it under the crawl space.