How do you store your money?

[steppinthrax]

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

It's the cost of doing business. He puts it in gold and he needs to access it fast he can't pay people in gold!!!

With the amount of money he makes it's what he has to do.

 

[Linux23]

in the fridge, between the eggs and the cheese.

 

[rsbennett00]

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

Sure, if you knew which stock to invest in right? That's just a guessing game. Who would have thought apple in the 80's would be worth so much now? I thought gold would be a long term safe bet.

 

[steppinthrax]

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...

LOL,

I thought you worked with Gus (you know underneath the laundry house).

 

[Uppsala9496]

I keep mine in the bank because I am going to have to fork it over as a down payment for a house in the next few months. Less paperwork to deal with if I leave it there versus tossing it in some ETF's.

 

[Virge_]

I can neither confirm nor deny owning Bitcoin.

Luckily, neither can anyone else.

 

[jlee]

Sure, if you knew which stock to invest in right? That's just a guessing game. Who would have thought apple in the 80's would be worth so much now? I thought gold would be a long term safe bet.

http://www.thesimpledollar.com/where-does-7-come-from-when-it-comes-to-long-term-stock-returns/

 

[KlokWyze]

Bitcoin duh.

 

[jagec]

Sure, if you knew which stock to invest in right? That's just a guessing game. Who would have thought apple in the 80's would be worth so much now? I thought gold would be a long term safe bet.

Good point. Too bad they only let each person only own stock in one company.

 

[Murloc]

I usually place U.S. Passports and other docs I can't afford to lose

how pricey can an US passport be?

Seriously, the chance of losing it at home is very low, and the chance of losing it while traveling quite high, so what's the point in keeping it in a deposit box while at home when you still have about the same total chance of losing it?

 

[SSSnail]

I keep it in a jar on top of my fridge, I'd like to put more in that jar...

 

[rsbennett00]

Good point. Too bad they only let each person only own stock in one company.

Exactly, and owning stock in one company affects the return rate of all other companies.

 

[dr150]

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

That's a good idea! Why didn't I think of that option.

As for me, I put some in Uhaul storage and some underneath the floorboards of my house. :thumbsup:

 

[Engineer]

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

Why? What if it's in CD's earning 3.01% APY?

Most of my money is (not that I have 250K or even 150K in cash, mind you).

 

[steppinthrax]

how pricey can an US passport be?

Seriously, the chance of losing it at home is very low, and the chance of losing it while traveling quite high, so what's the point in keeping it in a deposit box while at home when you still have about the same total chance of losing it?

Because replacing it is an administrative nightmare if you need it immediatley. I have a free sd from my bank so I use it.

 

[Mixolydian]

Checking account and savings account. Keep it simple stupid.

 

[rsbennett00]

Why? What if it's in CD's earning 3.01% APY?

Most of my money is (not that I have 250K or even 150K in cash, mind you).

I've not really looked but is there an instant cash out CD that gives that kind of return? I have to be able to get to it within a week should there be an emergency.

 

[rsbennett00]

Checking account and savings account. Keep it simple stupid.

I'm scared of a bank going out of business and losing it though.

 

[rh71]

it's called a mortgage. If I had 250k+ to STORE, I'd throw it all into the payments to save over $50k in interest owed for the next 20 years. We're down to $245k now.

I can only dream of the day we get to keep the majority of our paychecks.

 

[Mixolydian]

I'm scared of a bank going out of business and losing it though.

FDIC insured. Plus I doubt BoA is going anywhere.

 

[rsbennett00]

FDIC insured. Plus I doubt BoA is going anywhere.

Don't they only insure $250k?

 

[jagec]

Don't they only insure $250k?

No one said you could only bank at one institution.

Why? What if it's in CD's earning 3.01% APY?

Most of my money is (not that I have 250K or even 150K in cash, mind you).

Link?

 

[ponyo]

Don't they only insure $250k?

Who cares. If you have to worry about insurance, you don't have enough money.

 

[AMCRambler]

Ham wallet

 

[rsbennett00]

No one said you could only bank at one institution.

Uhg, spreading it out and keeping track sounds like a nightmare.