Experts: Why Your Money Is Not Safe in Your Home or These 4 Other Places

Experts: Why Your Money Is Not Safe in Your Home or These 4 Other Places

Casey Bond  Thu, August 31, 2023

After battling inflation, rising interest rates, and a volatile stock market over the past couple of years, you may be worried about preserving your hard-earned money. Where can you stash cash and rest assured that it’s safe?

We reached out to a few experts and got their opinions on the worst places to keep your money–and where to put it instead. Find out if your cash could be at risk.

In Your House

Following the stock market crash of 1929, many Americans became deeply distrusting of banks and what they might do with their money. During the Depression era, it was common for people to keep cash hidden around the house, whether it was stuffed under the mattress or concealed in the ice box.

Although bank failures still happen, it’s less common today. However, there are a number of people who keep money hidden around their homes. Your house is one of the worst places you can store your money. “Keeping some spending money at home is handy, but keeping large sums at home leaves your fortune open to loss,” said Bill Waggoner, president at Stoney Creek Advisors in Rochester Hills, Michigan.

The problem is that if physical cash is lost, stolen or damaged, it’s near impossible to recover. A fire could wipe out your savings in an instant, or a thief could make off with your cash while you’re on vacation.

Your Wallet or Purse

Society is increasingly becoming cashless, but there are still situations when you might need some spending cash, such as when you’re shopping or traveling. A survey by Travis Credit Union found that among those who regularly carry cash, the average amount they keep on their person is $46.29.

https://news.yahoo.com/finance/news/experts-why-money-not-safe-120120035.html