question about storing $

[DaveH]

It's kinda hard to say with out knowing how much we're talking.

A Roth IRA is a very good idea.

You can also open an ING account and link it to your regular checking, you get decent interest rates around 3%, FDIC insured, etc. Access is a phone call away.

I think it's a little late to buy gold, unless you think the dollar will continue to fall

 

[annr]

But it won't be covered by the FDIC or NCUA.

Know a guy who says that his bank was robbed, the safe deposit boxes in specific. He says he lost what would be more $$ than I would expect to see in my lifetime. Don't care to speculate on why he had it there.... but there isn't a darn thing he can do about it. Preservation of capital!!

 

[orca8589]

I'd keep a small secret cash supply hidden at home, enough to get through a short-term period of emergency, but for the rest, I'd follow the advice of the others above.

I grew up in North Carolina, and my grandmother worked at the local savings & loan. It wasn't uncommon to have someone come in, literally with Mason jars full of cash, that they'd inherited from a now-deceased relative.

Aside from the obvious collector value of old silver coins, the rest of the cash was only worth face value. When you add up the amount of interest that could have been earned yearly, sometimes over decades, even when inflation and other factors are considered, it adds up over a long period of time. Better to have it earn something, and also have records, so if anything happens to you, your heirs know about it.

thx - cpr

 

[MikeH]

What are your views on 401k ?

Participate in any 401K available to you, and put in at a minimum the maximum amount for which your company will provide matching. Do more that that if possible. Do not fall into the trap of putting all your eggs in one basket, diversify as much as the plan will allow. In particular, do not rely heavily on investing in your own company's stock (ask any ex-Enron employee.) At all costs avoid borrowing against your 401K.

It feels darn good to be able to retire at age 55 and walk away from a no longer satisfying job, knowing that from now on you only have to work if you want to, and do not have to put up with any more c---p.

 

[Trent Rock]

This thread is moving into investing, which is OK with me.

But, as per the OP, talking about cash - meaning currency, cash money, the ones with the presidents -- it is a very good thing to have a stash of it handy.
Well hidden in your home, or someplace else easily accessible.

There are times when cash is what's needed, and nothing else will do.

I concur

I remember the economic Armageddon survivalists were concerned that the little security "strip" that are in the US bills were used, in conjunction with satellites. to keep track of the US paper currency
So
If that is a concern==>
Make sure you use a lead lined box

You can also bury pvc tubes for money
See the Wilderness and Survival sub forum on caching

5) Most importantly, I guess, does either option allow storage of cash?

If you are concerned about the Bank Secrecy Act===>
You can stuff as much cash in your safe deposit box as you can
(If the bank manager sees you wheeling in sacks of money on a dolly
She might fill out Treasury Department Form 90-22.47 and OCC Form 8010-9, 8010-1 Suspicious Activity Report )
Just make sure you inform the IRS
I think they could even provide you a form...
*****************************************************
The most interesting part of this thread is the gold speculation

Absintheur doesn't say if he thinks it will go up or down
He just says:
"buy it"

Beau5278 says:
1) I wouldn't be surprised if it goes back up some.
2)gold is going to go back down,when it does,

The gentleman from the great town of Raton says gold:
will probably drop when/if the dollar recovers

Dave Hspeculates that:
it's a little late to buy gold,

Trent's take on gold===>
Gold is positively correlated to inflation
I think inflation will go down within the next year
Therefore
I think the price of gold will be lower than $896.45 a troy ounce on June 12, 2009
I'm gonna say it will be at $742.00 a troy ounce.........

 

[beau5278]

Trent,eventually the dollar will recover and when it does don't be surprised if gold goes back down to the $200-$300 range,it could possibly take another 20 yrs or so to see it back to where it is now,in the mean time that's money lost.If your going to invest in gold do it when it's low,not now,unless your talking about going out in the river and panning for some new gold.

 

[Absintheur]

One nice thing about precious metal...it is acceptable anywhere. I assumed the original post was talking about stashing money for the day the defecation hits the rotary atmosphere oscillator, didn't sound as if investing was a concern. If and when that happens hard currency will be the only thing worth having, paper money will make good toilet paper. Yes I have investments...how do you think I was able to retire at 42? But if there is a depression such as happened in the 20's-30's I know my investments my be worth as little as 15-20% of their current value but gold and silver will maintain value much better. I understand precious metals are not always the best investment but that is not why I bought them (though I am sure my heirs will be thrilled when they inherit). I have a decent stash of both pre-64 coins as well as gold in 1/10th oz and up sizes. And yes...I utilize safe deposit boxes.

Obviously I do believe in investing but I also believe in preparing for for the worst.

 

[annr]

I don't know if anyone has mentioned $-cost averaging. SkinnyJoe, if you decide to go with some sort of investments it is common to hear that one should invest smaller amounts spread over time rather than a lump sum. This strategy hopes to minimize the effects of the ups and downs of the market.

If one starts with the lump sum one can begin by putting the lump sum in a money market account and gradually move it to the other fund(s). Also, a good thing to spread the money among funds with different investment strategies and investment mixes. When one fund goes down something else will stay the same or go up in value.

Another buzz-word, perhaps already mentioned is 'no-load' meaning if you buy, for example, a mutual fund it can typically be better to purchase shares in a fund that does not charge fees on either the front or back end.

 

[DaveH]

One nice thing about precious metal...it is acceptable anywhere.

I hear that often, but tell me, when is the last time you paid for something you needed in gold? I suggest you try paying for your next tank of auto fuel in small gold coins, let us know the results.

 

[rifon2]

I hear that often, but tell me, when is the last time you paid for something you needed in gold? I suggest you try paying for your next tank of auto fuel in small gold coins, let us know the results.

I think the general idea is that if the SHTF, small gold coins will be "the coins of the realm".
Silver coins too.

I think there's more upside in silver than in gold at present.
Of course there are those who disagree.

There is such a demand for U.S. Silver Eagle Dollars that the Government has begun rationing them.

With all that said, though, great investors like Buffett, Bogle and other have repeatedly said that for "average folks" the best investment strategy is:
max out your IRA; buy into good low fee/no fee funds; and put about 15% or so of your investment capital into alternative investments such as gold and silver.

But do all that after you've accumulated a fund worth about 6 months of your expenses.

 

[phatch]

People won't tend to accept precious metals as there is no way to authenticate it, nor for it's claimed value is there a reasonable way to make change. You'll be taking a big loss on many precious metal exchanges for goods.

 

[Absintheur]

People won't tend to accept precious metals as there is no way to authenticate it, nor for it's claimed value is there a reasonable way to make change. You'll be taking a big loss on many precious metal exchanges for goods.

Do you think that if the S.H.T.F. people will accept paper for goods over silver or gold? Good luck....

That is why I have mercury dimes, silver quarters, etc as well as various weights of gold. Plus gold coins can be cut easily. No need to discuss the ammo I have stashed...lol...another great trade medium if and when.

I am not a survivalist but I don't keep my head buried in the sand either. I simply have tried to insure that if things do go into the toilet my family will be able to make out. I don't think we will ever see things go as badly as they did in James Wesley, Rawles' book TEOTWAWKI but at the same time being prepared is always wise.

 

[BlackHills]

I hear that often, but tell me, when is the last time you paid for something you needed in gold? I suggest you try paying for your next tank of auto fuel in small gold coins, let us know the results.

I'd be happy to take gold coins for any transactions. I might even be generous and allow you 10% over the face value of the coin.

 

[texastonydobbs]

I see nothing wrong with keeping Cash at the house,for emergency or impulse buy.....I mean we are talking about a unknown amount of cash,some folks $500 is alot or $5000 or more......I could see keeping $1000-2500 cash in the Gun safe ,to me that is not a waste.... I mean you go to the ATM to get money from your bank and it can be free to $3.50per transaction.....that is a losing deal to me...

 

[Bushman5]

Medium Pelican case, with an moisture absorber pak inside. Stash inside a wall, drywall it in and put a pice of heavy furniture in front of the area. Or inside a large air duct.

The Pelican case is airtight and watertight, crush proof. The moisture pak absorbs any moisture that may be present in the bills, so you dont get mold. The cases can withstand some fire heat too, they may melt a bit, but the inside stays dry and clean (you'll need to cut the case open)



I have a buried cache locally here that got flooded over for six months. My gear inside the Pelican Case is still bone dry, mold free, rust free, ready to go. I have a VCI (vapor corrison inhibitor) pak and a moisture absorber pak inside the case. (amongst other things......)

 

[Absintheur]

I see nothing wrong with keeping Cash at the house,for emergency or impulse buy.....I mean we are talking about a unknown amount of cash,some folks $500 is alot or $5000 or more......I could see keeping $1000-2500 cash in the Gun safe ,to me that is not a waste.... I mean you go to the ATM to get money from your bank and it can be free to $3.50per transaction.....that is a losing deal to me...

This is a good idea as well, I do the same for emergencies and when a very good friend of mine did something very stupid I was able to bail him out that night when he found out the cops don't take plastic. Most banks will not let you pull a couple of thousand out in one day from the ATMs.

 

[fracmeister]

Medium Pelican case, with an moisture absorber pak inside. Stash inside a wall, drywall it in and put a pice of heavy furniture in front of the area. Or inside a large air duct.

The Pelican case is airtight and watertight, crush proof. The moisture pak absorbs any moisture that may be present in the bills, so you dont get mold. The cases can withstand some fire heat too, they may melt a bit, but the inside stays dry and clean (you'll need to cut the case open)



I have a buried cache locally here that got flooded over for six months. My gear inside the Pelican Case is still bone dry, mold free, rust free, ready to go. I have a VCI (vapor corrison inhibitor) pak and a moisture absorber pak inside the case. (amongst other things......)

How many of us have a pistol, some ammo, cash and other bug out gear buried in a Pelican case somewhere? Hmmm. Bushman 5 and I can;t be the only ones....