Posted on 01/31/2015 6:24:47 AM PST by Red in Blue PA
Where to stash your cash? Some Americans are sleeping on it-literally.
While banks are still the go-to solution for most consumers, 29 percent say they're keeping at least some savings in cash bills and coins, according to a new survey of 1,820 adults from American Express (AXP).
Of those holding cash savings, 53 percent are hiding it in a secret location. Millennials are even more apt than other generations to go the mattress or freezer route, with 67 percent of those saving cash saying that they hide it outside a bank account.
"We've long asked people about how they've planned to keep their savings, and for the past few years, we've seen an uptick in people saving cash," said Kimberly Litt, public affairs manager at American Express.
(Excerpt) Read more at finance.yahoo.com ...
Going after 529 plans after they tell you to save there for tax savings. Nope. No negative repercussions there/s
Mistrust of the government aside, it’s a good idea to keep a minimum of 2-4 weeks basic living needs in cash. Having been through numerous hurricanes in Florida and ice storms in Kentucky, I know that when there’s no power for a week, cash is king.
529 was just a warmup.
They really want the 401k funds. And they'll get them, by confiscatory taxation or outright taking.
Then there's that evil twin sister, cynicism. Maybe they're hiding cash so they can get free stuff like food stamps and reduced insurance costs.
Which is best? A CD paying damn near nothing in a bank account that could be seized by “your government” at their whim or in a buried vault in your back yard that you could forget the location of?
What a dilemma.
I think the back yard route and taking a chance on dementia is best
It is entirely about government and its insatiable quest to take what you have and give it to others. There are no ‘safe’ protected savings instruments, planned retirement schemes, tax havens and the like. There were. But nothing is sacred and untouchable to this government now. They at least have to come find the cash; they can’t just tell the bank to send it in.
The Commies within our own government are licking their lips waiting to go Cyprus on the U.S. banking industry and confiscate our funds. They are just waiting on the right excuse. Obamacare makes it that much easier because the system knows where you keep your funds
Problem with the buried vault full of cash is that eventually cash will be a thing of the past.
That’s a good point.
That’s why brass, lead and copper are so appealing.
I sat through one of those meetings. It was worse than a sales pitch to get you to buy a timeshare, without the freebie for listening. I could self-annuitize taking 4% of my savings a year for 25 years and it's more than the annuity would pay.
What's my point? The gov could step in and annuitize all of those savings. Pay retires a pretty good interest rate on their savings (better than anyone else) but pay nothing to benefactors when the person dies.
I really do think that Obama is trying to redefine the middle class downward. To do that, he's got to make it impossible for anyone but the most elite to have anything to leave to future generations. When that happens, freedom is gone for good. JMHO
Not just mistrust of government. There are no incentives in the form of investment % now. When GWB was President CD’s were making 5%, the minute 0 took office they started plummeting. Savings accounts are less than .05%.
People moved to Annuities. We tied what little we have up into a Marital Trust, and individual trust should both pass away. Those Annuities make a good 7% and can be added to. Except for the IRA’s.
Moving out of Shelby Co...Memphis, TN into the next county, caused a drop of high ever rising double taxation on our property. Even the car ins went down by a third.
What the hell is this? All the Americans I know around me are not making it without credit cards. There income is not supporting the necessities.
“What the hell is this? All the Americans I know around me are not making it without credit cards. There income is not supporting the necessities.”
Huh? If you can’t make on what you earn you ain’t making it. Credit cards are just making the hole deeper faster.
Been doing it for years. Every day when we come home everything smaller than a ten spot goes into an envelope in our safe. When the envelope holds 100 it gets sealed. When we have 5 of those we go exchange them for tens and twenties.
You’d be shocked at how much you can put back that way.
L
Hoarding cash for long-term savings is stupidity Not if you are into buy low sell high for cash, for that you need untraceable capitol.
“529 was just a warmup.”
Typical liberal incrementalism: Start with the lesser used 529 and practice on them. Once formula has been worked out attack 401k.
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