I agree with everyone that this man is being unjustly robbed by the state and it’s his right to keep his life savings in a pile of cash in his home if he wants, but I’m baffled that anyone would do that. Is this poor fellow not familiar with the concepts of compound interest and investing? Also, you don’t have to worry about robbers (common or government) coming into your home and taking all the money you have in the world if you have a savings account, IRA, mutual fund, ect.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Are you familiar with the credit/subprime/banking/hedge-fund crisis? Compound interest is all very well and good, but sometimes people are more concerned with the return OF their money, not just the return ON their money, and rightly so it appears.
Have considered getting a safe a time or two, but it just seems to scream “rob me at gunpoint”. If I could get one those round, in the ground types embedded in cement, that would be the way to go. But any safe would have to be secret, which is just about impossible.
I suspect he's not unfamiliar with the eighth wonder of the world and that's why the money is most likely dirty.
There’s not a small number of people who don’t “trust” banks and keep their money in the mattress, so to speak. Every now and then we hear about the house where they find stashed savings after the homeowner’s death. I even considered it myself after $100 increments were literally disappearing from a checking account I had some years ago. I am quite convinced someone was embezzling. I changed banks after I couldn’t get the bank to believe it wasn’t me “forgetting” about money I spent. Amazingly it didn’t occur at the new bank, and it wasn’t because my memory suddenly improved.
No, then they do not have to storm the home for it. They just peck away at it every year, and nibble at the interest and capital gains, know you have it, and never stop thinking about it sitting there, while they NEED it.
Many people are like that, especially older folks. They do not trust banks, savings and loans, etc. My father-in-law is like that. He keeps money hidden in strange places. They lived thru a time that saw many banks fail and investments plunge and people lose their money. They aren't interested in interest...........
That's why this guy doesn't pass the smell test. Anyone that has the intellect to legitimately earn the kind of money that allows you to stash $400k, is certainly aware of the principle of compounding interest. I don't like the Fed's actions, but that was drug money.