“So where’s the safest place to have your savings?”
Keep six months of general operating expenses in CASH in your gun safe. Some call this an ‘Emergency Fund.’ Tally up your monthly expenses, multiply by six. There’s your ‘Magic Number.’
After that, pay off ALL consumer debt - student loans, car loan, credit cards. And SHAME ON YOU if you have ANY of those right now! Did you learn NOTHING from 2008? ;)
THEN, pay off your mortgage.
You want your money in ‘stuff’ not sitting in a bank waiting for Mother Government to steal it.
And if you can switch to a Credit Union for your banking needs, please do so. :)
Diana, why do you advocate paying off all loans? For example, a car loan. If you have enough cash to pay off the balance at any time, what’s the disadvantage of just continuing with loan payments? Especially considering inflation eating away the real value of that remaining debt. Pay it off in devalued dollars down the road.