Where/how to keep cash on hand or equivalent?

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dm200
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Where/how to keep cash on hand or equivalent?

Post by dm200 »

For reasons too complicated to elaborate here - BUT 100% legal - I want to have about $10,000 or so on hand or readily convertible to cash(not in any bank, credit union or investment account). "Under the Mattress" could work - BUT "stuff" can happen.

I have no target timeframe for the funds - might be a month (for part) or a few years.

I suppose Gold Coins might work, but I suspect there is a significant bid-ask spread. Then again, they might appreciate!
barnaclebob
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Re: Where/how to keep cash on hand or equivalent?

Post by barnaclebob »

Sounds like you literally need to keep some stacks hidden somewhere in your house. Your main risk would be fire because there are plenty of places a thief wont find it like in the attic wrapped in metal mesh (don't want rats to use it as an expensive nest material). A small fire resistant safe under a pile of insulation is probably a good bet too.

I don't think the bid/ask on gold coins is too severe, maybe a few %. You'd have to inquire at the nearest reputable coin dealer to know for sure. But you'd be limited to the hours that these establishments are open and if a bank presumably can't be relied upon to withdraw 10k at a moments notice then neither should a coin dealer.
Last edited by barnaclebob on Fri Mar 29, 2019 10:55 am, edited 1 time in total.
Shem002
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Re: Where/how to keep cash on hand or equivalent?

Post by Shem002 »

Gold adds another layer to complexity because it has to be converted to cash. Simply stash the cash throughout the house in fireproof safes.
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Re: Where/how to keep cash on hand or equivalent?

Post by guymontag »

Without running afoul of the forum rules I wouldn't worry too much about stashing large amounts of cash throughout the house, it's the traveling with large amounts of cash and running into law enforcement/civil forfeiture situation.

I would utilize a safe for the majority of it, and hidden/stash areas for some (and foodsaver style bags if possible too).
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dm200
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Re: Where/how to keep cash on hand or equivalent?

Post by dm200 »

barnaclebob wrote: Fri Mar 29, 2019 10:48 am Sounds like you literally need to keep some stacks hidden somewhere in your house. Your main risk would be fire because there are plenty of places a thief wont find it like in the attic wrapped in metal mesh (don't want rats to use it as an expensive nest material). A small fire resistant safe under a pile of insulation is probably a good bet too.
I don't think the bid/ask on gold coins is too severe, maybe a few %. You'd have to inquire at the nearest reputable coin dealer to know for sure. But you'd be limited to the hours that these establishments are open and if a bank presumably can't be relied upon to withdraw 10k at a moments notice then neither should a coin dealer.
I think I would have to pay sales tax on the purchase of gold coins? If so, that would lessen the use of gold coins for part of the need.

I would not need immediate access to "cash" - a few days or weeks would be fine.

For now, I am keeping several thousand dollars locked in my desk at work.
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Re: Where/how to keep cash on hand or equivalent?

Post by mega317 »

What stuff could happen to cash under the mattress that couldn't happen to gold coins? (I guess dog peeing on it in my house.) And gold coins, at least in my hands, would not be converted to cash any more quickly than money in a bank account.
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Re: Where/how to keep cash on hand or equivalent?

Post by researcher »

dm200 wrote: Fri Mar 29, 2019 10:39 am I want to have about $10,000 or so on hand or readily convertible to cash(not in any bank, credit union or investment account). "Under the Mattress" could work - BUT "stuff" can happen.

I suppose Gold Coins might work, but I suspect there is a significant bid-ask spread. Then again, they might appreciate!
Keep it simple. Just stash $100 bills somewhere in your house, possibly in 2-3 different locations.

I've heard of people putting cash in a waterproof container in the toilet tank. Unlikely to get stolen or burn up in a house fire.
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Re: Where/how to keep cash on hand or equivalent?

Post by barnaclebob »

dm200 wrote: Fri Mar 29, 2019 12:06 pm
barnaclebob wrote: Fri Mar 29, 2019 10:48 am Sounds like you literally need to keep some stacks hidden somewhere in your house. Your main risk would be fire because there are plenty of places a thief wont find it like in the attic wrapped in metal mesh (don't want rats to use it as an expensive nest material). A small fire resistant safe under a pile of insulation is probably a good bet too.
I don't think the bid/ask on gold coins is too severe, maybe a few %. You'd have to inquire at the nearest reputable coin dealer to know for sure. But you'd be limited to the hours that these establishments are open and if a bank presumably can't be relied upon to withdraw 10k at a moments notice then neither should a coin dealer.
I think I would have to pay sales tax on the purchase of gold coins? If so, that would lessen the use of gold coins for part of the need.

I would not need immediate access to "cash" - a few days or weeks would be fine.

For now, I am keeping several thousand dollars locked in my desk at work.
The sales tax appears to be state dependent, mine doens't have sales tax on precious metals according to a quick google search.
Last edited by barnaclebob on Fri Mar 29, 2019 12:34 pm, edited 1 time in total.
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Re: Where/how to keep cash on hand or equivalent?

Post by goingup »

dm200 wrote: Fri Mar 29, 2019 12:06 pmI would not need immediate access to "cash" - a few days or weeks would be fine.
Your post is a real head-scratcher to me. Why not keep your cash in the bank? Otherwise, I guess keep cash in a safe in your home. Or a safety deposit box at a bank. Who are you, Jason Bourne? :shock:
Shallowpockets
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Re: Where/how to keep cash on hand or equivalent?

Post by Shallowpockets »

Safety deposit box large enough to hold that amount in bills.
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Re: Where/how to keep cash on hand or equivalent?

Post by Tribonian »

Sales tax on gold bullion and gold coins is indeed state dependent: https://www.jmbullion.com/tax/
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Re: Where/how to keep cash on hand or equivalent?

Post by Godot »

Shallowpockets wrote: Fri Mar 29, 2019 12:19 pm Safety deposit box large enough to hold that amount in bills.
An envelope will hold 10k. It ain't that much.
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Re: Where/how to keep cash on hand or equivalent?

Post by WhiteMaxima »

Open a home equity line of credit (4.5% rate), don't use it. use your excessive cash to pay down mortgage (4.0% I assume). You will get 4.0% safe return. and you can always access cash at slight higher 4.5% rate.
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Re: Where/how to keep cash on hand or equivalent?

Post by whodidntante »

When I kept large amounts of cash at home, I hid it in plain sight. A grand in that book, 300 in that cd case, two grand in that fake plant, five grand in that dried up paint can, etc.

I find the concept of having a garage sale terrifying now. :happy
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Re: Where/how to keep cash on hand or equivalent?

Post by dm200 »

Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
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Re: Where/how to keep cash on hand or equivalent?

Post by barnaclebob »

dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
Oh boy, that comment is going to open a can of worms. To keep things positive I was going to guess that the only reason for having a large stash of cash that doesn't involve something nefarious or a tin foil hat is to buy a surprise gift for someone who has access to your accounts and you don't want the surprise spoiled at any cost.
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Re: Where/how to keep cash on hand or equivalent?

Post by vineviz »

dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
You might have reasons for not caring about what happens to this stash if you have a heart attack tonight, but if you DO care you might provide some instructions (sealed, perhaps, and to be opened only upon your death) to your lawyer detailing the amount and location of the stash.
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Re: Where/how to keep cash on hand or equivalent?

Post by Kenkat »

whodidntante wrote: Fri Mar 29, 2019 12:28 pm When I kept large amounts of cash at home, I hid it in plain sight. A grand in that book, 300 in that cd case, two grand in that fake plant, five grand in that dried up paint can, etc.

I find the concept of having a garage sale terrifying now. :happy
We found thousands of dollars on cash after my wife’s parents passed away. $900 in an old shoe; $1400 in a robe pocket, etc. Who knows if we found it all but we went through everything before we got rid of anything.
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Re: Where/how to keep cash on hand or equivalent?

Post by adamthesmythe »

Until there is a zombie apocalypse there is no practical way to SPEND gold coins. And if you can't spend it why have it?

Currency is the only solution, although I don't know what the problem is.
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Re: Where/how to keep cash on hand or equivalent?

Post by dm200 »

vineviz wrote: Fri Mar 29, 2019 12:39 pm
dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
You might have reasons for not caring about what happens to this stash if you have a heart attack tonight, but if you DO care you might provide some instructions (sealed, perhaps, and to be opened only upon your death) to your lawyer detailing the amount and location of the stash.
If I suddenly dropped dead or became seriously disabled, I believe my employer would find the money in my desk and get it to my wife.
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Re: Where/how to keep cash on hand or equivalent?

Post by Darth Xanadu »

I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
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Re: Where/how to keep cash on hand or equivalent?

Post by vineviz »

dm200 wrote: Fri Mar 29, 2019 12:48 pm
vineviz wrote: Fri Mar 29, 2019 12:39 pm
dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
You might have reasons for not caring about what happens to this stash if you have a heart attack tonight, but if you DO care you might provide some instructions (sealed, perhaps, and to be opened only upon your death) to your lawyer detailing the amount and location of the stash.
If I suddenly dropped dead or became seriously disabled, I believe my employer would find the money in my desk and get it to my wife.
I guess so long as you trust your employer more than your wife, this is as good a plan as any. Good luck.
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Re: Where/how to keep cash on hand or equivalent?

Post by S&L1940 »

Two points
1) Years ago I kept cash at home and thought I was brilliant in wrapping it in foil and putting it in the freezer.
Then I heard a repentant thief on a radio talk show say one of the first places he looked for stash during a break-in was in. the. freezer.

2) As a general contractor at the end of the day on a project I was preparing a room for my men to rehab and was emptying a closet loaded with books. An envelope drops out of one of the books and I instantly knew it was cash. But I could tell not enough to get the wife and I to Brazil for the rest of our lives. Handed it over to the lady of the house and said good night. Next day the husband thanks me and for some reason then tells me there was $4,000 (back in the 60s, maybe equivalent to $40K today) in the envelope. Finally he adds that they forgot it was there...

Buy I Bonds, $10K for each SS # in your household with you as a co-owner of the bonds for the wife and kids.
Bury it as a waterproof time capsule in your back yard or if you do not have a backyard, in a park or something
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Re: Where/how to keep cash on hand or equivalent?

Post by dm200 »

vineviz wrote: Fri Mar 29, 2019 1:01 pm
dm200 wrote: Fri Mar 29, 2019 12:48 pm
vineviz wrote: Fri Mar 29, 2019 12:39 pm
dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
You might have reasons for not caring about what happens to this stash if you have a heart attack tonight, but if you DO care you might provide some instructions (sealed, perhaps, and to be opened only upon your death) to your lawyer detailing the amount and location of the stash.
If I suddenly dropped dead or became seriously disabled, I believe my employer would find the money in my desk and get it to my wife.
I guess so long as you trust your employer more than your wife, this is as good a plan as any. Good luck.
I see your point, but I would not state it that way ;)
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Re: Where/how to keep cash on hand or equivalent?

Post by SevenBridgesRoad »

adamthesmythe wrote: Fri Mar 29, 2019 12:43 pm Until there is a zombie apocalypse there is no practical way to SPEND gold coins. And if you can't spend it why have it?

Currency is the only solution, although I don't know what the problem is.
Correction: it's the zombie apocalypse.
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Re: Where/how to keep cash on hand or equivalent?

Post by mega317 »

I keep thinking of the scene from one of the drug movies, the one with Tom Cruise maybe?, where they find some cash in the house and then start excavating his back yard. If my wife found a few hundred hidden somewhere, I think the whole house would be subject to the metaphorical equivalent.

I can't think of anything that isn't physical dollar bills or main stream savings vehicles that won't have some kind of friction to liquidate. Buy a couple of very used cars, clean them up to offset some of the tax, park them at work and sell for cash? You said a few weeks is ok. I think diamonds are pretty liquid?

I think without more information this thread is going to become repetitive and quite useless. OP, could you tell us specifically what is wrong with a bank account?
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Re: Where/how to keep cash on hand or equivalent?

Post by flossy21 »

Hide it in a hole in the top of several doors in the house.

https://freshome.com/2011/03/16/how-to- ... h-project/
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Re: Where/how to keep cash on hand or equivalent?

Post by dm200 »

flossy21 wrote: Fri Mar 29, 2019 1:58 pm Hide it in a hole in the top of several doors in the house.

https://freshome.com/2011/03/16/how-to- ... h-project/
I would be afraid I might forget where the stuff is hidden ;)

The little tube with the rolled bill(s) is good for having on a key ring or in a purse.
Last edited by dm200 on Fri Mar 29, 2019 2:04 pm, edited 1 time in total.
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Re: Where/how to keep cash on hand or equivalent?

Post by bloom2708 »

A couple of summers ago my dad hit a flea market.

He bought rusty tool box full of a few rusty wrenches and screwdrivers and some nuts and bolts for $1.

He got it home and emptied it out. In the bottom there was a rusty towel. Under the rusty towel was a rusty envelope with 15 $100 bills. :D

I would guess someone did what the OP wants to do. Get some cash spread it around. Tool box, freezer, shoe box, mattress, safe.

Then remember where it all is as the years go by. My grandma would keep her wallet in the freezer with a frozen pot roast. :wink:
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Re: Where/how to keep cash on hand or equivalent?

Post by doug1022 »

One way to remember that you have cash stashed away in your house is to put a reminder in your electronic calendar. I have a small amount of cash hidden away, and a monthly google alert reminds me that it's there. In the event of my death, my wife or kids will get the alerts when they access my gmail account.
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Re: Where/how to keep cash on hand or equivalent?

Post by LittleMaggieMae »

dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
OK, do you not have a friend or sibling with whom you have a "no questions asked - do this favor for me" kind of arrangement and with whom you could leave a fire proof safe in which you will keep your money? The safe would be about the size of a small tackle box... and you could put money in/take money out at your convenience.

If I had to to tell a story about what it is you are doing: I say you are saving up/using the money for gambling. To cover all the "virtual" or "fantasy" team pools you engage in along with having having an outing (or two) with your best buds to an away game weekend (or Superbowl or Stanley Cup games or World Series) or Las Vegas. (Cause, I maintain "envelopes" for various relatives/friends where they keep their "pool/fantasy league" gambling money. Basically, they are "hiding" upto a couple of hundred dollars from their wives/girlfriends. They sometimes add $20 here and there (as needed so they can keep playing) and usually put in all their winnings back in to the envelope. They use this money for next season OR if they had a good year - they use the money for their yearly "Away Game" weekend (they are working on going to an NFL football game in all the stadiums.)
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JoMoney
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Re: Where/how to keep cash on hand or equivalent?

Post by JoMoney »

One weird method I've heard for various purposes where someone wanted to avoid a bank (for whatever reason):
Buy some US Postal Service money orders (you can buy them for up to $1,000 , but if you buy more than $3k in a day there is additional paper work involved).
You can cash them at the post office or other places, and if they get lost you can get them refunded (if you keep track of the numbers). You could even get a post office box and keep mailing them to yourself knowing it would be illegal for someone to tamper or obstruct them from being delivered to you.
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Bronco Billy
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Re: Where/how to keep cash on hand or equivalent?

Post by Bronco Billy »

Safety Deposit box at the bank.
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Re: Where/how to keep cash on hand or equivalent?

Post by Regattamom »

This post does not sit well with me. I would be very unhappy if I found out my spouse was hiding money from me. What kind of partnership is that? Good luck to your spouse.
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Re: Where/how to keep cash on hand or equivalent?

Post by obgraham »

flossy21 wrote: Fri Mar 29, 2019 1:58 pm Hide it in a hole in the top of several doors in the house.

https://freshome.com/2011/03/16/how-to- ... h-project/
My Dad did exactly that. For months afterward, rolled up $100's showed up in some very remote spots around the house.
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Re: Where/how to keep cash on hand or equivalent?

Post by drawpoker »

Regattamom wrote: Fri Nov 22, 2019 6:22 pm This post does not sit well with me. I would be very unhappy if I found out my spouse was hiding money from me. What kind of partnership is that?
Two theories have emerged in the thread so far. One, the OP is planning to surprise his wife with an extravagant, luxury present of some kind, and, in order for the surprise to succeed, he must squirrel away the funds in advance, and not use money in joint accounts that could be viewed, balances scrutinized, by his spouse before he can spring the gift.

If that is too far-fetched, the second school of thought - he needs at least $10,000 in cash/currency he quoted readily available to pay a hit man the suitable downpayment. On customary contracts to permanently do away with wives.

Take your pick, either one makes perfect sense, doesn't it..... :|
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Re: Where/how to keep cash on hand or equivalent?

Post by hudson »

That's an interesting question...10K in cash or equivalent...all legal.

I know a person that lives in a cash only environment. He puts his cash in a jumbo ziploc bag and covers it with a pillowcase. He sometimes keeps his cash in a trash can. This was legal cash from a small business. I told him that he should just put it in a safe deposit box. He thought that that was a stupid idea.

If I had to do that right now, I can think of 2 ways.

10K in cash is 500 twenty dollar bills. Maybe that could be compressed to a little bigger than a pack of 500 sheets of typing paper and shrink wrapped. Hide it wherever.

Buy 136 rolls(50 ea) of pre-64 silver dimes...40 pounds worth....would they fit in a locked ammo can...with bullets on top to hide the coins? Wouldn't silver dimes be easier to convert to milk and bread or cash than gold?
Last edited by hudson on Sun Nov 24, 2019 6:07 pm, edited 2 times in total.
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Re: Where/how to keep cash on hand or equivalent?

Post by dbr »

Darth Xanadu wrote: Fri Mar 29, 2019 12:50 pm I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
We need to hear how a safe deposit box is not acceptable. That would seem obvious to me.
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JoMoney
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Re: Where/how to keep cash on hand or equivalent?

Post by JoMoney »

dbr wrote: Sat Nov 23, 2019 9:36 am
Darth Xanadu wrote: Fri Mar 29, 2019 12:50 pm I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
We need to hear how a safe deposit box is not acceptable. That would seem obvious to me.
The initial requirement clearly stated "not in any bank, credit union or investment account"
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Re: Where/how to keep cash on hand or equivalent?

Post by dbr »

JoMoney wrote: Sat Nov 23, 2019 9:48 am
dbr wrote: Sat Nov 23, 2019 9:36 am
Darth Xanadu wrote: Fri Mar 29, 2019 12:50 pm I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
We need to hear how a safe deposit box is not acceptable. That would seem obvious to me.
The initial requirement clearly stated "not in any bank, credit union or investment account"
Right, I interpreted that to not be in an account such as checking or savings, but it could be that means not even having a record with his name on it that something is there. I guess not "in" a bank was to be taken literally? I suppose this also rules out using a storage locker?

It would seem the security issue has less to do with preventing theft by robbers unknown or inadvertent loss than with preventing his wife or other people from knowing the money even exists and it has to be somewhat accessible.

If those are really the givens I would stash it inside a wall in some way that virtually no one could detect that there had been an opening.
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JoMoney
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Re: Where/how to keep cash on hand or equivalent?

Post by JoMoney »

Diversify ;)
2x $1,000 USPS Money Orders
4x $500 No-Name Visa Gift cards
2x $1,500 1oz gold coins
A small assortment of things that can be readily taken to a pawn shop (music instruments, guns, jewelry, high-end power tools, collectibles)
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Re: Where/how to keep cash on hand or equivalent?

Post by H-Town »

dm200 wrote: Fri Mar 29, 2019 10:39 am For reasons too complicated to elaborate here - BUT 100% legal - I want to have about $10,000 or so on hand or readily convertible to cash(not in any bank, credit union or investment account). "Under the Mattress" could work - BUT "stuff" can happen.

I have no target timeframe for the funds - might be a month (for part) or a few years.

I suppose Gold Coins might work, but I suspect there is a significant bid-ask spread. Then again, they might appreciate!
Do you know something that we don't? Why 10k in a checking or saving account wound't work? Issues with joint account? Government melt-down? Nuclear war?
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Re: Where/how to keep cash on hand or equivalent?

Post by 7eight9 »

dbr wrote: Sat Nov 23, 2019 9:56 am
JoMoney wrote: Sat Nov 23, 2019 9:48 am
dbr wrote: Sat Nov 23, 2019 9:36 am
Darth Xanadu wrote: Fri Mar 29, 2019 12:50 pm I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
We need to hear how a safe deposit box is not acceptable. That would seem obvious to me.
The initial requirement clearly stated "not in any bank, credit union or investment account"
Right, I interpreted that to not be in an account such as checking or savings, but it could be that means not even having a record with his name on it that something is there. I guess not "in" a bank was to be taken literally? I suppose this also rules out using a storage locker?

It would seem the security issue has less to do with preventing theft by robbers unknown or inadvertent loss than with preventing his wife or other people from knowing the money even exists and it has to be somewhat accessible.

If those are really the givens I would stash it inside a wall in some way that virtually no one could detect that there had been an opening.
There isn't much room inside electrical outlets but cable outlets are essentially empty. It likely wouldn't be difficult to put $5K if not the entire $10K in $100 bills inside a cable outlet.
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goodenyou
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Re: Where/how to keep cash on hand or equivalent?

Post by goodenyou »

7eight9 wrote: Sat Nov 23, 2019 10:22 am
dbr wrote: Sat Nov 23, 2019 9:56 am
JoMoney wrote: Sat Nov 23, 2019 9:48 am
dbr wrote: Sat Nov 23, 2019 9:36 am
Darth Xanadu wrote: Fri Mar 29, 2019 12:50 pm I suppose if I were in your shoes, and a bank safe deposit box was out of the question, I would stick with $100 bills, hidden at home, but not in a place that my spouse would find it or inadvertently dispose of it / destroy it.

So, maybe secured in some water-proof packaging, and stashed behind a wall or ceiling panel, or some such place.
We need to hear how a safe deposit box is not acceptable. That would seem obvious to me.
The initial requirement clearly stated "not in any bank, credit union or investment account"
Right, I interpreted that to not be in an account such as checking or savings, but it could be that means not even having a record with his name on it that something is there. I guess not "in" a bank was to be taken literally? I suppose this also rules out using a storage locker?

It would seem the security issue has less to do with preventing theft by robbers unknown or inadvertent loss than with preventing his wife or other people from knowing the money even exists and it has to be somewhat accessible.

If those are really the givens I would stash it inside a wall in some way that virtually no one could detect that there had been an opening.
There isn't much room inside electrical outlets but cable outlets are essentially empty. It likely wouldn't be difficult to put $5K if not the entire $10K in $100 bills inside a cable outlet.
Until the Cable Man shows up for a repair and you forgot you put it there.
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Doom&Gloom
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Re: Where/how to keep cash on hand or equivalent?

Post by Doom&Gloom »

What I do/have done:

Cash in my nightstand drawer or dresser top drawer. If the amount builds to a point that I can't sleep well at night or worry about it when I leave the house for several days at a time, move the surplus to a SDB at the bank.

No need to overthink this unless you live in a high crime area, have relatives or visitors you don't trust, or like to show off large sums of cash around town.
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Doom&Gloom
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Re: Where/how to keep cash on hand or equivalent?

Post by Doom&Gloom »

H-Town wrote: Sat Nov 23, 2019 10:19 am
dm200 wrote: Fri Mar 29, 2019 10:39 am For reasons too complicated to elaborate here - BUT 100% legal - I want to have about $10,000 or so on hand or readily convertible to cash(not in any bank, credit union or investment account). "Under the Mattress" could work - BUT "stuff" can happen.

I have no target timeframe for the funds - might be a month (for part) or a few years.

I suppose Gold Coins might work, but I suspect there is a significant bid-ask spread. Then again, they might appreciate!
Do you know something that we don't? Why 10k in a checking or saving account wound't work? Issues with joint account? Government melt-down? Nuclear war?
Many banks are unable to cash a check for that amount without notice. You might be surprised at how little cash some banks keep on hand. Dividing the amounts among two or three banks might help, but that involves some inconvenience.
clip651
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Re: Where/how to keep cash on hand or equivalent?

Post by clip651 »

dm200 wrote: Fri Mar 29, 2019 12:48 pm
vineviz wrote: Fri Mar 29, 2019 12:39 pm
dm200 wrote: Fri Mar 29, 2019 12:32 pm Let me add an additional factor - I do not want my wife to know I have a "stash" of this amount. That is why I am keeping some in my locked desk at work.
You might have reasons for not caring about what happens to this stash if you have a heart attack tonight, but if you DO care you might provide some instructions (sealed, perhaps, and to be opened only upon your death) to your lawyer detailing the amount and location of the stash.
If I suddenly dropped dead or became seriously disabled, I believe my employer would find the money in my desk and get it to my wife.
Do you have the money at worked marked in some way, so the employer would know who the money belongs to and should go to? Who else has keys to your locked desk at work? If you're assuming work can access it after a death, who has access to it now?

This is quite an odd request, overall. If you can think of a way that it is OK for your wife to know about the money, then the two of you can figure out a safe storage place together.
Rwsawbones
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Re: Where/how to keep cash on hand or equivalent?

Post by Rwsawbones »

Travelers checks
hudson
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Re: Where/how to keep cash on hand or equivalent?

Post by hudson »

I just figured out that DM200 started this discussion in March.
Come on DM200, tell us the rest of the story. :)
UpperNwGuy
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Re: Where/how to keep cash on hand or equivalent?

Post by UpperNwGuy »

hudson wrote: Sat Nov 23, 2019 9:01 pm I just figured out that DM200 started this discussion in March.
Come on DM200, tell us the rest of the story. :)
I won’t be able to sleep tonight unless I hear the rest of the story.
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