Ever wonder if going to the ATM is safer than going into your local bank and pulling out cash? Or if taking your money to the casino is safer than keeping it in the house? Or if purchasing a gift card online is safer than using credit cards?
If so, you’re in luck because we’ve got a solution. We’ve researched and compiled a list of the safest places to keep your money. Some of these locations are well-known institutions, while others are smaller institutions that have stood the test of time. Remember: safety for your money depends on you. You have to do your research and be mindful of any suspicious activity before signing up. And sometimes it’s just not possible to avoid spending money when using modern financial services.
The Top 10 Safest Places To Keep Your Money
Now, it’s not always possible to avoid all financial risk when using modern financial services. Some of the places on this list are located in more remote areas, and some are in bigger cities where there’s more risk of crime. For example, if you keep your money in a bank in New York City, there’s probably a good chance that some of your cash will be stolen from you. At the same time, if you keep your money at a Money Gram location in another state, there’s less of a chance that your money will be stolen from you.
With that in mind, let’s examine each location and what makes it so safe.
1) Storing It In The Mail
Do you keep your money in a bank? Do you use PayPal or Venmo to pay for things online? If so, you’re probably wondering where to keep your cash now that you’ve received it. If so, you’ve come the right place because we’ve got an answer for you. Keep your money in the mail. It’s almost always safer to store your cash in the mail than it is to keep it in your house. Why? Because when your cash is stored in the mail, there’s a pretty good chance that it’s not going to be stolen from you. For instance, if you have some money in a check that you’ve written to someone, there’s a pretty good chance that the check will never be cashed. If someone decides to steal your money, they’re probably going to steal your identity too because your check is probably not going to be processed anyway. So, in that case, you’ll want to keep your cash in a safe place where you know it will be totally safe.
2) Keeping It In Your Home
If you’re still wondering where to keep your cash, you’ve come the right place. We’ve got two great suggestions for you. The first is to keep it in a hiding place, such as a “secret compartment” in a desk or under the floorboards of a cabinet. The second is to put it in a safe deposit box at a bank or credit union. In both cases, we strongly recommend that you use a security system that alerts you if your home is broken into.
3) Investing It In Mutual Funds
If you’re looking for the easiest way to get your money out of the bank and into the stock market, you’ve come the right place. Rather than putting all your money into one stock or bond to earn interest, you could spread it out into a mutual fund. A mutual fund is a collection of companies’ stocks and/or bonds that are owned by people who work for a living. So rather than having your money tied up in just one stock or bond, you could spread it out into a mutual fund and let the returns do the work for you. And remember, if you’re using a financial advisor, they may recommend that you diversify your investments too. So, in that case, you may decide on a mixture of stocks and bonds rather than just rely on one or the other. Whatever makes you most comfortable.
4) Investing In Real Estate
The stock market can be a great way to make money but it can also be a great way to lose money if you’re not careful. One of the safest places to put your money is into real estate. Now, we’re not talking about buying a house or an apartment building because there’s plenty of risk in that. We’re talking about investing in commercial real estate, buying land, or buying a house or an apartment building that you know and love. You could rent it out or do good with it and eventually sell it for a profit. Just make sure that you’re not getting into any financial trouble because you’ll likely need to borrow money to make this investment. You may also want to consider an annuity as part of your real estate investments. An annuity is a type of insurance that allows you to buy insurance policies that will pay you a steady amount for as long as you live. It’s often a safer route than putting your money in a bank account because as long as you leave it alone, it will just continue to earn money for you. Plus, you can use the money you are paid to purchase more insurance policies or invest in other kinds of funds.
5) Putting It In A Secure Retirement Account
Not many people are fortunate enough to have a good chunk of change sitting around waiting to be invested. So if you’re one of those people, where do you put it? A secure retirement account is a common place for middle-class people to stash their money. These types of accounts let you enjoy the benefits of a retirement account without having to worry about the safety of your capital. What are the benefits of a secure retirement account? It takes the worry out of wondering if you’re going to lose your money if something happens. You just have to make sure that you keep up with the annual contributions so that you don’t run out of money before you can access it. Plus, it’s a good idea to diversify your investments in a secure retirement account because the last thing you want to do is put all of your eggs in one basket.
6) Keeping It In Gold & Silver
For those who believe that fiat currency is just as risky as physical currency, we have another suggestion for a safe place to store your money. If you’re really short on space and you don’t want to put all of your money into one location, then you could put it in gold and silver. Precious metals are always a safe bet because they’re hard to fake, and most places that issue them don’t care what happened to them in the first place. Precious metals are also a great way to hedge your bets during turbulent economic times. For example, if there’s a major earthquake or terrorist attack, you’ll be able to purchase things cheaper from a panic-stricken seller than you would otherwise. So, in that case, it may be a good idea to purchase some precious metals as part of a safety measure.
7) Keeping It In A Secure Home
There’s another wonderful place to put your money that you may have not considered yet. You could keep your money in a secure home. A secure home is a location inside your home that you’ve hidden in a secure fashion. If you’ve got a safe in your home, then it’s a secure home. It could be hidden in a storage space above a garage or in a crawl space under the house. There are many different ways to make a home secure, and it really depends on how paranoid you want to be. One great thing about a secure home is that it encourages you to stay fit because you’re forced to go for a walk sometimes to access your belongings. It gets your muscles moving and it feels great! If you don’t have a walker yet, then get one. It’ll make getting around easier and you’ll have more fun too because it forces you to get out of your house and see your surroundings. When you do, you might notice something you’ve forgotten about or might see something you would have otherwise missed. Either way, it’s a good thing.
8) Keeping It In Cash
Last but not least, we have some fantastic advice for those who want to keep their money in cash. Do you have stacks of cash sitting around waiting to be spent? If so, where do you put it? Storing your money in cash is always one of the safest options because there’s no way to lose it if you keep it in a secure location. As a matter of fact, some people prefer to keep their money in cash because it’s difficult to steal cash on the spot. It’s also difficult to transport large quantities of cash without getting caught so it makes it a safer option in that way too. If you don’t have any friends or family members who might want to steal your money, then keeping it in cash is probably the safest thing for you to do. You could also purchase a safelock gun or wear a bodycam so that you can capture any breaches of security on video.