Is anyone else here paranoid about putting all their cash in the bank?
 

I hate banks and I'm anal about leaving all of my cash there. One of my friends having over a million dollars (every cent to his name) frozen by the feds over a judgement against him for around $20,000.00 just added to my paranoia. He couldn't just come up with the 20k and it took him forever to get his cash liquid again.

Anyhow, just wondering if anyone else had this quirk. I wanted a fireproof gun safe to leave some cash in but then I worry about someone carting it off. Guess I need a safe bolted to the foundation so I can quit worrying.

:helpme

I keep mine in my piggy bank

http://www.shopsite.com/html/tinas-m...piggy.bank.gif

I share your paranoia...


keep some cash, some in bank, some in a company bank and some in other assets...

I keep too much of mine in my pocket. It's getting rediculous.

Paranoid is an understatement. I'm waaay past paranoid of banks. Although there's much better places to substitute a bank with instead of a safe.

I do this too. I'd almost rather have every penny invested in things I could liquify in case of emergency than in the bank.

use 2 banks or more. The FIDC insurance only covers you to a certain point so it makes sense to spread it around. Also put some in a brokerage account. Very unlikely they freeze it all right away if the amount is smaller then they are going after.

My dad has a something similar happen so I do the above stuff as he has passed on this irrational fear.

:thumbsup

Further proof that money is evil.

When you don't have it you worry about getting it.

when you have it you worry about someone else taking it.

Get 2 offshore accounts, one in the Cayman Islands and one in the Channel Islands, they're both under different governments, and they're both tax havens meaning that you can avoid a certain amount of taxes.

The feds don't have the power to freeze your assets in the Channel Islands accounts, I'm not 100% sure, but I don't think they can freeze accounts in the Cayman Islands either, you'd need to look into that further though.

If you split it up, then if one economy crashes, then you don't lose it all.

Keep enough to live in a U.S. account, and enough cash to get by in case of federal intervention.

Begin a Brit living overseas in Canada makes you look at your options before making these decisions.

Further proof that money is evil.

When you don't have it you worry about getting it.

when you have it you worry about someone else taking it.

:1orglaugh

That's just one of my probs. My hobby is money much like other people's hobbies are bikes, action figures, or baseball cards. I like to see my collection all the time so when it's locked away in a bank I don't get to enjoy it. That on top of the "someone else taking it" makes me go crazy at the thought. :1orglaugh

Im a bit paranoid as well when it comes to putting in or keeping money in banks.

I was looking for a 2nd bank to open an account today. There's a bank that charges 20 euros to take an USD check. Mine is 5 euros and I can do 4 checks at a time.

if you are installig a home safe , be sure to hide it well , and dont tell anyone about it. Loose lips start home invasions:2 cents:

I have a friend who has never trusted banks... He had a bigass floor safe installed in the concrete foundation in his basement.

He even paid for his new truck with two briefcases full of bills :eek7

2 briefcase of cash for a truck?
what kind of truck he bought? or he keeps 2 dollar bills?

I didn't even thing about this. Guess I need to convert to ones and start pimpin my cash in briefcases. :1orglaugh :1orglaugh

Leave some cash at home and some with a safety deposit box. This helps spread the risk but in general, most of it should be in your bank or under other forms of security.

WG

I'm afraid of keeping all my money in the bank and in the stock market. I keep thinking I need to get about $10k in gold bars and hide it in my house. That way, if the encomy goes in the shitter overnight and the U.S. dollar is worthless, at least I have enough to get me back on my feet in whatever country I have to move to.

I've never had a problem with banks

I keep ALL mine in my PayPal account, it's real safe.:1orglaugh

My biz partner and I where discussing this the other day. Money is are hobby. I have a obsession over money. There is nothing like looking at stats seeing the work I have done growing.

Word of advice don't keep alot of cash in your home. You'll end up dead or hurt.

But yes its always good to have cash available. Be creative there are lots of ways to keep cash in the bank that feds wont know about.

Haha. I have mine in so many places in case something happens with one. Off the top of my head:

Paypal
Neteller
3 Casino Accounts
Bank Account
Wifes Bank Account
Uncashed Checks
Pocket
Various Places Around The House
Forex Trading Account

Ugh :1orglaugh

2 briefcases full of cash for a truck? I hope he's not doing anything illegal because he is now definitely under investigation.

put your money in your books. :thumbsup

What if your house catches on fire?

A friend has a gun safe that works pretty good. You can bolt it to the floor if you want, but he never bothered. It took 4 guys to get it into his house when it was empty, so they would have to be pretty organized crooks if they wanted to just carry it out.

You need to check the fire rating of the safe as well, so if your house burns down you don't lose everything.

I'm getting one as soon as I build my new house this coming year. I think they run about $1500 or so.

They got some nice ones at the wholesale store for $900.00
Mine is bolted down with massive bolts and hidden well.

Burn time is like 2 hrs.

I always keep a little buried in old mason jars in the back yard.

:1orglaugh Yes rock solid comfort with all your cash in there. They NEVER freeze accounts.

Answer = multiple banks.

never ever put everything you got in the hands of one person/place.

which reminds me..... I need to open another new account sometime next month.

I don't know the specifics, it was a Dodge 3500 dualie which ran him around $55k CAD. He told me two cases, I don't know the denominations of the bills.

Apparantly the sales guy at the dealership panicked and told him he couldn't pay cash, so he said he would go see if the Ford dealership down the street took cash, and the sales guy changed his mind.

As for illegal, he was 100% legit.... until CCRA busted him and he ended up having to sell his house to pay his taxes :321GFY

What did they bust him for if he was legit?

Hey I could help you stash some as well, I know secret Ninja dissappearing dollar trick :thumbsup

Btw, this works best around Christmas, so the timing's perfect :1orglaugh

fuzebox........the thing with paying in cash is that anything over 10k he has to sign a document for the banks & RCMP. If they didn't make him sign it - the moment the banks' cash clearing looks through the deposit reports, they will ask the branch to get a statement from the dealership, and the dealership will ask him to sign the document that it wasn't 'laundered'.

1. Carry no debt. People are going to jump on this (people who carry debt - mainly), but cash that could be siezed could have been put towards debt.

2. Diverisfy - Numerous bank accounts, numerous states, numerous countries, numerous currencies.

3. The word 'AND', never use the word 'OR'. Titles, bank accounts, deeds, etc. If someone's name is on any of the above, you obviously trust them, use AND.

4. Move to a state that protects your rights (i.e. NOT California, New York, or Massachusetts). Put a sizeable chunk into your primary homesteaded residence.

5. Keep an eye out. Your friend had AMPLE warning before the shit hit the fan. He should have moved much much quicker.

i've got several million split between two different banks.

i have (and have been moving) more and more of my money into real estate and land as well.

as well as a couple of other low risk areas...

glass jars

hahaha yeah no shit.

Real estate is definitely the way to go, yes :)

I've got most of my money tied up in my 2 commercial properties and my house, I also just bought a vacation property this week in Mexico :thumbsup

DH

The thought gives me shivers. :1orglaugh

Bottom line spread your money all over. Don't leave everything in one place.

Besides your house safe, find a totally remote area that only you will know about and bury a load of gold coins, diamonds, high end jewels and cash. Be sure to use GPS to mark it and encrypt the location coordinates. Don't forget to waterproof the cash in vacuum sealed bags.

This is for Plan C. Plan C is when your whole world is turned upside down for whatever reason and everything gets taken from you or if you were to get an obscenity conviction for example and go bye bye for several years. So when you get back on your feet or out, your hurricane funds will be intact awaiting your return. Don't forget to include your PC backups in that stash.

:Graucho

I keep my money in estate

Open more accounts in different banks, also outside your country (also if you dont want to go offshore), that is easy solution.

Make solid investments like estate, but also stocks if you know how to move, that is a bit more complicated solution

but there are so many ways to make safe your money...it is not a real problem :2 cents: