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Old 02-20-2018, 01:31 PM
 
Location: Hard aground in the Sonoran Desert
4,866 posts, read 11,193,479 times
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Quote:
Originally Posted by cakecakecake View Post
I get paid ever 2 weeks. I use to take out a few hundred bucks from each paycheck and save it in my own personal safe at my apartment. But now I have it set up in my account so whenever I get paid, it automatically puts the money in my savings account in the bank. So I never really see it in cash anymore. Are there any advantages/disadvantages to doing one or the other?

The reason I use to take it out and keep it with me in cash is because I like to see it grow and know that I can physically hold it. Something about putting it in some savings account made me nervous for some reason. But I'm coming around I suppose.
It isn't "growing" if you're keeping it in your safe at home. It is losing its value due to inflation.

My "savings" are in investments other than my emergency fund and that is in a high yield savings account.
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Old 02-21-2018, 02:28 PM
 
7,934 posts, read 8,570,189 times
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I’d keep some cash somewhere in the house for “you never know” type scenarios. A good safe is a worthwhile investment if you’ve also got metal, documents, jewelry and firearms to keep out of the wrong hands. Obviously don’t keep all of your money in any one place and that includes bank accounts.
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Old 02-25-2018, 10:17 AM
 
Location: Texas
44,256 posts, read 64,223,092 times
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Quote:
Originally Posted by cakecakecake View Post
. I guess the answer to this question comes down to personal preference based on how much risk you're willing to take on. As with anything in finance.
Oh, there is 0% risk that the money you are keeping in a safe will literally become worth less and less over time. I 100% guarantee it's an insane concept.
Put it to work for you or face the wrath of inflation.
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Old 02-25-2018, 08:07 PM
 
Location: Northern California
107 posts, read 85,537 times
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Natural disasters, the depression and the faith you must put in banks to trust them to cover up to 250k for me is too much risk for the tiny interest rate. \

There is some sizable money in the fireproof safe... where it belongs.
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Old 02-25-2018, 08:14 PM
 
2,068 posts, read 994,306 times
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I have not had a savings account since I was 16. Placed my summer earnings, around $700, in an account at a local bank. Went back after 6 months or so and closed the account. Asked about interest. "There's no interest on this account. You made too many withdrawals," the clerk said.

That bank closed a couple of years thereafter. I smile every time I drive by the vacant lot where the building once stood.
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