I don't use Debit or Credit

[Kimberly Robinett]

I have not desposited any money into my Debit card for 5 years, it currently holds 4.02$
Anyone have any recommendations on storing 55 thousand dollars efficiently?

[Gale]

An investment account. Every day you let your money just sit under your mattress, its value gets subjected to deflation.

 

Have a few thousand in hand, or in a spending (chequing) account. Lock away the rest in some sort of investment. Preferably a few investments, it's good to diversify. Mutual funds, stocks, etc, it really depends on your situation.

[Seamonster420]

What like $55,000 CASH? Are you nuts?

[Nuluvius]

2 hours ago, Gale said:

An investment account. Every day you let your money just sit under your mattress, its value gets subjected to deflation.

 

Have a few thousand in hand, or in a spending (chequing) account. Lock away the rest in some sort of investment. Preferably a few investments, it's good to diversify. Mutual funds, stocks, etc, it really depends on your situation.

Investments of all different sorts are exactly where a ton of my wealth currently is.

 

Property is another good one. But remember that all of these are just forms of white collar gambling, be carful and research diligently.

[Donut417]

10 hours ago, Kimberly Robinett said:

I have not desposited any money into my Debit card for 5 years, it currently holds 4.02$
Anyone have any recommendations on storing 55 thousand dollars efficiently?

Dig a hole in your yard. Put the money in. It will probably get more interest there then at the bank. LOL 

 

Also depending on where you live, the Government will want to know where it came from. I mean like in the US if you do a transaction for $10k or more then you have a fill out paper work that is given to our Federal Government. Thank you President Bush. 

[Monkey Dust]

$55k???? Do they have money laundering regulations where you live? I ask because 55k in cash looks like the proceeds of organise crime, you may be asked to provide pretty watertight evidence that is not. And yeah if you don't want to spend it stick it in a few funds that match your risk preferences, possibly spread across more than one country.

[IKnight]

Probably not a good idea to be talking about this on a tech forum buddy. 

(You can always do the Simpsons thing where homer puts his money into an online gambling service ). 

[Dylanc1500]

If you live in the U.S. Your best option is to find a Credit Union and put a large portion into a good savings with high interest rate and another portion in a good investment portfolio. Either keep the rest as cash or put it into a checking account (which could be intrest bearing) at the same credit union. The great thing with credit unions is they are owned by the members not stock holders, so any surplus revenue, instead of going to stock holders, is redistributed as a dividend to the members. Plus they have better mortgage rates and loan rates if you so chose.

[AshleyAshes]

42 minutes ago, JayKay3000 said:

 

Debit card

A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when performing a transaction. Wikipedia

I think the point is that they don't use their bank account and they just have 55K in cash on hand... For some reason.

Does home theft and fire insurance even cover large sums of cash hidden in the home?

 

Edit: Quickly Googling for the United States and consulting my own insurance terms here in Canada and yeah, the answer is no.  Cash, bank notes, gold, coins and such if lost in theft or fire are only covered in amounts up to a few hundred dollars and you're basically screwed if something happens to it.  Geez.

[snickerpop]

Not sure if this is a bamboozle or not. If you really serious about doing this. I would ask on the r/personalfinance reddit. They would have much bettter information on this specific topic.  You are going to have to give them more details like how old you are. How much do you have in savings. Also if you have retirment like IRA setup. From there they should be able to give you an idea of where to put the money. 

[Mug]

On ‎26‎/‎08‎/‎2017 at 5:18 AM, Gale said:

An investment account. Every day you let your money just sit under your mattress, its value gets subjected to deflation.

Deflation is good for savings, as the price of goods goes down so your money is worth more.

 

Inflation is what you have to worry about.

[dalekphalm]

5 hours ago, Mug said:

Deflation is good for savings, as the price of goods goes down so your money is worth more.

 

Inflation is what you have to worry about.

Yes and no. The overall concept @Gale is talking about is inflation, but the way she phrased it, she is talking about deflation.

 

Inflation is the rising cost of goods whereas $1 today buys less milk than $1 last year does (extreme simplification, I know). Inflation causes money to lose value.

 

The value of that money is therefore subjectively worse, and thus, deflated. She definitely worded that in an awkward way though.

 

Either way, this thread OP is still most likely a troll post

[NumLock21]

Setup bank account and store money there.

[Princess Luna]

Just put it under your mattress.

[iiNNeX]

15 minutes ago, NumLock21 said:

Setup bank account and store money there.

^

 

Pretty obvious.

[dalekphalm]

2 minutes ago, Princess Cadence said:

Just put it under your mattress.

For a few thousand bucks as an "emergency" fund? Sure.

 

But putting a large amount of money under your mattress is literally flushing money down the drain.

 

Lets say you took that $55,000 and invested it into a managed investment portfolio of some kind (ETF, mutual fund, whatever). Let's assume a modest 2% average interest rate, and let's assume you sit on that money for 10 years.

 

After 10 years, the person storing it under the mattress still only has $55,000. The person who invested it now has $67,000, so they literally earned an additional $12,000 of interest.

 

In some cases, you can expect returns much higher than 2% as well (And I'm not talking about a savings account - those give shit returns).

[NumLock21]

1 minute ago, iiNNeX said:

^

 

Pretty obvious.

Looks like op doesn't know that. 

[Princess Luna]

Just now, dalekphalm said:

.

You're actually taking this troll post seriously?

[iiNNeX]

Just now, NumLock21 said:

Looks like op doesn't know that. 

Oh I know, I was agreeing with you lol.

 

Besides, it's probably someone attempting a cheap troll.

[NumLock21]

Just now, iiNNeX said:

Oh I know, I was agreeing with you lol.

 

Besides, it's probably someone attempting a cheap troll.

Then op has failed with galatic porportions. 

[dalekphalm]

1 minute ago, Princess Cadence said:

You're actually taking this troll post seriously?

Oh, no of course not - I've already stated at least once that I think the odds that a person who has $4 in his bank account just "stumbles" across $55K is very unlikely (Not impossible though - could be unexpected inheritance or insurance payout from a relative).

 

But other users may stumble across this post, and I want to discourage people from thinking that stashing their live savings into their mattress is a good idea.

[Princess Luna]

1 minute ago, dalekphalm said:

But other users may stumble across this post, and I want to discourage people from thinking that stashing their live savings into their mattress is a good idea.

Nowadays even teenagers already have bank accounts, the majority of jobs already only pays you through salary-bank-accounts... the whole mattress deal is something of the past.

 

OP could be believed if worded like "I have no financial experience but I have earned 55k and I am looking for some suggestions and guidance on how to manage it" rather than "how do i store money?"

[dalekphalm]

2 minutes ago, Princess Cadence said:

Nowadays even teenagers already have bank accounts, the majority of jobs already only pays you through salary-bank-accounts... the whole mattress deal is something of the past.

 

OP could be believed if worded like "I have no financial experience but I have earned 55k and I am looking for some suggestions and guidance on how to manage it" rather than "how do i store money?"

Sure a physical mattress might be very unusual these days, but consider that a regular chequing account (or even a savings account) generally pays 0% interest - especially if you don't have some ridiculously high balance (Seriously, some banks will pay like 0.5% interest if you've got $10,000 or more sitting in your savings account, but 0% if you have less - and frankly, 0.5% is an insult).

 

So letting all your money sit in a regular bank account without actually investing it is the digital equivalent of stuffing it in a mattress.

[Okjoek]

Diversify.

[Mira Yurizaki]

Save a chunk of it, or at least several months worth of essential expenses, in a bank or credit union account.

 

The rest you should play around with in investments or whatever if you want to it to grow. If you don't feel like playing the stock market, you could also invest in mutual funds or whatnot. Just don't go for Certificates of Deposits or bonds. Those don't really grow enough to be worthwhile once they're done.