Where to put your money?

[milltech]

The political discusion is probably not the place for this but where do you try to keep your cash safe....? and earn a tick of interest?

The reason I'm asking is that my bank offered me a great deal on my Savings account(3%) if you call that a deal......compared to my .05% currently. But i would have to switch to automatic deposit of my weekly pay check and use my new debit card at least 12 times a month, i would never even come close to 12 times a month.

Any ideas?

 

[WHAT HAPPENED]

SILVER OR GOLD!!!!!!!!!!!

Get your money out of the bank ASAP!!!!!

 

[muncie1]

I think gold and silver would be good. I do not think about selling anything but just usiing any new money to buy it. Also, ammo. What good are guns without ammo?

 

[jmildoc]

put your money in a bolted down safe....

 

[TiminMishawaka]

Gold until it bubbles (and it will) then cash out and reinvest into something like swiss francs.

 

[WHAT HAPPENED]

Gold until it bubbles (and it will) then cash out and reinvest into something like swiss francs.

Yes there is going to be a gold bubble at about $5,000 or so an ounce....

 

[muncie1]

Whatever you move, I would keep it out of 401(k) and IRAs as these will be taken over by the government soon enough and you will be given an IOU or T-bills because the govt can't sell enough to anybody else

 

[muncie1]

Whatever you move, I would keep it out of 401(k) and IRAs as these will be taken over by the government soon enough and you will be given an IOU or T-bills because the govt can't sell enough to anybody else

sorry, forgot to include this link

Americans Oppose Proposals to Limit 401(k)s, ICI Says (Update2) - BusinessWeek

 

[pudly]

I have no confidence that the current govt cares. Americans also opposed Obamacare, but that didn't stop anything.

 

[John Galt]

There has been much wisdom on this thread, heed it, as our federal government is dysfunctional, inept, incompetent, and corrupt. The next 2-3 years are going to be very telling for our nation and I wouldn't get too wrapped up on some measly interest rate right now over the security and insurance that PM's will provide you.

 

[E5RANGER375]

hide it in any way except cash form

 

[ak keep the second]

Not gold, its too unpredictable. I would put my money into Swiss Francs, low inflation, one of the most solid and stable choice.

 

[smoking357]

SILVER OR GOLD!!!!!!!!!!!

Get your money out of the bank ASAP!!!!!

That is the correct answer.

 

[dom1104]

Put your money in items you need to survive bad times. House, Food, Water, Security.

Gold goes up and down ya know. Not saying its bad but its a long term investment, and there is nothing that says that you cant lose money in gold like anything else.

Its not.. magical. If so, why invest in anything else?

You cant eat PMs, and unless there is some sort of way to use it as money.... IE someone to buy it......

Also, economic crashes in other countries have shown us that the gold that is used as daily currency there is the cheap gold rings, jewelry etc, and that all gold falls down to the lowest common denominator, IE Junk Gold.

Its hard to buy some bread with a 1 oz gold bar.

Gold is great, but long term. Pay your house off first.

 

[bigus_D]

The political discusion is probably not the place for this but where do you try to keep your cash safe....? and earn a tick of interest?

The reason I'm asking is that my bank offered me a great deal on my Savings account(3%) if you call that a deal......compared to my .05% currently. But i would have to switch to automatic deposit of my weekly pay check and use my new debit card at least 12 times a month, i would never even come close to 12 times a month.

Any ideas?

I just about totally disagree with the previous replies to your question.

That said, I DO have money in a bolted down safe in my house. I DO own some gold and some silver (not to mention a fair amount of bourbon).

I don't believe the government is going to take over my 401k... but I also don't put all of my money there.

Step 1. Eliminate ALL credit card debit
Step 2. Eliminate ALL other debt (that is not leveraging you in a profitable venture). It is debatable if you should pay-off your mortgage or not... Some would say that you should get funds into retirement accounts first. The only real benefit I see is that these account are bankruptcy protected. People throw around numbers about how not saving 1000 today costs you 20,000 in 50 years (or whatever), but I don't buy their math (unless you ignore interest on your debt).
Step 3. Save Save Save... I will assume this is where you are, based on your question.

You can get 3% interest from several online savings account (ensure they are FDIC insured).... You may need $10,000 minimum to get that sort of rate. In my situation, I use credit cards for all of my purchases, because they pay cash back. I would be hard pressed to use a debit card 12 times a month.(EDIT: I just looked a little... 3% is actually a pretty good rate today I guess, I don't see anybody offering it online anymore).

In any case, your savings should be spread around. Keep some in cash (inside your house), some in checking, some in an issolated savings account (not tied to checking), put some in the market, some in PMs... I still say it is best to use IRAs or 401Ks for the tax benefit. I think the risk of government take-over is EXTREMELLY low.

 

[melensdad]

Put your money in items you need to survive bad times. House, Food, Water, Security.

Gold goes up and down ya know. Not saying its bad but its a long term investment, and there is nothing that says that you cant lose money in gold like anything else.

Its not.. magical. If so, why invest in anything else?

You cant eat PMs, and unless there is some sort of way to use it as money.... IE someone to buy it......

Also, economic crashes in other countries have shown us that the gold that is used as daily currency there is the cheap gold rings, jewelry etc, and that all gold falls down to the lowest common denominator, IE Junk Gold.

Its hard to buy some bread with a 1 oz gold bar.

Gold is great, but long term. Pay your house off first.

This is the real correct answer here.

Good times or bad times, pay off the house first so you don't have that burden. Sure, you'll always have property taxes, but that is minimal compared to all the other burdens, especially if your house is paid for. After the house comes the things you need to live your life. I don't believe in buying freeze dried food for 10 years of storage under the stairs, but will admit to having a couple cases of canned corn, green beans, tomatoes, etc that we use in our normal cooking. We 'rotate' our food so buy a new case of 12 cans of corn and put the oldest case into the pantry to be used. Ditto any other food you normally eat. Not a dumb idea to have some extra oil, belts, fluids for the cars, lawn tractor, chain saw, etc. Common extra parts too (what good is a chain saw without an extra chain?) If you don't have a lawn tractor or a chain saw then what do you have that you use on a fairly regular basis that needs a few spare parts? Ditto your wife's sewing machine or whatever she is into. There are lots of things you can pack away if you think about it.

 

[bmmonts76]

Gold and Silver are always going to have value...cash...maybe not.

 

[Ogre]

Put your money in items you need to survive bad times. House, Food, Water, Security.

Gold goes up and down ya know. Not saying its bad but its a long term investment, and there is nothing that says that you cant lose money in gold like anything else.

Its not.. magical. If so, why invest in anything else?

You cant eat PMs, and unless there is some sort of way to use it as money.... IE someone to buy it......

Also, economic crashes in other countries have shown us that the gold that is used as daily currency there is the cheap gold rings, jewelry etc, and that all gold falls down to the lowest common denominator, IE Junk Gold.

Its hard to buy some bread with a 1 oz gold bar.

Gold is great, but long term. Pay your house off first.

THIS!

 

[OAK]

I have platinum and gold in my security deposit box at the bank. No need for a bolted down strong box in my house. I work for the bank and have my own keys and codes.

 

[gunsisgood]

Gold and Silver are always going to have value.

Sorry my friend,
I just cant get my arms around that one.