Effective Places to Hide Money
Keep extra cash at the bank, not at home
Sure, it's not bad to stash money at home, and keeping the right amount of cash on hand is necessary. But letting money loaf around your house means you're missing out on the interest you could be earning at the bank.
Here are some money hiding spots in your house you may consider for hiding your money:
Burglars Know Where to Find the Goods
Then, they open drawers and look on counters for a jewelry box or drawer full of jewelry. They will also check the closet looking for guns, cash, and expensive handbags. Then, it is on to the master bathroom medicine cabinet to look for medication.
Let us take a look at five of the most popular ways to legally hide and protect your money.
Aside from the master bedroom, the office or study is one of the first places burglars check for valuables. Like the living room, some people have the habit of displaying valuables in their study shelves or office.
It is legal for you to store large amounts of cash at home so long that the source of the money has been declared on your tax returns. There is no limit to the amount of cash, silver and gold a person can keep in their home, the important thing is properly securing it.
Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for credit union accounts.
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970. It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they'll fill out IRS Form 8300.
Millionaires put their money in a variety of places, including their primary residence, mutual funds, stocks and retirement accounts. Millionaires focus on putting their money where it is going to grow. They are careful not to put a large amount of money into items that will depreciate.
Doors and windows with vulnerable locks are a common access point for burglars. If loosening or bypassing them is simple, then it makes getting inside easy. Garage doors and pet doors are both open passages where burglars can get through quickly, too. Quick departure is another plus for burglars.
Burglars will always assess first the security of the most common entry points – doors and windows. High quality door and window locks are the first-line deterrents for burglars and intruders and a solid countermeasure to break-ins.
Instead, hide under a bed, in a cupboard if you're small, in a shower, or even in a dog cage and cover it with a blanket. Make sure that you have a phone (preferable a cell phone) near you to call the police with. While chatting with an emergency dispatcher, keep your voice quiet so the intruder doesn't hear you.
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