1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Keeping money in cash?

Discussion in 'Business & Tax Advice' started by joemc, Mar 8, 2010.

  1. joemc

    joemc Junior Member

    Joined:
    Jan 11, 2010
    Messages:
    100
    Likes Received:
    14
    Hi
    Was just thinking whether I ended up with a nice amount being made regularly.
    Was wondering whether it'd be viable to keep any earnings in cash.
    I'm not 18 quite yet, so wouldn't be able to register a company + associated bank account. I was thinking it might look a bit odd if I ended up starting to take out sizeable sums regurlarly. (where it'd be unnoticed for a business)

    Main issue to me seems like it'd be security. However apart from this is there anything I shod be considering?
    Or any other input on this would be appreciated!
    Thanks,
    Joe
    Posted via Mobile Device
     
  2. paytonlowe

    paytonlowe Junior Member

    Joined:
    Dec 24, 2009
    Messages:
    180
    Likes Received:
    58
    Occupation:
    Internet marketer
    Location:
    Cyberspace
    Home Page:
    With bank fees being what they are, cash is a good idea.

    However, your home is not the safest place for any large ammounts of cash.

    I recomend getting a reloadable pre-paid credit card and loading your cash on that.

    Its small enough to keep in your wallet and the monthly fees are like $1 a month...
     
    • Thanks Thanks x 1
  3. joemc

    joemc Junior Member

    Joined:
    Jan 11, 2010
    Messages:
    100
    Likes Received:
    14
    Yeah security would be a huge risk with keeping it at home....maybe I should just build an underground storage container lol...
    Other than that is the possibility that the currency may collapse in value eventually (like the Zimbabwe dollar) but I use the euro so I'm not too afraid of that as a concern.

    I would possibly be interested in a prepaid credit card...however the ones i've heard if around here (entropay, etc) have limits on the amount...and pretty high loading fees (like 3.5% in most cases I think).
    Would you have any idea on any other supplier who might be doing a better system? (say of it's 3.5% to load...and if there's another fee to withdraw...would be very annoying!)

    best solution might be 90% of any money on one of those accounts, and 10% in cash. (cash is very handy to have aniugh of lying around i've learned)
    Posted via Mobile Device
     
  4. Rockin

    Rockin Junior Member

    Joined:
    Dec 30, 2009
    Messages:
    102
    Likes Received:
    29
    If the euro collapses, then you have more troubles then the xxxk you lost. As far as safes go just get something fireproof and bolt it to the floor. As long as no one knows it is there, or how much you keep at home, you should be fairly safe.
     
  5. Arraial

    Arraial Registered Member

    Joined:
    Dec 31, 2009
    Messages:
    78
    Likes Received:
    21
    Get an account in the Maldives.
     
  6. webdesign

    webdesign Jr. VIP Jr. VIP Premium Member

    Joined:
    May 9, 2009
    Messages:
    415
    Likes Received:
    113
    Occupation:
    unemployed
    Location:
    UK
    Surely if you get a check/wire from whoever you get paid by.. you will have to cash it/withdraw it from your bank? And they will have records of how much has gone into your account that year? So why not just keep it in the bank?

    You afraid of tax?

    Just curious what kind of money your talking about here.. over 50k usd?
     
  7. beer30

    beer30 BANNED BANNED

    Joined:
    Aug 13, 2009
    Messages:
    204
    Likes Received:
    48
    Far as cash at home think large fireproof gunsafe. That's what everyone I know uses anymore.

    Myself I like the idea of keeping cash on hand at all times as you never know what could happen at any time. Bank accounts can be frozen, stolen, etc in the blink of an eye and then what are you left with? Cash. Not to go all crazy paranoid but lets face it the government can and will do whatever the fuck they want whenever they want to any of us. So if one day they decide to seize everything we have that they can get ahold of all we will have left is the cash we have on hand at the time. Sure you can fight to get it all back but it's kinda hard to fight if you don't have any money.
     
  8. moneymanzzz

    moneymanzzz BANNED BANNED

    Joined:
    Mar 21, 2007
    Messages:
    635
    Likes Received:
    152
    also remember if the gov somehow does a raid or comes to your house, they'll open that safe, and if it has say $200k cash, it doesnt look good at all..

    so yeah, good question, how do you guys safeguard your cash
     
  9. plunge

    plunge BANNED BANNED

    Joined:
    Dec 22, 2008
    Messages:
    162
    Likes Received:
    45
    if, for some reason, you want to keep the money in a safe place but not in a bank account.. just get a safety deposit box at a bank (or two or three banks) and put the cash in them.
     
  10. jimmy3

    jimmy3 BANNED BANNED

    Joined:
    Dec 1, 2009
    Messages:
    103
    Likes Received:
    11
    how about let me bank for you :panda:
     
  11. joemc

    joemc Junior Member

    Joined:
    Jan 11, 2010
    Messages:
    100
    Likes Received:
    14
    Thanks all for your input :)
    @Webdesign I've never really been a fan of banks....seems weird but just seems a hassle which I'd rather avoid in large if possible.
    Also the whole idea of bank fees...depending on whether they're big or whatever.
    Two big banks in this country have collapsed...the government did end up bailing them out bur doesn't hold well in my thoughts for any future banks.
    It would be 50k I'd say, yeah 50k upwards.

    Safe deposit boxes seem like they'd work...I like the idea of fireproof safes and perhaps a percentage in gold.

    Regarding the government searching...I'd presume there would be no problem really once everything accounted for + taxes paid/etc? Or would they have a problem with a large amount of accounted for cash?
    Posted via Mobile Device
     
  12. Rockin

    Rockin Junior Member

    Joined:
    Dec 30, 2009
    Messages:
    102
    Likes Received:
    29
    Long as you pay taxes, the government will not care where you keep your cash. Big issue with keeping it at home is that if anyone figures out you're doing that there is a chance you will get robbed. Also safe deposit boxes are not safe from the government.
     
  13. entrepreneur88

    entrepreneur88 Newbie

    Joined:
    Feb 27, 2010
    Messages:
    21
    Likes Received:
    19
    Location:
    Las Vegas
    For the past 3 years silver has been going from about $7 to $20. If it goes below 10 I would suggest investing some of your money on silver. Store your silver in a storage unit. You would probably have a better chance of winning the loto then your storage unit being broken into. I think the silver will fluctuate from 7-20 for the next two years. You could also store cash inside a safe and store it in a inside/outside storage unit. There are also places for a low monthly fee you can store your items in a safety deposit box without your identity being known.
     
  14. Cookiehunter

    Cookiehunter Registered Member

    Joined:
    Nov 8, 2008
    Messages:
    79
    Likes Received:
    47
    Occupation:
    Customer Care & Sales Support , Communication Impr
    Location:
    C:\
    Was not sure if I understand what's your concern...I think it's that you don't trust the banks? Me the same (and the bank itself don't trust us)
    Why don't you trust them is on side, but what can happen?
    only that the bank can collapse, yes. But if you search one with a backup policy, nope.

    In your case it can't be the case that you want to hide it from:

    - the gov, cause it was already wired to you, or - it was wired to another name, which is not you. Ok, then you have to stuff it somewhere before the accountholder finds out, yes.
    - an ex wife? same, have to stuff it somewhere or invest, spend etc
    - incasso agencies? dito

    Cash is dangerous to keep, but LOTs of fun, and there are low profile hardware solutions available, but it should only be the amount of "play money" you intend to use.

    With all above "hide" szenarios, you'll need an secure, invisible low profile account, which is only an off shore account. (that includes gold - no intelligent reason to store gold at home, you only lose at salesday)

    "Off shore" accounts you set up YOURSELF, by travelling, after investigating what countries bank(s) are best. Period - all other "services" are set up to rip you off, some are even made up by the government, regarding drugs and tax fraud.

    But now we have a closed circle, again the money in a bank, which you don't like, right?

    Also possible: investing in goods, which are getting more valuable with time. That's mostly fun, and can be insured.


    But hey, how about sharing a bit how to CREATE the problem of having to stuff away 50K? Am I the only courious one or what?

    You're under 18, that sounds like a nice success story to share with us here?
     
  15. seojumper

    seojumper Regular Member

    Joined:
    Jan 13, 2008
    Messages:
    233
    Likes Received:
    27
    You can also buy safe deposit box in the bank. Safe, and nobody touches your money, even if the bank colapses.
     
  16. seojumper

    seojumper Regular Member

    Joined:
    Jan 13, 2008
    Messages:
    233
    Likes Received:
    27
    Although, if you don't want to pay your taxes, you have to take very different way in the beggining.
     
  17. bizminder

    bizminder Registered Member

    Joined:
    Mar 16, 2010
    Messages:
    68
    Likes Received:
    3
    One thing you can do is transfer your money to somebody you trust.Then use it whenever needed.
     
  18. Celsius

    Celsius Registered Member

    Joined:
    Oct 15, 2009
    Messages:
    55
    Likes Received:
    22
    Occupation:
    Firmware Engineer
    Location:
    Phoenix, Arizona
    Home Page:
    I like the idea of a safe deposit box. I've used one in the past and I always slept better that what I stored there was safe. Oddly enough my house did get broken into and they store my computer system and even back up drives. All were encrypted and uploaded to a cloud so my home owners insurance covers it all.

    Safe Deposit box is the way to go.
     
  19. BigHustlah

    BigHustlah Power Member

    Joined:
    Mar 29, 2009
    Messages:
    675
    Likes Received:
    717
    Location:
    in your inbox
    1) Get a nice, big, obvious safe.
    2) Fill said safe with fake jewelry
    3) Put your cash in your underwear drawer. :D
     
  20. Dayum

    Dayum BANNED BANNED

    Joined:
    Mar 22, 2010
    Messages:
    271
    Likes Received:
    90
    I think your getting a little too worried about the money. Just put it in a bank and quit worrying about the what if's. Your going to have to pay taxes when banks get involved, and having a bank account is actually more convenient then cash. I'm not flipping counting money when I'm buying something, I just slide a damn card. It's a hell of a lot safer.

    At your age, provided they have it where you live too, you can get a bank account that doesn't charge monthly fee's of any sort. A student account.