ilovedolphins
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Post by ilovedolphins on Aug 20, 2019 16:42:11 GMT -5
I know of a couple people who have $100,000 cash in their safe at home. I know a lot of people don't have that much in cash but these are people in their 80's who just always rely on cash.
Would you keep it in your house safe or put it in a bank safe deposit box?
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Gardening Grandma
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Post by Gardening Grandma on Aug 20, 2019 17:25:49 GMT -5
Neither. Imo that is just silly
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souldoubt
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Post by souldoubt on Aug 20, 2019 17:56:43 GMT -5
Seconded. I don't see how or why someone would need access to that much cash on a whim. If the wrong person or people find out about it you become a target and that's something that's happened locally to Asian American families who keep large quantities of cash at home. If you're going to park it in a safe deposit box might as well just put it in a savings account with that bank where it's insured and at least earning interest.
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Tiny
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Post by Tiny on Aug 20, 2019 19:37:10 GMT -5
The only money I keep in a safedeposit box is "curiosity" money - old gold coins from my parents, a bunch of silver dollars and some old bills with dates from the 40's and 50's on them. When my mom died she had saved up $1000 in twenty dollar bills (no special dates or anything - just $20 bills). She had a 'register' that showed when she put the money in the box - it took her years to accumulate it. (done in the late 60's thru the early 70's. She died in 1994 and that's when I found the 1K in cash and the register. I thought it was cool and a bit of money - but then I started thinking about how $20 was a heck of a lot more in the 60's/70's than it was in 1994. I don't know why she saved up this money. She had other savings accounts. I was going to leave the 1K in the box (which I took over) kind of in "memory" but the more I thought about it the more I decided not to. My sibs and I used the money to buy many years worth of picnic grove permits for our yearly "family picnic", instead. That register and cash really made me understand "inflation" AND the value of money. So, no, I would not keep alot of money in a safe deposit box, or home safe, or even under the mattress. I would "hear" it losing value... I do keep a couple hundred in cash on hand... every other dollar is put to hard work (in an account or invested).
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Deleted
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Post by Deleted on Aug 20, 2019 20:04:24 GMT -5
I can't fathom any scenario where I would need that kind of cash on hand. I used to keep a few hundred in the safe but quit that when I lost the combination. 🤣
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NoNamePerson
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Post by NoNamePerson on Aug 20, 2019 20:24:48 GMT -5
Undeclared income comes to mind. When I hear of someone keeping huge amounts of money in their home In Cold Blood comes to mind first thing.
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CCL
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Post by CCL on Aug 20, 2019 20:40:16 GMT -5
A couple hundred at home would be my limit. Maybe double that in a safe deposit box.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 21, 2019 7:12:53 GMT -5
if I was jason bourne....sure!
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NoNamePerson
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Post by NoNamePerson on Aug 21, 2019 7:16:25 GMT -5
if I was jason bourne....sure! Not to mention dozens of passports in different names! You picked one of my favorite books not to mention four of the five movies! Ok back to regularly scheduled programs pEEps.
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wvugurl26
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Post by wvugurl26 on Aug 21, 2019 7:29:07 GMT -5
My grandpa kept money in his toolbox. He told my aunt it was there. After he passed, she divided it up. It was $100 bills and they were the old ones not the new ones that look like play money.
I waited for awhile trying to come up with something meaningful. I decided to put it towards pearl stud earrings. I didn't have any and I decided that was a classic I would have for many years to come. And I was going to wear them when I got married. My brother gave me his $100 bill towards it too when he heard what I'd picked.
When it came time to put the money in the bank to pay the credit card bill I couldn't do it. I still can't. It's in my jewelry cabinet. I can't even think of it without tearing up. He passed in 2016.
Other than that we don't usually have much cash in the house. I try to save some if I end up with a bunch of small bills. It goes in the kitchen cabinet. We usually don't carry cash so if we need money for parking, tipping the usher at an event, etc. it comes from there.
I would like to keep some but at this point we are using every cent to pay down stuff. Most of my family on my dad's side has some amount of cash in the house in the safe. I would say $1000 is probably the max. I wouldn't want huge amounts.
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TheOtherMe
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Post by TheOtherMe on Aug 21, 2019 7:29:51 GMT -5
Mom always had cash in $20 hidden around the house. She considered that "her" money. She had pretty much stopped going places by then, so dad would get her cash when he got his.
She used it on things that she knew he was too cheap to do--like give my sister and me $20 to help pay for gas when we visited or $20 just because when we visited. She always said "don't tell your father"
She also told us to search the house when she died. Well, they had sold that house by the time she died so I hope she got all of her hidden money out of it.
I know where dad "hides" money in the apartment. He usually has $100 in cash.
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bookkeeper
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Post by bookkeeper on Aug 21, 2019 8:21:48 GMT -5
I don't have a safe deposit box. I have a family member who does, and it does contain cash from self employed work. I used to keep larger sums of cash in the house, but now I have a national bank just blocks from our homes, both north and south. I keep it in my checking account.
When our kids were at home, I kept $5, $10, and $20 bills in the front of my favorite cookbook. Kids are expensive and always need cash for some activity. As our sons got older and stayed home alone, I left cash for grocery/eating out money. In true YM fashion, I told them they could keep what was left over as an incentive to eat at home and not blow it on the first thing that came to mind when I walked out the door.
Large sums of cash sitting around getting dusty rarely seem like a good idea. Inflation will eat too far into the pile.
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Deleted
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Post by Deleted on Aug 21, 2019 9:13:04 GMT -5
The couple in their 80s may remember the Great Depression, in which many people lost their savings because so many banks went under. In India, jewelry is the only asset many married women own and occasionally on my trips there I'd read accounts of a burglary in which the amount of gold stolen was measured in kilograms. They may also feel more secure with cash they can see rather than some total on a bank or brokerage web page. I get $200 in cash at a time from the ATM and that lasts me for weeks. Anyone breaking into my house looking for cash would be sorely disappointed. I would not keep it in a safe deposit box; the only time I can see needing large amounts of cash would be during the occasional snowstorm or other natural disaster when everything is shut down and gas stations are taking only cash (happened in NJ a few winters ago) and having it at the bank would do me no good at all. And I agree with the earlier posts: if you hand over a wad of 20s to someone who fixes your toilet, you're broadcasting that there may be more in the house. Not a good message to send.
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MN-Investor
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Post by MN-Investor on Aug 21, 2019 9:25:21 GMT -5
My husband's mother was an over-the-top hoarder. Our nephew, who lived nearby, started going through the stuff in the house after DH's parents had passed away. He discovered that my MIL would put currency within her stacks of newspapers and other papers. I have no idea if he found all of it. He ended up hiring an auctioneer to clear out the house and sell the contents.
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NoNamePerson
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Post by NoNamePerson on Aug 21, 2019 9:35:12 GMT -5
My husband's mother was an over-the-top hoarder. Our nephew, who lived nearby, started going through the stuff in the house after DH's parents had passed away. He discovered that my MIL would put currency within her stacks of newspapers and other papers. I have no idea if he found all of it. He ended up hiring an auctioneer to clear out the house and sell the contents. My EX’s grandmother put $100.00 bills in books. They were the hundreds one of her sons would send her. I found a few few bills in cards and such when my mother passed away. But I went Thur every nook and cranny based on experience with others and seniors!
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tractor
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Post by tractor on Aug 21, 2019 9:38:19 GMT -5
I would never put cash in a safety deposit box, that’s the first place criminals go when the rob a bank (learned everything I know from the movies 🙂).
Actually, if someone broke into my house looking for cash they would get bored looking through stuff before they found any. All they would have to do is look at both of my boys rooms and realize that teenagers used to live here, all cash was gone years ago...
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movingforward
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Post by movingforward on Aug 21, 2019 10:27:41 GMT -5
My aunt called me about 5 years ago wanting to go through her finances. She and her husband were close to retirement age at the time. She said they had around $300K in a 401K, and about $25K in cash (in the safe). She calls me back about 20 minutes later to say that she forgot they have $10K in the freezer and that she also talked to her husband, and come to find out, there is another $15K hidden under the stairs, another $10K hidden in the basement, and so and so forth. At the end of it all they had approximately $83K in cash hidden throughout the house. I sat on the other end of the phone thinking WTH...
They both grew up poor and live out in the country. They have an unhealthy fear of not having access to cash when needed. I told her she better never let anyone know they have that kind of cash lying around the house. Their house is right out of a horror movie...out in the middle of nowhere, no one would ever hear them scream, they don't lock their doors, etc. There is also a meth problem where they live. If any of these crazy meth heads hear about all that cash, I am not sure what would happen.
I have the opposite problem in that I keep zero cash. Right now I have $2 in my wallet and there is never any cash in my house. I actually feel like I should start keeping a small amount of cash. Everything goes on the credit card and gets paid off at the end of the month.
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NoNamePerson
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Post by NoNamePerson on Aug 21, 2019 10:48:47 GMT -5
I would never put cash in a safety deposit box, that’s the first place criminals go when the rob a bank (learned everything I know from the movies 🙂). Actually, if someone broke into my house looking for cash they would get bored looking through stuff before they found any. All they would have to do is look at both of my boys rooms and realize that teenagers used to live here, all cash was gone years ago... Anyone breaks in looking for cash here I'm gonna get up and help them. I think I have about $23 in cash in purse right now. The only time I carry any large amount of cash is if my city gets in the cone of a Cat 2 or above hurricane warning. Head to bank and gas station post hast. Learned lesson in 79 about not having cash and no power for better part of a month. But lots of places now have generators in place so not as big as a problem hopefully.
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Post by The Walk of the Penguin Mich on Aug 21, 2019 11:02:55 GMT -5
We usually do not have much cash in the house other than what we pull out of ATMs for the month. TD pulls out $200, I pull out $100. So depending on where you catch us, there can be as much as $300 in the house or as little as $20.
When we travel, we do pull out more cash to take with us. I think we had almost $500 when we went to Turkey, and some of our costs they preferred to take US $$. That gave us some flexibility and I think we came home with a couple hundred $$.
The one thing we DO do is stash around $40 in each of the cars. The logic for this was when TD went down to get his car repaired in Seattle, he forgot his wallet and his gas tank was on E. The repair shop was willing to have him call in his credit card number when he got home, but he had no money for gas and ran out about 70 miles from home. Oh, and I stash around $100 in an inside zippered pocket in my travel backpack for emergencies.
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MN-Investor
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Post by MN-Investor on Aug 21, 2019 13:45:51 GMT -5
My husband's father worked at a tractor dealership in Iowa when DH was growing up. DH said it was not unusual for a farmer to come to the shop with a cigar box of money to pay for his new tractor / farm equipment.
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NastyWoman
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Post by NastyWoman on Aug 21, 2019 13:52:57 GMT -5
I know of a couple people who have $100,000 cash in their safe at home. I know a lot of people don't have that much in cash but these are people in their 80's who just always rely on cash. Would you keep it in your house safe or put it in a bank safe deposit box? wow!!! Now I do seem to have more cash in my house than several people here. It is ~$500 in $20 or smaller bills. Had it ever since Katrina when I saw a news report how some stores let people buy necessities by letting them in accompanied by their personnel. However, since the CC/BC systems were down it was strictly cash business. No hurricanes here but we do have earthquakes so just in case...
However, 100grand → not even in a bank account leave alone in a safe either at home or in the bank
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haapai
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Post by haapai on Aug 21, 2019 14:30:46 GMT -5
I can think of so few good reasons for keeping large amounts of money in cash and so many bad ones, that I'm having trouble even wrapping my head around the question.
There are a few legal occupations that involve handling large amounts of cash. Auctioneers come to mind. They frequently do business on the weekends when banks are closed. They may legitimately conclude that swiftly taking cash back to a well-secured home or is less risky than using a night deposit box. There are probably many other legally-conducted professions that involve large cash transactions that must be conducted with enough speed that they will be tripped up by withdrawal restrictions imposed by banks. Maybe a bank deposit box would work for those folks.
But the vast majority of reasons for having large amounts of cash are bad. Cash depreciates. Cash attacks thieves and home invaders. These are big opportunity costs and risks to take on. The one thing that cash is very useful for is hiding unreported income. Reporting income is very expensive and a lot of folks don't do it any more than they have to. I would call this a bad reason.
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TheOtherMe
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Post by TheOtherMe on Aug 21, 2019 16:10:07 GMT -5
My husband's father worked at a tractor dealership in Iowa when DH was growing up. DH said it was not unusual for a farmer to come to the shop with a cigar box of money to pay for his new tractor / farm equipment. Retired IRS Agent here. There's a 99% probability the farmer did not report the income. My former boss was great at figuring that out. Back in his day, they went to jail. I had a training case, where the guy had done that. He had previously gone to prison for doing that and he did it again. No wonder is wife was shaking like a leaf when she opened the door to let my coach and I in. Since I was a trainee, they took the case away from me. I know the discussion was that since he had done it a second time, he would go to prison again.
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zibazinski
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Post by zibazinski on Aug 22, 2019 20:42:55 GMT -5
I do and still do. There’s cash in my safe deposit box at the bank and there’s cash in my safe at home. Around 1k at home. Way more at the bank. It started because of hurricane season, the one at home. The money in the bank is there for other reasons.
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Miss Tequila
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Post by Miss Tequila on Aug 22, 2019 21:17:52 GMT -5
My husband's father worked at a tractor dealership in Iowa when DH was growing up. DH said it was not unusual for a farmer to come to the shop with a cigar box of money to pay for his new tractor / farm equipment. Retired IRS Agent here. There's a 99% probability the farmer did not report the income. My former boss was great at figuring that out. Back in his day, they went to jail. I had a training case, where the guy had done that. He had previously gone to prison for doing that and he did it again. No wonder is wife was shaking like a leaf when she opened the door to let my coach and I in. Since I was a trainee, they took the case away from me. I know the discussion was that since he had done it a second time, he would go to prison again. So many people get paid cash. Sure it is frustrating but I have yet to see anything happen to anyone. My cleaning lasy takes cash only and I had a handyman that only took cash. I have several family members that work for cash (two clean houses and one does personal care). I’ve never heard of anyone ever getting in trouble with the IRS for working under the table
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TheOtherMe
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Post by TheOtherMe on Aug 22, 2019 21:52:29 GMT -5
You are not talking about the kind of money farmers don't report on their tax returns. In my case the guy wasn't report his cattle sales. That's a lot of money, but it's not anywhere near what a cleaning lady makes.
Lots of cleaning people get paid in cash and don't report it. It will most likely never be caught, especially with how the IRS has been decimated in terms of having people to audit tax returns.
These cases happened back when IRS agents were given time to develop a case and do the work to make a criminal case. The agents are not being allowed to do that now. The people I trained before I retired are just now coming of retirement age. When they are gone, a lot of important knowledge will go with it. It takes years to get a nose for fraud.
I did have a case where the cleaning lady got hurt on one of her cash jobs. She filed for workmen's comp, which hadn't been paid. That got her in trouble for not reporting her income but the people who hired her for all the employment taxes they hadn't paid. They had to pay her medical bills out of their pocket.
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Miss Tequila
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Post by Miss Tequila on Aug 23, 2019 10:06:52 GMT -5
You are not talking about the kind of money farmers don't report on their tax returns. In my case the guy wasn't report his cattle sales. That's a lot of money, but it's not anywhere near what a cleaning lady makes. Lots of cleaning people get paid in cash and don't report it. It will most likely never be caught, especially with how the IRS has been decimated in terms of having people to audit tax returns. These cases happened back when IRS agents were given time to develop a case and do the work to make a criminal case. The agents are not being allowed to do that now. The people I trained before I retired are just now coming of retirement age. When they are gone, a lot of important knowledge will go with it. It takes years to get a nose for fraud. I did have a case where the cleaning lady got hurt on one of her cash jobs. She filed for workmen's comp, which hadn't been paid. That got her in trouble for not reporting her income but the people who hired her for all the employment taxes they hadn't paid. They had to pay her medical bills out of their pocket. I would be hard pressed to consider most cleaning ladies employees. My cleaning lady makes her schedule (while she does usually schedule me on a certain day of the week, she sets it and not me), she brings her own cleaning supplies and her own equipment. All I do is leave cash on the counter for her. Other than the initial parameters of what her price includes, I have never told her what to clean, when to clean or how to clean. I also hire her for my rentals and she submits a bid and I accept or don't. For my rentals I do require a receipt because if she exceeds the threshold for 1099 I will have to issue one (she never has). I know other people that clean and get paid cash and that is also how they operate. Now, nanny's are completely different and they would be, in my opinion, employees.
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swamp
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Post by swamp on Aug 23, 2019 12:26:11 GMT -5
You are not talking about the kind of money farmers don't report on their tax returns. In my case the guy wasn't report his cattle sales. That's a lot of money, but it's not anywhere near what a cleaning lady makes. Lots of cleaning people get paid in cash and don't report it. It will most likely never be caught, especially with how the IRS has been decimated in terms of having people to audit tax returns. These cases happened back when IRS agents were given time to develop a case and do the work to make a criminal case. The agents are not being allowed to do that now. The people I trained before I retired are just now coming of retirement age. When they are gone, a lot of important knowledge will go with it. It takes years to get a nose for fraud. I did have a case where the cleaning lady got hurt on one of her cash jobs. She filed for workmen's comp, which hadn't been paid. That got her in trouble for not reporting her income but the people who hired her for all the employment taxes they hadn't paid. They had to pay her medical bills out of their pocket. I would be hard pressed to consider most cleaning ladies employees. My cleaning lady makes her schedule (while she does usually schedule me on a certain day of the week, she sets it and not me), she brings her own cleaning supplies and her own equipment. All I do is leave cash on the counter for her. Other than the initial parameters of what her price includes, I have never told her what to clean, when to clean or how to clean. I also hire her for my rentals and she submits a bid and I accept or don't. For my rentals I do require a receipt because if she exceeds the threshold for 1099 I will have to issue one (she never has). I know other people that clean and get paid cash and that is also how they operate. Now, nanny's are completely different and they would be, in my opinion, employees. My cleaning lady works the same way, she comes when she wants and brings her own stuff. A nanny would have to work in my home under my rules and I set the hours. Completely different scenario. My cleaning lady also gets a 1099 for my office, but not my home.
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plugginaway22
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Post by plugginaway22 on Aug 23, 2019 14:52:00 GMT -5
We keep about 1K in our home safe. Mainly for convenience, like if I want to stick $50 in a birthday card. DH would want us to keep more, but I have limited it to that.
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TheOtherMe
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Post by TheOtherMe on Aug 23, 2019 15:41:35 GMT -5
It's facts and circumstances as to whether your cleaning lady is an employee or an independent contractor.
From the brief information you gave, yours would be an independent contractor. Some want the customer to provide the cleaning supplies.
In the case I mentioned above and the cleaning lady who fell, it had been determined by an administrative law judge (NOT ME) that she was an employee and that was the reason her employer (an attorney) had to pay her medical bills.
My cleaning lady is incorporated, bonded and insured. She uses nothing of mine. That is not always the case.
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