Many people have stopped relying solely on banks as a safe place to hold money, given the economic climate. Here are seven tips to consider to protect any cash you may have:
- Be sure your institution is insured: If you are not sure if your bank is FDIC insured, find out or get your money out and move it to an institution that is FDIC insured.
- Start and grow a coin collection: Coin collections are tangible assets that will always keep their face value. This is an alternative to just owning stocks that could depreciate or cause you to lose money.
- Keep cash safe at home: Cash is ‘King’. Believe this statement, and remember not to keep it in a thief’s favorite spot like in the bread box or under/in the mattress.
- US Savings bonds: This is an oldie, but goodie (safe) option. US Savings bonds are an easy way for your money to stay safe for the future. However, if lost or stolen, the bonds could be difficult to replace unless the serial number(s) was kept in a safe place. US Savings bonds must now be held for at least 1 year before cashing them in.
- Gold and Silver: If you already own gold or silver, great, hold on to it. If you do not own it, try to obtain as many US government issued gold and silver coins, as you can. Due to the recent demand, the US Mint had to halt the production of some of their most valued gold coins.
- Real estate: With interest rates at historic all-time lows, the market is sure to recover and property values will once again bounce back. Those who hold on to their homes or other real estate will likely reap the benefits of these investments.
- Purchase a good safe: Home safes are becoming a necessity during times of economic turmoil. A good safe is made from solid steel construction and can range in price depending on size. If you find a good safe, you will have your own ‘Fort Knox’ to keep everything safe including official documents, coin collections, currency, US Savings Bonds, guns, gold, silver, deeds, wills and other legal papers.