It may seem strange to even contemplate placing your money anywhere besides the bank, where most of our paychecks are automatically deposited anyway.
But there are actually a lot of places that money can be stored that can help your or your loved ones – either at the drop of a hat or in the future.
Some of the ideas here my seem a bit unconventional, and obviously they come with their own risks, so be sure to consider all of your options carefully before proceeding.
A College Savings Account
This may seem like an obvious choice, but college isn’t always at the forefront of parents’ minds when their children are young and there are so many options for student loans and scholarships.
However, starting a college savings account for a child in your life – whether it’s your own, a grandchild or even a godchild – is a wonderful way to help secure their future and ease the stress that they’ll face later on when faced with a hefty tuition bill.
It’s a slippery slope and one that many are afraid of, but if you learn how to invest money wisely, you could wind up doubling, tripling or even quadrupling your initial figure. There are plenty of great online resources to learn about investing in stocks and bonds like Investopedia and Yahoo! Finance.
Nasdaq, the American stock exchange, also has an entire portion of their site devoted to investment information, including a section solely for investment beginners that teaches you how to start investing in stocks with only $1,000.
What if the economy collapsed for good and money became useless? Having some other highly valuable assets to trade with would certainly be a good idea.
You can invest your money in gold, platinum, copper and other precious metals that could either wind up coming in handy in the event of an economic meltdown or be worth thousands years down the line.
On the other hand, if your only goal is to keep your money hidden away where no one else can get to it, maybe you need to go the old fashioned route and just bury it in the ground.
As long as you take steps to ensure that nothing is physically damaged, choose a secure spot, and don’t tell too many people about what you’ve done, then this is actually a pretty viable option. There are several resources available online that can show you the right way to do this.
Obviously, there are three major downsides/risks to this plan.
1) If someone found out where your money was buried, they could potentially steal it (but then again, that’s true no matter where your money is).
2) You run the risk of your money/valuables becoming physically damaged.
3) Your money is literally just sitting in a hole in the ground and not doing anything for you.
Many people distrust banks and just want to keep their money with them at all times. This may not seem like the modern way to do things, but finding places to save your money besides the bank can wind up saving you thousands throughout your lifetime since you won’t be paying maintenance fees and any other fines that one can incur when using a bank.
Photo: Pictures of Money / CC 2.0