Financial Advisors Say Hiding Cash At Home Might Be Problematic! Here’s Why

PennyGem’s Elizabeth Keatinge tells us why you may not want to hide cash at home.

Transcript

00:00So, you think you're pretty savvy, stashing cash in secret hiding places at home.

00:08Well, that might be okay for some emergency cash, but hiding money at home actually may

00:14have you missing out.

00:15See, as Money Talks News highlights, you're missing out on free cash.

00:19Putting money in an interest-bearing account will have it earning more than if it's under

00:23your drawer.

00:24You could also be earning even more if you invest it.

00:27Hidden cash at home is also not FDIC-insured.

00:30If you lose it, it's just, well, lost.

00:33Can you tend to be forgetful?

00:35Well, as U.S. News & World Report points out, you could also forget where you hid that cash.

00:40Do you want your friends and family to end up searching your home when you die?

00:43Don't be dealing with enough.

00:45No need to add a depressing scavenger hunt to the list.