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Hiding Money at Home Can Bring A Wealth of Woes

Recently I was interviewed by MSNBC for an article, “Money Hiders Risk A Wealth of Woes, Feelings of economic insecurity can lead to cash stashing“.

Most people have some cash available at home. However, I have found clients do not always take appropriate steps in securing their cash. As quoted in the article by MSNBC, I said.

“I’ve found money taped to the back of headboards, in clothes pockets, under loose floorboards, in fake books, and in shoe boxes,” says Scott Roewer, a certified professional organizer from Washington, D.C., who also does estate sales. “It’s amazing what people come up with to hide their money.”

Perhaps you’ve heard the story of a Tel Aviv woman who purchased a new mattress for her elderly mother and tossed out her lumpy mattress. What she didn’t know is her mother had stored her 1 million dollar life’s savings in the mattress, now buried at the dump.

I work with individuals of all ages, and find that all age-groups hide money. I typically urge my clients with cash or other valuables lying around their house to either deposit the cash in the bank, put the valuables or cash in a fireproof safe, and to tell someone where they’re hidden the items, even if they do it via a note in their will.

“I advise against hoarding cash,” he says. “I’ve seen instances of fire, robbery and accidental death where clients had money hidden but nobody knew and it was gone forever.”

Do you stash money at home or have any interesting stories to share about hoarding cash? What steps have you put in place so your money is not lost, forgotten about, or lost? You can read the entire MSNBC article here.

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This entry was posted on Tuesday, July 14th, 2009 at 7:09 pm and is filed under The Messy Drawer. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

2 Responses to “Hiding Money at Home Can Bring A Wealth of Woes”

  1. K Says:
    July 28th, 2009 at 12:40 am

    I’m so guilty of this. I waitress and make tips. Each day I work, I stash cash in a photo album, with the cash divided into each separate photo pocket. I don’t store the cash long term (long term savings goes in my savings account) but I do stash cash short term. For example, one pocket contains cash for my son’s upcoming birthday, one contains cash for my electric bill, etc. etc. I end up with cash every day and can’t possibly put it in the bank everyday so that’s what I do…however, after reading this, I may need to invest in a fireproof safe, just in case.

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