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.