Have you ever head the term “mattress money”? It’s a real thing! Sometimes this is money that people literally hide in their mattresses, under the floor board, or even behind sink! But in general, mattress money refers to keeping your cash savings hidden away at home, rather than in the bank. Now I’m not talking about having an emergency supply of cash on hand, but what I AM talking about is keeping a large sum of money, like a nest egg that you’ve been saving up, somewhere other than a bank. I run across this all the time in the mortgage business, and let me tell you, when applying for a home loan, it can actually be harder to use cash that you have been stashing away at home than it is to use that same money if it had been secure in a bank. Now maybe you’re reading this thinking, “but I don’t have any large purchases that I need financing for. I just want to hold on to the money I have”. Well that makes a lot of good sense, BUT, if you’re keeping a very large sum of cash at home for an extended period of time, you’re not protecting your hard earned savings against inflation! There are a lot of reasons I think banks are the best place for your money, and we talk about them all in this weeks episode of Money Tip Monday!!
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