Most of us are taught the significance of saving money for rainy days, which is why our initial reaction is to store our savings in a bank account. With that, it’s safe to say that nothing’s really wrong with putting your money in a savings account and withdrawing it only when the need arises; however, if you opt to store all of your money in the bank and leave nothing at home, you might experience some serious drawbacks. That’s why we recommend having some money at home in a secure and safe space, but not more than 10% of your net worth.
Read on to learn why you shouldn’t leave all your money in the bank, and why The Space Safe is the best safe to store your cash at home.
Emergency Funds: The Money to Leave in The Bank
In reality, the only money you shouldn’t leave in the bank is your emergency fund, and what an emergency is, is different for everyone. Of course, don’t stash too much money in one place - whether it’s your bank account or at home. An emergency fund is crucial as it can be used when a health crisis comes up, when a natural disaster strikes your place, or if for any reason you may think is an emergency. If you do decide to keep some money at home, please make sure it’s kept in a secure and reliable safe like The Space Safe. Your emergency funds are set aside in case an emergency arises and if you do plan to use some of that money for other things, it’s good to have it replenished.
The only real risks associated with putting money in the bank and not leaving it at home is if the banks have an issue like they did with SVB. Banks are not required to keep 100% of everyone’s money in one location, which makes it almost impossible to withdraw lots of money in one day unless you give the bank a heads up. If you do decide to place your money in a bank, just remember, the government only insures $250,000 per bank, and we recommend reading your bank’s terms specifically.
Aside from the bank, another safe place for storing your emergency funds is in a reliable safe at home. Storing cash at home is best for when a natural disaster occurs, if ATMs are inaccessible, or if you just need money right away. Here’s why we love The Space Safe.
The Space Safe: Best For Securing Your Money At Home
Some of the worst places for storing your money at home would be under the mattress or in a drawer because if someone breaks into your house, that is the first place they will check. By putting it there they can locate your cold hard cash in no time and steal it. Hence, it is best to store your money inside a safe such as The Space Safe because its maximum security feature and high quality hardware can provide optimum protection to your money, unlike average biometric safes that are made of low-grade materials and has basic features only.
Here are the reasons why we’re convinced and confident that The Space Safe does an excellent job of protecting your money and other valuables over anything else:
By teaming up with an excellent lock manufacturer, The Space Safe consists of exceptional locks with the inner portion consisting of 12 springless solid sliders, 6 key curves, 2 control bars, and much more, allowing the key to be scanned up to 4 times. The safe’s exceptional lock offers maximum security and is in the 2nd highest tier of high-security locks, making it almost impossible to break into. The lock has also been ingeniously designed with 133 billion possible key combinations, so it will take forever for intruders to access the safe. If that’s not providing maximum security, we do not know what else will!
Cameras and Lockdown
You might have seen those cool spy movies where they feature a futuristic safe that has alarms and other interesting features, and you think to yourself, “how cool will it be to own something like that.” Well, that futuristic safe is here and you can definitely own one! The Space Safe is the first and only safe with interior and exterior cameras that connects to The Space App, so you can sleep better at night knowing that you have first-hand information on who tries to touch your safe.
Additionally, The Space Safe has a lockdown mode that activates whenever someone tries to tamper with it or enters the wrong code. nce it goes into lockdown, it will be inaccessible to others and its blaring alarms will go off, catching your intruder off guard - something no other safe does. Once the lockdown mode activates and you have confirmed an intruder tampered with your safe, you can notify 911 through The Space App.
Unique Hardware and Screensavers
At first glance, you wouldn’t think that The Space Safe is an actual safe because of its sleek and modern design that isn’t patterned after the usual square-faced safe with a knob or digital keypads. As a result of the safe’s unique hardware, home intruders will hardly bat an eye.
For additional security, you can hide your log-in screen by using disguise screens, such as a faux printer, faux radio, the weather, or your favorite portrait.
The Space App
The Space Safe is a genuine smart safe because it can give you notifications about your safe regardless of where you are in the world. With The Space App, you can instantly view your safe’s camera feeds and activity logs while sipping champagne in your favorite restaurant or relaxing in a beach paradise somewhere. It is the only safe that you can trust to secure your valuables when your miles and miles away from home.
Temperature and Humidity
Aside from burglars, another thing to look out for when storing your cash at home is fire, almost all homes are vulnerable to fire. The Space Safe has built-in sensors that detect temperature and humidity, and you will be informed through The Space App.
Furthermore, here are other reasons why you shouldn’t store all of your money in the bank:
1. Low Interest Rates
One wrong assumption that most people have is if they put money in the bank they think it will grow in value after a year. Sure it will, but most bank accounts give less than 1% interest and some as high as 2% or 3%. While that may sound high, when you check your account at the end of the year, you’re hit with the reality that the interest income is not as big as you thought it may be. This is why we recommend only keeping a maximum of 10% of your worth - that way if you are supposed to gain less than 0.5%, you won’t feel the loss.
2. Financial Freedom
For most people, going to the bank could take a minimum of 30 minutes to withdraw money. Having money at home allows you to have your financial freedom and not worry about losing 30 minutes here or there. As we previously said, keep some funds at home, use them when needed, and just replenish the amount you have used up. That way if a true emergency does arise, you have the money.
3. Not good to keep all your money in one place
While we do recommend everyone keeps their money in a savings account, it is good to make sure you don’t keep all of your money in one place. Investing money in different places is a good safety net where you could potentially earn a passive income without sacrificing too much of your time and effort, and without actively engaging in an activity that requires tedious work. Remember to keep yourself knowledgeable on how to invest wisely, so that you will not end up losing your money.
At the end of the day, we recommend that you keep your money in The Space Safe at home because this is the best and most convenient way of securing a significant portion of your money until emergency arises.
Get it now at www.TheSpaceSafe.com.
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