Strongly considering burying my life savings

stevie.enright

Hi all, My last intention is to instill fear and alarm among the general public but it has now come to situation whereby I am very strongly considering taking my considerable life savings out of the bank(s) and burying them in the ground in the vicinity of my house in the countryside.

My mother for the past year to eighteen months would mention to me on and of that she was getting very worried and would ask me should she take her money out of the bank and keep it in the house. I would have pretty much said to her to cop onto herself and her savings are covered by the State guarantee. If she asked me now I'd agree with her that she may be as well of taking her money out of the bank. Unlike mother I'd be more inclined to bury my money as oppossed to keeping it in the house for fear of robbery and fire.

Over the past four to six weeks in particular I've become very anxious and worried about how south things are heading. What is the guarntee only a promise by a now broadly recognised corrupt and incompetent government who have renaged on promises many times in the past. And if it came to can they in actually come next or near honouring this guarntee...something tells me they would fail miserably...but correct me if I'm wrong on these assumptions.

I have done a wee bit of research on the actual logistics of burying the money, ensuring the package is watertight, location etc but would call on people to voice their opinions on whether its a good idea (for myself, NOT THE STATE, as the state is failing me miserably these days). You may say we are not mutually exclusive but I'm looking out for me and me only and want to leave myself in the best position possible, which at the end of the day is everybodys main concern. Also are others thinking along the same line as me perhaps or even have any better ideas. Have being stung in the stock market already and don't particularly want to be stung again. Only interested in rock solid cast iron guarnteed investments.

Mods please feel free to move this thread if I am posting in the incorrect forum but please keep it live as my questions are very valid for me in relation to very valid fears and concerns I have.

Atlantic Dawn

Why not just drive up the road and put it in a bank up the north?

kaiser sauze

I'm sorry, it is late, I'm tired and I see this.

There is just too much wrong with this way of thinking that I don't know where to start.

I'll only say this, you think a whole in the ground is more safe than a bank?

If you are really worried, break your money up, do what the smart people are doing and spread it around.

Use the Irish state guarantee, use the UK one, use the Dutch one, use the Danish one...

Cookie_Monster

Yaarrr, that be a fine plan ye be havin there


Not only is your money safe, but you can pretend to be a pirate with buried treasure, can't go wrong.
But other than that, simply move it to other banks / countries in the EU

Bertie Bassett

Atlantic Dawn wrote: »

Why not just drive up the road and put it in a bank up the north?

Don't you have to prove that you live in the jurisdiction? if you open a bank account in the Republic you have to produce a valid ID and also a document like a utility bill with your address on it.

Cookie_Monster

NO, you can open an account elsewhere but you have to declare it in tax returns and the like.

Anyone

hobochris

rabodirect?

Anyone

How safe do you think it is, to post on a public forum, with what appears to be your real name saying you are going to bury all your money in your garden?

kaiser sauze

Anyone wrote: »

How safe do you think it is, to post on a public forum, with what appears to be your real name saying you are going to bury all your money?

Wow, a very good point; I missed that one in my early morning astonishment. :eek:

*googles*

stevie.enright

Atlantic Dawn wrote: »

Why not just drive up the road and put it in a bank up the north?

Won't I need to change my money into sterling first? With the way GBP has performed in recent years my savings might take a serious hammering when I go about changing it back into Euro. Also I don't think I'd be too keen on travelling all the way up and down from the North to set up bank accounts, lodge and withdraw money, especially if its going to be a piddly rate like 1.5% AER.

MarkR

Again. Rabbodirect.

I am curious though, what options did you reject before you decided on putting your money in a hole?

Hell, get a safe if you don't trust banks.

stevie.enright

kaiser sauze wrote: »

There is just too much wrong with this way of thinking that I don't know where to start.

You suggest there is so much wrong with my logic that you don't know where to start kasier sauze. Fair enough I respect your point of view but would like to draw you a bit all the same. Fair enough if everybody did this I could see how this could be disastrous for the economy. But I'm only interested in myself and my family. The economy has pretty much only sh*t down on me and my family so I personally don't intend to be a good citizen in return.

And to answer your other question yes from my point of view a carefully planned hole in the ground is a hell of a lot safer than any Irish bank is at the moment, extreme and all as that comment may seem.

Treeplanter

If you are really serious about putting your hard earned cash under the ground, remember that cash has bacteria on it... left alone for some time, your cash may turn to mush!
Gold will not have this problem...while buying your gold, buy a large chest, an eye patch and parrot, then you can really live the pirate dream!

stevie.enright

I am considering moving my savings to another EU bank...will do some research but the below is one thing I won't be doing.

Cookie_Monster wrote: »

NO, you can open an account elsewhere but you have to declare it in tax returns and the like.

stevie.enright

Anyone wrote: »

How safe do you think it is, to post on a public forum, with what appears to be your real name saying you are going to bury all your money in your garden?

kaiser sauze wrote: »

Wow, a very good point; I missed that one in my early morning astonishment. :eek:

*googles*

Google and face space all ye want lads but I'm afraid Stevie Enright ain't my real name (dead honest). And it wouldn't be buried in my garden either...

stevie.enright

Treeplanter wrote: »

If you are really serious about putting your hard earned cash under the ground, remember that cash has bacteria on it... left alone for some time, your cash may turn to mush!
Gold will not have this problem...while buying your gold, buy a large chest, an eye patch and parrot, then you can really live the pirate dream!

Thanks for your considerations regarding paper money Treeplanter. I will keep them in mind but don't intend on necessairly leaving the money buried under the ground for years on end. Don't have any gold though.

stevie.enright

stevie.enright wrote: »

Google and face space all ye want lads but I'm afraid Stevie Enright ain't my real name (dead honest). And it wouldn't be buried in my garden either...

I'm in your bushes Stevie

Dodge

If your savings are making you that worried, I suggest blowing the lot of it in a forthnight.

Worries over, and hopefully some stories to tell

phormium

Funny enough customer where I last worked said she had asked her husband to bring home one of the diggers from work so they could dig large hole in garden, put in safe and bury all their savings. This was 3/4 yrs ago before things got really bad, anyway my manager at the time advised her if she was adamant about doing this to change it to coin for several reasons, wont deteriorate in ground, harder to steal (weightwise) and if all else failed it would at least have scrap value as metal.

(Not that I am advising that course of action, spread it around as many diverse financial institutions as you can)

irishh_bob

stevie.enright wrote: »

Won't I need to change my money into sterling first? With the way GBP has performed in recent years my savings might take a serious hammering when I go about changing it back into Euro. Also I don't think I'd be too keen on travelling all the way up and down from the North to set up bank accounts, lodge and withdraw money, especially if its going to be a piddly rate like 1.5% AER.

open a dollar account , perhaps even in one of the irish banks , the dollar is set for a serious rebound

the_syco

stevie.enright wrote: »

Google and face space all ye want lads but I'm afraid Stevie Enright ain't my real name (dead honest). And it wouldn't be buried in my garden either...

The owner can claim it's their land...

=-=

If you hide all the paper euro, and the euro loses it's value, you lose your money. If you bought gold, you're less likely to lose money, and more likely to gain money.

Now, here's where the idea becomes something that you should look into: safe deposit box, in a bank, with your gold inside. The safety of a bank, without the bank knowing what's in the box, ensures they can't touch it.

Cookie_Monster

gold is massively overvalued at the moment, IMO not the best thing to invest in at this point.

stevie.enright

the_syco wrote: »

The owner can claim it's their land...

=-=

If you hide all the paper euro, and the euro loses it's value, you lose your money. If you bought gold, you're less likely to lose money, and more likely to gain money.

It would be on my land, just not in my garden the_syco:p

I think a lot of the people reading the thread are perhaps taking me up wrong. Its not like I'm going to be burying my savings for five years. Perhaps six months or a year but maybe longer depending on whats happening and will be reviewing the situation on an ongoing basis in the interm. If serious inflation started kicking in and started eating into the value of my savings I'd consider the options open to me at that point in time.

Have being doing a wee bit of reading on gold and where its at, at the moment. Like Cookie Monster I have concluded that it may not necessairly be the best option at present. It could and probably will go higher but it could be in for a serious fall after. On the other hand silver is also a possible option thats in my mind.

stepbar

First off, I cannot believe I'm reading this thread. It's mindblowing to say the least but perhaps in light of some of the stories I've heard today about people, it's not suprising.

OP, for the love of god take the time to find out the facts.

The absolute worst thing people could do now is move funds out of the country. Every euro that leaves the system must be replaced by a Euro borrowed. It is quite obvious that the banks cannot raise funds at the minute (bar BOI which is paying through the nose for funds and even they are going cap in hand to the ECB for short term liquidity). The ECB is providing support but quite obviously, this cannot continue.

The more Euros that leave the system only accelerates our demise. Why do people think we are at this juncture at present? BOI recent came out and said that they lost 10billion in deposits during Aug / Sept. Christ.... if BOI lost that much what for the rest of the banks in Ireland?

kaiser sauze

stevie.enright wrote: »

You suggest there is so much wrong with my logic that you don't know where to start kasier sauze. Fair enough I respect your point of view but would like to draw you a bit all the same. Fair enough if everybody did this I could see how this could be disastrous for the economy. But I'm only interested in myself and my family. The economy has pretty much only sh*t down on me and my family so I personally don't intend to be a good citizen in return.

And to answer your other question yes from my point of view a carefully planned hole in the ground is a hell of a lot safer than any Irish bank is at the moment, extreme and all as that comment may seem.

A hole in the ground is not safer than a bank.

I am not expending anymore energy here.

tHE vAGGABOND

Of course, if all the banks in Ireland fail [which they wont] and your savings were not guaranteed [which they are] you can have all the money in the world buried in your secret stash [check out the General, he did that too, and forgot most of the places he hid stuff ], as Ireland will be like post war Germany with people going around with huge cases full of money to buy bread

Loco

stepbar wrote: »

The absolute worst thing people could do now is move funds out of the country.

For the country yes, for themselves it makes sense.

kaiser sauze

Loco wrote: »

For the country yes, for themselves it makes sense.

+1, but you can't reason this when a run starts.

Likewise, it's a dumb point to make to try and back up your reason for stating that a person should not withdraw their money.

Once it is realised that you leaving your money in there is helping the banks liquidity, that might make more take theirs out, especially given the current environment.

Oops, I said that out loud!

stepbar

I honestly don't think the average Joe on the street understands how a bank works. Perhaps it should be taught at a young age. Banks work on the pretence that depositors don't need their money all of the time and are happy to keep same on deposit earning interest. A bank is a one big debit and credit system with a small amount of equity called retained profit. People need to understand this concept. Perhaps it's now time for the government to educate the masses.

kaiser sauze

stepbar wrote: »

I honestly don't think the average Joe on the street understands how a bank works. Perhaps it should be taught at a young age. Banks work on the pretence that depositors don't need their money all of the time and are happy to keep same on deposit earning interest. A bank is a one big debit and credit system with a small amount of equity called retained profit. People need to understand this concept. Perhaps it's now time for the government to educate the masses.

Good luck.

https://www.youtube.com/watch?v=Y10cHX9WLVY

TripleAce

Rabodirect is covered by Dutch Government as it is a Dutch Bank, correct?

kaiser sauze

TripleAce wrote: »

Rabodirect is covered by Dutch Government as it is a Dutch Bank, correct?

Yes.

00112984

stevie.enright wrote: »

And it wouldn't be buried in my garden either...

For a small fee, you can bury it in my garden Stevie.

Terms and conditions apply

CamperMan

don't bury your cash in jam jars with metal lids or some scrote with a metal detector will find it.

CathleenN

I don't really want to scare anybody, but if the wrong person knows what you have done, they can use violence to force the location of your treasure out of you and then they just go and pick it up. With the bank account it is usually much more complicated.

Jet Black

If you do consider this I would be very careful, I've seen people walk out of banks with large amounts of cash and a car pull up outside and rob the person. I also know people who did something like this. Taken out all their money and keep it in their house, then somehow someone would find out and rob everything.
There is too much wrong with burying the money. If someone sees you they can just wait until your asleep and dig it up. If someone finds out you took the money from the bank the could come to your house and force you to get them the money. If something were to happen to you your money would be gone, your family would not be able to get it. If you were to tell your family maybe one of them would say it to the wrong person or even try and take it all for themself. If the money goes missing you have 0 comeback. I personally could not live with the worry but its your money so its up to you to do what you want.

Be very careful as a lot can go wrong.

boshea19

I have read this post and cant help but smile a little at the recklessness of some people.Firstly Ireland is nothing more then a dot to the EU in the grand scheme of things, but if out banking system were to fail it would have serious consequences on the banking system on a wider level. The EU simply would not allow our banks to fail. Everyone is running around burying their money in holes in the ground, demanding cash withdrawals from banks cos they dont trust cheques etc... They are underpinning the guarantee schemes, they have stated they will provide assistance to Ireland if needed until they are blue in the face, but I guess all Ireland needs is a rag like the Indo to print its own opinion on matters for the purpose to sell newspapers to panic and worry people much more then needed. The IMF have themselves stated they support the governments policy for the next 4 years, which is getting released next week, they dont want to be running Ireland anymore then we want them to so if they approve plans which they say they have, the day to day will be left to a government to oversee with a bailout loan to support the banks.When the IMF stepped into Greece bailout, a price tag of 750bn was attached, which my understanding is the IMF did not touch deposits, for the simple fact the impact it would have would not help the country further but make things worse... The Irish bailout is apparently around €80-€100bn and is seen as funding to retain for banks only, so they can be perceived in the markets as having a large buffer behind them with the aim to get markets selling funds to Ireland again so we are not 100% depending on ECB funding.I second heard Joe Duffy on the radio suggesting AIB were seriously low on cash reserves.... what proof has he of this, but of an irate customer of AIB calling in claiming it, Joe Duffy last did this in September 2008 when he almost caused a run on the banks, and proceeded to identify people on national radio carrying wads of cash that they were bringing home to bury. Joe Duffy is a live wire and unfortuntally this nation would jump off a cliff of Joe told them to. Media have a lot to answer for with scaring the public in the way they are.I guess people will believe what they want, but thought Id share my views

stevie.enright

stepbar wrote: »

First off, I cannot believe I'm reading this thread. It's mindblowing to say the least but perhaps in light of some of the stories I've heard today about people, it's not suprising.

OP, for the love of god take the time to find out the facts.

The absolute worst thing people could do now is move funds out of the country. Every euro that leaves the system must be replaced by a Euro borrowed. It is quite obvious that the banks cannot raise funds at the minute (bar BOI which is paying through the nose for funds and even they are going cap in hand to the ECB for short term liquidity). The ECB is providing support but quite obviously, this cannot continue.

The more Euros that leave the system only accelerates our demise. Why do people think we are at this juncture at present? BOI recent came out and said that they lost 10billion in deposits during Aug / Sept. Christ.... if BOI lost that much what for the rest of the banks in Ireland?

Fair enough stepbar but all the same you are not particularly putting forward a convincing argument to me. Bearing in mind that Im only concerned with me, myself and I. That may appear a bizzare point of view but as I said before I'm not concerned with doing the right thing by the state that is only sh!tting down on me or our corrupt banks. I just want to leave myself in the best possible position should things really go down the swanny which Im sure you will appreciate is understandable from my own point of view. I think we are at this juncture at present mainly due to our banks and even the nation as a whole exposure to much overvauled property, banks wreckless lending on the back of this which exaccerbated the problem. To a lesser extent failure of government policy and the failure of the financial regulator (but that might be a cause of the over-riding major problem or at least created the environment I suppose you could argue). Bank executives failure to be honest and adhere to good corporate governance standards is also a contributing factor Im sure. I don't think people lifting their money out of banks is anyway a cause of the problem rather an affect of the problem.

Also, 10bn left BOI in deposits in 2 months you mention...a considerable figure in a short space of time. Am I the only one taking or considering taking this action? Only today I heard on the radio that AIB lost 13bn year to date in deposits. Pension fund manangers who are much more clued into these matters than me are lifting money...now that sends out a pretty clear message to me.

tHE vAGGABOND wrote: »

Of course, if all the banks in Ireland fail [which they wont] and your savings were not guaranteed [which they are] you can have all the money in the world buried in your secret stash [check out the General, he did that too, and forgot most of the places he hid stuff ], as Ireland will be like post war Germany with people going around with huge cases full of money to buy bread

I'm just as likely to forget which banks I've money in as where in the ground I buried the money if I get that forgetful, to be fair about it vAGGABOND. I doubt its a good idea to draw comparisons with the present Irish scenario and Post War Germany. Bearing in mind that there was probably hardly a blade of grass coming up from the ground let alone a factory standing to bake bread in, in post war Germany....you could see how money could hardly buy food...hardly a fair comparison I think.

stevie.enright

CamperMan, CathleenN and Jet Black thanks to both of ye for yer thoughts. As I say its not something I'm going to enter into lightly. I have already and am continuing to research into the logistics and other considerations involved in burying money in the ground. I've also learned from my research that burying money and valuabes is not such an alien or backward concept as some people on the thread would be inclined to suggest.