Whether it be through inheritance or getting lucky after managing to win the Mega Millions jackpot at Lottoland UK, dealing with a large sum of newly earned cash can be both exciting and stressful. Besides enjoying the benefits of having the money in your pocket, there is also a not-so delightful side of holding onto those funds; safekeeping them. So, while everyone wants to keep their money safe, it becomes even more important to do so when the amount is greater than usual, which is why these six tips will help you keep your money safe, no matter how big.
#1: Avoid Large Sums of Cash
Although it might sound cool to bathe in a tub of dollar bills (or hundred-dollar bills), it’s generally not the best idea. Sure, keeping some cash in a safe at home is a great idea to have it available without needing to visit the bank, but keeping excessive amounts of your money in cash form can be risky as this makes it possible for your money to be stolen or damaged in the case of a house fire, flood, or similar. Instead, consider one of the options we cover below in this article to make sure your money is being kept in its safest form.
#2: Hire an Accountant
Depending on the source of the money, it may be worth getting the help of an experienced accountant. These professionals often work with businesses and other people that hold large sums of money, and they may know certain tips that could help you. These experts are also familiar with many of the laws surrounding finances and can help you navigate taxes depending on where the money came from.
#3: Keep it in the Bank
Although some people trust themselves with their money more than their bank, the truth is that if you were to hide it somewhere without telling anyone, that money can only be found again by you. In other words, if something were to happen to you, the money would simply be lost and none of your loved ones would benefit from it. Therefore, keeping it in a bank account is much safer since banks are insured and are required by law to recover the funds should they money belonging to you.
#4: Consider Getting a Bank Safe
In case you feel the need to keep a large portion of your money in cash form, the bank can also come in handy. Instead of placing your money in a bank account, you can opt for a bank safe which allows you to store important possessions such as jewelry, documents, and even cash. As with bank accounts, banks are obligated to take responsibility for any lost or damaged possessions when they are being stored in one of their safes.
#5: Avoid Talking About it
While some situations make disclosing your finances inevitable, there are many cases where it’s possible (and recommended) to keep quiet about your large sum of money. For instance, the public may know that you are a business owner, but may not know how much cash you have saved up. As for lottery winners, many countries allow lottery winners to keep their identity anonymous, which is generally a good idea to do if possible. By spreading the word about the money you are holding onto, you increase your chances of falling victim to fraud and theft which is why simply enjoying your money without making it obvious is the best course of action to play it safe.
#6: Invest it
Last but not least, if you have lots of money, you have also unlocked the potential to make even more money. By taking the time to research stocks and other sorts of investments, and meeting with a financial advisor, you could find that your large sum of money could quickly turn into a huge sum of money. Besides, if you are going to have an excessive amount of funds sitting around at the bank, it’s worth having it invested in companies that could earn you more down the road.
Final Thoughts
No matter how you got it, having lots of money can bring peace of mind. On the other hand, worrying about how to keep this money safe is a whole worry of its own and one that should not be taken lightly. By using the tips outlined in this article, it is possible to protect your funds and keep them safe.
