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Fire/water proof safes aren't terribly expense. Also, safe deposit boxes are an option, which have different security tradeoffs from a safe in your home.
by anonporridge 5y ago
Fire/water proof safes aren't terribly expense.
Also, safe deposit boxes are an option, which have different security tradeoffs from a safe in your home.
- XorNot 5y agoA safe deposit box is at a bank, at which point, why not just put your money in the bank? And fire-proof safes aren't "fire proof". They're generally rated for a reasonable amount of fire resistance - 1 to 2 hours - which is usually enough time for a house to burn down around them and be extinguished (they also only promise to protect paper, for example). Whether they would survive the inferno of a bushfire, wherein the house is not extinguished, is far less clear.
- adolph 5y agoPrevious commentary on Safe Deposit Boxes: https://news.ycombinator.com/item?id=27106695 https://news.ycombinator.com/item?id=27106695
- anonporridge 5y agoYeah. It's not an either/or situation. It's a both/and. Tradeoffs generally require hedging your bets.
- vl 5y agoBanks close first, for emergency supplies safe deposit boxes are basically useless.
- anonporridge 5y agoDepends on the scenario. If it's a societal event, then yes, you can't rely on safe deposit boxes, just like you can't rely on your bank account. You're better off shoving cash under your mattress and stacking brass and lead. But if it's an individual event, then your home itself might be a target, and safe deposit boxes might mitigate your risk. It's all about tradeoffs.
- TeMPOraL 5y agoSo you really want to do a little bit of all. A month's worth of cash safely hidden in your home. Another in an easy-to-access account at your bank. Another in a deposit box at a different bank. Reminds me of 1-2-3 rule for backups.