How should one store saved money?

[plastictrax]

I'm 22 and live in Canada. I have money in a Tax Free Savings Account with my bank, in my bank account, and in cash. I haven't started saving specifically for my retirement. I understand/agree with what is talked about on FTL regarding how the government uses money but im not sure what i should personally do with my money. RRSP seems not smart for long-term. gold seems good but im a little unconvinced. the only other thing i can think of would be bitcoins but im not sure about it.

what would you suggest i do with my money in terms of saving? what would be smart?

[Diogenes The Cynic]

If Canada has an equivalent to the FDIC, store your money in an account.

If you're skeptical of that style of insurance, store physical cash in a safe-deposit box.

[plastictrax]

If Canada has an equivalent to the FDIC, store your money in an account.

If you're skeptical of that style of insurance, store physical cash in a safe-deposit box.

I've never heard of FDIC, i'll research it. I thought storing cash was bad because it will lose value through inflation where as gold wont.

[freeAgent]

If Canada has an equivalent to the FDIC, store your money in an account.

If you're skeptical of that style of insurance, store physical cash in a safe-deposit box.

I've never heard of FDIC, i'll research it. I thought storing cash was bad because it will lose value through inflation where as gold wont.

The FDIC is a government-run insurance policy on bank deposits (in the US).  I don't know what, if any, corresponding organization exists in Canada, but it's likely you have a similar agency.

Storing money in a bank is not the best idea for fighting inflation, but inflation is pretty low right now.  Investing in gold may or may not be a good idea as well since its price is fairly volatile.  Depending on how you do it, you could very easily lose money.  You also have to pay some overhead to convert cash to gold and vice versa.

I would only buy assets with cash that I won't need to spend in the near future (assets being stocks, bonds, and gold).  If you're going to spend whatever money you're talking about in the next year or so, I'd just hold it as cash.  I also like to have a cash buffer in my bank account in case of emergency.  When selling assets, it can take a week or more to actually get your money into a bank account so its useable.

[sillyperson]

Canadian Loonies are actually a good currency.

[sandm000]

Ass pennies?

[BonerJoe]

You're not going to troll me by making me give up my secret hiding place. Which is my asshole, btw. Don't try and fist it to get the Jewgolds out.

[TimeLady Victorious]

If Canada has an equivalent to the FDIC your money should theoretically be "safe" up to a certain amount.

If you actually want your money to grow, sane investing in stocks, bonds, precious metals and a basket of currencies.

[Turd Ferguson]

You're not going to troll me by making me give up my secret hiding place. Which is my asshole, btw. Don't try and fist it to get the Jewgolds out.

Reminds me of an old joke.

A guy walks into a delicatessen.

He says, "Can I have a baloney?"
The counterman says, "You want me to slice it up?"
Guy says, "Does my asshole look like a piggy bank?"

[Fred]

If you've got a wad, put it in a mason jar and bury it where you won't forget it....You will be ahead even with inflation....fucker

[TimeLady Victorious]

If you've got a wad, put it in a mason jar and bury it where you won't forget it....You will be ahead even with inflation....fucker

inflation goes up and up while the money in the mason jar will just stay stagnant.

at least with a savings account you get a piddling rate of growth.

[Fred]

If you've got a wad, put it in a mason jar and bury it where you won't forget it....You will be ahead even with inflation....fucker

inflation goes up and up while the money in the mason jar will just stay stagnant.

at least with a savings account you get a piddling rate of growth.

yea, if you can get the money from your bank cunt

[TimeLady Victorious]

If you've got a wad, put it in a mason jar and bury it where you won't forget it....You will be ahead even with inflation....fucker

inflation goes up and up while the money in the mason jar will just stay stagnant.

at least with a savings account you get a piddling rate of growth.

yea, if you can get the money from your bank cunt

jeez

what crawled up your ass and died?

(inb4 "It didn't die")

[plastictrax]

So FDIC is an insurance policy and not a savings account? its something you can put on your savings account and have to pay extra to be covered? if so, im not sure why people would suggest it. "backed by the government" "ok...".

[TimeLady Victorious]

if you're depositing money in a bank or a credit union, they have it by law, up to $10k.