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What to do with your cash

Chase Kelly —  September 3, 2012 — 3 Comments

I saw a post the other night that reminded me of what it was like before I had a system in place for handling my cash.  I remember the state of fear around my money, never knowing what to do with it.  When you don’t know what to do with your cash, the short answer is to spend it as quickly as possible.  Having a system in place will make you feel SO much more relaxed and confident and will help your savings grow MUCH faster!

IF you are a tax-paying stripper, you should open a savings account with a high interest rate, like an ING account and certain money market accounts (check out for the best ones in your area).  Dancing when you are young can make you a VERY rich woman later in life if you play your cards right, so if you are stacking back lots of cash, consider going the bank route.

That being said, I think we can all agree that banks can be pretty awful.  Credit Unions can be a really great alternative, but if you still can’t get down or are evading your taxes for some reason (I did this by accident for years…just too drunk and stupid to get it together, but it was an AWFUL idea).  If you are a are a cash girl you lose TONS of money on interest, but cash feels powerful, so if you want to keep it at home, make sure you do it safely.  Keeping your cash at home is a great feeling and totally fine until you have a “real” amount of cash.  At some point, it is just no longer safe to hoard it in your home without locking it down.  Keeping your cash in a drawer or under your mattress is not safe ever.  Most robberies are committed by people you know, and being a dancer, people know you have a lot of cash.  You NEED a safe.  Make sure it is fireproof, waterproof, and can be bolted to the ground.  Don’t tell people where your safe is (any fancy jewelry should live in there when you aren’t wearing it also.)

Not only will this safe make you feel, well…safer, but you will feel great going home and unlocking your safe to stuff cash in it.  If you think rolling it up and putting it in a jar in the pantry feels good, wait til you experience the magic of unlocking your safe.  Don’t get the cheap one, either.  You can start with a walmart safe until you have a couple G’s, but move it to a real one when you have a sizable amount of cash.  At that point you might as well use your little cheapy one as a “dummy” safe to fake out any possible intruders.

Another alternative is the safety deposit box, which can be rented at any bank.  Remember that the IRS does have access to any bank boxes if you were to ever get audited (happens!)