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The way data breaches have run out of control combined with the fact that savings accounts and some other investments don't pay enough interest to even approach the rate of inflation and cost of living increases, it almost makes sense to convert all income to hard cash and stash it. Even though I don't have any loans or mortgages and only 4 credit cards from three issuing banks, I enrolled in credit monitoring through Experian. My credit card companies are also pretty good at catching suspicious activity. I mostly worry about someone getting my identity and trying to open new accounts or screw with the title to my house. I check all my accounts frequently for unusual activity through online banking too.
My daughter (in her 20s) has had her debit card compromised twice but has to maintain a checking account for pay deposits. She usually converts the account holdings to cash asap and stashes it like I alluded to above. I'm beginning to think that instead of being slow to learn financial management skills, she may have the right ideas for this stage of her life.
My daughter (in her 20s) has had her debit card compromised twice but has to maintain a checking account for pay deposits. She usually converts the account holdings to cash asap and stashes it like I alluded to above. I'm beginning to think that instead of being slow to learn financial management skills, she may have the right ideas for this stage of her life.