What should I keep in my safe deposit box? Do I even need one?

Ralph Estep Jr.:
00:00

Have you ever wondered where to keep those really important documents? You know, the ones you can't bear to lose, like your grandma's handwritten will or perhaps the deed to your house? Well, today, we're diving deep into the world of safe deposit boxes and exploring whether they're the right fit for your precious possessions. So stay tuned.

Ralph Estep Jr.:
00:21

Welcome back to the Ask Ralph show, your daily dose of financial wisdom infused with faith. I'm your host, Ralph, and I'm so glad you're joining me today. Remember, our mission here is to help you achieve financial freedom while growing closer to God's plan for your life.

Ralph Estep Jr.:
00:37

Yesterday, we tackled a tough one: inheriting property with someone else. It can be a real blessing, but also a potential minefield if you're not careful. If you missed it, be sure to catch the replay. It's available on our website. That's at askralphpodcast.com. And did you know we have over 400 past episodes on the site? So I'm sure you'll find some real treasures there in the event you missed one.

Ralph Estep Jr.:
01:00

And tomorrow, get ready to be inspired because we're diving into the liberating power of becoming debt-free God's way. We're going to explore the biblical principles of financial stewardship and how discipline, coupled with the faith, can break the chains of debt. It's one you don't want to miss. But for today, let's unlock the mystery of safe deposit boxes.

Ralph Estep Jr.:
01:21

Now before we even get started, I want to remind you that this podcast thrives on your questions. That's right. Ask Ralph. It's more than just a catchy name. It's an invitation. So if you have a burning financial question, whether they're big or small, don't hesitate to reach out. You can find all the details on our website. Again, that's at askralphpodcast.com. There's even a microphone at the bottom right of the site which allows you to leave a message with your questions. I encourage you to use it today.

Ralph Estep Jr.:
01:48

Alright, let's talk safe deposit boxes. You know, those little metal drawers tucked away in the vault at your bank. They sound pretty secure, right? Well, they can be, but there's more to it than meets the eye. First things first. What exactly is a safe deposit box? Some listeners may not even know they exist in this digital age. They may have never even seen, ever stepped foot into the bank or they deal exclusively with online banks.

Ralph Estep Jr.:
02:12

Simply put, it's a rented container, usually located within a bank's vault. It's designed to provide extra security for your valuables. Think of it as a fortress within a fortress. It's sort of like renting an apartment for your valuables, but the apartment's in the middle of Fort Knox. Now you might be asking, "Ralph, do I really need one of these?" Well, that depends. I used to run a credit union. And we had these safe deposit boxes in this big vault. So I know firsthand the value some people see in these.

Ralph Estep Jr.:
02:42

Let's start with what you should keep in a safe deposit box, if you choose to get one. These are items that are difficult or impossible to replace. These are generally those original copies of vital documents. These things might include your will, maybe your birth certificate, marriage licenses, adoption papers, property deeds. You definitely don't want these getting lost or damaged.

Ralph Estep Jr.:
03:04

They may also be irreplaceable items. Think of those family heirlooms, precious jewelry you don't often wear or those rare collectibles. These are things that can hold sentimental or significant monetary value. And might also include important financial records. While you might keep digital copies elsewhere, having physical backups of things like stock certificates, bond certificates, and even a list of your account numbers can be a lifesaver in the event of a fire, or how about a flood or some other natural disaster.

Ralph Estep Jr.:
03:33

Now, here's what you probably don't need to keep in a safe deposit box. Your passport. You might need this in a hurry and banks have limited hours. Plus, if you're traveling, you'll need it with you anyway. Well, how about your copy of your original house key. I know that sounds kind of silly, but imagine needing to get into your house in an emergency and your keys are locked away in the bank fault. Not ideal.

Ralph Estep Jr.:
03:56

And here's a big thing, and this is going to make you laugh. Anything that's illegal. This should go without saying, but let's keep things on the right side of law, folks. This is not the place to store that stolen jewelry or other shady items. I know what you're thinking. "Ralph, they make this safe deposit box sound like the Fort Knox of personal storage. Are they really that safe?" The truth is yes, they really are. They're pretty darn secure, actually.

Ralph Estep Jr.:
04:21

Banks invest heavily in security measures like reinforced walls, time-lock mechanisms, and surveillance systems. Plus, accessing your box use requires multiple forms of identification and often the presence of a bank employee. Generally, there's two keys. You have one and that bank has one. But, and this is a big BUT, they're not foolproof. There's always the risk of natural disasters, human error, even dare I say, criminal activity.

Ralph Estep Jr.:
04:47

Yes, banks get robbed sometimes, even though safe deposit box are the target. But to be very honest, that's not really normal. I used to serve as the president of the Delaware Association for bank security. And the truth is, folks, most bank robbers seek to be out of that branch in 60 to 90 seconds. So you don't think them sticking around to break into your safe deposit box is a reality.

Ralph Estep Jr.:
05:08

So, what are some alternatives to safe deposit boxes? I'm glad you asked that question. How about a home safe? These can be a good option for smaller valuables and documents you might need quick access to. Just make sure you invest in a high-quality safe and bolt it securely to the floor or to a wall. You can pick up fireproof and waterproof safes. These offer an extra layer of protection against the elements and can be a wise investment, especially if you live in an area prone to natural disasters.

Ralph Estep Jr.:
05:37

You also might want to consider digital storage for important documents. Consider scanning and storing them securely in the cloud. Just be sure to use strong passwords and enable two-factor authentication. Treat these things just like you would treat them if they were stored in a vault.

Ralph Estep Jr.:
05:53

Now I know all this talk about security can feel a bit overwhelming. But remember, the most important thing is to be thoughtful and intentional about protecting your valuables. And that brings me to a crucial point. Our true treasures are not material possessions. As Christians, we're called to store up treasures in heaven, not here on earth. It's so easy to lose sight of that in our pursuit of protecting our stuff. Remember, it's just stuff in the end.

Ralph Estep Jr.:
06:22

Matthew 6:19-21 reminds us. "Do not store up for yourselves treasures on earth, where moth and vermin destroy, and where thieves break in and steal. But store for yourself treasures in heaven, where moth and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also." Now, if you're a consistent listener, you're probably wondering if I forgot today's Bible verse. Nope, just mixing it up a bit to keep your attention.

Ralph Estep Jr.:
06:52

Let those words sink in from the Bible for a moment. Our ultimate security doesn't lie in a safe deposit box, or even in our earthly possessions. It lies in our relationship with God and investing in eternal things. So, as you consider the best way to safeguard your valuables, remember this. Keep your priorities in check. Protect what's important, but don't lose sight of what truly matters.

Ralph Estep Jr.:
07:15

Now before I go, I want to remind you to check out our website. I mentioned that a few times, that's at askralphpodcast.com. There you can find show notes, transcripts, and all sorts of resources to help you on your journey to financial freedom. And don't forget to subscribe to our email list so you never miss an episode.

Ralph Estep Jr.:
07:32

And hey, if you found today's episode helpful, do me a favor and share it with a family or friend who could benefit from it as well. Let's spread the word about financial wisdom and faith. Until next time, stay financially savvy and God bless you.