With the economy in such poor conditions, should I keep my money to myself?

Is it a better idea for me to keep my money for savings in a locked safe in my bedroom as opposed to storing it in a CD, IRA or 401K? I recently heard about so many people, including my parents, that lost a great chunk of their savings because the market value is so low. I don't want the same thing to happen to me. How can I prevent this? What are the best ways to save money in today's economy? Thanks.

Public Comments

1. Beautiful one, Putting your money under your mattress is not a good idea. Everyone has lost a lot of money in this market. I would take your money and open a Roth IRA or other types of IRA's. Since the market is down so much right no, everything is cheap (on sale). If you invest at the bottom a cycle, as it goes back up, you will make more money. Through this whole downturn, I have not altered my investments one bit. I am a long term investor. You will have ups and downs in the market and you have to be able to weather them. Look for a good financial planner in your area. Talk to your parents, friends and relatives to find someone you trust. They must have the heart of a teacher not a salesman. You may want to just take your money and put it into a money market account for now. It will earn a little money and will be relatively safe. While it is there. Learn all you can about the investment world. It does not have to be complicated. Go to the library or bookstore. There are endless resources there. Once you are comfortable with your new found knowledge, take your money from the money market account and start investing. Good Luck.
2. I would ,personally want to keep my money close to where I had easy access to it, and spend it wisely. I wouldn't be to eager to hold on to it for too much longer,...because you will not be able to take it with you once you're gone. Take that information for what it's worth. To A christian,...It's worth a lot!