There is a very good reason to be low-key about revealing your finances and valuables publically; it invites all kinds of risks into your life. This includes theft, home invasion, hackers, professional plaintiffs with frivolous lawsuits, kidnapping for ransom, con artists, blackmailers, slick salespeople, fraudsters, and worse.
When someone that is financially desperate overhears that you have something of value, then you may become a potential target for treachery. I’ll start with the worst case scenario. A couple years ago, someone I know well has a close friend that was successful in building up franchise restaurants. This man’s grandson, in his 20s had a buddy that is addicted to drugs. The drug addict learned of his friend’s grandfather’s wealth and hatched a plan, on his own, to murder the rich grandparents and hopefully some inheritance spillage would come his way. He actually murdered the friend’s grandparents in a gruesome manner, but thankfully, the police investigation prevented any financial benefit from reaching the murderer.
The other reason to keep valuables a secret is because no rumor travels faster than one involving money. Just a few experiences I’ve had,
- A co-worker won $12,000 on at a casino, and within hours I was hearing about it from company offices in far-away states.
- A friend’s sister told me and a few other people that she keeps $25,000 in cash at her house. Within days, half the small town knew about her “secret stash of cash.”
- I know a doctor that lives on an affluent street. A few doors down, a luxury home was being renovated with a few dozen workers. Within a couple months, everyone within 3 blocks knew that the giant home had a secret “room safe” in the basement for valuables. When the home owner heard the rumor as well, he was shocked and angry – the only one he told was his architect and his workers; and he had been instructed to keep it a very confidential secret.
Conspicuous consumption can be an advertisement to people with evil intentions that you are an excellent target. It is not a coincidence that lottery winners are hit with many frivolous lawsuits right after they win. It is in your best interest to be very low key and private about valuables, collectibles, resources, or wealth.