I'm seeing more and more posts in this community regarding questions, that a simple diagram could solve.

What is a cold wallet?

A cold wallet is a device that holds a set of private keys generated at random per device. OFFLINE. Ledger provides a 24 key word phrase. For anyone questioning what is the chance of someone guessing that? Well It's ZERO. Impossible. Ledger have stated there is a total of 115.792.089.237.316.195.423.570.985.008.687.907.853.269.984.665.640.564.039.457.584.007.913.129.639.936 possible combinations of phrase.

The only time the 24 word phrase fails is if its saved somewhere online where it can be hacked. Pictures, text notes, text messages... and so on. Write it on the paper provided. Stamp it into metal and security seal it. Whatever you want to do, keep it off the Web! Once you have it, lock it away again. Into a safe or lockbox. The more security the better. Keep it away from prying eyes. These are your investments!

You never need to use this phrase ever again unless you are creating a new cold wallet storage (Another ledger). Do not ever give your seed phrase to anyone ever! You don't need to, it is yours to keep and know.