I use an old-school butterfly razor (it's what I learned to shave with when I was a kid), and I keep mine in a case, in the top shelf of the medicine cabinet. The razor blades are in a box right next to it. Luckily for me, I am the only one in my house that can reach the shelf without a step stool.

My kids have seen my shave, and I have carefully explained to them how dangerous a razor can be. My son (he's only 6) does not look forward to shaving.

But yeah, some people don't really take safety into consideration when storing items, especially in a household with children.