How accurately should I store latitude and longitude?

Accuracy versus decimal places at the equator

decimal  degrees    distance
places
-------------------------------  
0        1.0        111 km
1        0.1        11.1 km
2        0.01       1.11 km
3        0.001      111 m
4        0.0001     11.1 m
5        0.00001    1.11 m
6        0.000001   0.111 m
7        0.0000001  1.11 cm
8        0.00000001 1.11 mm

ref : https://en.wikipedia.org/wiki/Decimal_degrees#Precision

+----------------+-------------+
|    Decimals    |  Precision  |
+----------------+-------------+
|    5           |  1m         |
|    4           |  11m        |
|    3           |  111m       |
+----------------+-------------+

If you want 50ft (15m) precision go for 4 digits. So decimal(9,6)