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Banks only protect the first $250,000 per social security number. So if you put 100 million in a bank and they go out of business you lose
Hold on, I thought it's $250k per account not person. So I cant have 100 accounts in a single bank of $1m each? Thus, if I have $500m I have to run around 100 banks to deposit $5m each?
How about non-interest bearing accounts?
Saving vs. Checking?
Stocks, Mutual Funds, CDs, Bonds, T Bills, etc. all could lose money!
Or, perhaps just buying gold bars and storing them in the vault would be safer than cash?
I hope they are generous with some who are less fortunate.
America has hundreds of Billionaires, and thousands of Millionaires, if any of those old money folks wish to help the less fortunate it's their responsibility not a loser's who strikes it rich for the 1st time.
Hold on, I thought it's $250k per account not person. So I cant have 100 accounts in a single bank of $1m each? Thus, if I have $500m I have to run around 100 banks to deposit $5m each?
How about non-interest bearing accounts?
Saving vs. Checking?
Stocks, Mutual Funds, CDs, Bonds, T Bills, etc. all could lose money!
Or, perhaps just buying gold bars and storing them in the vault would be safer than cash?
Close, it is per institution not per account. This means if you have a savings and checking account in one bank, the total between the two that is insured is $250k. So spreading $250k in different banks could work, except there probably aren't enough legit institutions to fully insure a half billion dollars.
Quote:
Originally Posted by Mr.Gomar Holnyuk
America has hundreds of Billionaires, and thousands of Millionaires, if any of those old money folks wish to help the less fortunate it's their responsibility not a loser's who strikes it rich for the 1st time.
Woah, relax a bit. The poster didn't say that lottery winners have a duty to be generous. They just expressed the thought that it would be nice if the winner turned out to be someone generous.
Close, it is per institution not per account. This means if you have a savings and checking account in one bank, the total between the two that is insured is $250k. So spreading $250k in different banks could work, except there probably aren't enough legit institutions to fully insure a half billion dollars.
When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network.
This occurs in increments below the standard FDIC insurance maximum ($250,000) so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can receive coverage from many. And, you receive just one regular, consolidated account statement.
Is it a wise investment? No. Do I have a ticket? Yes.
Realistically, if I won, I would contact the lottery, then a tax lawyer and a referral for a wealth manager specializing in high net worth clients.
As for celebrating, a reservation at French Laundry and a bottle of '92 Screaming Eagle.
Then a round the world trip, doubling as a real estate purchase trip (~$15-20M in real estate, targeting cities in countries in the midst of downturn, like Argentina, Italy, Spain, Greece, France).
Meh...
I'll be happy regardless but not enough to change my life, nor quit my job.
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