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I can't believe this has not been posted yet. If it has I overlooked it. When you have large sums of money you don't have to open accounts at multiple banks or have multiple types of accounts at different institutions. You simply use an Intrafi Network Deposit account. You have one bank account at your bank that is a member of the Intrafi Network. Any amount over $250,000 is funneled into accounts at other network banks so it is insured by the FDIC. You can have millions covered by FDIC insurance this way and it is very simple to set up and use.
Fidelity Cash Management is like that. Up to 5 million spread among multiple banks, though it appears as one to you. Over 5m, they put it in money market with sipc protection
If one assumed that money tokens aren't really "wealth", nor lose value (to inflation) and taxes, one might wish to convert them into real assets (land, buildings, enterprises, clinics, charities, etc).
Frankly, the typical "dream" of immense wealth is actually a frantic search for amusements and distractions from ennui and boredom.
On the other hand, there may be some folks who realize that prosperity is not money, but the result of prodigious production of surplus usable goods and services, equitably traded and enjoyed.
How could that windfall be used to generate more goods and services?
I'd probably invest it in a fortified dual ring village* providing inexpensive, efficient, frugal and disaster resistant housing for a couple of hundred "Ringers." Any profits could be invested in building more DRVs.
(*DRV : Imagine a line of buildings, 4-5 stories tall, with businesses on the ground floor and apartments above - not unlike 1890 urban cities before the automobile. Wrap the line into a circle. Do it again. Two ring buildings, separated by a ring street, and surrounding a central park. Construct the exterior wall as a sturdy barrier, to mitigate natural disasters. Further inspiration : see Fujian Hakka Tulou)
I believe Treasury Direct's limit is $10 million per security type, term and auction. It wouldn't take you long to roll all that money into T-bills and Notes.
I can't believe this has not been posted yet. If it has I overlooked it. When you have large sums of money you don't have to open accounts at multiple banks or have multiple types of accounts at different institutions. You simply use an Intrafi Network Deposit account. You have one bank account at your bank that is a member of the Intrafi Network. Any amount over $250,000 is funneled into accounts at other network banks so it is insured by the FDIC. You can have millions covered by FDIC insurance this way and it is very simple to set up and use.
Quote:
Originally Posted by Wile E. Coyote
I think not too many people have a need to know that information is why nobody has mentioned it.
LOL! Interesting information, but like what 99% of people won't use this? I'm glad I know this now though, since I'll win the Powerball or Mega Millions at some point.
Quote:
Originally Posted by springfieldva
Anyone else get a Powerball ticket? It's up to 1.2 billion dollars.
Check back on this thread if you win!
I bought 4 tickets. What makes Powerball and Mega Millions so intriguing is that the person who just plays once a year on a $2 ticket could win the entire thing (as opposed to the person who plays the lottery several times a week for many years).
As my dad always said "it's no sin to pay taxes, that means you made money"
That said:
Change all phone numbers
Do not sign the ticket and put it in safe deposit box
Meet with your accountant, your trust attorney and your financial advisor all together and then make any decisions. In most states you have either 3, 6 or 12 months to take the ticket to the lottery office
Have a great time
You're not going to win, but fun to think about it anyway
Anyone else get a Powerball ticket? It's up to 1.2 billion dollars.
Check back on this thread if you win!
Rolled to 1.4 billion now.
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