|Posted: October 31, 2016, 3:32 pm - IP Logged|
"win the lottery and buy the store you work at? why?"
Because unless he's already fairly old and/or already has a lot set aside he didn't win nearly enough to retire? After taxes he might have netted 700k, and in an investment where his principal is really safe he'd be lucky to earn a modest fraction of a decent income. He needed to invest in something, and he still needs a job.
Personally I plan to use CDARS, ICS, and Jumbo CDs. CDARS stands for Certificate of Deposit Account Registry Service. I can safely invest up to $50 million in about 200 banks.
ICS stands for Insured Cash Sweeps. This will insure your savings and checking accounts. You can go to www.cdars.com and ICS will be at the bottom of the opening page.
Jumbo CDs are available in nonCDARS banks. Double check that for me, thanks. I do not want to possibly lose my investments in a CDARS bank when I already have the FDIC coverage for the CDARS account. ICS may not cover the same bank for both a CDARS account and a Jumbo CD account.
Oh what wonderful problems we will have as a Large jackpot winner. Bring it on!
I've been rich and I've been poor. Believe me, rich is better.
Attributed to Joe E. Lewis and others