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Where to put the money?

Topic closed. 17 replies. Last post 9 years ago by Uncle Jim.

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United States
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August 17, 2007
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Posted: August 17, 2007, 2:46 am - IP Logged

I have a question.  Banks are normally insured to a maximum of $100,000.  Where are you suppose to put hundreds of millions of dollars?

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    Posted: August 17, 2007, 2:56 am - IP Logged

    Isn't it $100,000 per account?

    If you did come into hundreds of milllions of dollars you're going to be dealing with more than banks though.  

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      Big Hitter's avatar - tdspin17 e0.gif
      Constitutional Money Is Real Money
      Brick City
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      Posted: August 17, 2007, 7:20 am - IP Logged

      If you come into that much money, you need to hire an attorney who specializes in trusts or corporations. He/She will know exactly where to put the money (prolly offshore). USA banks insure each account upto $100,000, but with hundreds of millions, special considerations WILL be made. Your bank's senior VP will be happy to accomodate you.

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        Abergavenny City
        United Kingdom
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        Posted: August 17, 2007, 9:18 am - IP Logged

        You should put your dollars in Euros because America is bankrupt.

          OldSchoolPa's avatar - Lottery-057.jpg
          Gurnee, Illinois
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          February 12, 2007
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          Posted: August 18, 2007, 8:06 pm - IP Logged

          I have a question.  Banks are normally insured to a maximum of $100,000.  Where are you suppose to put hundreds of millions of dollars?

          I would feel better about investing it in mutual funds.  The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000.  Sure equity mutual funds fluctuate, but that is exactly how one builds equity at a faster clip than someone who primarily invests in CDs and other fixed rate savings vehicles (note that I did not call CDs and such investments).  If you are properly diversified in your investment strategy, you should be fine and not have to worry about failure. 

          OBTW:  Yes, this is my first post in a long time.  I have just been traveling this great country of ours and yes of course I have bought lottery tickets in states that I hope another traveling trucker will win the jackpot (NY, MI, TX, NC, SC, GA, WV, CA, MD, DC, VA, OK, IA, MN).Wink

          Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

          The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

            justxploring's avatar - villiarna
            Wandering Aimlessly
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            Posted: August 18, 2007, 8:45 pm - IP Logged

            "The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000." 

             

            Not true.  All of the people who keep saying that FDIC insures a maximum of $100,000 are incorrect.  You can have much more money in the same bank and still be covered by FDIC, although FDIC isn't failproof either. IMHO mutual funds are risky and they can be managed poorly.  When I owned some funds, I made as much as 125% in one year and then lost 60% the next year in the same fund. So do the math. 

            Regarding FDIC rules, a person can have an individual account with $100,000 in Bank of Moolah and also $250,000 in Bank of Moolah in an IRA in Bank of Moolah and then add $100,000 per beneficiary (sister, brother, child...) in a POD (point of death) account in Bank of Moolah, which is really just a savings account with an assigned beneficiary.  Usually this account is written as a revocable trust for estate planning purposes.  You can change it whenever you wish (thus, the word revocable)  So if you have an individual account, joint accounts, IRAs and POD accounts for your children and siblings, you can have quite a huge chunk of cash in just one bank or spread it around to different institutions.  BTW, the FDIC has a very informative website with a video on all the various accounts & amounts that are protected.

            I am not going to spend the time talking about investments, but everything depends on how much risk a person is willing to take and how strong his stomach is.  Will you puke when the stock market drops 1,000 points in one week (like this month) or will you shrug your shoulders and say "I'll make it back next month."  Frankly, at my age I like the security of bonds and CDs.  You can get an APY of 6% or more with a jumbo deposit, so why risk it?  Real estate is another good place to invest money if you do it at the right time.  It's sad to say, but there are so many foreclosures now that, if I had the money, I'd probably be negotiating with banks to buy empty houses.

            Good luck!

              four4me's avatar - gate1
              MD
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              Posted: August 18, 2007, 9:05 pm - IP Logged

              You can spread your money around you don't have to put it all in one bank. After a few investments and spending some on all the things you want. You can fill a mattress if you like or buy your own safe and bury it in your basement.

                LuckyLilly's avatar - savy chick.png

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                Posted: August 18, 2007, 9:30 pm - IP Logged

                Sounds like CDARS would be an option for up to $25 mil.  I can't post links again for some reason, but go to www.bankrate.com/brm/news/sav/20030820a1.asp - hope I typed that right.

                  sirbrad's avatar - Lottery-062.jpg
                  PA
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                  Posted: August 18, 2007, 9:52 pm - IP Logged

                  My bank insures up to $5 million it says. I'll worry about it when I get it though. I'll just buy a HUGE vault.

                    Coin Toss's avatar - shape barbed.jpg
                    Zeta Reticuli Star System
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                    Posted: August 19, 2007, 1:58 am - IP Logged

                    OldSchoolPa

                    Since most boards have more guests than members at any given moment I'm sure this:

                    "I would feel better about investing it in mutual funds.  The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000.  Sure equity mutual funds fluctuate, but that is exactly how one builds equity at a faster clip than someone who primarily invests in CDs and other fixed rate savings vehicles (note that I did not call CDs and such investments).  If you are properly diversified in your investment strategy, you should be fine and not have to worry about failure. "

                    followed by this:

                    "I have just been traveling this great country of ours and yes of course I have bought lottery tickets in states that I hope another traveling trucker will win the jackpot (NY, MI, TX, NC, SC, GA, WV, CA, MD, DC, VA, OK, IA, MN)"

                    has some people laughing so hard they can't breathe.

                    Green laugh

                    When I worked in the casinos we had to go to a 401K meeting. The people conducting the meeting asked everyone if they had a 401K, etc...

                    The person at the meeting that was the highest up in the casino (and thus made the most money of anyone in the room) said he had one. When they asked him who it was with he said, "The Illinois state lottery".

                    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                    Lep

                    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
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                      Posted: August 19, 2007, 3:06 am - IP Logged

                      Thanks, Lilly.  This is new to me!   I know many of the banks on the list since some are only a few miles from me, so this is obviously a legitimate way to deposit a lot of money without worrying about passing the $100,000 FDIC limit. 

                      I found a better link to learn about CDARS is:  http://www.cdars.com/

                      Very interesting - if you click on CDARS for individuals, it says you can deposit up to $30 million with FDIC coverage and get one statement.  So now I'm ready for that $40 million jackpot Wed.  Thumbs Up

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                        albacete
                        Spain
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                        August 21, 2007
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                        Posted: August 22, 2007, 7:23 pm - IP Logged

                        Thanks, Lilly.  This is new to me!   I know many of the banks on the list since some are only a few miles from me, so this is obviously a legitimate way to deposit a lot of money without worrying about passing the $100,000 FDIC limit. 

                        I found a better link to learn about CDARS is:  http://www.cdars.com/

                        Very interesting - if you click on CDARS for individuals, it says you can deposit up to $30 million with FDIC coverage and get one statement.  So now I'm ready for that $40 million jackpot Wed.  Thumbs Up

                        i will adive u to buy bonus long time 6,00% a year six million a year to spend 500,000 a month , why are u going to complicate ur life with chrats stocks fund and so on , enjoy and spend, to the friend of wales , if america is bankrupt europe is worse, buy gold and energy resources

                        bye lol 

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
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                          Posted: August 22, 2007, 7:48 pm - IP Logged

                          Hello and welcome to Lottery Post.  Your profile says you are posting from Spain, so I am giving you the benefit of the doubt and assuming you didn't translate my post correctly since you quoted it.  I said absolutely NOTHING about investing in stocks. 

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                            Posted: August 22, 2007, 8:00 pm - IP Logged

                            You should put your dollars in Euros because America is bankrupt.

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                              Posted: August 22, 2007, 8:12 pm - IP Logged

                              I have a question.  Banks are normally insured to a maximum of $100,000.  Where are you suppose to put hundreds of millions of dollars?

                              just remember^^^

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