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If you won the big jackpot...

Topic closed. 62 replies. Last post 7 years ago by Lucky4Life.

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Where will you put your winnings?

A bank [ 11 ]  [13.75%]
In multiple banks [ 22 ]  [27.50%]
An off shore account [ 2 ]  [2.50%]
Stuff it in your mattress [ 5 ]  [6.25%]
Mutual funds [ 3 ]  [3.75%]
Invest in a house [ 1 ]  [1.25%]
Ask for the annual option [ 6 ]  [7.50%]
All of the above [ 17 ]  [21.25%]
Other [ 13 ]  [16.25%]
Total Valid Votes [ 80 ]  
Discarded Votes [ 2 ]  
Lucky4Life's avatar - batman14

United States
Member #85037
January 7, 2010
252 Posts
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Posted: March 30, 2010, 7:13 am - IP Logged

What's a CDAR?

2 million is enough to live off of if you invest it wisely and live a modest lifestyle.

http://www.cdars.com/

    Avatar
    CA
    United States
    Member #84266
    December 26, 2009
    410 Posts
    Offline
    Posted: March 30, 2010, 4:06 pm - IP Logged

    That sounds like a good idea. I was once worried about the FDIC insurance only being $250,000 but with CDARS that won't be a problem.

    What are the chances of the bank losing your millions of dollars though? I think that if you bank with the bigger banks you'll be okay.

      Lucky4Life's avatar - batman14

      United States
      Member #85037
      January 7, 2010
      252 Posts
      Offline
      Posted: March 31, 2010, 9:45 am - IP Logged

      That sounds like a good idea. I was once worried about the FDIC insurance only being $250,000 but with CDARS that won't be a problem.

      What are the chances of the bank losing your millions of dollars though? I think that if you bank with the bigger banks you'll be okay.

      From what I understand, and someone correct me if i'm wrong, the CDARS bank does basically the same thing you would do, it puts your CD money into multiple other banks.  They just do the work for you and keep track of your funds, for a fee.  I'm sure they give you a list of the banks your money is in and you have full access to it.  The CDARS bank does not actually have your money, unless you invest in a CD with their bank as well. 


      Bigger banks do not do CDARS.  Smaller banks do this as a service to make money because obviously they aren't going to be able to loan someone millions of dollars and make a ton of interest like the bigger banks do.