So I'm thinking, what would be immediately easy to buy that I might not otherwise. So maybe some kind of special food. Not sure what though off the top of my head. Or just a lot of take-it-out food. Oh wait -- I think I'd get some booze.
I wouldn't quickly buy anything super expensive though because I would not want to deplete to big a chunk, but instead put the money into stuff that pays like an income.
Anonymous E joined in and replied with this 1 year ago, 6 hours later, 8 hours after the original post[^][v]#1,318,287
If you got that $1 million from reddit, I'm pressing X for doubt. The C-suite already squeezed that botfarm, there is no money left. But if you need updoots or kids spelling out 'nigger' in the comments they might still have that. Good thing they shut down the scary conservative subs to keep the advertisers safe!
Anonymous F joined in and replied with this 1 year ago, 22 minutes later, 8 hours after the original post[^][v]#1,318,289
I would put it in my savings account, which delivers 1.4% interest. This would give me 14k a year, or 1,166 a month. This will comfortably cover my bills and my job income would be freely available to be spent on stupid idiot hobbies.
Anonymous G replied with this 1 year ago, 5 minutes later, 10 hours after the original post[^][v]#1,318,298
@previous (H)
I use a combo of Savings and Mutual Funds.
You can find Mutuals with a history of NEVER losing money and with returns of 20 to almost 40%
The ones with NO management fees and no opening fees. Best ones are those where you pay $$ only based on how well the fund continues to do. Fees only on new returns, are the very VERY BEST.
Anonymous H replied with this 1 year ago, 2 minutes later, 10 hours after the original post[^][v]#1,318,300
@previous (G)
Sure, but if you're only working with $1M USD of capital and are trying to ride out the economy purely with savings accounts, like Anon F's plan, it would be wise to split it up to maximize FDIC insurance benefits
Anonymous G replied with this 1 year ago, 14 minutes later, 10 hours after the original post[^][v]#1,318,306
@previous (H)
FDIC per account coverage is $1,250,000
So there would be no need to split the accounts with other banks.
Also keep in mind this was waved when Silicon Valley Bank collapsed a few years ago - All multi million dollar accounts were totally covered by FDIC.
Anonymous H replied with this 1 year ago, 3 minutes later, 10 hours after the original post[^][v]#1,318,307
@previous (G)
Up to $1,250,000 guaranteed coverage per account. You can only reach that if the account has 5 beneficiaries. An account with 1 person is only guaranteed $250,000 of FDIC coverage.
Anonymous G replied with this 1 year ago, 7 minutes later, 10 hours after the original post[^][v]#1,318,311
@previous (H)
I have beneficiaries named that are orgs I support.
One would be crazy to put the full $1 million in a savings account when there are so many super quality Mutuals.
Anonymous G replied with this 1 year ago, 5 minutes later, 11 hours after the original post[^][v]#1,318,318
@previous (F)
FDIC: Federal Deposit Insurance Corporation
US Gov
So in theory only $250,000 is covered if the bank fails. However mega million accounts were covered when Silicon Bank failed.