The FDIC only insures $250k per banking institution. Do you just open a lot of bank and brokerage accounts? Do you not care? Is there something else I’m missing here?
Most wealthy people don’t store money in cash. Their wealth is in investments, which are not FDIC insured.
I suspected so, but still decided to ask anyway
Why don’t you spread across different banks?
I only have enough cash for 3-4 months of living expenses. Everything else is invested in the stock market, mostly index funds. Unless there’s some good reason you probably shouldn’t have 250k in cash.
What’s your net worth? Does having 6 to 12 months not make you feel better? How old are you? On a scale of 1-10, where 1 is all cash everything and 10 is “I liquidated all of my assets to buy bitcoin”, how risky are you?
PM me if you want
If you are married, jointly held accounts are insured up to 500k
Thanks for the addition there
More important: get liability insurance, you’re more likely to get wiped out by a lawsuit and it is amazingly cheap for the peace of mind
Is there a specific kind of liability insurance I should get? Is there a getting sued insurance?
An umbrella policy with your other liability coverage. Auto, home minimums apply and then an umbrella policy for civil suits can be obtained rather inexpensively.
It’s under my mattress. I’m Asian.
Buy US treasury bonds. They’re backed by the full credit of the US government.
It’s bitcoins all the way down
Open GS Bank, Ally Bank, Sychrony, and Barclays savings accounts. Fill up 3 of them with 250k. Then use the remaining one to begin filling up.
I’m not wealthy, but I have a few more dollars than the average person but here’s what I do. I have 3 bank accounts. Part of this was tied to regionalist of banks in the early 90s before you could Zelle money across banks in seconds. The rest of my coin is in illiquid assets. Investments, RE.
I have 60K in my bank account and I’m not sure what to do with it. Should I insure?
It’s already ensured. The FDIC covers $250k