Hi there:

college is fine but I am here with a question.

Let's pretend that you won a million dollars. IF you were to put that in the bank, wouldn't you have to put that in several banks? Because the FDIC only insures up to a certain amount. So wouldn't you have to spread it around between a LOT of different banks to be safe?

I'm curious to find out what everybody thinks,

thanks

Gcursor

I wouldn't put it in any bank. I would go with an investment house and invest in dividend-earning stocks that would provide a nice income quarterly. There are many offering 8 - 9% dividend rates right now which is really good return.

Second Expat's suggestion. Putting that much money in a standard savings, checking, or CD account would be a waste. Split it four ways among the top four highest dividend paying stocks on the DOW, re-allocate every every year until retirement, and you'd do very well.

Gccursor you won the lottery! This is the second time you asked about handling a lot of money Comgrats!

Hi there:

college is fine but I am here with a question.

Let's pretend that you won a million dollars. IF you were to put that in the bank, wouldn't you have to put that in several banks? Because the FDIC only insures up to a certain amount. So wouldn't you have to spread it around between a LOT of different banks to be safe?

I'm curious to find out what everybody thinks,

thanks

Gcursor

Hi there:

college is fine but I am here with a question.

Let's pretend that you won a million dollars. IF you were to put that in the bank, wouldn't you have to put that in several banks? Because the FDIC only insures up to a certain amount. So wouldn't you have to spread it around between a LOT of different banks to be safe?

I'm curious to find out what everybody thinks,

thanks

Gcursor

To answer your original question (without speculation), that's exactly what I would do. I believe the FDIC limit is $250K per ACCOUNT (not sure that it means BANK). But, just to be on the safe side, I would probably put only $200K in different banks.

Other suggestions are great. But, it's not a move I would make immediately. If I came into a large amount of money, I'd split it between different banks until I got a long-term plan in place.

I think many pieces of advice given here are great. Please make sure you consult with a financial planner about tax issues and etc.. Make me money is good but avoiding unnecessary taxes is important too.

Now you know Hitoall, if I won the lottery then you'd be one of the first people I would notify (along with the rest of the forum). Who did I tell when I was going to college ? The forum.. Who did I tell when the alien baby happened? The forum.

p.s. do you think you have to know Algebra to be an escort?

Gccursor you won the lottery! This is the second time you asked about handling a lot of money Comgrats!

So what happened to your alien baby? I am willing to be a godfather for the child.

MMMbop (and NO..that was NOT because of the HANSEN song..this was its name) was stolen away from me shortly after it arrived. Two big black SUVs came rolling up to the house and about 6 men in black suits came in and forcibly removed MMMbop from my possession. I keep asking for updates on the poor baby but the government says they have no idea what I'm talking about.

gcursor

Well you can ask the alien father to intervene... Is he like Thor or Green Lantern or Silver Surfer? I would prefer if he looks like Thor but the baby is green so I guess that's not possible. If you need my help taking the baby back let me know. We can take the baby to the land of Oz and ask our Oz to take care of him.

We can take the baby to the land of Oz and ask our Oz to take care of him.

You two might want to deploy nanny-cam monitors, just in case...

Aww poor kid...

I wouldn't put it in any bank. I would go with an investment house and invest in dividend-earning stocks that would provide a nice income quarterly. There are many offering 8 - 9% dividend rates right now which is really good return.

I agree, but it's important to diversify! Many people have chased the highest dividend to ruin, and if the US stock market goes back down you lose a lot of principal! Perhaps look into dividend ETFs, and maybe have one of them be international!

But also keep an emergency fund in a savings account, below the FDIC coverage limit (or better yet, in a credit union--which is even safer, has higher limits, but the insuring agency has a different name) as well!

and NO..that was NOT because of the HANSEN song

Yeah, right.

You can have yer alien brat. But Tay is MINE.

Hands off!

(His wife is of course welcome to join in. )