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    DanPatrick10's Avatar
    DanPatrick10 Posts: 134, Reputation: 5
    Junior Member
    		  
    #1

    Oct 10, 2008, 08:40 PM
    Large Sums of Money: Where Does All that Money Go?
    This may seem like a silly question, but I never really thought about it until now. What do people do who have large sums of money (millionaires and billionaires) in cash? FDIC only insures up to 100 G's. Do they put it in 10 different banks? Surely they don't invest all of it.
    Fastfun1's Avatar
    Fastfun1 Posts: 80, Reputation: 11
    Junior Member
    		  
    #2

    Oct 11, 2008, 01:23 PM

    Don't know, bud. Read the new much? FDIC is up to $250k, and that is per account, i.e. individual, joint, individual w/POD, etc. not per bank. Check out the EDIE tool on FDIC's site for more info on that, chief. Peace...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 11, 2008, 01:39 PM

    Most people with huge amounts of money (is anyone left ;) ), invest their money in various instruments. It could be stocks, bonds, real estate or various other types of investments. Very few leave a lot of cash lying around, whether in paper or bank accounts.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Oct 11, 2008, 01:39 PM

    There are special programs that insure lots more money, but you have to be aware of it, and put your money in the specific banks that use them.
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