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What Do You Do With Large Amounts Of Money? (lemm.ee)

submitted 1 year ago by Rocky60@lemm.ee to c/asklemmy@lemmy.ml

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Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?

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[–] Serinus@lemmy.ml 14 points 1 year ago

New roof, solar panels, battery, EV, remodel part of the house, new siding, buy a small house in my neighborhood to function as a guest house, take care of my parents, spend a couple months in Europe.

Oh, you meant the rest of it. Government bonds are always good. You can also use more than one bank to expand the $250k limit (which applies per account type and bank). A trust, for example, is insured separately from your checking account.

Past that, I couldn't tell you. Your financial advisor would though, just make sure they have a "fiduciary duty" to serve your interests.