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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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[–] MrFunnyMoustache@lemmy.ml 4 points 1 year ago* (last edited 1 year ago)

First, I am not from the US, and I did explicitly mention that it highly depends on the cost of living where you live.

I live in a place with a solid transit system, so I don't own a car. I live in a place with universal healthcare, so I don't need to worry about massive medical expenses later in life.

By investing 2.5 million dollars, using the 4% rule would give me 100k a year which is really high and I would never get anywhere near that.