Asklemmy

43945 readers

619 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
[email protected]: a community for finding communities

~Icon~ ~by~ ~@Double_[email protected]~

founded 5 years ago

MODERATORS

[email protected]

178

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

submitted 1 year ago by [email protected] to c/[email protected]

150 comments fedilink hide all child comments

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?

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 3 points 1 year ago

Let's say you have $100,000,000 dropped in your lap. You now never have to worry about needing money ever again, which in our current society means you don't need to worry about a LOT of problems.

So it's natural that most people want to preserve that security, the best way to do that would be to invest the money in a way that it grows equal to, or faster than you will spend it.

You can just get it all in cash and stuff it under your floorboards, but there's a non zero chance that the money will be physically destroyed or stolen from a disaster.

You can stick it in a bank, but you have very little protection for the bulk of that money from the government insurance.

So the smartest thing to do is to spread that money out to investments that will grow that money in a diverse way to protect your newfound security.

Once that is set up, you create a will (or trust) to handle the money when you are dead. Who gets to benefit from your windfall once you're gone?

Then you have complete freedom to live your life how you want to.