Why would you have 7 figures in a checking account? In the US, FDIC would only cover $250K of that in case of bank failure. It's a small risk (unless you're using a very small bank), but why take it?
There are quite a few checking accounts or equivalent in the US that subpartition into multiple sweep accounts for >>$1m of FDIC coverage.
Fidelity for example covers you up to $1.25m
Re:The Joy of Fuck-You Money (2018)
by TheMagicHorsey on Thursday March 11, 2021 @04:48PM
(#26429437)
I'm about to buy some rental properties.
Another way of fixing that particular problem would be to move to Sweden. Or most countries in Europe really...
(More difficult to earn 7 figures though...)
Re:The Joy of Fuck-You Money (2018)
by big_curses on Thursday March 11, 2021 @01:54PM
(#26427595)
If you literally mean in a checking account, I'm curious what your reasoning is for keeping seven figures in liquid assets. Aren't you just losing money to inflation?
Re:The Joy of Fuck-You Money (2018)
by TheMagicHorsey on Thursday March 11, 2021 @04:49PM
(#26429444)
I'm about to buy some rental properties. But I have more than that already invested in various things.
Re:The Joy of Fuck-You Money (2018)
by cushychicken on Thursday March 11, 2021 @01:54PM
(#26427600)
It's a magical feeling. :)
Its not just about being able to say fuck you ... I have always done that. There's a peace of mind that comes from knowing that no matter what happens to me, my kids have enough cash just sitting there to eat, get health care, and pay for their education ... until they are old enough to handle things on their own.