It does happen, though it’s a newsworthy event: https://nypost.com/2011/06/30/atm-receipt-showing-astounding...
Re:Robinhood lays off 23% of staff
by arthurcolle on Tuesday August 02, 2022 @08:05PM
(#32325972)
> But it’s not clear where the customer spent his 400 bucks.
Haha, I have an idea. P.S. Dealbreaker.com is great in general for tabloidy high finance news
Scrooge McDuck was a gold bug so he may have kept the gold to swim in just like Peter Schiff
Canonically according to Rosa the money bin is just his “personal memento” cash - the money he earned by hand and remembers every bit of. It’s only a portion of his fortune.
Re:Robinhood lays off 23% of staff
by PheonixPharts on Tuesday August 02, 2022 @07:05PM
(#32325446)
That's a great point, even Scrooge McDuck does not hold cash!
Re:Robinhood lays off 23% of staff
by jasonfarnon on Tuesday August 02, 2022 @07:44PM
(#32325796)
not putting everything in a "saving account" isn't the same as having it tied up in equity. OP was contrasting cash and equity.
When I was young (and poor) I also believed that being rich meant having Scrooge McDuck piles of cash to swim in.
After my first big RSU payout I quickly realized that nobody with more than a few 100k in assets keeps anything close to the majority of them in cash. Savings accounts are for the poor. Anyone, even in the every day millionaire level, keeps most of their wealth in non-cash investments, leaving only enough cash to cover crisis situations. Especially with inflation this high, holding cash is literally throwing money away.
Nobody has a bank account with 8 zeros, except maybe lottery winners that never learned the basics of asset management.