Re:Poll: How much money do you have in your bank account?
by antonius on Thursday March 13, 2014 @01:43PM
(#7393363)
Depends on how you handle your finances and carry risk. If you keep 100% of your short-term assets in a bank and it goes under, under Canadian banking rules (where I'm from), only $100,000 is covered by the government. Same goes with investing all your money into a specific stock, if the stock performs poorly, your net worth takes a hit.
[ Parent
| on HN ]
Re:Poll: How much money do you have in your bank account?
by marcomassaro on Thursday March 13, 2014 @01:52PM
(#7393431)
Agreed - so that begs the question: where does somebody who is making 500k or even a million per year keep their money to 1) have it easily accessible for purchasing things and 2) safe?
Re:Poll: How much money do you have in your bank account?
by mikeryan on Thursday March 13, 2014 @02:15PM
(#7393629)
FDIC insurance is generally on a per-bank basis. You could have multiple accounts across banks each up to $250k.
Generally though there's things like Brokerage Accounts etc which offer higher levels of insurance (SIPC) and easy mechanisms to spread monies across several banks and account services (CDARS for CDs and MMAX for money market accounts).
At that point hopefully you have someone managing your money wisely to help navigate these kinds of things.