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If I were Filthy Rich
By M0710NM4N
+19 Where to put all that money?

So hopefully this is allowed but I'm really curious as to where to stash all this money. Now I know the odds are I'm not going to win... but my OCD has me looking at a zillion different angles and some seem to not agree with parking millions in bank accounts.

So for starters let me just get some basics info out here:

54 yr old disabled male on SSI

Mother is the only parent alive and she's 97 (and losing her memory)

1 brother whom I don't really even speak too

1 daughter who's 31 and not exactly good with much of any decisions she makes

I have memory retention issues so I have zero knowledge about banks, cds, all the gazillion rates etc etc to infinity. So in essence... consider me an idiot lol.

Now I did a little research a few yrs ago about where to park a ton of money in the event I was ever lucky enough to hit the lottery and what I kept finding talked about a lot was CDARS. Now I don't know how good or bad this is but I found mention that it has a $50 million limit. But I found a group of banks that seem to be the same thing and I assume they spread the money around to all their banks as to keep it all FDIC insured. FDIC is about the only thing I'm slightly knowledgable about where it basically keeps my money safe if the bank takes a crap. This group of banks is called IntraFi Network Deposits.

So basically I thought I could just dump all my money into this place and get back a couple million a yr on interest... maybe I'm wrong?

I have no interest in wanting to get into stocks. Being 54 and a male... I think I'd be lucky to live to 80, 90 or even 100+ yrs old and only figure that because men are given the short end of the stick when it comes to living to a nice ripe old age. Hopefully I'm one of the lucky ones... but even if so... I want my money accessable and it seems like the only way to really make a lot is to park the money long term in cds, bonds etc and I just hate to see my money tied up for years when I'm not exactly a spring chicken. Maybe if I was in my 20's or 30's it wouldn't be much of an issue.

Is it true you would lose money with it sitting in a bank and if so... how exactly do you lose money? If you were in my shoes and going on the information I provided... what options do I have outside of keeping my money in a safe inside my mansion? LoL.

I'm only planning on giving away roughly $100 million which includes the crappy 40% gift tax on everything over $11.7 million that's allowed in a lifetime by our wonderful government of thieves. And with the current amount of the Powerball that should still leave me a total minus federal and state taxes of roughly $247 million (not sure what local would hit me for). After I have a mansion built plus the 6 or so cars on my list I should be left with around $200 million. So where do you put it?

Recent responses

+13 @Brown_Sandals To your question about losing money in a savings acct (or even under your mattress), generally yes it does happen and it is due to inflation. Inflation is a rise in the average cost of goods and services over time. It’s not so much as the money disappears as it is the cost of things around you increases over time. Therefore, the $5 in your savings account may cover a gallon of milk now but 20 years from now, that same $5 may not. If you’re curious enough to read more, here’s a good link https://www.usbank.com/financialiq/invest-your-money/investment-strategies/effects-of-inflation-on-investments.html