4 ms·
I've had fuck you money for a few years in illiquid form. But this year is the first year I started selling stock and crypto and pushed my checking account int
by TheMagicHorsey 6y ago
I've had fuck you money for a few years in illiquid form. But this year is the first year I started selling stock and crypto and pushed my checking account into seven figures. The psychological impact of that is quite huge.
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.
- greedo 6y agoWhy 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?
- deleted 6y ago[deleted]
- dmoy 6y agoThere 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
- TheMagicHorsey 6y agoI'm about to buy some rental properties.
- big_curses 6y agoIf 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?
- TheMagicHorsey 6y agoI'm about to buy some rental properties. But I have more than that already invested in various things.
- cushychicken 6y agoIt's a magical feeling. :)
- fifilura 6y agoAnother 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...)