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Well, avoiding the deeper money management issue and addressing your savings comment, I don't know what sort of depositor's insurance you have up there, or much
by mattmaroon 18y ago
Well, avoiding the deeper money management issue and addressing your savings comment, I don't know what sort of depositor's insurance you have up there, or much about Canadian banks at all (other than that BMO owes me $100) but if it's anything like the US right now, I'd spread it out. I think our FDIC limit now is $250k for individuals, it shouldn't be too hard to find 8 banks. If your banks up there have no government-backed depositor's insurance, I'd take a trip stateside (if that's legal and it extends to foreigners, which again I don't really know).
Putting all of your eggs in one very shaky basket would seem to be a bad plan at this point.
Also, I would float me $200k to help me jump start this Ponzi scheme I have an idea for. I'll give you back $300k in a month.
- dkokelley 18y agoSomething to note, while in the US the FDIC coverage is $250k, that is a temporary limit to help stabilize banking and reassure depositors. Also, for whatever portion you decide to keep in a bank, have the banker talk to you about titling. An account for John Smith is covered up to $250k, but an account for John and Jane Smith is covered up to $500k, and a trust for John and Jane Smith with 3 children is even more. What I would do is put $1 million away and use the remaining $1 million to buy 11 more $90,000 businesses.