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What Do You Do With Large Amounts Of Money? (lemm.ee)

submitted 1 year ago by Rocky60@lemm.ee to c/asklemmy@lemmy.ml

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Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?

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[–] JoeClu@lemmy.world 2 points 1 year ago* (last edited 1 year ago)

A lot of wealthy individuals "park" their money in things like real estate and art. For the art, they safely pack it away in warehouses. There's a whole industry that'll do it for you. A lot of them dont even see the art. It's just a wealth parking vehicle.

Another avenue is starting one or more non-profits and philanthropy organizations for the money.

And another is a living trust, to avoid probate when you die, to maximize the inheritance for your surviving beneficiaries.