Do millionaires have several bank accounts?

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asked Dec 29, 2019 in Other-Finance by njki89h (410 points)
Do millionaires have several bank accounts?

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answered Dec 30, 2019 by Judy (48,120 points)
Since the FDIC only insures up to $250,000.00 per bank account the millionaire might have a few different bank accounts such as checking accounts and savings accounts to insure that money.

The millionaire will also usually have more of their money into money market accounts and other investments which helps increase the value of their money.

By investing more of their money they make more money through stocks and bonds than just having their millions sitting in a savings account or checking account earning very little interest.

If I were a millionaire I would have my money spread out among bank accounts at different banks and would also invest money into stocks, bonds and other investments that increased the value of my money so that I became richer and richer instead of the money just sitting there earning very little if any interest.

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