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Joined 1 year ago
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Cake day: December 27th, 2024

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  • Be careful. You run many of the same risks as a lotto winner.

    I’ve been spending $5k per year for the past 7 years. I think I might go all crazy and spend $10k this year lol. I’ve already bought like 8 bottles of $3 wine!

    cash management account

    what do you mean by “cash management accounts”. Is that just a checking account split with other banks?

    I’ve wondered about this a lot. We saw recently the mismanagement of Synapse. It’s true that their customers would have been insured by the FDIC if they actually had put their customer’s money in these FDIC-insured bank accounts. But they didn’t.

    These US banks have a history of fraud. If they didn’t actually keep your money spread-out in different accounts, staying under the $250k limit, then you would only be insured up to $250k, right? I’d love to see that theory tested – but I don’t really want to risk it with my own $