Where do Millionares/Billionares keep their moola so that its safe?

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cucaloco said:
WindJC, I agree with your analysis. Everything will get worse, until unemployment starts to go down.
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Unemployment is a symptom, not a cause. Unemployment is a lagging indicator of the health of an economy.

People are fixated on jobs. Jobs suck. They should be focused on capital (not credit) and production. An economy that produces and saves is a growing one. An economy that spends and borrows, is circling the drain.
 
I'm not buying in US.

There's no bottom to that one.

Europe, HK tho, I see 60% from peak as a pretty good cushion. If it goes past that level, I think there'll be rather more to worry about than collecting rents...
 
Buying apartment complexes with strong financials is safe, profitable and gives you lots of write offs. It's never as problem free as it should be though.
 
1) Banks are insured to 250k now 500k if its a joint account

2) They just spready it out umong multiple banks

3) They also have investment accounts like fidelity etc.

4) Real estate
 
If you really give a shit about protecting your money, don't for a second depend on the FDIC. Is there anyone here old enough to remember the S&L Crisis? The FSLIC went insolvent.
 
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@ Webferret - there are some great deals to be had in the Baltics these days (don't know if you're looking there....). Riga in particular I find interesting as it's a gateway to Russia PLUS the city has grown so much it is now the size of Amsterdam (maybe even a little bigger....)
 
FDIC is backed by the US government which in the fincial world is considered the safest type of investment, the rate the US government is considered the "risk free rate". If you want the protection of the US government but you have to much money for a savings account it's pretty simple, you buy US treasury notes. Those have the same backing as any FDIC insured account, you will get what the note/account says as long as the US government doesn't default on their debts.

I wouldn't put all my eggs in one basket though even if it is the US government and supposed to be the least risk. Diversifying is the key to safety. Which is a pain if you have tons of money thus why people with tons of money always have money managers unless they make it there own full time job to invest there own money.
 
I don't use it, but I've heard of a program called CDARS that automatically spreads the money among multiple banks to keep it below the 250K FDIC limit. I think that would work for millionaires, but billionaires buy treasury bonds, etc, not just cash.
 
hi guys ... i am new to this forum... well where rich keep the money is quite a nice question...and moreover i have heard that they also somehow pay the least taxes.... i think they circulate their money in so called tax havens where the money is tax free... i am not too sure though
 
Piggy bank (at the dollar store) or assets that don't depreciate much, like gold, paintings, land etc.
 
Read Graham's books on investment, they can give you the original principles on investing and one of his greatest followers is Warren Buffet.

BTW: Best way to protect money is to invest in US government bonds that are auto-corrected to inflation and use 401(k) to postpone taxes till retirement...
 
nobody mentioned swiss accounts and numbered accounts in other tax free heavens like panama and caveman.
 
John__N said:
nobody mentioned swiss accounts and numbered accounts in other tax free heavens like panama and caveman.
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swiss schmiss.

they bent over for the EU. 'Withholding tax' they call it. Don't think they'll provide you any real privacy if any govt agency comes a knocking.

about as fucking private as 'private whois'.


riddar - yeah - had a look. Think it's a little gamey for me at the mo. Those crazy russkies can't be trusted yet.
 
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