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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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[–] OceanSoap@lemmy.ml 4 points 1 year ago

No, they end up broke because they spend as if they'll never run out of money without putting it into places that continue to make money for them. They level up their house, car, clothes, flight class, whatever, then end up living paycheck to paycheck with no savings and not being able to keep it up forever.

Are there cases of some wealthy person trusting the wrong guy, whom they hand over their $$ to and that person runs off with it? Sure, but that's a far cry from getting advice from a professional and following their advice.