Re: Bank Failures (Public Service Announcement)
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Probably a stupid question, but then what do guys like Bill Gates do?
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Most wealthy people (not even Bill Gate type wealthy) do not have that kind of money in liquid instruments like cash or money market deposits that need FDIC. They invest in stocks, bonds, commercial real estate, limited partnerships (i.e. hedge funds).
The only people I hear of that need over $100K in cash are usually high stakes poker players who store cash in casino lock boxes. Otherwise, buy stocks/bonds and when you need to purchase a house or something big - sell it.
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