Quote:
Originally Posted by stomachmonkey
Thought you could open multiple accounts at an institution and be covered. Meaning FDIC covers the account and not the institution.
Even still I'd prob opt for separate institutions.
|
Yes there are ways to do it, it is done by the way the ownership of the account is vested. However if things start to get shakey the FDIC can hold your feet to the fire...and go by the letter of the law..which means YOU LOSE...they have come close to holding peoples feet to the fire back in the 1990's...so don't think it can not happen..
Also when FDIC has to pay off it takes awhile to get your dinero...as in roughly 9 MONTHs
Much better to spread the money out...in different institutions..
Also STAY AWAY FROM BOND MUTUAL FUNDS....If one has the dinero one should always build their own portfolio of Bonds...WhY...With indivdual bonds one can always wait till they mature to get their PRINCIPLE BACK...The value of a Bond fluctuates with the rise or fall of interest rates. If you should buy into a Bond Mutual Fund when INTEREST RATES ARE LOW like they are right now....you are paying a premium for those Bonds which is reflected in the Mutual Fund share price and if interest rates should rise the VALUE OF THOSE BONDS WILL DECREASE..and the Mutual Fund Share price will DECREASE Permanently....because they reset the NET ASSET VALUE OF THEIR BOND PORTFOLIO DAILY...
TOBRA an inheritence is NOT CONSIDERED TO BE INCOME AND TAXED AS SUCH...
Yeah...TRUST NO ONE...trust is to be earned...and that takes time. You will find that MOST FINANCIAL ADVISORS DO NOT KNOW SHYTE...they only know the Party Line of what the company tells them...THEY ARE SALESMEN...
BTW DO NOT TRUST ANYONE INCLUDING WIVES...so do not co mingle funds nor use the money as the basis of income for a car loan...however if you are married and do not have a prenup then she will most likely get HALF...if the relationship should go south.