Best Way To Stash 500k In Banks?

[Dan1]

Thanks for the thoughts. I still haven't done anything with the money and actually need to move it around more to get it below the FDIC amounts. Currently have about 140 in a personal Wells Fargo account, 350 in a business Bank of America account and then 50 in cash in a 401k which also has not been put in any type of investment.

 

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[Phillipbro]

If you don't mind me asking. What type of affiliate offers do you push?

 

[ToniLene]

Park your money in real estate, bonds and stocks. Also consider getting a life insurance policy if you don't already have that.

Read everything by Peter Schiff, if you actually believe that the stock market is a good investment.

 

[Dan1]

Skin, muscle, and other health and beauty offers.

 

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[Dan1]

My income went way down recently though to where I'm barely making shit. Maybe 500/day now. The story of everyone's life in aff marketing...

 

[100k]

Read everything by Peter Schiff, if you actually believe that the stock market is a good investment.

Thanks. And you should read everything by Warren Buffet if you think its a bad investment.

 

[ToniLene]

Thanks. And you should read everything by Warren Buffet if you think its a bad investment.

Warren Buffet is a partisan clown, albeit a rich partisan clown.

 

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[GlobalWealth]

Read everything by Peter Schiff, if you actually believe that the stock market is a good investment.

Schiff is a silver spoon egomaniac that has been proven wrong over and over. His main business is a stock brokerage. He also owns a bank. Be careful the source.

 

[GlobalWealth]

Warren Buffet is a partisan clown, albeit a rich partisan clown.

Definitely agreed on that one. He talks out of both sides of his mouth. He claims being diversified is for the uneducated. Yet he is (thru Berkshire) is very well diversified.

 

[ToniLene]

Schiff is a silver spoon egomaniac that has been proven wrong over and over. His main business is a stock brokerage. He also owns a bank. Be careful the source.

You type blasphemy. Silver spoon egomaniac?! Anything Schiff has, he's worked to accomplish.

When was he proven wrong? What bank does he own? Yes, he co-owns a Precious Metals investment firm, but so what?
His "main business" is financial advising/speaking the truth about crony capitalism and the Federal Reserve.

By the way, research what the Feds did to Peter Schiff's recently deceased father.

 

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[GlobalWealth]

Blasphemy? Sorry, I'm not into hero worship.

I have met Peter a few times and he has a chip on his shoulder the size of a dump truck. FWIW his brother Andrew is a nice guy.

His main business is a stock brokerage firm. He's involved in some other businesses as well like the bank in St Vincent (we actually work with that business).

He used to criticize gold bugs then later started selling gold when he was proven wrong. He has so far been wrong on his inflation prediction since the 08 crash (he did predict the housing bubble).

Sent from my SM-G900FD using Tapatalk

 

[GlobalWealth]

And yes I'm very familiar with Irwin's story and recent passing in prison. He was a hero.

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[BlakeIC]

I know this is a relatively older thread

I just want to mention, DON'T use BoA (Bank of America)

Unbeknownst to the public, their users from what I have seen get screwed over by fraudsters the most (What I am saying is, is BoA is the most targeted out

of the entire Virtual/CC fraud world ANDDDDD the most successful with it)

 

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[eliquid]

I can prob lend a hand to the OP since I also came from the affiliate marketing world myself.

You pushed a lot of what I did in 2007-2010 with rebills. By the mention of skin and muscle, I am almost gar. it. Did you use a flog and farticle too?

Doesn't matter.

I can tell you from an old school affiliate marketer that was there in the beginning, the most successful affiliates I know went on to bigger things. Only a few stayed affiliates and even those that did turned Guru and now have a different biz model altogether.

Most of the successful people I know from affiliate marketing when into:

• Having their own affiliate network
  
• Building their own offers ( rebill or CPS )
• Building an IM agency
• Selling training ( guru style or other )
• Investing into real estate ( commercial and resid. )
• Building out their own traffic source ( no more buying from adwords/fb/mobile networks on PPC or IO basis )
• Selling via e-com with subscription box model or reg e-com.
• A lot of them also just dumped it into the S&P and rode the highs and lows and lived off of that. A few I know when into currency trading.

None of those are easy or safe bets though.

 

[ToniLene]

Blasphemy? Sorry, I'm not into hero worship.

I have met Peter a few times and he has a chip on his shoulder the size of a dump truck. FWIW his brother Andrew is a nice guy.

His main business is a stock brokerage firm. He's involved in some other businesses as well like the bank in St Vincent (we actually work with that business).

He used to criticize gold bugs then later started selling gold when he was proven wrong. He has so far been wrong on his inflation prediction since the 08 crash (he did predict the housing bubble).

Sent from my SM-G900FD using Tapatalk

You sound a bit biased, for whatever reason? Anywhooo, Schiff has been a long term gold advocate and just because some of his warnings have yet to occur, doesn't mean that it can't or won't happen at some point. The Fed manipulates the market just enough to keep the sky from falling in.

http://usawatchdog.com/gold-and-silver-load-the-boat-back-up-the-truck-peter-schiff/

Schiff is a longtime advocate of precious metals and has taken much criticism in this downturn. Schiff answers his critics by saying, “The people who are always making fun of me every time there is a pullback are the ones that never bought gold in the first place. Even though it’s pulled back, it’s still a lot higher than it was when they first started laughing at me for buying gold.”

 

[JustinBoshans]

I enjoyed the book "Money Master the game."

Tony Robbins went out and interviewed the top 50 investors alive today.
Some of the main concepts taught are:
.asset allocation
.re-balancing
.diversification
.dollar cost averaging

And there was also a section about what's called the all weather strategy. This guy puts a certain percentage of his money into different investments and has only lost money 3 years out of I believe it was 30 and even then it was a very minuscule amount that was almost break even. It's not to say this wall always work, but it's done well so far.

Another guy in the book found ways to make investments where if he succeeded he would make 5x his money. He could fail 4/5 of the times and still come out even.

 

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[ThinkDifferent]

Man this is my story only I am a little farther along the process (unfortunately on the losing side). Starting in 2013 I began to have a fair amount of success in IM. I made about 100k rather quickly, then in 2014 I scaled that into about 600k in revenue. So at the end of 2014 I was left with about 300k net sitting in bank accounts. So what did I say to myself "Wow, I have all this money I better start investing it and I also don't really want to push affiliate marketing offers anymore".

I consider myself to be fairly well educated, financially savvy, and good with money, but I had never experienced the hard knocks education of actually having a significant amount of money and how to manage it (these are 2 completely different things than the theory of having a lot of money). Fast forward to today, through various "investments" and ventures with bad internet marketing partners I have lost about 100k of it. Now I am trying to regroup, figure out what the hell is my next step and how to move forward with a good positive attitude.

The best advice that I can offer to anyone that has come into a substantial amount of money is slow down, take your time, and realize that you don't "have to" do anything right now. You have time and the fear of not maximizing gains will ensure losses.

A fool and his money are soon parted. I was definitely a fool. I trusted too much, was in a hurry and my ego and arrogance had severe consequences. But I can also say through these losses I was given a gift, a real world education in business that is invaluable that I have no doubt I will take with me into my next ventures.

And to answer your question, I would diversify your money across multiple accounts well below the FDIC limits. Not that that really matters as the FDIC is toothless and mostly insolvent today if and when banks do become insolvent they probably won't be able to pay the claims anyway.

You can also research the best capitalized banks in the US (these would not include most of your big box banks that are known names). Credit Unions tend to be a great choice as they tend to be better capitalized and not as highly leveraged.

Good luck to you. You seem like a smart thoughtful guy just be careful with your money. You have worked hard for it but realize that this is a gift for your life but can also be a curse or turn into a nightmare. Stay humble

Yeah I agree with you, thats why I wrote in the other thread that I rather invest the first money I made safely which caused a u huge scene having even MJ say that Im looking for mediocrity xD. I still think that its better to play safe with your first couple hundred K because it will hugely effect the quality of your life.

On topic. I agree with Biophase. You can sit on it for awhile while educating yourself on investments possibilities.

What I did was buy an apartment in the center of a popular city that was struck by a huge recession. Its now up around 25% (5 months later). And left around 20k in my bank while enjoying passive income thats higher than my expenses.

Maybe a better way would be to invest it in several things while keeping a part open for future business ventures. If I were you I would continue doing the stuff you did. How long did it take you to make 500k?


Off topic: why are there so many haters on the forum trying to take him down when all he does is ask a legitimate question?...

 

[Dan1]

@ThinkDifferent yeah I know it's like we're in the FastLane Forum but everybody's just PISSED that somebody actually has 500k. Or they can't believe it's possible. Kind of ironic with the topic of this forum.

Still haven't done anything with it.

Making a passive income larger than your expenses off of ONE apartment sounds pretty good.

If you don't mind sharing- How expensive was the apartment? did you buy it in cash?

 

[ThinkDifferent]

@ThinkDifferent yeah I know it's like we're in the FastLane Forum but everybody's just PISSED that somebody actually has 500k. Or they can't believe it's possible. Kind of ironic with the topic of this forum.

Still haven't done anything with it.

Making a passive income larger than your expenses off of ONE apartment sounds pretty good.

If you don't mind sharing- How expensive was the apartment? did you buy it in cash?

Yeah right, I dont get it. I mean I would expect it from regular people but not from entrepreneurial minds.

Yeah in cash. My passive income is only around 2k a month, but I live pretty cheap usually. Ill move to London next year and I calculated that I will still spend only around 1900 a month. Now Im in Ecuador and if I do crazy shit I spend almost nothing... But then again, Im not a materialistic person, I like ideas, knowledge and experiences.

Despite of that I think that I will need more, especially when Ill have a baby (far farrrr in the future hehe). So will go into new ventures in the near future to at least make double, but I have this feeling like I will make 50million, I know it sounds arrogant but I really think its possible.

Good luck with your plans and please update us about your progress.

 

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[hughjasle]

@Dan1 U gonna be at ASW? I know a handful of guys from here are gonna be there. If you wanna meet up pm me. Most of us are diversifying quickly but have the same issues as you with banks etc. and will likey be a large topic this time around.