Any suggestions?
Not that i have that much money but just out of curiosity, what's the best strategy?
People invest their money in order to make it work for them, at 1% APR interest you could earn $10,000 a year, some managed investment funds pay considerably more.
Some people invest in art, jewelry or junk silver coins (in some cases to dodge the IRS) there is a certain cost in added security measures when you make yourself a fat target for robbery.
When you get your first Million, bear in mind the FDIC insures only up to $250,000 in bank accounts, covering bank failure, etc. so you at least would want to use multiple banks or only have 1/4 in the most safe place, investing the balance,
You can keep cash at home, yes..but if you have a large purchase, it may leave a trail and the IRS has eyes everywhere. I think keeping msybe $100,000 in a safe, yet only using it for small day to day spending is okay..larger purchases, anything over $10,000 must be reported. I think.
I keep mines within a brokerage account (vanguard), Venture Capitalist company in Simi Valley, CA and as well as a year expenses within a local credit union here in Los Angeles CA
Investing.
Home safes are a magnet for crooks. Violent crooks too. A bank is the only secure place.
Do you really want to risk losing it all or your life by a home invader? It should be kept in a bank or brokerage account.
Bank is better. Especially with ludicrous civil forfeiture laws.
Bank would be better, you'd at least get interest. Investing it would be still better though.
Invest it in a diversified portfolio.
