General Chit-Chat Thread: A New Beginning

[Butters]

the guy told him he'd get more interested with them than with a savings account at a bank.

 

[Butters]

but i told my dad he needs to make sure it's guaranteed and if the stocks tank he's not fucked.

 

[Chris]

Doesn't need to be fully guaranteed per se, a bit more volatile rn but as long as it's a normal ass portfolio it shouldn't lose him everything unless it's a crash where we're all fucked anyway

 

[Butters]

last i knew he had 4 different saving accounts with different banks because they could only guaratee 250k

 

[Chris]

Yeah FDIC only protects 250k

 

[Chris]

So you shouldn't ever have more than that with one bank

 

[Butters]

he wants to put it all in one thing so he doesn't have to worry about it but yeah there's nothing that can promise anything.

 

[Chris]

That's just not smart in general

 

[Butters]

like whatever thing he has in edward jones he uses the interest he gets to pay the payment on his RV he bought.

 

[Chris]

Stocks and bonds don't have any guarantees but they aren't crazy risky or anything in a normal portfolio. He can technically just put it in one savings and the 250k that guarantees is more protected than if he put it all in stocks lol

 

[Butters]

which is like 20k a year i think. so once that is paid off he will have an extra 20k in interest each year which for some is a years salary.

 

[Chris]

Maybe the guy just had him put a shit ton in CDs tbh that would net a lot of interest depending on when they were locked in

 

[Chris]

I think it's all protected up to the 250k too

 

[Butters]

idk what they did but the guy kept calling him daily for like a month trying to get him to put more money in

 

[Butters]

luckily my mom stopped him and only let him do a small amount just in case it sucked.