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Reply to "brokerage accounts (for a real dummy)"
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[quote=Anonymous][quote=Anonymous]I'm sorry OP. Those are always hard milestones. A brokerage account isn't insured either. You could move the money there for now, but then I'd move it into CDs or at least a bank account earning around 1%. I think it's insured $250,000 per person. So, you might have to use different banks. I don't trust this market either. [/quote] Not true. Brokers are all members of SIPC, which is FDIC for brokers. Each account holder is insured for 500,000. FDIC only provides 250,000. SIPC insures against fraud and mismanagement by the broker, but not against loss of value of securities. Furthermore, broker can't lend out 10 for every 1 you deposit, the way banks can. I suspect the 250,000 in a money market fund at a broker is safer than 250,000 in a savings account at one of the major banks. Open one or more brokerage accounts, OP, and have the trustee transfer the assets. [/quote]
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