? asked in Business & FinancePersonal Finance · 10 years ago

I have 3000000 dollars and I want to put it in a bank. Should I put it in and somewhat live off the interest?

I am new to this.

12 Answers

Relevance
  • Anonymous
    10 years ago
    Favorite Answer

    that seems more like a decision you make on your own. You probably shouldn't ask people on yahoo answers what to do with the money :\

    • Login to reply the answers
  • 4 years ago

    Don't let cash lie idle in current or savings accounts! Split it into various offshore investment options, some index linked to stock market growth and guaranteeing your cash investment return at the end of the term (typically 2-5 years) which can get u up to a 35-80% return on ur investment period depending how the indices ur linked to perform. Put some into funds - the asian market is excellent at the moment especially India n China. BRICs are a good option (Brazil, Russia, India, China) 76% return in 1 year for me on one. Funds based on property r good. Or as ur talking in dollars, I believe the US property market is slumping - buy into it cheap and remember location, location, location will grow again quickly. Be prepared with any investment to take some losses as well as gains. My net gain for this year across a parcel of investments amounted to 21.7%. Some losers n some winners. Don't forget to keep enough in the current or savings account to deal with day-to-day expenses though.

    • Login to reply the answers
  • 10 years ago

    oh my gosh thats a lot, its not really safe to ask random people what to do with 3 million dollars, you should put it in the bank and live off the interest. i dont think banks will allow you to hold that amount of money though

    • Login to reply the answers
  • 10 years ago

    If you believe it is possible to survive without an additional income, sure. My suggestion would be to precede this by attempting to gain a job, just to ensure that you will have enough money to live, and maybe extra for additional items, and such.

    Best,

    -B

    Source(s): Maybe your idea is not as promising as it seems, try to reconsider before giving it a shot
    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    10 years ago

    You haven't looked at the interest rates on bank accounts lately, have you? If you're going to do that, split the money up among several banks so that it'll be insured (the limit is $250,000 per account).

    • Login to reply the answers
  • rtfm
    Lv 7
    10 years ago

    If you have three million dollars, you can afford to hire a financial advisor. You don't need to be asking advice from a bunch of random strangers on the Internet.

    • Login to reply the answers
  • 10 years ago

    Call Fidelity Investments and open a brokerage account. They have great advisers to help people like you. Beware of any advice from yahoos here.

    • Login to reply the answers
  • Anonymous
    10 years ago

    PUT IT IN THE BANK! You never know when there's going to be a rainy day.

    P.S. Don't be me and go to the mall and spend every last penny you have lol

    Source(s): Common Sense... I guess
    • Login to reply the answers
  • 10 years ago

    Deposit 2 million and live it up with the rest.

    • Login to reply the answers
  • 10 years ago

    My name is ??? and I have 53 Billion and I'm not in debt !!

    • Login to reply the answers
Still have questions? Get your answers by asking now.