How not to go broke when you have millions:
1. Pay off your debts, buy one nice but modest priced home and own it outright.
2. Put the rest in the bank, invest in diversified interest bearing accounts.
3. Keep your yearly spending below what you earn from your investments, which is still in the hundreds of thousands per year, you can still enjoy a nice lifestyle.
You don’t need to be a financial genius to follow these basic steps.
” Put the rest in the bank, invest in diversified interest bearing accounts.”
No one, not even multimillionaires, makes significant income from “interest bearing” accounts in this age of unrestrained borrowing by federal and state governments and artificially dampened interest rates to keep the payments from crashing the world’s economies.