Shannon's BAMM 2.0 Journal

[Shannon]

Shannon, when you become a multi-millionaire or when any of us become one, what would the best place to put your money since obviously banks have a $250,000 insurance policy?

I am not a millionaire yet, and I have not yet needed to answer that question for myself. I will have to ask some of my more financially savvy friends.

I know that when I become wealthy I will be setting up a situation in which my wealth is transferred from generation to generation within my family, and that would be a good answer for you to this question probably. But so far what I know is that the old money families typically use a variety of investments and they use the power of compound interest over a long period of time. For instance, when a child is born, they may receive a $10,000 account from the grandmother which is left to mature over 20 years or 30 years before it is accessible to the child, and it grows by compound interest over that time.

I'll find out more.