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Yet having that much cash on hand comes with another problem where to keep it.
Your first thought might be to put the money in a bank.
However, FDIC limits only protect up to $250,000 in cash, and $500,000 for joint accounts.
You dont want to risk that money.
But finance expert Dave Ramsey offered some surprising advice in arecent YouTube video.
Im not worried about the FDIC protection, he said.
I want to deal with a bank with solid financials.
When possible, he tries to put his cash reserves to work for him.
Were seeing as much as 1% extra, and thats a lot of money.
Its still very liquid.
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