Money

[yrneh1938]

peoples money i.s safe up to 85 grand in a bank
but how do rich people protect their money

[-SharonA-]

Several bank accounts!!! It is protected per account.

[KARL]

Rich people do not usually have a lot of money, they own things of value, including property, bonds, shares, etc. - very little of their wealth is in the form of money/cash (in a bank or elsewhere). If they need money beyond what they have "liquid" then they will sell/convert into cash ("liquidate") something of value (holdings).

[Gizmonster]

I often wondered why rich people always had bumps and lumps on their heads ...... and now I know ..... it's from when they sit up in the middle of the night and they bump their head on the ceiling ..... must be 'cos of all that cash stuffed under the mattress :)

[Old_Geezer]

They compensate by paying their solicitors to find them some more tax loopholes to offset any losses.

[Tilly2]

I'd like to be in a position where I had to do that kind of thing. :-)

[jno]

no, they're just playing in it, Gizmo

https://tinyurl.com/y2frpm4z

But cash is nearly extinct anyway.

https://www.theguardian.com/money/2018/feb/19/peak-cash-over-uk-rise-of-debit-cards-unbanked-contactless-payments

[Tilly2]

Contactless is so much cleaner. Who knows where that £50 note has been, or that 1p coin?

[david small]

Periodically I get a thousand pounds in twenties from the bank. They are not very nice at all. I have to wash my hands after counting them. I was told that testing several examples of the notes a high percentage had traces of cocaine on them.

[maggiebee]

I had a wee chat with my financial advisor yesterday about where I should put my money. He suggested a slap up meal at MacDonald's.

[fiction-factory]

The £85000 figure is a bit meaningless really. When has it ever been needed. If a major bank went bust here the banking crash would be worse than in 2008 and the whole economy would be turned upside down and guarantees may be worthless. Anyway the rich can look after themselves- i wouldn't worry about them, henry

[EDDIE51]

In a Swiss Numbered account . ONLY ! the Account holder can look at it ! Not even the Tax man! can see it ! The Swiss authorities will NOT even tell anyone,including the tax man ,if a particualr person has an account or not ! Switzerland is NOT a member of the Internatiomal Monitary Fund because fund members can be ordered to reveal details of account holders !

[ubasses]

Youare a bit out of date Eddie the The Automatic Exchange of Information came into force in Switzerland in 2017.

[jno]

that's a few months out of date, Eddie

https://www.reuters.com/article/us-swiss-secrecy/era-of-bank-secrecy-ends-as-swiss-start-sharing-account-data-idUSKCN1MF13O