Q: Is it safe to put large sums of money in my bank account until I decide what to do with it?
Standard bank accounts are not ideal for holding the majority of your money long-term. The federal government insures bank customers for a maximum of $250,000 of their total money held by a bank. This means that if your bank failed and lost your money, you would be entitled to collect only $250,000 of what you lost. This is why it is best to work with a financial manager to secure your money in a way that offers more protection.