A real estate investor who grosses more than $100,000 in monthly rental income explains the kind of account he uses that safeguards his money better than an FDIC-insured account would
Real estate investor Matt "The Lumberjack Landlord" and his family.and start reading now.To better protect his cash, an investor bringing in six figures a month uses a"DIF member bank."
The FDIC is a government agency that provides insurance to banks. In the event that your bank fails — it's rare, butper depositor, per banking institution, per ownership category. That means, if you have $300,000 in savings and your bank goes under, you'd get $250,000 back and lose $50,000., including spreading your deposits across various FDIC-insured banks. You can also put some of your money in a credit union or add a joint owner, which doubles the amount insured.
"The FDIC covers you for the first $250,000, but DIF covers you for anything over that," the real estate investor, who
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