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Bowl Leader
Yes, we are very wealthy
Mentor
^^yo PML, didn’t know u be here. Sounds like my interim review has been had.
Depends what you mean by bank account. I don’t keep a million in a checking or savings account, but have millions invested in the market, in assets, in a capita account, etc. I bet this is true for 99% of Partners. I keep anywhere from 100-300k in my bank account depending on the need (tax season especially).
I had saved about a million when I made it. Everything else was after that.
Coach
No.
300k in your bank account? that sounds unnecessary
The real issue is that there’s no withholding. So you need to pay estimated taxes throughout the year and then a big slug at the end of the year. As opposed to a W2 where there’s withholding throughout the year so you don’t pay much, if anything, at the end of the year. That’s why if you’re getting K1s you need cash in the bank. To pay taxes that would have been paid already from your paycheck if you were just an employee somewhere.
Why would you keep a million in cash? More like 300-400 and that’s only because I’m a seed investor so need liquidity. Without the seed investments I’d only keep like 100.
I never leave that much in cash. Should be in some kind of investment - stocks, real estate or whatever. But I do sometimes let up to $300-400k hang out in cash for a couple months between bonus and tax time, and/or dollar-cost average bonus into the market over rest of Q2
Yes. I leave way too much cash in money market accounts.
So what do you put the cash in to maximize returns? CDs? Something else?