A series of tips on how to manage your cash flow by using and abusing those nice credit card companies which send you junk mail every week.
Like all savings accounts, I can only withdraw money from it 6 times a month (FDIC Rules),
I'm not sure I would take advice from this guy. This has nothing to do with FDIC. This comes from the Federal Reserve Board's Reg D.
FDIC deals with how much money an individual can have on deposit with a financial institution and still be federally insured.
that's $100k isn't it? or is that for businesses?
100,000.00 is the standard amount. If you have a joint account with your wife, it is insured up to 200,000.00. In a teleconference with the FDIC, the facilitator told us how a married couple could actually have up to 600,000.00 insured at one financial institution. It had to do with how you title your different accounts.
He may have the source of his rules wrong - but if you can actually follow his advice at the end he makes good points. You just shouldn't do this kind of stuff unless you know you can control yourself and take care of things on time.
This advice is not for those who are in debt. The point is to pay off that debt by using your money, not someone elses. And after that it's still not the best advice for finances.
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