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this post was submitted on 25 Jun 2023
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Asklemmy
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1 million in index funds which I will reinvest later.
The post specified cash. How would you purchase $1m in index funds with cash in an hour?
Bring it to my bank, deposit, then purchase online.
Though I'd leave it in my index fund, on average they perform better than actively managed accounts
I think getting to a bank, explaining where 1M in cash came from, getting them to accept the deposit, getting them to count it, then spending it in less than an hour is not feasible.
Because, depositing it in a bank is not enough.
It has to be spent.
So, if you don't spend it then the bank is left without however much disappears... If that makes sense.
And, given that, I don't think investing is a suitable application.
Otherwise, just invest it directly at the bank.
Maybe you don't get inflation-beating interest (ie, if it was your 1M you would be losing money), but after whatever-term you get 1M of clean money to spend.
Easy. Pay yourself 1 million dollars to wash a dish.
I think the only way to spend it all is if you have some shady crypto connection that will give you 800k in bitcoin for it on the spot or something.
Otherwise just go out for the fastest shopping spree you ever did, find an electronics store or whatever expensive retail outlet you can find and spend as much possible.
If counting the money was a problem to overcome intended by OP, they would've mentioned it. For the sake of the post's intent I think it's safe to assume the money is in large bills, which can be counted very quickly by a machine. Add to that that I can just use an ATM at the front of my bank, and things are much more fast and automatic.
Once it's in my account, it's in my account and I can use it right away
Where do you go that accepts 1M in cash without calling the cops? And who manages to count that much money? And who won't call the cops if the money suddenly vanishes?
Depends on if in this hypothetical fantasy situation if buy means initiate or complete the transaction.
I'd read it as the physical cash leaving your hands in a transaction, so I guess you could order something to be delivered in X amount of time.
Probably the best idea in this thread unless you have other more immediate needs like paying off high interest debts.
But is the market open at 10pm?