Do millionaires use brokerage accounts?
Millionaires do utilize Certificates of Deposit (CDs), though they are usually classified as a component of their "cash and cash equivalents" strategy rather than a primary growth engine. CDs are used because they are low-risk, highly liquid, and provide a stable, predictable return. While a millionaire’s portfolio is typically dominated by equities and other growth-oriented assets, they often hold cash in bank accounts and CDs to ensure immediate access to capital for opportunities or emergencies, maintaining a balanced approach to risk and liquidity.
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