Chris Rowe

Another Reason to Trade Options

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Your individual account is insured up to $100,000, your spouse's individual account is insured up to $100,000 and your joint account is insured up to $200,000 in total because each individual named on the joint account is insured up to $100,000 in this account category.

Then you have certain retirement accounts such as the popular Individual Retirement Account (IRA). This category is separately insured by the FDIC up to $250,000. So the insurance is starting to add up.

(So far it's as much as $850,000 per married couple and $450,000 for a single person, depending on if they have a joint account with someone or not.)

ADDED BENEFITS

Revocable and irrevocable trust accounts are two more separate categories. The FDIC insures $100,000 in deposits per beneficiary!

So if you have a person (or people) in mind whom you wouldn't mind adding as beneficiaries of your trust, you will be adding an extra $100,000 in deposit insurance per lucky person.

A beneficiary can be a spouse, child, grandparent, sibling, adopted child, grandchild or stepchild. There are likely other options, so it won't take much creativity to maximize the insured amount with this strategy.

You can consider doing this as either a temporary measure for insurance purposes, or permanently.

Whatever your plan or goal, few things are more important right this minute than making sure you don't end up paying for other peoples' mistakes.

Of course, now is a great time to start trading options, if you haven't already, or to start trading them more. There's no easier way to make up for lost profits, and generate lots of new ones, than to double or triple your money in one, inexpensive trade!

Chris Rowe is the Chief Investment Officer for Tycoon Publishing's The Trend Rider. To learn more about him, click here to read his bio.