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Actually, I used to have a client that would keep about 1.5 million dollars in a checking account. He never wrote out checks from there, he would write it off other accounts with about 100-200k in there. If you would try to convince him to put it in bonds or invest in stocks/mutual funds, his answer was, this money is there for emergencies. He was a senior partner in one of Canada's largest law firms. He would tell you that he'd rather get 5% interest than get about 15% and have to give the government $75k of it.
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