Originally Posted by SoBad
Why put it in a bank, even if you believe in fdic insurance - it will only cover a small portion of your fortune.
FDIC Insurance might cover 100K of your sum. You'd only be making ~3% at the HIGHEST interest rate savings account. More realistically, you'd be making <1% at the current rates.
You'd pretty much LOSE value if you kept it in a savings account. Consider the rule of thumb to be ~3% each year on inflation. The "salary" you pay yourself from the interest would be worth less and less YOY.
You'd need to invest it in the stock market to get higher gains, although the risk is much higher. You could diversify to mitigate risk, but if you're happy with a 5K/month (which is realistically higher than the interest you'd get in a savings account), you could reserve a 10 year or so portion of 5M
10*5*12 = 600K and then invest the rest into the stock market in however you want.
At the volatile period the market is right now, you'd realistically be buying shares at a huge discount. Again, you'd want to diversify, and you'd ideally be relatively young in order to have the reward be worth the risk. Otherwise you could just invest in bonds and/or mutual funds.
There are other simple tricks you can do with your money, but that is the simple skeleton i'd approach with.