Would You Keep $123 Million in one bank account?

Reply #44

mikeintexas — Thu, 19 Sep 2013 02:50:41 GMT

The operative word is some .

Reply #43

haymaker — Thu, 19 Sep 2013 02:38:15 GMT

No, not even in 123 accounts, you need to diversify, big time.

Precious metals, REITS stocks and you name it, when it comes to 123 mils. you best spread it out

Reply #42

dk1421 — Thu, 19 Sep 2013 02:23:47 GMT

I find it interesting how many people are saying keep cash on hand in case the banks close.

After what just happened in Colorado, I don't know how much I'd trust putting it in a safe on my property or burying it in my yard.

Mother Nature might just get her hands on it, one way or the other.

Reply #41

Teddi — Wed, 18 Sep 2013 13:36:07 GMT

The only people more villified than the rich, are the rich who didn't earn it. So for all the little Lord Fauntleroys out there and lottery winners, John Q Public isn't going to bat an eyelash if things get bleak and one way for the country to get money is to gouge those that have much more than the average American.

I've seen enough people on this site alone thinking it's unfair for people to win large jackpots, because 'no one needs that amount of money'. Put unemployment up to 20% as it i... [ More ]

Reply #40

mikeintexas — Wed, 18 Sep 2013 06:21:50 GMT

I haven't kept up with it, but I have a good online friend who married a woman from Cyprus; several months ago they were worried about The Cyprus Experiment (believe it was called) aka deposit cuts which would have taken a big chunk from her retirement that's still over there. There's been such a hue and cry here lately in the States about making the rich pay their fair share that it wouldn't suprise me to see something similar happen here. I also don't see taxes ever going down again and think... [ More ]

Reply #39

zinniagirl — Wed, 18 Sep 2013 02:20:55 GMT

Sorry, 1985.

Reply #38

zinniagirl — Wed, 18 Sep 2013 02:16:57 GMT

Having experience the savings and loan scandal of 86 up close and personal, money would

be all over the place. Took months to get my tiny amount of money! Some never got their money.

Reply #37

Teddi — Wed, 18 Sep 2013 01:28:59 GMT

There were a lot of people who not only survived the depression with little to no impact on their net worth, but others actually thrived. I think anyone who has serious money today needs to follow the strategies of those people and what they did before and during that time. This recent recession was a worlwide crisis and the set up to it was ridiculously easy and short. I don't doubt something will get us there again, worse the next time because many of the world's great financial powers took su... [ More ]

Reply #36

veganlife125 — Wed, 18 Sep 2013 00:35:45 GMT

I believe CDARS allows safe multiple accounts for the same person which should work for any size FDIC banks no? Looking at the banking crisis of 2008 it appears the Federal Reserve is not going to let the largest banks go under ie. citi, jp morgan, goldman sachs ect. Why not combine the two: CDARS a few large commercial banks? Hey, in a deflationary situation like the 1930's we all are in trouble.

cheers

Reply #35

Teddi — Wed, 18 Sep 2013 00:29:10 GMT

Psykomo, I just want to point out that given recent events, if Mayweather can't even control the people who has access to his instagram account and what they do on his behalf, not sure we should assume he knows what he's doing with his money.

Reply #34

psykomo — Mon, 16 Sep 2013 16:42:02 GMT

Td:

GLORIA ^IsD^LOTTERY

DO U have any IDEA of HOW 2 MANAGE that kinda at 84 85 86 ???????????????????????????????????

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!only N america

Reply #33

Teddi — Mon, 16 Sep 2013 16:19:42 GMT

Frankly, I feel that any lottery winner who purposely puts all their money in one account in one bank simply so they don't have to hassle with more than one account deserves whatever they get. Stupidity needs to get weeded out. When a person gets a large sum of money, it is their job to manage it properly. Whether it's managing how it gets spent, given away, invested etc. that's a responsibility that comes with it, it's not all fun, games and fairy dust.

As for the that Murphy's Law seriousl... [ More ]

Reply #32

lejardin — Mon, 16 Sep 2013 15:57:21 GMT

TOO

Reply #31

Teddi — Mon, 16 Sep 2013 15:33:23 GMT

Totally

Reply #30

Kee12 — Mon, 16 Sep 2013 15:27:35 GMT

Reply #29

savagegoose — Mon, 16 Sep 2013 15:20:54 GMT

im not even sure i would keep 123 mill in the same country. never mind a bank.

Reply #28

LottoBoner — Mon, 16 Sep 2013 02:14:32 GMT

You are right. He is no idiot.

He just gets punched in the face for a living.

He should have at least ten bank accounts with 10 million each.

Also some of this ten million should be in minerals/ and or ore. ( might be already in solid gold)

And if you are as wealthy as he is, why not just build a ten ton safe in the middle of your property? Why be hassled with a bank?

I for one might get annoyed at the clerks stammering on how many zeros I wrote down. I already get annoyed when th... [ More ]

Reply #27

LottoMetro — Mon, 16 Sep 2013 01:20:36 GMT

With that kind of money I would just start my own bank

Reply #26

mikeintexas — Mon, 16 Sep 2013 01:00:49 GMT

Well, I'm not for sure how it's done in other states, but I bet Texas wires the money to a single account...all kinds of nightmares thinking about that from the time they hit send on it until you can get to your bank. (esp. if it's the day you claim the JP, and it's a long drive from Austin to the top of Texas where I live, a good 8-10 hr. drive - guess I'd have to have all that sorted out before claiming) That's why it's always advisable to get some (reputable) financial advice before you claim... [ More ]

Reply #25

tkr333 — Mon, 16 Sep 2013 00:22:24 GMT

I wouldnt keep it all in one bank, nor would i keep it all in any banks. I like cash on hand also

Reply #24

Teddi — Sun, 15 Sep 2013 20:28:27 GMT

I always thought to myself, what would I do if I won, transferred the money into one account (intending to split it up later) but then the bank closed before I got to it. I know, morbid, but there you have it.

But now I wonder, what happens if some person intentionally put it all in one bank so they wouldn't have to worry about multiple accounts, that bank closed, everything was lost, how do they pay Uncle Sam their remaining 14.9% owed come tax time. Or would such a loss be a complete write... [ More ]

Reply #23

Teddi — Sun, 15 Sep 2013 20:21:32 GMT

This is total insanity to me. Why would I put $123 Million in one bank knowing that if anything happened I wouldn't even be able to get back $1 Million of that? Banks are still closing every week. If someone won a JP and lost it all via the bank, they can't make it back by doing a couple of boxing matches or endorsements the way Mayweather can. He can afford to take chances like this. Lottery winners cannot.

It would be better to do like that guy in 'Training Day' did and stash large amounts... [ More ]

Reply #22

sully16 — Sun, 15 Sep 2013 13:00:57 GMT

No way, and I would pay close attention to anyone handling my mooola

Reply #21

ThemBonez — Sun, 15 Sep 2013 01:59:56 GMT

I wouldn't keep all my money in one account. That would make me feel really uncomfortable.

Reply #20

luckyshoes — Sun, 15 Sep 2013 01:20:39 GMT

I totally agree

Reply #19

Jill34786 — Sun, 15 Sep 2013 01:08:29 GMT

Many large banks offer private banking services for their clients. I like Northern Trust as they offer a wide variety of services from wealth management, facilitating different trust account and even advising on large purchases. Many of their clients have already done their homework but always welcome an educated opinion.

Reply #18

weshar75 — Sun, 15 Sep 2013 00:33:45 GMT

If I ever get lucky in the lotto my bank has a wealth management team for rich people and I would like to talk to them. Just like most big banks like wells fargo, bank of america, and u.s. bank. So I would not try to lose sleep over my money being in good hands.-weshar75

Reply #17

mikeintexas — Sat, 14 Sep 2013 23:50:13 GMT

No, I wouldn't.

What I find fun to do is figuring out how much money you can make with the difference between what the govt. takes out when you claim your jackpot and what you have left to pay in April. (14.6% on Federal taxes, right at 25 million f/ tonight's PB cash value JP) I looked at some avg. jumbo CD rates and you could make a fairly hefty chunk of change in the time from depositing that amt. and having to write a check for the remainder of your tax bill.

Reply #16

helpmewin — Sat, 14 Sep 2013 23:42:00 GMT

Would You Keep $123 Million in one bank account?

No way

Reply #15

billionaire2bee — Sat, 14 Sep 2013 23:01:09 GMT

He should be more careful...I think he got burned before when he showed all his jewelry on an episode of cribs, and then someone broke into his house and robbed him

Reply #14

psykomo — Sat, 14 Sep 2013 22:46:31 GMT

MGM:

On related news, MONEY is going 2 make a little over $40,000,000 just 4 showing UP 4D boxing bout!!!

GOD ble$$ money

ONLY N AMERICA

Reply #13

maringoman — Sat, 14 Sep 2013 22:22:24 GMT

Would You Keep $123 Million in one bank account?

First of all Win$500Quick that is a great problem to have. I think I would do that because it makes everything stress-free. I am not a believer in liquid money just lying in the bank account so most likely I wouldn't leave it there for too long.

On related news, Money is gonna make a little over $40M just by showing up for the boxing bout tonight. I sure hope he has good people to advice him because gold diggers can smell his money from mil... [ More ]

Reply #12

psykomo — Sat, 14 Sep 2013 21:57:58 GMT

MND:

Thank you 4UR post U HAVE A GREAT QUESTION???????????

Can someone answer Psyko's ???'s please....A real answer...Not bs or calling people dummies.

Psyko has a MOTTO:

TODAY's the DAY

Reply #11

EdG1955 — Sat, 14 Sep 2013 21:25:40 GMT

Six Ways To Insure Excess Deposits:

http://www.bankrate.com/finance/savings/6-ways-to-insure-excess-deposits.aspx

Reply #10

MsNumberDreamer — Sat, 14 Sep 2013 20:57:36 GMT

With you typing like that I really can't follow you. Did you even answer my questions?

Can someone answer my questions please.... A real answer... Not bs or calling people dummies.

Reply #9

Win$500Quick — Sat, 14 Sep 2013 20:52:29 GMT

But Money Mayweather is the one who made it our business when he gave the interview.

Reply #8

Win$500Quick — Sat, 14 Sep 2013 20:48:13 GMT

No! I am just posting what I read.

Reply #7

dallascowboyfan — Sat, 14 Sep 2013 19:38:49 GMT

We all know FDIC only protects you up to $250,000.

You can always buy additional insurance NCUA offer it as well

Reply #6

IPlayWeekly — Sat, 14 Sep 2013 19:37:22 GMT

These are the types of problems I want to have

Reply #5

psykomo — Sat, 14 Sep 2013 19:26:39 GMT

MND:

We all know FDIC only protects you up 2 $250,000 BUT, R

all us pur dummies

going 2 depend on D gov 2 protect us if we have $250,000 ND

bank but, oH ????????????

WHAT BOUT but, DON't forgit BOUT that other..($%))((%$)

$500 Million I got n yo BANK??

$$$$ skew D pur U will PROTECT me!

$$$$$$$$$$$$$$$$$$$$$$$$!

PLEASE HELP Psyko finger dis (1)!

big WON $$$$$$$$$ OUT

Reply #4

RJOh — Sat, 14 Sep 2013 19:05:47 GMT

I've read about banks being part of a CDEC system where one bank handle a multi-cd account system where your actual money is in many CD accounts spread amount several other banks thus getting the protection of the FDIC as if parts of your money were in each of those banks. I'm sure a good financial adviser could explain about such systems used to protect large sums of money.

Reply #3

MsNumberDreamer — Sat, 14 Sep 2013 18:58:49 GMT

We all know FDIC only protects you up to $250,000.

So, should the bank go bankrupt all of your money is just gone and there's nothing you can do? Or is this referring to if someone steals your account information and use your account

Reply #2

psykomo — Sat, 14 Sep 2013 18:46:51 GMT

W5Q:

There is more than $123 million in Floyd Mayweather Jr.'s bank account.

He nods, folds the slip and says, One account, baby.

What else is there to say?

W5Q:

Do you work at this BANK

Reply #1

noise-gate — Sat, 14 Sep 2013 18:40:35 GMT

Perhaps in one Bank- but Mayweather is no idiot. You don't get to accumulate that amount of wealth and not know what could happen should the financial institution fail you.

One bank perhaps- but his money is not sitting around in ONE account, its growing...where you and l have no business knowing about.

These guys are Wealthy as well....but l doubt that have all these eggs in one basket.

Would You Keep $123 Million in one bank account?

Win$500Quick — Sat, 14 Sep 2013 18:31:01 GMT

If you won the lottery would you put it all your money in the bank? I was reading this story about Floyd Money Mayweather Jr. having a $123 million dollars in one bank account. At first I was thinking this is crazy. But after I let it roll around it started making more sense to me. We all know FDIC only protects you up to $250,000. But when you read countless stories about atheletes scammed by their financial advisor or planners. Maybe Floyd decided he could manage one bank account instead of le... [ More ]