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Economic Crash - What Would Happen to My Winnings?

Topic closed. 10 replies. Last post 4 years ago by savagegoose.

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United States
Member #127023
April 21, 2012
7 Posts
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Posted: May 10, 2013, 5:24 am - IP Logged

I've been giving this lots of thought.  I did a brief look around on LP and didn't see any related threads.

My questions:

1.  If I won a major prize, how should I 'crash proof' it?  Can a lottery prize be 'crash proofed'?

2.  If I made no attempt to protect my winnings from a major economic crash then what is the likely scenario?  Everything disappears?

 

In light of the recent, major multistate jackpots. 

I see where Canada recently passed legislation apparently approving confiscation of customer banking assets for the benefit of 'too big to prosecute' banks and their 'officers'(?).  Looks like Canada just jumped down the Cyprus 'rabbit hole' with little fanfare in the local media.  Will America do the same?

Food for thought.

    BobP's avatar - bobp avatar.png
    Dump Water Florida
    United States
    Member #380
    June 5, 2002
    3103 Posts
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    Posted: May 10, 2013, 7:30 am - IP Logged

    I've been giving this lots of thought.  I did a brief look around on LP and didn't see any related threads.

    My questions:

    1.  If I won a major prize, how should I 'crash proof' it?  Can a lottery prize be 'crash proofed'?

    2.  If I made no attempt to protect my winnings from a major economic crash then what is the likely scenario?  Everything disappears?

     

    In light of the recent, major multistate jackpots. 

    I see where Canada recently passed legislation apparently approving confiscation of customer banking assets for the benefit of 'too big to prosecute' banks and their 'officers'(?).  Looks like Canada just jumped down the Cyprus 'rabbit hole' with little fanfare in the local media.  Will America do the same?

    Food for thought.


    The value of your money shrinks as it has been doing so since the first dollar was issued.

    Depending on your age you might remember when a good slice of pizza with real cheese and olive oil was 15 cents, now a slice is $1.75 to $2.50 without the healthy olive oil and the cheese is made of water and fat.  1970 was the last year you could buy a new VW for under two grand, what's a new car go for now?

    Spend your money while it is still worth something.  Buy a reliable car, own a home with enough land you can plant a kitchen garden, fruit or nut trees, that sort of thing.

    Invest some of your winnings in index funds like the S&P 500 and bond funds that have low fees and ride the market instead of betting on it.  Buy stock in companies that are likely to do even better if there are economic problems like McDonalds.

    BobP


      United States
      Member #130815
      July 25, 2012
      1636 Posts
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      Posted: May 10, 2013, 8:15 am - IP Logged


      The value of your money shrinks as it has been doing so since the first dollar was issued.

      Depending on your age you might remember when a good slice of pizza with real cheese and olive oil was 15 cents, now a slice is $1.75 to $2.50 without the healthy olive oil and the cheese is made of water and fat.  1970 was the last year you could buy a new VW for under two grand, what's a new car go for now?

      Spend your money while it is still worth something.  Buy a reliable car, own a home with enough land you can plant a kitchen garden, fruit or nut trees, that sort of thing.

      Invest some of your winnings in index funds like the S&P 500 and bond funds that have low fees and ride the market instead of betting on it.  Buy stock in companies that are likely to do even better if there are economic problems like McDonalds.

      BobP

      I agree...also buy gold silver other precius metals and diamonds...if cash goes under gold will always be a great backup...Warren Buffett has vaults in London with nothing but gold and silver in them.....vaults people....vaults

        sully16's avatar - sharan
        Ringleader
        Michigan
        United States
        Member #81740
        October 28, 2009
        40469 Posts
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        Posted: May 10, 2013, 8:25 am - IP Logged

        Invest in Lead, and lots of it.!

        Did you exchange a walk on part in the war ?

        For a lead role in a cage?

         

                                                    From Pink Floyd's " Wish you were here"

          jackpotismine's avatar - kanji for_peace.jpg
          Kunming
          China
          Member #57910
          January 23, 2008
          3626 Posts
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          Posted: May 10, 2013, 8:31 am - IP Logged

          Keep as little of it in the banks. Remember what happen to Cyprus.Soon it will happen to the U.S.A. Choose cash payment over long term payments. Buy a home with land. Buy gold, silver, platinum. Buy  RIE(ready to eat meals), water.

          Play to win!

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
            United States
            Member #73904
            April 28, 2009
            14903 Posts
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            Posted: May 10, 2013, 8:57 pm - IP Logged

            "What Would Happen to My Winnings?"

            They'll be gone as a wild goose in winter.


              United States
              Member #128790
              June 2, 2012
              5431 Posts
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              Posted: May 10, 2013, 10:30 pm - IP Logged

              I've been giving this lots of thought.  I did a brief look around on LP and didn't see any related threads.

              My questions:

              1.  If I won a major prize, how should I 'crash proof' it?  Can a lottery prize be 'crash proofed'?

              2.  If I made no attempt to protect my winnings from a major economic crash then what is the likely scenario?  Everything disappears?

               

              In light of the recent, major multistate jackpots. 

              I see where Canada recently passed legislation apparently approving confiscation of customer banking assets for the benefit of 'too big to prosecute' banks and their 'officers'(?).  Looks like Canada just jumped down the Cyprus 'rabbit hole' with little fanfare in the local media.  Will America do the same?

              Food for thought.

              Three consecutive economic crashes, four years apart, would have a better chance of occuring than the thought of anyone expecting to win a JP in their lifetime.

              The odds set the priorities for me. My worries of how to manage my winning a major JP is as worrisome as a rock from space hitting me on the head. Getting hit on the head with a rock from outerspace is not something I prepare for, unless the rock is 50 miles in diameter. Green laugh


                United States
                Member #127023
                April 21, 2012
                7 Posts
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                Posted: May 17, 2013, 8:10 pm - IP Logged

                Thanks for the informative and interesting responses.  Like most here at LP, I EXPECT to win something at some point.  Just wanting to 'crash proof' a major winning at the first opportunity.  A U.S. Citizen in Canada at the moment; will be home tomorrow!

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                  germantown md
                  United States
                  Member #64543
                  August 31, 2008
                  3771 Posts
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                  Posted: May 17, 2013, 8:29 pm - IP Logged

                  investment is the key

                  money takes u places

                  not just properties but with minerals on it

                  global

                  Thegee

                  hush!!!! money is speaking White Bounce

                    Teddi's avatar - Lottery-008.jpg

                    United States
                    Member #142499
                    May 13, 2013
                    1183 Posts
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                    Posted: May 17, 2013, 10:01 pm - IP Logged

                    I've been giving this lots of thought.  I did a brief look around on LP and didn't see any related threads.

                    My questions:

                    1.  If I won a major prize, how should I 'crash proof' it?  Can a lottery prize be 'crash proofed'?

                    2.  If I made no attempt to protect my winnings from a major economic crash then what is the likely scenario?  Everything disappears?

                     

                    In light of the recent, major multistate jackpots. 

                    I see where Canada recently passed legislation apparently approving confiscation of customer banking assets for the benefit of 'too big to prosecute' banks and their 'officers'(?).  Looks like Canada just jumped down the Cyprus 'rabbit hole' with little fanfare in the local media.  Will America do the same?

                    Food for thought.

                    Great question, Garfield. 

                    My personal view is that once you have any money tied up in anything: stocks, bonds, bank accounts...anything other than having it in your physical possession it cannot be crash-proofed. 

                    If you keep it on hand, like in a safe, then it would be, uhm, safe but you won't make any money from it. If you invest it, you'll make money but it isn't crash proof. So it depends on what's more important to you. 

                     

                    Paypal taught me a lesson of how your money can be confiscated for any ridiculous administrative snafu and will stay tied up until someone manages to fix the problem. So doesn't even have to be a "crash". Anything can happen. I'd spread any large amount over multiple areas. Savings accounts, CD's, Money markets, bonds, stocks, land, diamonds, precious metals, real estate, and have about 5 years worth of rainy day cash hidden somewhere...just in case.

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
                      Member #37136
                      April 11, 2006
                      3300 Posts
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                      Posted: May 18, 2013, 10:33 am - IP Logged

                      my thoughts is what would happen to annuities as theyr emeant to be muni bonds,  if all the states are bankrupts?  wont be much  revenue from them. diversification, differnt properties in as many countries as possible. invest in local  business.  farms,   retail , manufacture in ea country,  get lawyers/ accountants  and councel for ea place.  spend a few months at ea house, make pals with neigbours. rent places out, or allow family to stay in empty places.

                       

                      make ea country a place you could live if all helll broke lose. maybe one will survive the armageddon.

                      2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                      keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297