Economic Crash - What Would Happen to My Winnings?Prev TopicNext Topic

• Garfield

  United States
  Member #127,017
  April 21, 2012
  7 Posts
  Offline
  May 10, 2013, 5:24 am

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  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

  

  Dump Water Florida
  United States
  Member #380
  June 5, 2002
  3,574 Posts
  Offline
  May 10, 2013, 7:30 am

  ▲▼
  In response to Garfield

  Quote: Originally posted by Garfield on May 10, 2013

  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
• billionaire2bee

  United States
  Member #130,809
  July 25, 2012
  1,636 Posts
  Offline
  May 10, 2013, 8:15 am

  ▲▼
  In response to BobP

  Quote: Originally posted by BobP on May 10, 2013

  
  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

  

  25

  Ringleader

  Michigan
  United States
  Member #81,738
  October 28, 2009
  128,222 Posts
  Offline
  May 10, 2013, 8:25 am

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  Invest in Lead, and lots of it.!

   
• jackpotismine

  

  Kunming
  China
  Member #57,908
  January 23, 2008
  6,117 Posts
  Offline
  May 10, 2013, 8:31 am

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  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.

  I believe in Occam's razor:

  The Simplest Answer is Usually Correct.
• rdgrnr

  

  100

  The Hall Of The Mountain Kings Tennessee
  United States
  Member #73,902
  April 28, 2009
  15,378 Posts
  Offline
  May 10, 2013, 8:57 pm

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  "What Would Happen to My Winnings?"

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

  United States
  Member #128,784
  June 2, 2012
  5,427 Posts
  Offline
  May 10, 2013, 10:30 pm

  ▲▼
  In response to Garfield

  Quote: Originally posted by Garfield on May 10, 2013

  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.
• Garfield

  United States
  Member #127,017
  April 21, 2012
  7 Posts
  Offline
  May 17, 2013, 8:10 pm

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  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!
• thegee

  

  germantown md
  United States
  Member #64,541
  August 31, 2008
  4,219 Posts
  Offline
  May 17, 2013, 8:29 pm

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  investment is the key

  money takes u places

  not just properties but with minerals on it

  global

  Thegee

  hush!!!! money is speaking 
• Teddi

  

  United States
  Member #142,493
  May 13, 2013
  1,394 Posts
  Offline
  May 17, 2013, 10:01 pm

  ▲▼
  In response to Garfield

  Quote: Originally posted by Garfield on May 10, 2013

  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

  

  adelaide sa
  Australia
  Member #37,135
  April 11, 2006
  3,341 Posts
  Offline
  May 18, 2013, 10:33 am

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  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.

  " Still swinging, still missing "
  2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = -1257 ; 2018 = - 1380 =  TOT =  - 6233

  keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223   TOT = -3968

  :