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Would You Keep $123 Million in one bank account?

Topic closed. 44 replies. Last post 3 years ago by mikeintexas.

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United States
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July 25, 2012
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Posted: September 14, 2013, 7:01 pm - IP Logged

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

    helpmewin's avatar - dandy
    u$a
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    Posted: September 14, 2013, 7:42 pm - IP Logged

    Would You Keep $123 Million in one bank account?

    No way No Nod

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
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      Posted: September 14, 2013, 7:50 pm - IP Logged

      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.


      A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
       - George Orwell

        weshar75's avatar - Lottery-042.jpg
        Mcminnville, Oregon
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        Posted: September 14, 2013, 8:33 pm - IP Logged

        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

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          Jill34786's avatar - Lottery-006.jpg
          Windermere, FL/Franklin, TN
          United States
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          March 1, 2007
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          Posted: September 14, 2013, 9:08 pm - IP Logged

          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

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          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.

          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

            luckyshoes's avatar - butterfly neg.jpg
            Pennsylvania
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            Posted: September 14, 2013, 9:20 pm - IP Logged

            These are the types of problems I want to have

            I totally agree !

              ThemBonez's avatar - 16314 s.jpg
              Phoenix, AZ
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              Posted: September 14, 2013, 9:59 pm - IP Logged

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

              "JACKPOT BABY!" ...those elusive words still elude me! LOL

                sully16's avatar - sharan
                Ringleader
                Michigan
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                Posted: September 15, 2013, 9:00 am - IP Logged

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

                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"

                  Teddi's avatar - Lottery-008.jpg

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                  Posted: September 15, 2013, 4:21 pm - IP Logged

                  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 letting a con artist in a suit and tie steal his money. Here is the quote from the article:

                  He looks around to make sure nobody is watching before holding out a slip of paper cupped in his right hand. It is a bank slip, and Floyd is watching me watch it as my eyes attempt to focus on the balance. I look at the numbers spread out across the thermal paper. I had heard that Floyd does his banking the old-fashioned way: going inside, talking to a real-life teller. He is also known to be a big proponent of maximum liquidity. Still, the amount of digits spread across the bottom-right corner doesn’t seem possible.

                  I look up to see Floyd smiling. He begins to laugh. I say something unintelligible about too many numbers. I’m not sure what prompted this. Perhaps he mistook my look of fatigue for disapproval? Given his spending habits, is he concerned with pre-empting the inevitable talk that he will end up broke? Or is it simply one more example of the man’s hubris? I look down one more time to make sure I got it right. And yes, it’s right there, 11 numbers long.

                  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?

                  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 of cash under the floors than to put it all in the bank. As long as you don't tell anyone it's there it'll be safer than doing what Mayweather is doing. 

                  Every time I watch a documentary about the great depression, or hear about those like Allen Stanford who created a bank as a gigantic scam, I think it's a good idea to keep a hefty chunk of cash somewhere no one knows about it. Bank some, invest some and bury/hide some.

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: September 15, 2013, 4:28 pm - IP Logged

                    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.

                    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 off?

                      tkr333's avatar - Lottery-058.jpg

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                      Posted: September 15, 2013, 8:22 pm - IP Logged

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

                        mikeintexas's avatar - tx avatar-1.gif
                        Texas Panhandle
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                        Posted: September 15, 2013, 9:00 pm - IP Logged

                        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 off?

                        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 the JP.  I used to imagine going into the bank after the deposit hit my account and saying "So, you got my $100 million, good....I'd like 400 jumbo CDs f/ $250k each, thanks."....then I read that the Fed. insurance is per DEPOSITOR (at a single bank), not per account.  One more reason to get some financial advice, huh?  I guess you're just going to have to spread out your investments best as you can.

                        Thinking about the situation you described nearly makes me nauseous. (there have been times I've literally lost money that made me sick to my stomach)  I'm fairly sure losses such as that would be tax deductible, but still....  People always talk about the first thing they'd do after winning, but I expect mine would be to get online and read everything I could about claiming your winnings.  I've read "some" articles, but not been really serous about it.  I bet - for me -  that entire night after the drawing would be spent grinning from ear-to-ear, yet frowning w/ worry all at the same time, one eye on the computer screen and the other on the ticket.   I'm sure there'd be plenty of sleepless nights full of both excitement and worry and busy days full of talking to lawyers/investment firms, etc.  until claiming the money.


                        A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                         - George Orwell

                          LottoMetro's avatar - Lottery-024.jpg
                          Happyland
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                          Posted: September 15, 2013, 9:20 pm - IP Logged

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

                          If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                          If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                          2016: -48.28% (13 tickets) ||
                          P&L % = Total Win($)/Total Wager($) - 1


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                            Posted: September 15, 2013, 10:14 pm - IP Logged

                            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.

                            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 the clerk ask me if I meant to play 125 ten times straight.

                            P.S.

                            That safe should be masterlock, not one of those safes that the duck dynasty boys can finagle with either.

                              savagegoose's avatar - ProfilePho
                              adelaide sa
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                              Posted: September 16, 2013, 11:20 am - IP Logged

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

                              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