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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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Kee12's avatar - Lottery-012.jpg
I rep CA
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Posted: September 16, 2013, 11:27 am - IP Logged

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

I Agree!

I'd be a fool to surrender when I know I can be a contender...I C U when U get there - Coolio

    Teddi's avatar - Lottery-008.jpg

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    Posted: September 16, 2013, 11:33 am - IP Logged

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

    I Agree! Totally

      lejardin's avatar - Lottery-014.jpg

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      Posted: September 16, 2013, 11:57 am - IP Logged

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

      I Agree! TOO!

        Teddi's avatar - Lottery-008.jpg

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        Posted: September 16, 2013, 12:19 pm - IP Logged

        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.

        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 seriously unlucky possiblity that made you nauseated, I think the only way to negate it is to try to get the money deposited early in the week, preferably on a Monday. Banks (unless it's an issue like what happened with Allen Stanford's banks) get shut down after work hours on a Friday. So if you can get the lottery money deposited on a Monday, you'd have time to withdraw some and transfer some out to other places. 

        Even if I took home as much cash as Gloria, I can't see myself keeping more than $5 million in any one bank. And even that would probably be too much for me to be comfortable with.

          psykomo's avatar - animal shark.jpg

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          Posted: September 16, 2013, 12:42 pm - IP Logged

          Td:

            PartyGLORIA ^IsD^LOTTERYParty

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

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

                                     Jack-in-the-Box

            Teddi's avatar - Lottery-008.jpg

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            Posted: September 17, 2013, 8:29 pm - IP Logged

            Td:

              PartyGLORIA ^IsD^LOTTERYParty

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

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

                                       Jack-in-the-Box

            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.

            I might wake up early and go running.  I might also wake up and win the lottery.

            The odds are about the same.

              veganlife125's avatar - Lottery-061.jpg

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              Posted: September 17, 2013, 8:35 pm - IP Logged

              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.

              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. LOL

              cheersBig Grin

              Don't forget to visit the Lottery Post Gift Shop!

                Teddi's avatar - Lottery-008.jpg

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                Posted: September 17, 2013, 9:28 pm - IP Logged

                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. LOL

                cheersBig Grin

                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 such a beating this time.  Greece hasn't recovered, France is still in trouble, GB is still trying to dig themelves out of the hole, and we're struggling.

                Make no mistake, if there was a repeat of the 1930's, there will be quite a few who won't even feel a pinch. But it won't be the guy who keeps $123M in one account. In times of real financial disaster, insurance means little to nothing. You might get it back, but how long will it take to get?

                  zinniagirl's avatar - flower avatar_0026.jpg
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                  Posted: September 17, 2013, 10:16 pm - IP Logged

                  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.

                    zinniagirl's avatar - flower avatar_0026.jpg
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                    Posted: September 17, 2013, 10:20 pm - IP Logged

                    Sorry, 1985.

                      mikeintexas's avatar - tx avatar-1.gif
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                      Posted: September 18, 2013, 2:21 am - IP Logged

                      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 such a beating this time.  Greece hasn't recovered, France is still in trouble, GB is still trying to dig themelves out of the hole, and we're struggling.

                      Make no mistake, if there was a repeat of the 1930's, there will be quite a few who won't even feel a pinch. But it won't be the guy who keeps $123M in one account. In times of real financial disaster, insurance means little to nothing. You might get it back, but how long will it take to get?

                      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 they might HAVE to be raised again in the next decade, esp. with more and more Baby Boomers reaching retirement age.  What do I know about high finance, though?  I barely can rub two nickels together.

                      I agree w/ you in another post about having some cash on hand, no matter what, say...in a fireproof safe in the crawl space, tell no one except in a letter to be posted after my death.   My own investments would be widely varied and as safe as I could make 'em.  I think my main worry wouldn't be making as much interest/profit as I could on my money, just making sure the bulk of the principal was safe and fairly easy to get to.


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

                        Teddi's avatar - Lottery-008.jpg

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                        Posted: September 18, 2013, 9:36 am - IP Logged

                        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 they might HAVE to be raised again in the next decade, esp. with more and more Baby Boomers reaching retirement age.  What do I know about high finance, though?  I barely can rub two nickels together.

                        I agree w/ you in another post about having some cash on hand, no matter what, say...in a fireproof safe in the crawl space, tell no one except in a letter to be posted after my death.   My own investments would be widely varied and as safe as I could make 'em.  I think my main worry wouldn't be making as much interest/profit as I could on my money, just making sure the bulk of the principal was safe and fairly easy to get to.

                        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 is in many countries and see how many of those sentiments increase. Unless we hit an era of unprecedented prosperity, taxes will be increased. No two ways around it. 

                        So my very simple formula is this: Invest some, bank some, hide some.

                          dk1421's avatar - Lottery-024.jpg
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                          Posted: September 18, 2013, 10:23 pm - IP Logged

                          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.

                          "Don't be a schmuck, always take the cash." -Coin Toss

                            haymaker's avatar - Lottery-012.jpg
                            Egg Harbor twp.south Jersey shore
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                            Posted: September 18, 2013, 10:38 pm - IP Logged

                            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 !

                            Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                              mikeintexas's avatar - tx avatar-1.gif
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                              Posted: September 18, 2013, 10:50 pm - IP Logged

                              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.

                              The operative word is "some".


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