Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?
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I feel like that more a reason you specificity aren’t rich and the rest of the people have very different reasons.
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Absolutely this is why. And owning stuff isn’t a job - only workers contribute to society.
Unfortunately, having bourgeoisie rulers and landlords is the central underpinning to capitalism.
What makes you think owning property means you don’t know economics? I’m willing to bet those people also have a lot invested in stocks/bonds/business… feels like your just mad because they have an a you have not.
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So, you’re rich?
I’m not definitely not saying I might probably not be somewhat endowed with money in a non-rich way.
That’s not a no
A self sufficient bunker in New Zealand?
Private wealth management. They take a large cut but it’s worth it for most mega-rich folks. They will manage the money for you and invest it according to your goals. They spread the funds out into various investment classes to lower overall risk and they work full time moving money around to maximize gains. They also have access to tax experts who can advise on how best to minimize taxes.
This sounds like the way to go. Let the professionals deal with it
You don’t have to, but it’s kinda dumb not to. You can cram it all into a wooden chest and bury it in your backyard if you want, but while its down there its slowly losing value.
Instead you can set it up to make more money for you, without you having to do anything. Money, in sufficient quantities, can become self-replicating unless you do dumb shit with it and waste it. You just hire someone who knows how to make that happen, some financial manager of some sort, and they take care of it. You can even set it up so they just budget out an allowance of your own money for you, so you know how much you can spend every month or whatever. If you want.
This way you don’t have to worry about anything, you just know you have such-and-such amount every month to play with, just like most people. It’s just a lot more than most people get.
fund guerrillas?
Doing the opposite of the time Coca-Cola hired anti-union assassins in Columbia
You could fund both!
You pay somebody to deal with it.
Mixture of types depending on your goals. CDs, Bonds, Stocks, etc.
You can just open more accounts also. Having it all in cash probably isn’t the smartest idea.
When you win/exploit/inherit/etc enough capital to live well for multiple lifetimes, it always perpexes me when people fixate on making more.
You won, go enjoy hobbies you can easily fund now, it’s just hoarding at this point. Capital is a means, and it’s kind of pathetic when people warp it into their end goal when it’s no longer the key limiter to their lifestyle.
It’s no different than hoarding newspapers, but at least many of those hoarders often demosntrate the self-awareness and recognition of embarrassment.
Let’s say you have $100,000,000 dropped in your lap. You now never have to worry about needing money ever again, which in our current society means you don’t need to worry about a LOT of problems.
So it’s natural that most people want to preserve that security, the best way to do that would be to invest the money in a way that it grows equal to, or faster than you will spend it.
You can just get it all in cash and stuff it under your floorboards, but there’s a non zero chance that the money will be physically destroyed or stolen from a disaster.
You can stick it in a bank, but you have very little protection for the bulk of that money from the government insurance.
So the smartest thing to do is to spread that money out to investments that will grow that money in a diverse way to protect your newfound security.
Once that is set up, you create a will (or trust) to handle the money when you are dead. Who gets to benefit from your windfall once you’re gone?
Then you have complete freedom to live your life how you want to.
I completely disagree with you.
If you gain sufficient amount of money (we are talking 100M $ here, but it works even for 1M), you have SO MUCH MONEY that it can generate money by itself within a reasonable timeframe AND you can live really really well with it, enjoy your hobbies and free time, all at the same time. And if you don’t know how to do it, let a professional help you, because you can pay for them, too.
For 100 million you are good but for more realistic amounts of money the value of it just goes down with time so it is a good idea to do something with it.
I think the behavior of hoarding is pretty human and there is a broader failure of inequality.
Why the CDs? If I’ve got the cash to go physical with my music, I’d go vinyl.
I think he probably meant laserdiscs
If we’re talking big investments, we’re talking laserdiscs
Child of the 70s-80s. I’d risk it with cassettes and maybe even throw in an 8 track or two.
This! Always smart to diversify.
investment opportunities are endless really. I’d buy real estate & develop it for resale - relatively easy profits there. US FDIC only insures up to 250k per account, but there are other country’s banks out there - the Swiss banking system was a popular choice in the past but I’ve heard that the Cayman Island banking system is good as well. invest in tech - small businesses, as a few tens of millions isnt going to go that far, but 100 mil is good seed capital.
or, shit, just retire on it & pass the remains to your descendants.
You can also gift something like 12 million in your lifetime tax free, so pass on as much as you can, to your family that way, before you die.
If you don’t keep all your money in 1 bank accounts the FDIC insurance will cover it. Iirc it’s either 250k per account, or maybe it was per person, per institution.
Have you ever seen the opening credits to Duck Tales?
That.
Which activity? https://www.dailymotion.com/video/x3azdi0
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This was actually a plot point in a comic strip. Scrooge was the only one who could swim through cash and won whatever the conflict at hand was because the rival of the week couldn’t.
Here is an alternative Piped link(s): https://piped.video/8j294tEgz-E
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.
Can you invest with gold to guarantee it? If so then that.
Gold isn’t guaranteed to outpace inflation. It usually does, but not always. Moreover, over periods of time, it’s a poor investment compared to riskier assets such as stocks. Investing in the gold market (mining, etc) can be a little better, but nothing is guaranteed about gold. It’s not difficult to beat gold as an investment.
https://www.forbes.com/advisor/banking/ways-to-insure-excess-deposits/
Here are some of the most common strategies if you’re over 250k. But at 100M it would be very foolish to not invest (likely hiring a private wealth manager to do so competently).
Foolish if the goal is to hold on to more money than you could ever need in ten lifetimes to pursue the goal of accumulating more from the work of others.
100M before or after taxes ? 🤣
Only 70 million, just keep the money at that point not even worth the time to cash it.
Here in Norway you are legally required to attend a few sessions with financial advisors(a protected title here, so they will actually be qualified), before you are able to recieve your winnings.
The rough thoughts I have had about being in such a situation is to allocate maybe 10%-20% as “fuck you money” to have fun with, and the rest to follow all their advice with
I think in the US, a similar title would be a “fiduciary”. Ie. Someone who is supposed to act in your best interest.
No, it’s more like doctor or engineer where it’s a protected profession that’s criminal to imitate.
That’s good knowledge, maybe people who are doubtful of financial advisors in their country can visit Norway
France does that too. It’s not a legal obligation, just something the local lottery does, presumably to avoid bad publicity of winners going on a tasteless spending rampage.
That’s a really great idea! More places should do that. Maybe then there’d be a lot fewer people losing all their money within years.
In addition to major prize winners, it should also apply to people who have just started earning a massive income. Eg, professional athletes.
FWIW, the NFL does actually have financial literacy classes for players. It’s definitely a start
Pay off my debt, give 10 million to churches and charities of my choice, give a million to my parents and another million to my in-laws, give myself a million, and take the remaining 87 million and start a non-profit that aims to fight climate change and eradicate world hunger.
New roof, solar panels, battery, EV, remodel part of the house, new siding, buy a small house in my neighborhood to function as a guest house, take care of my parents, spend a couple months in Europe.
Oh, you meant the rest of it. Government bonds are always good. You can also use more than one bank to expand the $250k limit (which applies per account type and bank). A trust, for example, is insured separately from your checking account.
Past that, I couldn’t tell you. Your financial advisor would though, just make sure they have a “fiduciary duty” to serve your interests.
100m $ !? Other than buying all things I and my family need, I may invest a in real estate that I could rent, and put the rest in the bank.
