If I were Filthy Rich
By Beta_Nerdy+86 YOU WON Multi Millions from the Lottery! Are you nervous the money will be taken by the government/bank/brokerage, or through fraud?
I was reading an interesting article about someone who won the Powerball Lottery. After winning, the winner was obsessed with checking their account balances nearly every day.
He was scared to death that someone would gain access to his lottery money and empty the account. In reality, the money is just numbers on a computer screen. It could disappear. Maybe the government will take it. Someone at the bank or brokerage will empty your account. Your lawyer, a financial advisor or a relative. Or computer hackers will access your login and empty your money.
Even money kept in a Swiss Bank Account could be taken. Would you fear this?
Recent responses
+57 @MuttJunior No. How much fun would it be to have that money if you are constantly in fear of it being taken? Could something happen that you lose it all? Yes. But that's extremely rare that it will just be taken from your bank account or brokage firm like that. And unless you give them a reason to do so, the government isn't going to just seize all your money. They will want their share of it for taxes, but that's about it. I'd be more concerned with friends and family thinking that they can ask me for money, thinking that I'll just give it to them because I have plenty. That's much more likely scenario happening.
+45 @sbaggers I'm already afraid of societal collapse and black swan events, but that's why you diversify and invest accordingly. Other than a 1930s version of government stealing all of your gold, no I wouldn't be afraid a fraud as much as I'd be wary of keeping all my eggs in one basket
+24 @gilgobeachslayer No, I’m not a paranoid schizophrenic.
+11 @509RhymeAnimal In all likelihood the money would be spread out in multiple directions with multiple revenue streams. Managing the amount of money incoming, outgoing and in various different investments isn't something I'm interesting in but I also know having the money spread out like that increases the likelihood of fraud and mismanagement. I certainly want to make sure anyone who is managing my money understands there will be a yearly audit of funds by an independent accounting firm and I'd hire an accountant to do a yearly or every other year audit across my portfolio.