I would think the optimum path for finding a financial advisor would be someone working for a solid financial institution providing that service. That way, the institution too is liable if the person does you a Willie Nelson. (Although note part of Willie’s problem was the IRS said “We don’t care what he did. You earned the money before he took it, so you pay us our taxes regardless.”)
I would think any good financial adviser would say to diversify your investments to ensure that financial issues in any one country has as little impact as possible on your portfolio.
They would of course but that wasn’t the question that was asked. A competent CFP is going to work with you to determine your desired level of risk and invest appropriately which includes diversification. That’s just one prong. The other very important one is tax mitigation. Finally, in the US, it’s healthcare if you are retired or self employed or don’t have healthcare through your employer. I did all of my own investing and taxes until I retired at 56 and I was very good at it. Post retirement it gets very complicated and I handed it off.
From what I’ve read, our Washington State Lottery offers a Big Bank ™ account to winners to put their prize in so that they don’t try to shove $500 million into the local Podunk Credit Union (and Car Wash!) which could be a much riskier place to store their winnings.
If you believe, as that poster does, that the USA is about to come unglued, your Series I bonds will be just some bits in computer that was shut off when the government fell.
The only way to win with hyperinflation is to own nothing denominated in that currency, nor any asset of any description within reach of that government.
I don’t necessarily agree w that poster that a hyperinflationary government collapse is inevitable. But if it occurs, you’ve got my 2 cents’ worth on how to be pre-positioned to survive it.
Everywhere else will be worse off than they are now. At first.
But their first instinct will be to wall off the collapsing United States from the rest of the non-collapsing world. And within that non-collapsing world, somebody is going to do very well out of all the sudden changes.
I’m thinking there may not be a factual answer to that. Like how do you hedge against inflation? Sure there are solutions but investment for the apocalypse might not have solutions other than “Be like Han and shoot first.”
I guess the question is - what did rich people do during Weimar Republic or assorted episodes in Argentina? Presumably the rich came out better, or a new rich class emerged who played the correct strategy…
Shares, of course. They rise with inflation. Remember for instance IG Farben, the makers of Zyklon B of Auschwitz fame? It survived inflation, Hitler’s rise to power, the war, and the currency reform 1948 and was split in 1951 into its six constituent companies (Agfa, BASF, Bayer, Griesheim-Elektron, Hoechst, and Weiler-ter-Meer), then again into three: BASF, Bayer, and Hoechst. They still exist today. Only the directors sentenced at the Nürnberg trials (not all of them, of course: 23 tried, only 13 convicted) had something to complain. Shareholders in West Germany were just fine. In East Germany, well, not so much, but that was another story: politics, not inflation.
To the OP: Just have the gains transfered to your current account. The bank will contact you about what to do next faster than you think. It will involve some fees, of course, perhaps 1% p.a., negotiable downwards where you have the better hand, but it will be lucrative enough. Then, at your leisure, contact a private bank specialised on filthy rich people like you. Stop worrying. That is their job now, not yours.
According to its latest financial statement, my credit union’s total assets are $1.12 billion. With Mega Millions estimated jackpot now sitting at $955 million, one more rollowever and the winner would be worth more than my financial institution.
Depends on the type of gambling - different types of gambling have different reporting and withholding thresholds. My husband and I have never had taxes withheld from casino winnings, not even the time I won $18K on a slot machine. But a $10K lottery win had taxes withheld.
