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Around the League 2019-20 Pt3

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Daximus

Daximus

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Mortimer Snerd said:
Those off-shore accounts are still invested. They don't let their money sit. The real estate is in the form of shares in real estate holding companies. They are taking a beating too. The price of real estate itself is also going to take a beating.

Some rich will get richer very soon, but many will lose money. I have a little cash in the bank myself. Not much, really. But I plan on buying stock with it when it looks like we have hit bottom. There was one billionaire in particular who is known for having bought with every penny he could get his hands on after the '29 crash. I can't remember who it was. I'm sure there were plenty who did. All those who had actual money instead of virtual fortunes that were wiped out by the crash.

But - as it stands today, there is an awful lot of money that has disappeared in the last 3 weeks or so. Where do you think our millionaire hockey players have their money?
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If they are smart they have some in the bank, some in investments, some in tax free accounts and some in real estate. If you are diverse enough with your money you can survive something like this. If you had every red penny in stocks you deserve to lose it all.
 
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Mortimer Snerd

Mortimer Snerd

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Daximus said:
If they are smart they have some in the bank, some in investments, some in tax free accounts and some in real estate. If you are diverse enough with your money you can survive something like this. If you had every red penny in stocks you deserve to lose it all.
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:laugh: I don't know any really rich people personally, but from everything I have ever heard, they have almost none in cash - that includes money sitting in a bank.
 
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Daximus

Daximus

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Mortimer Snerd said:
:laugh: I don't know any really rich people personally, but from everything I have ever heard, they have almost none in cash - that includes money sitting in a bank.
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My uncle owns a very successful farm implement dealership as well as a sports vehicle dealership (jet ski, snowmobiles and ATV). Guy is absolutely loaded. He has lost a fair bit of money in the stock market but he said he has money all over the place so he should be good. He always said diversify your money in investments, stock market, physical goods (such as jewelry, vehicles and collectables), wads of cash hidden in paintings, cryptocurrencies and real estate. If there is something he can put money into, he likely has.

When we bought our first house and were looking to flip it he wanted to help with our downpayment in order to cash in a bit on the return. I turned him down as I didn't want to get involved in business with a family member. He's really the only super rich person I know and even he has told me that it's not uncommon for people with his kind of money to keep cash everywhere. He told me when we were drinking one night that he is pretty sure he has around 500k in cash just spread throughout his properties in hidden places. Only people that know where they all are, are his kids and his wife.
 
Daximus

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10Ducky10 said:
Rich people ALWAYS have some cash on hand...for "emergencies."
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Most rich people are pretty well prepared. I think quite a few of them think about when shit will hit the fan moreso than us simple folk can because they have the money to think about it.

If we get to a state where society is in bad shape I think the rich will likely be far better off just from the physical resources they have. Though a crowd of hungry and angry people can typically fix that divide in short order.
 
Mortimer Snerd

Mortimer Snerd

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Daximus said:
My uncle owns a very successful farm implement dealership as well as a sports vehicle dealership (jet ski, snowmobiles and ATV). Guy is absolutely loaded. He has lost a fair bit of money in the stock market but he said he has money all over the place so he should be good. He always said diversify your money in investments, stock market, physical goods (such as jewelry, vehicles and collectables), wads of cash hidden in paintings, cryptocurrencies and real estate. If there is something he can put money into, he likely has.

When we bought our first house and were looking to flip it he wanted to help with our downpayment in order to cash in a bit on the return. I turned him down as I didn't want to get involved in business with a family member. He's really the only super rich person I know and even he has told me that it's not uncommon for people with his kind of money to keep cash everywhere. He told me when we were drinking one night that he is pretty sure he has around 500k in cash just spread throughout his properties in hidden places. Only people that know where they all are, are his kids and his wife.
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I never said anything against diversifying where the money is. But cash is not one of the places it is kept. Paintings are not cash. Neither is real estate or even cryptocurrencies. The prices of all of those things have fallen just like the stock market has.

500k in cash is not much if he is super rich. But it has gone down too, if it is in $C.

I'm not crying for the wealthy. Just pointing out that they have lost a lot already too.
 
Daximus

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Mortimer Snerd said:
I never said anything against diversifying where the money is. But cash is not one of the places it is kept. Paintings are not cash. Neither is real estate or even cryptocurrencies. The prices of all of those things have fallen just like the stock market has.

500k in cash is not much if he is super rich. But it has gone down too, if it is in $C.

I'm not crying for the wealthy. Just pointing out that they have lost a lot already too.
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The thing is they will be fine. Or at worst no better off then the rest of us. I'm not crying for them anymore than I'm crying for anyone.
 
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10Ducky10

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Edmonton Oilers forward Colby Cave had emergency surgery Tuesday at Sunnybrook Hospital in Toronto, where doctors removed a colloid cyst that was causing pressure on his brain.
Cave, who played 11 games for the NHL team this season and spent much of the year on the American Hockey League farm team in Bakersfield, Calif, experienced headaches Monday night and was taken to hospital in Barrie, Ont. He was then transferred to Sunnybrook’s critical care unit with a brain bleed.
He remains in a medically induced coma he was put into prior to the surgery he underwent.
 
GNP

GNP

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Daximus said:
My uncle owns a very successful farm implement dealership as well as a sports vehicle dealership (jet ski, snowmobiles and ATV). He always said diversify your money in investments.

I know and even he has told me that it's not uncommon for people with his kind of money to keep cash everywhere. He told me when we were drinking one night that he is pretty sure he has around 500 k in cash just spread throughout his properties in hidden places. Only people that know where they all are, are his kids and his wife.
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_______________________________________________

Very interesting post Dax, and I think your right, for the most part, about a lot of very rich people "having cash hidden" for emergencies. I've known some very wealthy people, but I know some of them, didn't really keep cash around -- mostly went to RRSP's, real estate investments, stocks etc. A lot had their money "locked in" Those in cash businesses are the ones that like to hide money, and put it away.

With that being said -- I would bet "many" have cash hidden away in various places for emergencies. Be interesting to know how many people do this --I'll bet the number is "quite large" on a percentage level, especially those in "cash businesses." ( restaurants etc)

You have to wonder though ?? -- most of these guys that hide away money -"do not tell anyone", so I do wonder what happens if they die accidentally ( car accident) or whatever -- how much secret hidden cash is still hidden "somewhere' without anyone knowing about it ?? I do wonder ?? :huh: I'll bet it's quite a lot, hidden away in heating ducts, or in basements somewhere.
 
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AlphaLackey

AlphaLackey

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10Ducky10 said:
Edmonton Oilers forward Colby Cave had emergency surgery Tuesday at Sunnybrook Hospital in Toronto, where doctors removed a colloid cyst that was causing pressure on his brain.
Cave, who played 11 games for the NHL team this season and spent much of the year on the American Hockey League farm team in Bakersfield, Calif, experienced headaches Monday night and was taken to hospital in Barrie, Ont. He was then transferred to Sunnybrook’s critical care unit with a brain bleed.
He remains in a medically induced coma he was put into prior to the surgery he underwent.
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RIP Colby Cave. Something to think about for perspective as we bemoan our "horrible fate" of netflix and daydrunk and EI for the foreseeable future.
 
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PhilJets

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ps241

ps241

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sipowicz said:
Yes, it’s just too bad he has developed the habit of taking nights off during the season now!
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I would like to see Mark grow the defensive side of his game but I am also trying to avoid falling into the trap of me expecting perfection. Mark is elite at what he does well and also has the burden of facing the other teams best players most nights. Those are the kind of guys that can embarrass you at the best of times.
 
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puck stoppa

puck stoppa

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ps241 said:
I would like to see Mark grow the defensive side of his game but I am also trying to avoid falling into the trap of me expecting perfection. Mark is elite at what he does well and also has the burden of facing the other teams best players most nights. Those are the kind of guys that can embarrass you at the best of times.
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No doubt. But what I can’t stand, for a guy at the highest level, he constantly over back checks and stares at the puck in his zone while his guy gets open regularly. Those things to me just seem like easy things a coach could fix. I don’t get it sometimes.
 
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