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With more money, more problems? Managing a windfall

Topic closed. 35 replies. Last post 6 years ago by dk1421.

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savagegoose's avatar - ProfilePho
adelaide sa
Australia
Member #37136
April 11, 2006
3300 Posts
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Posted: January 10, 2011, 9:38 pm - IP Logged

tks cloak

nice sum up  of the concerns and plans to maintaining your  wealth after hitting the big one.

even reading your post, shows there are worries ahead for any lotto winning newb.

 

sure banks aint the best plan, but i always work out interest at bank account rates just to see what sort of lifelstyle a  major win could produce with money in the bank.

 

take that 15 mill, at %2 thats $300k a year.

or $5k a week. you gotta think trying to  live on under $5k a week  could be possible , on a  budget.

but i wouldnt go for all in the bank, not by a long shot ,, it just gives perspective on whats possible.

2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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    New Member
    Springfield Tennessee
    United States
    Member #90162
    April 23, 2010
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    Posted: January 10, 2011, 10:53 pm - IP Logged

    Great article! I would keep a lot of things the same,but of course I would make changes.I would have a nice house and a few cars.I would basically be the same me but just more fun hahaha!I'm bookmarking this page for when I win.The financial advisor...James Gibbs....he told that guy from Kentucky to invest 16 of his 27 million and he could make him 85k a month.Sounds like a good friend to make.But truthfully...nobody knows EXACTLY what they would do if they won.

      ameriken's avatar - 33ojew2
      Denver, Co
      United States
      Member #103046
      December 29, 2010
      546 Posts
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      Posted: January 10, 2011, 11:20 pm - IP Logged

      "Financial decisions such as setting up a separate bank account for the money and, in the case of a lottery, how to handle all the attention must be made quickly. Work, for at least a day or two, may need to wait."

      The above quote from the article...I literally stopped and lol'd out loud at that sentence in bold.

      Work may need to wait a day or two? Win a hundred million and work may have to wait a day or two? I figured my first phone call to work would be "buh-bye".

        visiondude's avatar - eye3logo
        light on my feet
        United States
        Member #356
        May 20, 2002
        2744 Posts
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        Posted: January 10, 2011, 11:30 pm - IP Logged

        there is no way an event like this would change my life's perspective.

        i would perform the cursory / necessary exercises one has to that intially protects oneself legally,  but after that,  the last thing i will ever do is live in fear of anyone or anything.

        since i don't place my worth in "things",  why would i expend the rest of my remaining days worried about people attempting to extract it from me? 

        if there is anything that i do have control over,  it's my current peace and strength, and that would be magnified by being more transparent than i already am.   just when people naturally become more "guarded",  i would purposefully act the opposite.

        fear strips one of the joy aspect of such a blessing,  and fear isn't in my vocabulary now,  nor will i add it then.

        you only have one life - why waste it looking in the rear view mirror the majority of your day ?

                    "i am .........."meant to"       

        P.S.,  that RJoH  is a stand up guy.  thanks,  vision

                 until further notice,  it's  france everyday

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          New Member
          Springfield Tennessee
          United States
          Member #90162
          April 23, 2010
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          Posted: January 11, 2011, 10:05 am - IP Logged

          I hear ya visiondude....my biggest "fear" would be that my kids could possibly become targets of some a**hole that is too lazy to work for a living.When you win a huge sum like the folks recently,you even have to take out enormous amounts of insurance because there are scammers that will provoke you to do or say things and then sue you for it.People always say,"Don't let the money change you man!" Of course I'm gonna change,otherwise,why have it?It's HOW you change that matters.As for fear.....you don't have to fear anything...but you do have to be "guarded".Not by bodyguards necessarily...but in your mind.Every scammer around will be coming at you full force to help you "unload" some of that new wealth.You definitly have to surround yourself with people you trust.Oh yeah...and you become a new target for the IRS too.They also want to help you unload your new wealth.Anyways...good luck man....if you win...watch your back.

            rundown99's avatar - cigar

            United States
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            August 14, 2002
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            Posted: January 11, 2011, 11:49 am - IP Logged

            This article is another reason why lottery winners should remain anonymous when winning a jackpot prize.

            Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

            If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

              ressuccess's avatar - Lottery-043.jpg

              United States
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              June 23, 2010
              1325 Posts
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              Posted: January 11, 2011, 3:58 pm - IP Logged

              Congratulations to the winners. I hope the winner in Postfalls, Idaho steps forward before it expires.

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                calhoun, tn
                United States
                Member #102057
                December 13, 2010
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                Posted: January 11, 2011, 5:13 pm - IP Logged

                DIVIDENDS are great and probably positive thing..but I just would follow warren buffet and his style...HE STILL lives in the modest home he purchased in the 60's and drives an older model vehicle..Heres a man that lives WELL within his means..and has BILLIONS

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
                  United States
                  Member #30470
                  January 17, 2006
                  10353 Posts
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                  Posted: January 11, 2011, 6:07 pm - IP Logged

                  There is such  thing as Kidnap & Ransom insurance, probably a real good idea for jackpot winners.

                  I've joked about this before, but it really is time for some lawyers and financial gurus to get together and form a Jackpot Winners Protection Program (a take off on the Witness Protection Program).

                  They woluld represent the winners at the press conference, handle correspondence, etc...all tghe while "insualting" the winners from the inevitalbe hassles, please for money and such.

                  If such a thing existed it would certainly be worth it.

                  Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                  Lep

                  There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                    HaveABall's avatar - rocket

                    United States
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                    March 18, 2009
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                    Posted: January 11, 2011, 8:23 pm - IP Logged

                    Great article! I would keep a lot of things the same,but of course I would make changes.I would have a nice house and a few cars.I would basically be the same me but just more fun hahaha!I'm bookmarking this page for when I win.The financial advisor...James Gibbs....he told that guy from Kentucky to invest 16 of his 27 million and he could make him 85k a month.Sounds like a good friend to make.But truthfully...nobody knows EXACTLY what they would do if they won.

                    $85K a month is a return of .53% a month or 6.36% annually!  That would be wonderful to collect on the FDIC invested portions of the windfall (funds earmarked to pay one enough monthly income, from interest, to cover basic needs and leisure needs in "retirement" mode for proper decades you and yours choose to remain alive for).

                    Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                    Disney

                      HaveABall's avatar - rocket

                      United States
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                      March 18, 2009
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                      Posted: January 11, 2011, 8:31 pm - IP Logged

                      "Financial decisions such as setting up a separate bank account for the money and, in the case of a lottery, how to handle all the attention must be made quickly. Work, for at least a day or two, may need to wait."

                      The above quote from the article...I literally stopped and lol'd out loud at that sentence in bold.

                      Work may need to wait a day or two? Win a hundred million and work may have to wait a day or two? I figured my first phone call to work would be "buh-bye".

                      Might be a poor choice, since after winner submits lottery claim it takes up to 4 weeks to receive the electronic transfer of some or all lottery monies.

                      It really depends on if a person has enough money to float themself and/or family for a month without receiving any more paychecks from their current employer.  I understand a lot if people feel it is acceptable to work a job that produces income spent quickly from hand-to-mouth each pay period ... these folks don't have a 3-6 months "emergency account" to aid them.  Probably that's most people nowadays.

                      Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                      Disney

                        HaveABall's avatar - rocket

                        United States
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                        March 18, 2009
                        1228 Posts
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                        Posted: January 11, 2011, 8:36 pm - IP Logged

                        there is no way an event like this would change my life's perspective.

                        i would perform the cursory / necessary exercises one has to that intially protects oneself legally,  but after that,  the last thing i will ever do is live in fear of anyone or anything.

                        since i don't place my worth in "things",  why would i expend the rest of my remaining days worried about people attempting to extract it from me? 

                        if there is anything that i do have control over,  it's my current peace and strength, and that would be magnified by being more transparent than i already am.   just when people naturally become more "guarded",  i would purposefully act the opposite.

                        fear strips one of the joy aspect of such a blessing,  and fear isn't in my vocabulary now,  nor will i add it then.

                        you only have one life - why waste it looking in the rear view mirror the majority of your day ?

                        Great plan, I think I'll use it by not telling anyone that I have obtained a windfall of money when it occurs soon.  I'll be the anamous giver who isn't traced!  No fear, simply common sense think-before-I-speak or write communications.

                        Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                        Disney

                          savagegoose's avatar - ProfilePho
                          adelaide sa
                          Australia
                          Member #37136
                          April 11, 2006
                          3300 Posts
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                          Posted: January 11, 2011, 10:42 pm - IP Logged

                          im sure a line of credit from  a bank or credit union would become available for the weeks you are without cash.

                          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                            HaveABall's avatar - rocket

                            United States
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                            Posted: January 11, 2011, 11:42 pm - IP Logged

                            im sure a line of credit from  a bank or credit union would become available for the weeks you are without cash.

                            Maybe in the 1990s, yet not this decade. Bed

                            Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                            Disney

                              ttech10's avatar - blobdude
                              Texas
                              United States
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                              June 5, 2010
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                              Posted: January 12, 2011, 9:51 am - IP Logged

                              Haven't read the article as I need to get out the door soon, but wanted to write this real quick (pertaining to the 'more problems' bit.

                               

                              This is the reason I wouldn't mind winning a smaller jackpot over a big one, but don't get me wrong... I'd LOVE winning a huge one a lot more than a small one, but in a way it'd be nicer to win a smaller one. With the current Lotto Texas jackpot it's up to $8.9 million cash value which is about $5.8 million after all taxes. I'm actually hoping I win this one more than the MM or PB, since I can still get a new house, car, pay everything off and still have a good $5+ million left (and since I spend very little to keep myself entertained I don't have to worry about spending through that).