Lottery winners advised to be wise with wealth

Comment #6

LOTTOMIKE — Fri, 11 Aug 2006 06:59:57 GMT

some of the things i'd do with 200 million.

first i would have a lot of land and build a huge house.

second i would build a gym and movie theater on the property side by side.i could shoot some hoops and then go watch goodfellas.

third i would build a mcdonalds right there on the property and it would be staffed 24/7 in case i get the munchies.

four there would be a convenience store built there too in case i need a soda or a snack.

Comment #5

Coin Toss — Fri, 11 Aug 2006 03:46:31 GMT

From the OP:

No early retirement

Many lucky people think they can immediately retire, buy fancy houses and drive luxury vehicles. They usually can't, Dilling said.

Some older winners might have enough to retire, but young people may want to keep working or add more straw to the nest.

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Okay, I've always wondered about this. Assuming a winner is an everyday working slob, and assuming they've won enough to let them be very comfortable, if that's the case, isn't t... [ More ]

Comment #4

LckyLary — Thu, 10 Aug 2006 00:38:29 GMT

People who lose what they won may do so because of being either greedy or trusting the wrong people (that can be a LOT of people!) My advice is to immediately come off like Scrooge and remember that if people are really your friends they would accept whatever you gave to help them even if you gave them nothing. Always quote: Where were you when I was poor?

I would be happy if the money I won would be enough to live on comfortably just the interest at around 5%. $1000/wk for life (pre-tax) w... [ More ]

Comment #3

bellyache — Wed, 09 Aug 2006 21:12:08 GMT

Yep, this is a good article. Some nice tips.

Comment #2

golotto — Wed, 09 Aug 2006 18:52:07 GMT

Great article. Goebel's approach sounds like one that actually wants to help protect and carefully build on what they've got. He doesn't seem to be pushing people's portfolios directly towards large percentages of risky investments with promises of high yields. Insured money market sounds nice to me. Mutual funds...maybe, maybe not.

Comment #1

Bradly_60 — Wed, 09 Aug 2006 16:29:45 GMT

This is what I am getting my degree in....financial planning....so if anyone from Lottery Post wins a jackpot...you know where to come....haha

Brad

Lottery winners advised to be wise with wealth

Lottery Post — Wed, 09 Aug 2006 15:57:01 GMT

What begins as a fountain of fortune can quickly become a puddle of pennies.

Lottery winners, like the Plymouth Sargento Cheese plant workers who claim to have won the $208.6 million Powerball prize, must be careful to avoid losing their luck, say local financial advisers.

Winners first should find a good attorney and financial consultant, said Larry Goebel, owner and president of the Goebel Planning Group. Advisers and attorneys can help people determine whether to take the money in incre... [ More ]