'You assume all the money noise stops when you finally have it'

Comment #30

brees2012 — Thu, 31 Oct 2019 16:09:11 GMT

Ditto !!!! I agree with you .....

Live with in or below your means just not above ( your means ) !!!!

I know several people who's Rich.

They don't ( live or drive ) those fancy ( mansion or vehicles ) .

They don't stand out

Comment #29

Murgatroyd — Sun, 27 Oct 2019 03:02:17 GMT

That works, as long as you only spend the money you actually have. If you take on large amounts of debt, even the annuity might not save you.

Comment #28

noise-gate — Sat, 19 Oct 2019 22:16:02 GMT

.. but my thinking is this: If you chose annuity, you can afford to screw up big time by blowing through your stash for a few years before coming to your senses. You could think This is not right, l have to ditch these parasites my bad habits. Luckily l still have more than 20 yearly checks coming to me. Where there is a will...

Comment #27

hearsetrax — Sat, 19 Oct 2019 21:47:09 GMT

the battle with temptation never ends and only fools believe it does

Comment #26

noise-gate — Sat, 19 Oct 2019 21:36:50 GMT

...which is why any jackpot winner should Temet Nosce.

If you know you lousy with cash, maxing out your credit cards without much thought, always behind on payments- then you ought to decide before you collect your first cheque whether you want a lump sum payment, or go the annuity route, the latter would suit you if you find it difficult to control your present spending. That's just my opinion and it's open to debate.

Comment #25

GiveFive — Fri, 18 Oct 2019 14:02:34 GMT

I guess to sum up in a nutshell what I was trying to say in my earlier post is this: Most people have absolutely no knowledge of how to handle/manage large sums of money because they've never actually had to do it. I'm not much different than most people in that I'm not a millionaire now, and I've never been one, so I know that I don't have a clue as to how to go about managing a fortune.

It was my investment banker son that first told me about his firms private bank . When he mentioned it t... [ More ]

Comment #24

noise-gate — Fri, 18 Oct 2019 01:15:34 GMT

Insightful stuff there G5- alas when a person wins a JP, that advice sometimes goes in one ear out the other. I am reminded of the late David Edwards attorney telling him to invest, invest, invest. Dave was the one that said he wanted the money to last in the same breath, told he s attorney to get him an advance on he s JP win of $200k or something like that, cause he was heading to Vegas.

The attorney said Dave called a few days later asking for another advance since things were going so wel... [ More ]

Comment #23

GiveFive — Thu, 17 Oct 2019 13:04:12 GMT

One more thing while I'm at it:

More years ago when I was a lot younger than I am today, I hired a seventies-something attorney for help me with some personal business affairs. He used to say to me Pay attention to your business! He repeated it so often that I got tired of hearing him say it.

I must have said something to him about how often he repeated that phrase because he asked me Do you know why I say it so much? It's because people with a lot of money pay attention to their business... [ More ]

Comment #22

GiveFive — Thu, 17 Oct 2019 12:25:00 GMT

What most big winners are going to need is the services of a Private Wealth Manager (That's if you win big enough). The trouble with hiring a Private Wealth Manager is that you have to know that they even exist, which the average guy doesn't. (I know I had never heard of Private Wealth Managers until my son was recently hired by a global investment bank and told me what they are and do.) Private Wealth Managers are employed by Private Banks . A Private Bank is not open to anybody and everybody.... [ More ]

Comment #21

Rushingwind$ — Wed, 16 Oct 2019 20:28:38 GMT

Comment #20

Rushingwind$ — Wed, 16 Oct 2019 20:27:14 GMT

Nice . Thanks for sharing this article.

Comment #19

mikeintexas — Wed, 16 Oct 2019 10:01:37 GMT

I'm inclined to think the balance plays a small role / which could be slightly influenced by the final tax bill

I'm inclined to think having to come up with 130 grand plays more than a small role or more than slightly influences someone's understanding of their final tax bill.

Comment #18

KY Floyd — Wed, 16 Oct 2019 07:01:40 GMT

I've always reckoned those who win smaller jackpots of a million or two often get themselves into trouble by not realizing how much tax is still owed to the IRS.

With most of the taxes taken out upfront I'm inclined to think the balance plays a small role, if any. OTOH, I'm sure that a lot of the problems come from not really understanding how much you have, which could be slightly influenced by the final tax bill. If you take home 630k after all the taxes you have enough to buy a 600k house... [ More ]

Comment #17

Seattlejohn — Wed, 16 Oct 2019 03:04:27 GMT

Aside from this article, I've read that ~ 66% of all lottery winners end up going bankrupt within 5 years. Terrible statistic, but not surprising, given most don't make any plans or consult with experts prior to claiming the money. What would I do? Let's see...

1) Tell no one right away. Put my ticket (unsigned for now; how you sign it is how you must claim it) in my safe for secure keeping until I'm ready.

2) Don't claim the money until I found out if I can shield myself from publicity... [ More ]

Comment #16

mikeintexas — Tue, 15 Oct 2019 07:47:47 GMT

I found a similar article when looking for the amounts and was reminded of Bud Post in the article.

I'll have to go see what rdgrnr allowed, thanks.

Comment #15

noise-gate — Tue, 15 Oct 2019 05:03:12 GMT

What would you do if you suddenly came into a large amount of money?

.... Skip Town - Seychelles Baby

Would you upgrade your home and invest the rest:Upgrade the home? No! Invest- Yes!

A study at Vanderbilt University in the US found that lottery winners who won substantial sums were 50 per cent more likely than winners of small amounts to be bankrupt within five years: I strongly disagree with the study.

Finally: l noticed a classic thong for females on the LP gift shop appare... [ More ]

Comment #14

music* — Tue, 15 Oct 2019 03:54:23 GMT

mikeintexas, Lottery Post had the following article. 6 Lotto winners who lost it all

June 9, 2010

Ridge runner posted on this one.

Comment #13

Stack47 — Tue, 15 Oct 2019 03:41:21 GMT

The only way large jackpot winners could be interview years after they won is if their identities were know. Anonymity is the big topic among U.S. Lottery players but apparently the Sidney Morning Herald was unaware of that. And even more strange is the fact all Australian winners can claim anonymously.

Comment #12

mikeintexas — Tue, 15 Oct 2019 00:43:02 GMT

I can understand going through that amt. of money fairly quickly, esp. if the person(s) had never had a significant amount of cash before.

It's just my opinion, no data to back it up, but I've always reckoned those who win smaller jackpots of a million or two often get themselves into trouble by not realizing how much tax is still owed to the IRS. They win a million and get a check for $760,000 (24% taken off the top by Uncle Sam) and then buy a house, maybe a car, take a vacation and live... [ More ]

Comment #11

Bleudog101 — Mon, 14 Oct 2019 22:29:12 GMT

Did you mean bad choices just as easy....

Comment #10

Rodney Lundy — Mon, 14 Oct 2019 22:04:28 GMT

Self is your own worst enemy you can lose $20 dollars with bad chooses just has easy with $20 million

Comment #9

music* — Mon, 14 Oct 2019 19:13:49 GMT

CDARS for $50,000,000.00 CDARS.com stands for Certificate of Deposit Account Registry Service.

The first $50 million will be covered by the FDIC.

There is also ICS, Insured Cash Sweep to cover another $50,000,000.00 At the same banks that offer CDARS. Also covers the next $50 million.

This is for protection and you can say to beggars, My money is tied up .

There is also the Stock Market and Mutual Funds and real estate.

Comment #8

Murgatroyd — Mon, 14 Oct 2019 19:02:37 GMT

A few more anecdotes, same old 2009 study. This is the one that looked at mid-level winners of between $50,000 and $150,000, not at the big winners.

Comment #7

hearsetrax — Mon, 14 Oct 2019 16:13:01 GMT

curious article, but so long as your mind your Ps Qs and the quarterly bottom line

one shouldn't have to worry

Comment #6

NumberRunner — Mon, 14 Oct 2019 15:52:12 GMT

can't do that by winning the big jackpot or selling a big business and making millions off the sale of it though

Comment #5

NumberRunner — Mon, 14 Oct 2019 15:50:55 GMT

Great article. I would want to be that guy that's well off but everyone around him has no idea he is.

Comment #4

Bleudog101 — Mon, 14 Oct 2019 15:26:51 GMT

Comment #3

jjtheprince14 — Mon, 14 Oct 2019 14:30:56 GMT

A large hitter will fix all my problems

Comment #2

Bleudog101 — Mon, 14 Oct 2019 14:27:13 GMT

Very well written article, Todd.

I remember when Shaquille O'Neal's Dad, who hadn't been in the picture his whole life suddenly appeared when he became an NBA Superstar. Obviously Dad wanted his piece of the pie and commend him for not giving in to him. Hats of to you Peta* for following your instincts and not bowing to your absent Dad.

Of course every situation is different and since I and millions of others have never been in this situation who's to say what another person would do...not... [ More ]

Comment #1

GoogilyMoogily — Mon, 14 Oct 2019 13:34:49 GMT

My 2 cents:

You go from not having enough money problems to having too much money problems.

Lawyer up. Protect your money from leeches. Protect your money from yourself.

'You assume all the money noise stops when you finally have it'

Lottery Post — Mon, 14 Oct 2019 13:19:31 GMT

What would you do if you suddenly came into a large amount of money? Would you upgrade your home and invest the rest, putting just a little aside to build a shelter for orphaned orang-utans, just as you once said you would? Actually, you're far more likely to drive a succession of sports cars into swimming pools a visual representation of the proverbial car crash your life is likely to become as you fritter away your cash bonanza.

A study at Vanderbilt University in the US found that lottery... [ More ]