Banking Large Winnings

Reply #47

rabbitfoot — Sun, 04 Sep 2005 22:30:55 GMT

Okay Chewie, Goto: www.bankrate.comIn the upper right hand corner is a SEARCH box.Type in the word Lottery.Bingo! About 143 pages of information will appear. Enjoy

Reply #46

Chewie — Sun, 21 Aug 2005 12:46:36 GMT

Based on what you said, I went to bankrate, looking for lottery information. I just going in circles. Could you point me to the area where the lottery items are? MANY thanks.

Reply #45

sagan — Tue, 16 Aug 2005 22:02:53 GMT

why is it each time i read of someone winning the lottery and then filing for bankruptcy it has to do with their relatives.complete secrecy is the answer as far as i am concerned.don't give relatives reason to hire hitmen or to beg and plead for your winnings.take the money as anonymously as possible, set up trusts to protect from relatives and beggars, insulate as much as you can.there are people good people who will still think it is free money to you and you are required to share

Reply #44

psykomo — Tue, 16 Aug 2005 03:53:14 GMT

THANKs RF^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^THIS Post....is very interesting............Had a good friend and mansger tostack the books out...............$100K plus,,,,,,,have not read........this postfrom A to Z,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,but, thanks, for any education......WE, arenot as stupid as, WE>>>>>>were!!!!!!!!!!but, we lost M$$$$$$$$$$$!THANKsPSYKOMO

Reply #43

rabbitfoot — Tue, 16 Aug 2005 02:09:31 GMT

Thank you dels! I spend alot of time at Bankrate.com. They even have a series of articles related to winning the lotto and on past lotto winners. Moreover, one can get a could consumer education by reading their other articles.My wife and I travel too. We have 6 cruises booked for this winter. We're leaving for Corning, NY on Sun. 21th. We have 22 banana boxes of Corning Ware cookware that we're donating to the Corning Museum Of Glass.

Reply #42

delS — Mon, 15 Aug 2005 12:45:08 GMT

Rabbitfoot-Thanks. I have been on travel and missed your posting. This is good news, and I live in the area of the company that has set this insurance up. Much appreciation. delS

Reply #41

rabbitfoot — Thu, 11 Aug 2005 00:12:32 GMT

I agree with you 100%! I read the posts both pro con of having a college degree. Learning everything you know just from the school of hard knocks just might leave a void in ones life. Only the person who has experience BOTH has the expertise to judge both sides of the issue.ATTN: One can now protect up to $20-million in Cedars. Go to the below URL for the info. http://webreprints.djreprints.com/1247140007429.html

Reply #40

sagan — Wed, 10 Aug 2005 21:57:25 GMT

i read somewhere (the best way to make sure an advisor is not taking advantqge of you is to know how it is done yourself)ask the many sports figures and movie stars who left the management of their investments to the investment advisors who stole and mismanaged their funds. and left them with nothing.i believe education is the best way to know that your assets are being managed properly

Reply #39

rabbitfoot — Wed, 10 Aug 2005 03:46:14 GMT

You could simply put the rest into tax free treasuries or if you are willing to accept a little risk, put some of it into preferred stock. If you can read write, you can perform all of these tasks on your own. If you are unsure of yourself, use the Trust Dept. of the bank who is handling your CDARS deposits for you. You don't need to involve alot of people or to make it complicated.

Reply #38

willl3 — Wed, 10 Aug 2005 01:01:14 GMT

one thing i believe is true, an education should not make you less likely to manage your holdings, however it could put you in touch with information and networks to your benefit YES its a benefit. Look experience is not the same as education but like I keep on saying most people who win the lottery have neither.

Reply #37

sagan — Tue, 09 Aug 2005 22:35:21 GMT

one thing i believe is true, an education should not make you less likely to manage your holdings, however it could put you in touch with information and networks to your benefit

Reply #36

Rip Snorter — Tue, 09 Aug 2005 02:01:02 GMT

And hurrah for you, as well.Jack

Reply #35

TheGameGrl — Tue, 09 Aug 2005 00:25:26 GMT

Hooray for those who cheer on education!I got my education from life and learning as I go :)I personally did not take the college avenue . I am gratefull for the *experience* I gained from being employed and teachable.I don't carry debt and I am financially responsible. Baa-humbug to thinking that a *degree* is going to be the source of *protecting* ones winnings. It doesnt! And whos to say that everyone is made for college life? What about trade schools, the arts and simply living off the land... [ More ]

Reply #34

nomoneybabe — Mon, 08 Aug 2005 19:40:48 GMT

If i won, the only problem left with me is whether the lottery owner agree to separate the big check into smaller checks ... so that I can easily deposit them into many of banks as I wish!!It's scary with one big check and dealing with many complex steps later... I have been cheated many times by people who are same age with my uncle already

Reply #33

emilyg — Mon, 08 Aug 2005 18:38:56 GMT

yes!!!!! and the rich - brag. the wealthy stay low-key. education levels all people. good post will

Reply #32

willl3 — Mon, 08 Aug 2005 18:31:09 GMT

Listen, most people who win don't have a clue what school/college can do of a person its not about the classes it the experience and being the presence of people who are willing to learn and who want to get ahead. There are so many examples of how lotto players, because of lack on knowledge, lost all of their money. College is an experience no matter what your age is. You don't need an MBA, you could get one. Why not! The more you can learn the better you're off. A house can burn down a car can... [ More ]

Reply #31

Rip Snorter — Sun, 07 Aug 2005 01:08:28 GMT

Your post carries a lot of baggage. Maybe I'm reading you wrong, or reading too much into what you're saying.First, is it clearly established as fact that 1) most lotto winners lose there money , and 2) they don't have a clue in what to do ? Somehow this sounds more like the conventional wisdom theater. The same one where most lottery players are poor and under-educated (which, of course, you and I are).Second, was, My suggestion is to go to college and study business before you spend any... [ More ]

Reply #30

sagan — Sun, 07 Aug 2005 00:04:49 GMT

This is why most lotto winners lose there money they don't have a clue in what to do. My suggestion is to go to college and study business before you spend any of it let it sit. Collect the interest while to go to school. This way you can protect yourself and have something that can never be taken away from you. Good luckthis is good advice from will3maybe even the best advice

Reply #29

willl3 — Sun, 07 Aug 2005 00:00:18 GMT

You don't give the gov bond to a bank(hey man here some money where's my bank card) ... You transfer the funds and fight for a much higher rate of interest from an investment firm such as goldman sachs merill or even smaller that cater to high net worth clients. They are insured by reinsuance companies that have more money than them. This is why most lotto winners lose there money they don't have a clue in what to do. My suggestion is to go to college and study business before you spend any of... [ More ]

Reply #28

Bradly_60 — Sat, 06 Aug 2005 21:04:23 GMT

You can get up to $2,000,000 per bank insured by naming the accounts different ways. But really the only way you can lose your money is if the bank goes bankrupt. That doesn't happen to often so but it in a bank you trust. I mean Wells Fargo, Bank of America and so forth are not going to be going down anytime soon or even a local bank you might use now. Brad

Reply #27

Just6ntlc — Sat, 06 Aug 2005 19:49:11 GMT

I agree with Maddog on this one. If I win a California SLP Jackpot tonight, I would let family know. I hope lots of banks can cover all this money should I win tonight.

Reply #26

CASH Only — Fri, 05 Aug 2005 19:26:30 GMT

How is that Euro Millions winner going to bank her cheque

Reply #25

nomoneybabe — Mon, 01 Aug 2005 17:04:40 GMT

Hi Rip Snoter and delS: If I won, I think I will get the Lottery office first and find the advisor later ...that's good for my health. . And I will not hide from the public. hehe! Thank you for your tips and I also read and learn many new thing from this website .P.S: Right now, I am still like Cinderella after midnight and just hope my daydream come true in future! Good luck to you also

Reply #24

delS — Mon, 01 Aug 2005 15:55:09 GMT

Its all a matter of choice. If you are comfortable with the process moving at a fast pace - by going straight to the Claims Office before you can get some professionals in place. That would be your choice. A more wiser approach would be to copy the winning ticket, put the original in a safety deposit box at a bank in a vault. Get with a an attorney, preferably a tax attorney; then a financial planner/money manager it could be a private wealth manager at a place like Merrill Lynch, etc. Then a... [ More ]

Reply #23

Rip Snorter — Mon, 01 Aug 2005 15:53:01 GMT

Just announce it here immediately after it happens, before you do anything else. A host of experts who've never won a jackpot, never had any money to speak of, will explain to you in loving detail how you should handle the matter.Jack

Reply #22

nomoneybabe — Mon, 01 Aug 2005 15:36:34 GMT

Hi!!I usually hear an advice that: find an financial advisor! If I was the winner and do so, where do I put my ticket during the discussion time??I know that no one is trustworth like bank ! But it is terrible for me when I have to leave the ticket !???Is it OK if I immediately rush to the Lottery Office right in the Monday morning

Reply #21

Rip Snorter — Mon, 01 Aug 2005 15:03:38 GMT

Should have taken the annuity. Maybe you'd still have some of it.J

Reply #20

CASH Only — Sat, 30 Jul 2005 16:53:20 GMT

I briefly had over 100k.

Reply #19

CASH Only — Thu, 28 Jul 2005 00:33:19 GMT

Above 100k it's probably a percentage.

Reply #18

bigdaddy — Fri, 15 Jul 2005 07:52:31 GMT

gold gold gold ----big house

Reply #17

sagan — Thu, 14 Jul 2005 22:09:08 GMT

then what will i do with the balance

Reply #16

TheGameGrl — Thu, 14 Jul 2005 01:05:45 GMT

Just out of curiousity- If a bank is only insured for a certain amount, is that the same as saying, well anything beyond that , (if lost), will not be replenished/re-couped? Surely a bank has account managers that monitor your account from being mysteriously mis-allocated? I'm confused on the *insured* part per se.

Reply #15

CASH Only — Wed, 13 Jul 2005 23:44:57 GMT

I remember when the FDIC limit was 40k.

Reply #14

KyMystikal — Wed, 15 Jun 2005 16:06:46 GMT

lol, I'm a professional. Send it to me

Reply #13

CASH Only — Wed, 15 Jun 2005 15:37:53 GMT

Lump sum is always better.

Reply #12

Bingo Long — Sat, 28 May 2005 22:37:39 GMT

Tax free bonds aren't some magical thing. They're government bonds that yield lower interest than regular bonds. In effect, the taxes are taken out when you buy the bond. As an example, condsider two bonds with identical risk, one tax-free, the other taxable. Say you buy $1000 worth of both bonds. The taxable bond pays 3% interest, or $30, of which you pay $5-10 in taxes, depending on your tax bracket. The tax-free bond would probably pay something around 2.1%, or $21, of which you pay $0 i... [ More ]

Reply #11

rabbitfoot — Sat, 28 May 2005 13:59:47 GMT

I did agree and we're not talking about putting your money in a checking account. First of all, why turn your money over to a professiona to lose? Look at how many people were going that route and loss their shirt when the market went sour! CDARS and tax free bond investments would be all you would need to conserve your money and still have plenty of spending money. Let's say you ended up with $30-million after taxes to invest and you invested it all at just 4%, you would net 2.48% after taxe... [ More ]

Reply #10

rabbitfoot — Sat, 28 May 2005 13:36:44 GMT

That's CDARS pronounced Cedars.

Reply #9

Fwup — Sat, 28 May 2005 01:14:19 GMT

If you won $100,000,000 in a lottery you probably wouldn't want to deposit it in your checking account anyway, so I doubt you would need to worry about FDIC insurance limits. Your best bet would be to hand it over to a professional.

Reply #8

Shawnintennesse — Fri, 27 May 2005 17:09:53 GMT

Also big banks in the South have free financial advisors..First Tennessee,AMsouth,Regions..... So if you win.. Before you go claim you get an advisor.. Then your straight with those taxs before you ever claim...

Reply #7

rabbitfoot — Fri, 27 May 2005 17:04:52 GMT

I know for sure that one can deposit up to $5-million in CEDARS spread across 50 banks. That amount may have been raised to $10-million, I,m not sure on that. All money is FDIC insured as your money is deposited in $100,000 sums in all participating banks. To find out how CEDARS work, go to Bankrate.com and look up CEDARS. Just think, you and your spouse could deposit up to $5-million each (maybe its $10-million now) using just one deposit source.

Reply #6

MMGuy — Thu, 19 May 2005 21:46:08 GMT

I thought that they bank wire to one bank and then it is up to you to do whatever after that.

Reply #5

Thomas Covenant — Thu, 19 May 2005 21:38:48 GMT

Yeah, but if you invest it, you could lose everything. Probably not. There are millions of low risk investments available. Teresa Heinz Kerry paid taxes on just 12% of her income, using tax-exempt bonds, which are very low risk. She paid less than most middle class people and you know how rich she is.

Reply #4

Thomas Covenant — Thu, 19 May 2005 21:11:00 GMT

You invest it. If you win, contact a tax attorney, then a financal advisor. If you need surgery, would you go to a doctor, or do it yourself

Reply #3

ryanm — Thu, 19 May 2005 20:37:30 GMT

That's probably what they do

Reply #2

LOTTOMIKE — Thu, 19 May 2005 19:34:51 GMT

i've wondered since the insured limit was 100,000 if you put it in many banks....

Reply #1

MADDOG10 — Thu, 19 May 2005 19:05:35 GMT

ING DIRECT (THE ORANGEPLACE) CAN DO IT ALL.

Banking Large Winnings

delS — Thu, 19 May 2005 18:50:56 GMT

If someone knows how a large jackpot winning can be deposited into one bank please explain. The FDIC insurance limit is $100,000 beyond that there is no insurance for your money. So how do the rich do it