Interest on Money?

Reply #4

sirbrad — Wed, 22 Feb 2006 06:53:18 GMT

You are referring to the David Edwards story I assume from that lottery show on TLC. I think he only won $30 some million, so he must have invested in a very high yielding interest bearing account in order to be getting that much a day. 5% of 40 million I believe is about 2 million a year, which is about $167,000 per month and $5,555 a day. So at that rate he would have to be yielding about 15% If he is actually getting this much of a return, I sure would like to know where.

Reply #3

Dream — Wed, 22 Feb 2006 04:54:52 GMT

If you put $7M into CD account with a yield of ~3.7% a year you would get $259,000 the first year. Which is ~$710 a day. Not bad . This is all pre-tax. http://www.moneychimp.com/calculator/compound_interest_calculator.htm

Reply #2

Uncle Jim — Wed, 22 Feb 2006 04:28:10 GMT

Michael Boone from Washington state is another person who has advised lottery winners and deals with the super wealthy. I think he's a CFP (Certified Planner). But be sure to check his website. It seems because of some regulatory reasons his services are limited to only a few states. You can find him and articles about him by using any search engine.

Jim

Reply #1

Chewie — Tue, 21 Feb 2006 13:20:58 GMT

Interesting question. I would like to know also. I doubt it was in a bank in the traditional sense. There has to be some institute that deals in those big buck numbers, just like there are lawyers who only deal with multi-millionaires.

I read about a woman lawyer, from NH, named Sally H. Mulhern. She, and her husband, handled the estate planning of a lottery winner. The article didn't say how much the winner was making in profit, but it was big time. I kept her paper trail, just inc... [ More ]

Interest on Money?

Zoozie — Tue, 21 Feb 2006 03:21:20 GMT

Hi All,

If you put 7 million in a bank, how much interest PER DAY would you have?

I had watched this show about the big lotto winners and that one fella with the pony tail from Kentucky (I think) stated he received about 40 K PER DAY in interest... so that was what he was spending - his interest. Of course after he bought a mansion and spent over a hundred thousand each on statues. It looked totally ridiculous IMO.

I also think he was the one who got nailed on drug charges and other t... [ More ]