winning a jackpot and loaning money

Reply #23

OldSchoolPa — Mon, 26 Mar 2007 15:43:39 GMT

I believe the 7 year restriction is a pretty hard number most conventional financial institutions use in evaluating risk for certain secured and unsecured loans, but it may be possible to obtain a secured credit card within that time frame. It doesn't hurt to try to obtain a conventional loan as I do know that the rates/fees most payday and title loan places can be quite prohibitive. Same thing goes for those scam tax refund anticipation loans pushed by Jackson Hewitt and HR Block...people fil... [ More ]

Reply #22

LOTTOMIKE — Sat, 24 Mar 2007 09:51:08 GMT

i just paid off a title loan because i don't have a credit card.i filed bankruptcy in 2000 and i'm wondering under the old statutes if my restriction is just about over with.seven years is a long time to wait but i was told i had to wait that long before my bankruptcy is over.

Reply #21

OldSchoolPa — Fri, 16 Mar 2007 20:16:15 GMT

Pacattack05...you got me thinking, as I so often do when I am driving through various communities that starting up your own banking institution after hitting the lotto is a brilliant idea. Although I do not do any of my investing through banks or credit unions, you have to admit that it is an excellent business where you can guarantee people 0.2 - 6 percent interest on their savings while at the same time charging them 6 percent on their mortgages, 4 - 15 percent on their automobiles (BTW tho... [ More ]

Reply #20

Lotterologist — Fri, 16 Mar 2007 12:16:34 GMT

If I was tight with money, I wouldn't be a gambler.

With the lottery, sometimes you win and sometimes you lose.

Reply #19

pacattack05 — Fri, 16 Mar 2007 06:18:39 GMT

No...unless I start a banking service...LOL

Reply #18

KY Floyd — Fri, 16 Mar 2007 04:54:50 GMT

The gift tax problem has been brought up hundreds of times in other threads, and most of the people here are aware of it. If you're interested you can use the search feature to find some of the posts about it.

Reply #17

dnroth — Fri, 16 Mar 2007 02:21:26 GMT

I voted for the wrong choice. I would not loan money, but I would definitely offer gifts of sums to close relatives.

I'm surprised no one has brought up the gift tax problem, though. I'd use my tax accountant to figure that one out (i.e. how to give gifts without giving taxable gifts...).

Reply #16

Lotterologist — Fri, 16 Mar 2007 00:29:26 GMT

As far as my IRRESPONSIBLE friends go, I wouldn't loan them, but I would GIVE them money. I have one friend, for example, who always asks me to loan him some money, but I know that to him, the word loan means to GIVE, and he's never gonna pay me back, so when I loan him the money, I have no intention of him paying me back. (if I did, we wouldn't be friends) LOL

Don't get me wrong, I get paid back in various ways.

The sun doesn't die out, even though he shares his golden rays... [ More ]

Reply #15

Lotterologist — Thu, 15 Mar 2007 23:35:40 GMT

Not only would I loan RESPONSIBLE friends and relatives money, I would GIVE them money happily.

I don't care too much for money; money can't buy me love --- John Lennon

People have always accused me of being too generous , but that is just me. I'll work my butt off to make a fortune, and happily give it away.

My motto is, I make the money....the money don't make me .

He who is ruled by his desires is but a slave.

Reply #14

OldSchoolPa — Sat, 17 Feb 2007 17:22:40 GMT

Congrats to the Ms Alston of NC for winning the PB jackpot. But if I were her, I would have requested that no photos be taken of me. I wouldn't mind the written publicity...one can always change their name...hmmm...now that I think about it, with $36M (lump sum before taxes), she could afford to change her appearance too! But I personally wouldn't want to subject myself to that type of pain...besides I have no need for plastic surgery.

Reply #13

guesser — Sat, 17 Feb 2007 05:47:40 GMT

Ryan, you nailed it as good as I've ever seen, congrats.

OldSchoolPA - financial advisors can call me all they want, they will only get a 'this number has been disconnected' message.

First rule of winning the lottery is disconnect your home phone and buy disposable cell phones, and get new disposable phones (with new numbers) every month for about 6 months, then life settles down a bit.

I won't mind at all doing promos for the Lottery - in some states a press conference is required if y... [ More ]

Reply #12

dumars798 — Sat, 17 Feb 2007 03:21:01 GMT

Reply #11

tiggs95 — Sat, 17 Feb 2007 02:55:35 GMT

I don't loan money to friend's and relative's..If I can't afford to give them money they don't get any..A good way to lose friend's and relative's is to loan them money..I have found out the hard way.......

Reply #10

Coin Toss — Sat, 17 Feb 2007 01:02:27 GMT

What guesser said, and more.

If you hit a jackpot for millions, and loaned anybody anything, for one you'd be considered a soft touch. By the time word spread that you had loaned someone $5,000 someone else would be putting the bite on you for $25,000. And the general consensus would be thye'd never have to pay you back because hey, you've got millions now.

As one of the winners on one of those lottery documentaries said, ever person he gave money to, and he gave some millions, came ba... [ More ]

Reply #9

OldSchoolPa — Fri, 16 Feb 2007 23:48:23 GMT

No I would not loan money to anyone. Actually, although I would claim the jackpot in my name, nobody in my immediate circle would know that I won the lottery as I wouldn't make any media appearances. I don't care about financial professionals calling me to solicit my business, but their calls would be futile as I am myself a financial professional and I have a great team of advisors already. There are certain people who I would give monetary gifts NOT TO EXCEED $10,000 and definitely not much... [ More ]

Reply #8

ryanm — Fri, 16 Feb 2007 23:32:32 GMT

Unfortunately, many lottery winners who do keep their money end up losing all their friends, and those who keep their friends end up losing their money. There's also those winners who lose both.

Reply #7

numbergirly — Fri, 16 Feb 2007 22:27:27 GMT

After winning a multimillion jackpot there is no such thing as loan especially to a relative. I would give a certian amount but, that's as far as it would go and I would definitly make that clear. I have a Powerball list of friends and if they want more than I plan to give then they get nothing and I know I would lose a lot of friends and relatives.... oh well, they were not friends in the first place. Jealousy and envy are powerful emotions and sometimes dangerous.

Reply #6

Guru101 — Fri, 16 Feb 2007 21:52:49 GMT

No way. If someone comes to me for a loan after winning the jackpot, they probably think they'll end up not having to pay me back.

Reply #5

justxploring — Fri, 16 Feb 2007 19:25:20 GMT

I agree! But unless someone has lousy credit, there are other ways to get your hands on $5,000. So I'm guessing the person who asks for a loan wouldn't expect to pay it back, as you wrote. I said the same thing when I had a good job. I used to go out to dinner with people and pick up the tab, and I was very far from rich. I used to give rides to people who didn't have cars or licenses to drive them. I also let people crash on my couch. Then one day I said I am not a bank, I am not a tax... [ More ]

Reply #4

chasingadream — Fri, 16 Feb 2007 19:19:19 GMT

i wouldn't loan money......if you have that much money then why would u expect to get paid back. small gifts would be given

Reply #3

guesser — Fri, 16 Feb 2007 16:09:57 GMT

'Loan' money out ?

You can't be serious.

If you won the lottery and you 'loan' money out, there are other words for that: 'gift' is one, 'stipend' is another..

'Gee, Uncle Joe just won 30 mill, I 'borrowed' $5,000, but he still has 29,995,000.00, he will forget about the measily $5,000 he just GAVE me'.

Reply #2

rundown99 — Fri, 16 Feb 2007 15:53:33 GMT

I would try to win the jackpot in a state where you can remain anonymous.

Reply #1

truecritic — Fri, 16 Feb 2007 08:33:17 GMT

My opinion is this...if it is a loan, then it should be done in a formal way. Just like a bank would do. With signed documents. Then you can go to Judge Judy if necessary.

If you really don't care if they pay it back, then it becomes a gift.

winning a jackpot and loaning money

LOTTOMIKE — Fri, 16 Feb 2007 08:02:09 GMT

would you loan friends or relatives money after winning a jackpot worth millions