Where to put the money?

Reply #17

Uncle Jim — Mon, 03 Sep 2007 12:21:54 GMT

I love questions like this because I think it's fun to speculate about what you would do with millions of dollars won in a big lottery. I have thought about this long and hard over the years and here's what I have come up with:

1. Know yourself. If I won a big jackpot...say over $20 million net...and I mean net after all taxes are paid...I would want to make absolutely sure my future and my money was secure. As I have little tolerance for risk (in investment terms) and I plan to live a low... [ More ]

Reply #16

DC81 — Mon, 03 Sep 2007 08:01:24 GMT

Me too and fill it with precious medals so when the world economy crashes, I'll be safe.... At least until everyone finds out about my vault and I get lynched. Hmm, I'll have to plan out that too...

Reply #15

Stack47 — Thu, 23 Aug 2007 01:01:40 GMT

When I see questions like this by new posters it makes me wonder what perception they have of the people here and lottery players in general. There is a very short list of people that have won hundreds of millions of dollars so the odds of finding one here is probably higher than finding an alien at the UFO and Aliens forum.

But if I really wanted to know, I would call my bank tomorrow, tell them the Mega Millions jackpot is over $100 million, and ask if my deposit would be fully insured.

Reply #14

psykomo — Thu, 23 Aug 2007 00:12:27 GMT

just remember^^^

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PsYkOmO is........???

.....................KRAZY... [ More ]

Reply #13

psykomo — Thu, 23 Aug 2007 00:00:36 GMT

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Reply #12

justxploring — Wed, 22 Aug 2007 23:48:56 GMT

Hello and welcome to Lottery Post. Your profile says you are posting from Spain, so I am giving you the benefit of the doubt and assuming you didn't translate my post correctly since you quoted it. I said absolutely NOTHING about investing in stocks.

Reply #11

andrescarlos — Wed, 22 Aug 2007 23:23:34 GMT

i will adive u to buy bonus long time 6,00% a year six million a year to spend 500,000 a month , why are u going to complicate ur life with chrats stocks fund and so on , enjoy and spend, to the friend of wales , if america is bankrupt europe is worse, buy gold and energy resources

bye lol

Reply #10

justxploring — Sun, 19 Aug 2007 07:06:00 GMT

Thanks, Lilly. This is new to me! I know many of the banks on the list since some are only a few miles from me, so this is obviously a legitimate way to deposit a lot of money without worrying about passing the $100,000 FDIC limit.

I found a better link to learn about CDARS is: http://www.cdars.com/

Very interesting - if you click on CDARS for individuals, it says you can deposit up to $30 million with FDIC coverage and get one statement. So now I'm ready for that $40 million jackp... [ More ]

Reply #9

Coin Toss — Sun, 19 Aug 2007 05:58:11 GMT

OldSchoolPa

Since most boards have more guests than members at any given moment I'm sure this:

I would feel better about investing it in mutual funds. The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000. Sure equity mutual funds fluctuate, but that is exactly how one builds equity at a faster clip than someone who primarily invests in CDs and other fixed rate savings vehicles (note that I did not call CDs and such... [ More ]

Reply #8

sirbrad — Sun, 19 Aug 2007 01:52:39 GMT

My bank insures up to $5 million it says. I'll worry about it when I get it though. I'll just buy a HUGE vault.

Reply #7

LuckyLilly — Sun, 19 Aug 2007 01:30:45 GMT

Sounds like CDARS would be an option for up to $25 mil. I can't post links again for some reason, but go to www.bankrate.com/brm/news/sav/20030820a1.asp - hope I typed that right.

Reply #6

four4me — Sun, 19 Aug 2007 01:05:49 GMT

You can spread your money around you don't have to put it all in one bank. After a few investments and spending some on all the things you want. You can fill a mattress if you like or buy your own safe and bury it in your basement.

Reply #5

justxploring — Sun, 19 Aug 2007 00:45:03 GMT

The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000.

Not true. All of the people who keep saying that FDIC insures a maximum of $100,000 are incorrect. You can have much more money in the same bank and still be covered by FDIC, although FDIC isn't failproof either. IMHO mutual funds are risky and they can be managed poorly. When I owned some funds, I made as much as 125% in one year and then lost 60% the next... [ More ]

Reply #4

OldSchoolPa — Sun, 19 Aug 2007 00:06:33 GMT

I would feel better about investing it in mutual funds. The FDIC insurance you are talking about only protects you if that banking institution goes under for the amount of $100,000. Sure equity mutual funds fluctuate, but that is exactly how one builds equity at a faster clip than someone who primarily invests in CDs and other fixed rate savings vehicles (note that I did not call CDs and such investments). If you are properly diversified in your investment strategy, you should be fine and not... [ More ]

Reply #3

WalesLottoMan — Fri, 17 Aug 2007 13:18:25 GMT

You should put your dollars in Euros because America is bankrupt.

Reply #2

Big Hitter — Fri, 17 Aug 2007 11:20:16 GMT

If you come into that much money, you need to hire an attorney who specializes in trusts or corporations. He/She will know exactly where to put the money (prolly offshore). USA banks insure each account upto $100,000, but with hundreds of millions, special considerations WILL be made. Your bank's senior VP will be happy to accomodate you.

Reply #1

Coin Toss — Fri, 17 Aug 2007 06:56:26 GMT

Isn't it $100,000 per account?

If you did come into hundreds of milllions of dollars you're going to be dealing with more than banks though.

Where to put the money?

SmoothJuice — Fri, 17 Aug 2007 06:46:14 GMT

I have a question. Banks are normally insured to a maximum of $100,000. Where are you suppose to put hundreds of millions of dollars