so exactly what WOULD you do with all that $$

Reply #30

tntea — Sun, 25 May 2008 14:25:46 GMT

Travel

Reply #29

AuntiePat — Sun, 25 May 2008 14:21:14 GMT

AND. . . if you won a really big JP--you would need an FA to develop a plan to pass the money on to your heirs with minimal impact to your principal. Brad Duke's idea of giving his family members the most allowed by the Feds--I think it's now $15,000/annum but I'm sure KYFloyd or some others on site would know--was terrible. If you are so minded to share with family--it helps keep them from begging later or behave like Bud Post's brother who attempted to hire a hit man to expedite getting his sh... [ More ]

Reply #28

MeFirstYouLast — Sat, 24 May 2008 23:56:33 GMT

From what I have read, most people loose the money because they chose a crooked adviser group, they gave most of the money to relatives, they gave tons to friends, they gave even more to charities and other gimmie groups, and lastly, the turned to drugs and alcohal. Occasionally relatives killed them or they were repeatidly robbed.

Take the infamous Andrew Jackson Jack Whittaker Jr.. He followed the advise of his advisers, made his own decisions, spread the wealth, and caused the death of his... [ More ]

Reply #27

pigsNtrees — Sat, 24 May 2008 19:59:10 GMT

Psykomo, I have thought of the round the world thing too, but to be honest, I'm to afraid of pirates to ever do that. Okay, okay only if I could be guaranteed they looked like Johnny Depp and Orlando Bloom.

Norrington: One good deed is not enough to redeem a man of a lifetime of wickedness.

Jack Sparrow: Though it seems enough to condemn him.

~~~~~~~~~~~~~~

Depending on the size of the win, I think either T-Bill or stocks are the way to go. T-Bill for wins over $20 million and stocks... [ More ]

Reply #26

Billy9Fingers — Sat, 17 May 2008 22:21:49 GMT

I usually never respond to post........but this was too funny....... I prefer eggs more than stake ( I don't like stake, i don't like red meat either)....

ahh.....you do mean steak.......right.........ROFL

Reply #25

psykomo — Mon, 05 May 2008 23:27:31 GMT

TRANSLATION:

MABY sum of U donot understand ???????????????????????????????

BUT,?????????????????????????????????????????????????????????

PSYKOMO JUST offerrrrrrUUUUUUUUUUa PLAN!

for CHEAP

HOPE you will remember PSYKOMO when U HIT!!!!!!!

NOTE:

WHEN.........psykomo........HIT '$$$$$$$$$$$$$$$$$$$$$$$$$$$

I will buy a big BOAT and take a few g@@d people round the WORLD!!!!!

LOL

PSYKOMO

Reply #24

pumpi76 — Mon, 05 May 2008 14:42:27 GMT

and if you read this article, i am going to start this too...

https://www.lotterypost.com/blogcomments.asp?i=22319

I am going to gather like an association for this, i am not going to start the association i am only going to gather it or spread the word so that other people create it...It will be nice to be part of it though...

Reply #23

pumpi76 — Mon, 05 May 2008 13:57:39 GMT

If i hit big, like 50 million, i am going to have next to my house a water tank but full of coconut water...Not far from where i live there is a lady who sells coconut water, and i mean is sweetened to the right amount (is not too swee it not unsweentened either, is just right, you can't even taste the sugar...I will not drink water anymore...So are mangos, i'll have a special somebody to make mango salad for me everyday and i'll eat it every day or whenever i feel like it...

If eggs didn't h... [ More ]

Reply #22

pumpi76 — Sat, 03 May 2008 22:31:51 GMT

If i win 100 million, it will go into bribing government officials from Paraguay, Chile, Greece, Finland, Norway, Sweeden, Macedonia into placing/putting a Virginia's Cash5 lottery game (which is a pick5/34) but that it cost 25 cents and that it pay 25,000 dollars or a West Virginia Cash25 but that it cost 25 cents maybe 1 dollar with the same jackpot payout of 25,000 dollars...And after those i am trying Nigeria South Africa Egypt, perhaps Morroco...

Also i am buying me some supercomputers,... [ More ]

Reply #21

Vergie6 — Sat, 03 May 2008 15:10:54 GMT

Me too

Reply #20

lottocalgal — Fri, 02 May 2008 20:45:43 GMT

I always wondered that as well. I like the idea of CDARs. Anyway, I was also wondering, (anyone) When you win the lottery and you have to sign the back of the ticket, would you sign it in the name of the Trust or LLC that you will be using to claim the winnings or would you sign it in your own name? I was just researching and one site said to have an attorney claim the winnings under the Trust/LLC's name. But no one can read that legal jargon, how would you know what you are really signing And I... [ More ]

Reply #19

JackpotWanna — Fri, 02 May 2008 18:23:00 GMT

Hire advisors. Two lawyers and two accountants.

Good foods and wines.

Give to the needy

Travel in style.

Buy a condo at the plaza or ocean view.

No investing in the stock market.

Just money market (30%), saving accounts (30%), gov. bonds (30%) and interest checking (10%) Low interest but no stress. lol

No start up business.

Create a small family trust fund for future generations for college.

$12,000 to each family member.

Now let me win. I am ready.

Reply #18

Destined — Fri, 02 May 2008 18:07:53 GMT

My plan also allows me to live off approximately $55,000 a month in interest after taxes and involves a majority of low risk investing. If someone cant live off that, they were doomed from the beginning.

Reply #17

Destined — Fri, 02 May 2008 18:02:05 GMT

I agree. But I'm not going to compile a list of those who went broke after winning the lottery. It's actually more than just some . If it wasn't you wouldn't be reading stories on here or in newsweek about former lotto winners now broke.

I also want to add that having an advisor is actually a good idea for the sole reason of having a professional set up whatever you want. And most wealthy people have some kind of education or at least understand how to invest.

Let's also remember that fin... [ More ]

Reply #16

JackpotWanna — Fri, 02 May 2008 17:51:15 GMT

Nice plan. Good luck

Reply #15

DC81 — Fri, 02 May 2008 17:01:46 GMT

I said as much in a post in another topic. Have a team, listen to their ideas, do your own research and make a choice. Just don't fail to listen to them and discard what they're saying or give them free reign over your assets. Find a happy medium between the two. This is where I kind of have trouble with the Trust/Trustee issue, can you appoint someone as the Trustee just for the purpose of claiming a prize so the only name given is theirs (along with the trust's name) as being the purson claimi... [ More ]

Reply #14

OldSchoolPa — Fri, 02 May 2008 16:46:39 GMT

And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years. Educate yourself and learn how to manage your money on your own..

Actually, the truth is SOME people manage to go bankrupt DESPITE having financial advise available BECAUSE they more than likely made decisions CONTRARY to what the representative advised. Sure, everyone needs to be educated so they can make sound financial decisions. But most all wealt... [ More ]

Reply #13

OldSchoolPa — Fri, 02 May 2008 16:40:19 GMT

Actually, you can put that money into a designated account...the lottery's requirement is that they will wire the jackpot winnings to that account. Think about it. Steven Spielberg, Oprah, and all the other billionaires and millionaires don't have their money scattered about in different banks and banks don't impose max limits on money you can deposit with them (why would they! Don't you think a bank makes more off a customer who deposits $5 million than one who deposits $1 thousand? Come on, ge... [ More ]

Reply #12

Destined — Fri, 02 May 2008 16:32:54 GMT

This is assuming I hit powerball this saturday:

$30m-Money Mkt Acct

$5m-Stocks/Bonds/Etc

$1m-Precious Metals

A few checking accts with a couple mil for easy access

Pick up some oil futures

$2m custom log cabin

A few cars/trucks

A $50k las vegas trip

Some ballin electronics

Help out my *real* friends

Charitable donations

Travel the world then come back and start up a few companies and create some good paying jobs

*Lol at the person who thinks you need 20 ban... [ More ]

Reply #11

psykomo — Thu, 01 May 2008 20:56:16 GMT

GREAT POST GamerMon:

Let PSYKOMO tell you what YOU can doo with all that $$$$$

Let's MAKE IT SIMPLE

BUY STOCK:

in JIMMY BUFFET

LOL

PSYKOMO

Reply #10

time*treat — Thu, 01 May 2008 10:19:56 GMT

The FDIC does not limit how much you can put into one bank; it limits how much is (re)covered per account if that bank goes bust.

Reply #9

MeFirstYouLast — Wed, 30 Apr 2008 20:42:08 GMT

Actually, many states - if not all - are forbidden to give finanial advise on what to do with the money; it is in the law that authorized the lottery. I once contacted the New Jersye lottery on a similar issuie, and all they can do is give you a list of financial institutions registered in the state. They also stated they do not issue a check. The transfer is an electronic transfer. They'll hold onto the money until you do make the arrangements (complete the paperwork). I assume all this has to... [ More ]

Reply #8

Bagent — Wed, 30 Apr 2008 07:33:13 GMT

I never really thought about this before until I read this post. Since I would be taking a lump sum on my win, I would, if the win was over $50M, consider a swiss account for sure. That way it would be protected AND off shore. From my research, I see that you can also get a debit card or the like to have access to the funds that are in the swiss account.

Reply #7

Stack47 — Sat, 26 Apr 2008 20:09:52 GMT

Since the state lotteries give checks to the winners, they would have to ask their individual banks if they can deposit it into their existing account, have to setup an new account, or they could open an account with a large investment firm and deposit the check with them. That's probably one of the first questions asked when winners validate their tickets and the state lotteries explain the options.

It would be difficult but not impossible for a $50 million winner to convert all the winnings... [ More ]

Reply #6

DC81 — Sat, 26 Apr 2008 17:04:00 GMT

Interesting, I think that this might be good short term so you can claim ASAP and then get things more together for your next step after you claim your winnings, finding a good advisor might take awhile so you might as well get something. Probably would be good to leave a good portion of winners in one too for safe keeping perhaps? Or would it just be better to go the mutual fund route

Reply #5

Piaceri — Sat, 26 Apr 2008 15:45:02 GMT

I googled the question where do you deposit lottery winnings? (google is your friend)

Dr Don at bankrate(dot)com says on way is to use CDARS - Certificate of Deposit Account Registry Service. You deal with one bank and CDARS works with that bank to ensure you are FDIC insured. Some good advice there with some good links.

Otherwise, you need a wealth management team that would consist of attornies (tax and estate) and investment advisors so that you can then put the money away where it bes... [ More ]

Reply #4

GamerMom — Sat, 26 Apr 2008 14:35:27 GMT

but i guess i'm confused because i dont' understand what a FA could tell you to do other than what you just said to do...unless you put it into a swiss bank account

Reply #3

Shawn67 — Sat, 26 Apr 2008 14:33:18 GMT

I wish I had those kind of problems to worry about.

Reply #2

GamerMom — Sat, 26 Apr 2008 14:29:34 GMT

me either, but that sure is a problem i would like to have

Reply #1

tiggs95 — Sat, 26 Apr 2008 14:28:20 GMT

You need to find a financial adviser..Before that you can find 10 or 20 banks and put the max in all of them..Savings checking IRA's and whatever the bank has to offer..Get a finacial adviser first if you don't want to go to all the banks..I guess because I've never had that sort of problem..

so exactly what WOULD you do with all that $$

GamerMom — Sat, 26 Apr 2008 12:28:48 GMT

i'm a relative newbie here and someone mentioned in an earlier post you can't just stick millions in a checking or savings account b/c it's only FIDC up to a certain amount...so just where do you put it? and how would you invest it personally