Money Matters: Sudden wealth advice

Reply #80

Dollar419 — Thu, 22 Apr 2010 03:37:48 GMT

Thank you for posting this sound advice--GOOD LUCK

Reply #79

markp1950 — Thu, 22 Apr 2010 03:10:26 GMT

Well, as I only won $1 tonight, I don't have to worry about sudden wealth....

MarkP

Reply #78

markp1950 — Thu, 22 Apr 2010 02:58:25 GMT

If I end up with $70 million cash, I won't go to a financial planner..

I will have a staff of financial planners. They will work for ME, they may be allowed to take side jobs, but they will work for ME first.

Probably just need a full time accountant, who can consult with somebody else....

And always use the KISS system, If I don't understand it, we won't do it.

MarkP

Reply #77

Lucky Loser — Tue, 20 Apr 2010 15:42:42 GMT

And they tell NO ONE, especially relatives

As much as I hate to say it, this part of your signature is so very true. It's the relatives becoming so elated with everything that will draw all the undue attention to a person. I love all my relatives and this is why I wouldn't say a word but, rather help them in the least suspicious way possible.

Mom and dad would need to know since they're seasoned with keeping things quiet but, that's about it. If I had to, I'd say that I found a very g... [ More ]

Reply #76

rundown99 — Tue, 20 Apr 2010 15:24:59 GMT

Play the lottery in a state where you can be anonymous. If you win the jackpot, hire a financial advisory team. Make sure they don't tell anyone. Don't tell anyone (family, friends, etc.). Set up a will. Move to a different location. It's as simple as that.

Reply #75

McCaskey — Tue, 20 Apr 2010 14:59:00 GMT

Good info here. Although my first question asked to any advisor would be #9.

If I won big, I know what investment strategy I'd take..very low risk, tax-adverse. I would dictate to the financial planner the general direction I want money infested in and he/she can take it from there with the specifics.

Very small, steady gains, not dependent on the whims of the market, preservation of principal all important.

Reply #74

McCaskey — Tue, 20 Apr 2010 14:51:06 GMT

Oh, please.

If you won the MM tonight or the PB tomorrow, you're take-home after taxes deducted would be basically the same as if you had won the same jackpot two years ago...or four years ago...

Reply #73

hearsetrax — Mon, 19 Apr 2010 17:11:58 GMT

Reply #72

ca-dreamin* — Mon, 19 Apr 2010 00:06:55 GMT

Thanks for sharing THRUST! This is another good article to go along with the one Coin Toss posted.

I especially like # 8! This was the reason I said to check out more than one financial planner/advisor. I've read that some planners are more interested in their own profits versus how much you will profit.

This just reminded me of an article I read on MSN.com awhile back. The article was about retired people who had their life savings invested with H R Block ( I thought they were only for in... [ More ]

Reply #71

THRUST — Sun, 18 Apr 2010 21:41:50 GMT

Here are 10 questions the CFP board suggests you ask your prospective planner before you sign on the dotted line:

How much experience do you have? What are your qualifications? What services do you offer? Do you sell stocks, mutual funds and other financial products? Do you sell life insurance? Financial planners are generally barred from selling insurance or securities without the proper licenses and cannot give clients investment advice unless they are registered with state or federal... [ More ]

Reply #70

Coin Toss — Sun, 18 Apr 2010 21:25:42 GMT

To get back to lotto, and answer your question, YES! For one thing, during those eight years I didn't have any paranoia about hitting a jackpot and having the community organizing socialist from Chicago taking most of it.

The problem with sociliasm is eventually you run out of other people's money .

- Margaret Thatcher

Reply #69

McCaskey — Fri, 16 Apr 2010 15:49:32 GMT

I'm trying really hard to come up with concrete examples of how this administration is so very 'different' from the three or four that came before it.

Were you really so delighted with the eight years that preceeded the 'community organizing socialist from Chicago

Reply #68

dr65 — Fri, 16 Apr 2010 15:14:03 GMT

lol rdgrnr!!

Here's wishing everyone a big win whether they play a handful of numbers or hundreds.

Get 'em good

Reply #67

rdgrnr — Fri, 16 Apr 2010 04:47:37 GMT

Well alrighty then. Will do.

Reply #66

Lucky Loser — Fri, 16 Apr 2010 04:45:43 GMT

I understand...it'll get better. We can ALL AGREE WITH JACK!!! And, I know that's right!!! Have a shot for me!!

L.L.

Reply #65

rdgrnr — Fri, 16 Apr 2010 04:42:22 GMT

IDK, I haven't checked yet. Been drivin' and gatherin' with my brothers all day and tryin' to knock people's teeth out with a woman on my back. It was different. Just relaxin' with Jack right now.

Reply #64

Lucky Loser — Fri, 16 Apr 2010 04:28:59 GMT

Calm down, buddy. It ain't that serious, okay. We're only talking here...not fighting. No need to have a cyber heart attack over any of this as it's not going to change anything. Let's just talk numbers and lotto, eh? I made some money today on this deal. How 'bout you?

L.L.

Reply #63

rdgrnr — Fri, 16 Apr 2010 04:22:21 GMT

Exactly, CT.

And hopefully this generation is wise enough to take counsel from that.

It's hard overcoming that dependency crowd with their hands out though, especially when the crooks in power keep expanding their numbers and the useful idiots back them up.

Reply #62

Coin Toss — Fri, 16 Apr 2010 04:13:33 GMT

Consider this fokks:

THE HISTORY CIRCLE

This memorable quotation is from Sir Alex Fraser Tytler (1742-1813). Scottishjurist and historian, he was widely known in his time and was professorof Universal History at Edinburgh University in the late 18th century.

The quotation is from the 1801 collection of his lectures.

Ademocracy cannot exist as a permanent form of government. It can onlyexist until the voters discover that they can vote themselves largessfrom the public treasu... [ More ]

Reply #61

rdgrnr — Fri, 16 Apr 2010 04:09:30 GMT

Talk about feeding into something, G-D! Lenin called it right. Useful idiots.

You can be a hang-around-the-fort-indian if you so choose or a latter day loyalist to King George but there are still a few men (and women) in this country who will not surrender one day of liberty or freedom to the whims of some community organizing socialist from Chicago.

We will grovel for nobody! We'll surrender our freedom to no man! EVER

Reply #60

Lucky Loser — Fri, 16 Apr 2010 03:57:25 GMT

Sorry about that, Tenaj. I shouldn't have even fed into it. You're right.

L.L.

Reply #59

Lucky Loser — Fri, 16 Apr 2010 03:54:55 GMT

Yep, you're hard core. I rest my case. Carry on. Oh, by the way, George is laughing at you right now. Believe it.

L.L.

Reply #58

Tenaj — Fri, 16 Apr 2010 03:51:36 GMT

This thread went WAY OFF TOPIC.

Reply #57

rdgrnr — Fri, 16 Apr 2010 03:36:38 GMT

You're joking right? I mean whoa, you been up all night reading that moveon dot nonsense or what?

Please tell me you aint that freaking stupid.

Because it's either that or you're just talking to be talking.

You're joking right

Reply #56

Lucky Loser — Fri, 16 Apr 2010 03:18:16 GMT

...So, everything was just lovely with peaches and cream before Obama got in office, huh? A perfect world with a perfect congress...absolutley plenty of money in reserve, good relationships with people that actually make the U.S.

Bush was planted in the garden and what type of fruit did he produce? He produced SAND because he went to IRAQ went he should've went back to Afghanistan and FINISHED the UNFINISHED job which Obama is trying to do now. Instead, he went to IRAQ because that's where th... [ More ]

Reply #55

sully16 — Fri, 16 Apr 2010 03:02:41 GMT

Farmers with pitchforks believed.

Reply #54

rdgrnr — Fri, 16 Apr 2010 02:47:32 GMT

psykomo my brother,

At the end of the road lies Perdition for our nation.

By their fruits ye shall know them.

A good tree does not bring forth bad fruit and all we're getting is rotten apples and it's going to get a lot worse.

The sad part is that it's by design. Power is now being consolidated by the elites. Defacto laws to restrict our freedom and liberty are being enacted illegally, unconstitutionally and against the will of the people. Obama's power base is what Lenin referred to... [ More ]

Reply #53

psykomo — Fri, 16 Apr 2010 01:58:30 GMT

rdgrnr:

we have gone DOWN the road 2 nashville.......................???

What lies @ D end of D ruin?????????????????????????????

Not trying to scare U it's CRAZY out DARE !!!

Our income is being destroyed right NOW !!!

UR financial VICE could B helpful 2 the FABRIC 2 keep air ND

tires of D ROAD WARRIOR bus !!!

WE want IT we NEED it CHANGE !!!

MONEY HONEY we TIP BIG o!o!o!o!!!!

$$$$$CHANGE$$$$$

no peanut's from D GALLERY please

Reply #52

rdgrnr — Fri, 16 Apr 2010 01:14:03 GMT

Thanks LL.

Just tryin' to live up to amby's image of mountain folk.

He's obviously been drinkin' that Washington DC brand Kool-aid.

Reply #51

Lucky Loser — Thu, 15 Apr 2010 14:47:23 GMT

'Ridge, when I read this, all I could think of and see was Fester from GUNSMOKE!! You keep me laughing!!!

L.L.

Reply #50

grave — Thu, 15 Apr 2010 04:36:03 GMT

Reply #49

savagegoose — Thu, 15 Apr 2010 01:10:44 GMT

i only picked $100k/ month as an absolute insane income level. sure who could spend that. but of you start buying cars. houses. the insurance allone would eat into your budget. then theirs land taxes on all those houses.

the point i was trying toget across is even with $100k a month you still have to budget.

I would prob go do a course on financial planning if i won big. and just use what money i need to live like i need to live.untill i have a greater understanding of how to use my m... [ More ]

Reply #48

rdgrnr — Thu, 15 Apr 2010 00:40:11 GMT

We cain't figger why they keep a killin they seffs amby.

We aint no idiotsinkrats neether.

Reply #47

ambelamba — Thu, 15 Apr 2010 00:18:50 GMT

Quite idyosyncratic thinking. Maybe I should wait for news of Census workers getting killed in East TN.

Reply #46

rdgrnr — Wed, 14 Apr 2010 22:38:12 GMT

A lot of countries have gone down the same road we're going down now, ambelamba. What lies at the end of it is ruin. Never fails, happens every time. It's been proven time and time again.

Not trying to scare you but it's crazy to not be prepared.

We're going 90 miles an hour down a dead end road right now.

We can slow it down this November and stop it in 2012 if enough people wake up.

Our country is being systematically destroyed right now.

And it's an inside job.... [ More ]

Reply #45

ambelamba — Wed, 14 Apr 2010 22:16:29 GMT

You guys are scaring me. I just want to be a friendly neighbor and a law abiding citizen. I hope you guys don't represent the majority of Americans. I am not a big fan of survivalist/isolationist attitude.

Reply #44

rdgrnr — Tue, 13 Apr 2010 20:19:33 GMT

Well thank you lil' darlin'. Ol' ridgerunner is a blushin'. Ditto on the love stuff. Ah, shucks.

Reply #43

THRUST — Tue, 13 Apr 2010 17:04:52 GMT

Just make sure you protect yourself.

But yeah...I would take some time and money and just let loose...nothing wrong with that.

Reply #42

jrosina — Tue, 13 Apr 2010 16:47:05 GMT

And why not????!!! rd you deserve it, youre one of the most Loving, caring, honest, funniest!!! Person I have met!! love you rd

Reply #41

rdgrnr — Tue, 13 Apr 2010 16:34:58 GMT

I'll take care of business first off but I gotta be honest. After that I'm gonna take a few mill and let it rip for a year or so.

Good time Charlie's gonna party his @ss off.

Reply #40

Lucky Loser — Tue, 13 Apr 2010 14:10:03 GMT

pick 3

Most don't play enough numbers to profit at Pick 3 !Previous TopicNext Topic

Topic closed. Last post 2 years ago ago by WIN D. 66 replies.

Print E-mail Link

WIN D

Stone Mountain*Georgia

United States

Member #837

November 2, 2002

8134 Posts

OfflinePosted: October 22, 2007, 10:39 am - IP Logged Favorites

Most of those who play PICK-3 don't play enough numbers to WIN on a regular basis.

So..... you really shouldn't play if you expect to profit pl... [ More ]

Reply #39

THRUST — Tue, 13 Apr 2010 12:07:41 GMT

This is true...someone really shouldn't have a problem holding on to their money...the biggest problem is taking large amounts and investing it in the wrong things...with a little research once should have no problems holding on to a good portion of their winnings...with that being said...spending should be within reason according to the amount you have coming in...not what you just won...many people forget about all the little things that add up.

Reply #38

Perfecttiming2 — Tue, 13 Apr 2010 03:12:36 GMT

I agree...

Another scripture says:

It is the Lord who makes one rich and he adds no sorrow to it (Proverbs 10:21)

Anybody who has problems after coming into a large sum of money, can't blame GOD....

I always thought of winning the Lottery is an opportunity to do better.........better your life and then pay it forward.

However, problems can surface if you don't do anything to prepare for it.....

If you fail to plan then you are basically planning to fail..........the money is... [ More ]

Reply #37

badboy00z — Tue, 13 Apr 2010 01:20:24 GMT

$100k/mo budget? Seriously, what that heck can one buy or do every month that it takes $100k to do?????

IMO it really depends on how much money you have. The more money you have the more ways you have to invest it and the higher the risks will be. $250k is the FDIC insurance limit and there are only so many banking institutions to put your money in.

Reply #36

sully16 — Mon, 12 Apr 2010 15:26:14 GMT

AMEN, We the people have the power to stop this and we must.

Reply #35

sully16 — Mon, 12 Apr 2010 15:23:13 GMT

You got a good heart lucky, I would help my family ..all of them but, I would be cautious and wary of strangers.

Reply #34

jrosina — Mon, 12 Apr 2010 15:22:58 GMT

Exactly Lucky!! When Financial Wisdom Speaks! A Slack hand must listen

Reply #33

rdgrnr — Mon, 12 Apr 2010 15:22:01 GMT

I was talking about civil unrest but if you're talking about our armed forces taking action against the people then everything is out the window.

That's why Oath Keepers is such a great organization. They educate police and military personnel on the Constitution and have them take an oath to not follow any illegal orders going against the Constitution impacting American citizens. This has to be done with the crowd we have in power now.

Obama has already said he wants a civilian security fo... [ More ]

Reply #32

Lucky Loser — Mon, 12 Apr 2010 15:17:57 GMT

X's2!!! Remember, we came into all this money on a LOOOOOOOONG SHOT with a less than 1% chance. Now, we've won all this money on that same long shot and we only have ONE SHOT at making it work and last us for a lifetime.

Why just blow it? It'll never happen again. There are many former winners out there who would give ANYTHING to just have $100,000 of that same multi milion jackpot now to act differently with.

Good post.

L.L.

Reply #31

vjohnson8 — Mon, 12 Apr 2010 15:12:11 GMT

I AGREE TO IS SO TRUE,SPEND MOEY WISLEY, IT HARD TO COME BY RIGHT NOW, VAL8

Reply #30

THRUST — Mon, 12 Apr 2010 15:11:56 GMT

Who, billionaires? I mean serious if that is the case...good for them...but what is good for them may not be good for me or anyone else for that matter...alot of every rich people go broke because of being careless with money...doesn't mean I have to be one of them.

Reply #29

Lucky Loser — Mon, 12 Apr 2010 15:10:33 GMT

Yeah, this is why I said within reason . We don't have to be pushovers when it comes to helping and I certainly agree with you. But, we have to help SOMEBODY when coming into all that money...it's just the right thing to do if a person has any morals.

TO HIM WHOM MUCH IS GIVEN, MUCH IS EXPECTED. 'Ridge, I know you'd do the right thing because you're well seasoned in all this. I'm talkin' about all the bland minds here...all the ME, ME, ME, ME, ME's.

L.L.... [ More ]

Reply #28

sully16 — Mon, 12 Apr 2010 15:09:02 GMT

thats sad and scary at the same time, still if this country ever goes that haywire, people will try to survive with any means possible .

Reply #27

Raven62 — Mon, 12 Apr 2010 15:03:04 GMT

To some people $100k/mo is Walking-Around-Money: They Can Afford to Spend It Not Even Miss It

Reply #26

rdgrnr — Mon, 12 Apr 2010 15:02:59 GMT

I wholeheartedly agree with your basic premise LL but in the large cities there will be teeming masses of people experiencing hard times. That situation will become untenable very quickly. It will be the law of the jungle.

If at all possible it would be best to not be in those places.

Reply #25

Raven62 — Mon, 12 Apr 2010 14:56:47 GMT

The playing field won't be even: Folks will be fighting against Tanks, Helicopters, Biological Weapons with Pop Guns.

Reply #24

rdgrnr — Mon, 12 Apr 2010 14:56:02 GMT

Good point sully. Extremely important. Disarming the citizenry is a big part of the current agenda. Hillary recently endorsed the UN plan to do just that.

Reply #23

Lucky Loser — Mon, 12 Apr 2010 14:53:30 GMT

Well, it is good, though, to feed a man if he's hungery and to quench his thirst. In fact, we have an obligation to do this...all within reason. If a man doesn't work then he shouldn't eat. But, if a family is experiencing hard times and need my help food-wise, I'll give them whatever they need.

This is how unexpected blessings present themselves...sometimes MILLIONS of times over!!! I do understand your general point, though.

L.L.

Reply #22

rdgrnr — Mon, 12 Apr 2010 14:47:18 GMT

Good point Raven and a good reason to live or have a place way out in the country if possible with as few neighbors as possible.

Reply #21

sully16 — Mon, 12 Apr 2010 14:45:02 GMT

thats why our 2nd amendment is so very important.

Reply #20

Lucky Loser — Mon, 12 Apr 2010 14:44:13 GMT

I'm so glad that you can see the light here!! Why on earth would a person want to set a $100,000 per month budget just because they've won the lottery??? Heck, just YESTERDAY, they were cool and making do with the budget already in place!! See, this is what I'm talking about.

When a person realizes how to really work their money, they'll understand that just the INTEREST alone will now allow them to live very comfortably. It's cool to upgrade a little bit and splurge but, let's have some good... [ More ]

Reply #19

Raven62 — Mon, 12 Apr 2010 14:34:59 GMT

No matter where you are: If you have a food water supply: It won't be long before your neighbors who don't have food water will come Try to take your Food Water

Reply #18

jrosina — Mon, 12 Apr 2010 14:24:41 GMT

Right you are rdgrnr! And this might happen sooner than we think!! With time running away from us like a thief from a cop with a Gun!

We have to make haste and get these funds in place, and I don't care what any one say I believe that winning the Lottery, is another way That GOD can Bless you! and it's no sin! It's not a Loan, you don't have to pawn your house or your Salary for it! I work on my Business and I Play the Lottery anything can happen with either of the two!

And HIS word Te... [ More ]

Reply #17

THRUST — Mon, 12 Apr 2010 14:12:51 GMT

Well the only person who can look out for you...is you. I wouldn't take any chances...large cities are bad anyway...I just want to get away where there is nothing but peace, quiet, sun, sand and surf...I'll be ok then.

Reply #16

rdgrnr — Mon, 12 Apr 2010 13:52:35 GMT

Yeah THRUST, a lot of people might call us alarmists but I believe the height of irresponsibility would be to see what's going on and not take steps to make sure your family is safe in the event of civil unrest.

I believe the smartest move if feasible is to put some distance between yourself and any large city because when the money runs out for entitlements, things in the big cities will get real bad, real fast.

Reply #15

THRUST — Mon, 12 Apr 2010 13:35:27 GMT

This is why I wouldn't mind owning a small island somewhere...where no one would be able to get to me that easy...just grow my own stuff...fish and raise whatever animals I want to eat...I would make sure I have enough brandy to drink for 2 life times.

Reply #14

rdgrnr — Mon, 12 Apr 2010 13:29:16 GMT

I can live simply but job one is liberty, independence and freedom in a country currently being led by those who want to limit it and making sure my family is safe.

That being said, disconnecting as much as possible from dependence on others for life's necessities would be my primary focus in any initial financial outlay from a jackpot win. Also, I wouldn't hesitate one second to claim my winnings because one second is actually longer than I trust the government with my money.

The path the... [ More ]

Reply #13

jrosina — Mon, 12 Apr 2010 12:59:36 GMT

Forever is a very Long Time!!!LoL

Reply #12

lottocalgal — Mon, 12 Apr 2010 12:48:53 GMT

I do agree with you LL

About 98%. I wont need to let the money soak in . I have SUCH meager taste and wants that even a million dollar (net) win would last me years. I have always said that my dream home is around (in this market) $450-$500k and my dream car, a chrysler c class fully loaded is about 35k. the rest would simply be put in the bank and draw the meager interest. I saw a winner on TV go out and buy jewely worth $1300. I though to myself why? Im into electronics not jewelry or cl... [ More ]

Reply #11

THRUST — Mon, 12 Apr 2010 11:46:38 GMT

^

If you are spending $100k a month...you got problems and will be broke within a year. Like I said it is your money and if you want to p*ss it all away...then go ahead, more power to you. Try a budget of $10k-$25K a month...or less. Just because you won the lottery doesn't mean you can go crazy...even celebs go broke after earning mega millions type money.

Reply #10

savagegoose — Mon, 12 Apr 2010 10:26:57 GMT

there used to be a thing called professional indemnity insurance., where you could be insured against the professional losing your money. unfrtunately i think it was colvered by AIG.

i was told it was insurance against them giving you bad advice.

dunno how true it is, but if the win was big enough id sure be asking for a copy of the insurance polciy before dollar 1 gets sent to the planner.

basically how hard is it? set a budget, $100k a month and you are under budget, pe... [ More ]

Reply #9

KY Floyd — Mon, 12 Apr 2010 06:07:06 GMT

If you don't know enough that you'll recognize it if a professional is trying to take advantage of you, how will you manage without help from a professional

Reply #8

THRUST — Mon, 12 Apr 2010 04:50:55 GMT

Not if you do a little homework...You could learn all about it and try to manage/invest it yourself...but then you would be worried about your money all the time...if you can find someone you trust and has a good track record...then they can worry about your money while you are living it up.

Reply #7

badboy00z — Mon, 12 Apr 2010 02:41:35 GMT

I would be wary about consulting professionals because they can easily take advantage of you.

Reply #6

Lucky Loser — Mon, 12 Apr 2010 02:02:53 GMT

This is a very good topic. Most people are already in a tough way when it come to finances, and, if they're not accustomed to handling the money they have efficiently then they're surely not ready for lottery winnings. Here lies the problem. They're so elated about the win that all they can think of is pleasures as opposed to business and this is what causes the money to go very quickly.

In my opinion, the absolute best thing a person can do is to just take some time and let the win soak in f... [ More ]

Reply #5

lottocalgal — Sun, 11 Apr 2010 23:05:48 GMT

I agree, But I'd think of consulting a tax attorney.

Everytime I hear the word Financial Planners or Advisor, all I picture are the slugs out their that are stealing clients money. I mean How do you protect yourself? I just watch a special on television. I think it was American Greed when the advisors was supposed to be placing his clients money in a simple money market account but kept taking the money in and out of high risk investments and forcing the client to pay early withdrawal pena... [ More ]

Reply #4

sully16 — Sun, 11 Apr 2010 22:35:51 GMT

you also need to learn finance in a hurry so you don't get taken.

Reply #3

ca-dreamin* — Sun, 11 Apr 2010 21:50:17 GMT

Thanks for sharing this Coin Toss.

It wouldn't suprise me that people who can't make their own decisions with everyday stuff would turn to the wrong people for something big like this.

I agree that you should also seek the advice of more than one advisor because EVEN they might not have YOUR best interests in mind.

Reply #2

jrosina — Sun, 11 Apr 2010 21:21:41 GMT

Yes it's your money, THRUST is right, but pleeeeeeeese try not to P#ss it all away!! Please

Reply #1

THRUST — Sun, 11 Apr 2010 21:18:38 GMT

Never listen to friends, family or neighbors...this is obvious.

Seeking not 1 but multiple professionals would be a good idea.

Trust your gut...if something feels like a bad idea...then don't do it.

there is a great article on this. Just search 8 lottery winners lose their millions it is on an MSN site.

Create a Decision Free Zone. Take time to really think about who, what, when, where why...with your money.

Or you could just p*ss it all away...it is your mone... [ More ]

Money Matters: Sudden wealth advice

Coin Toss — Sun, 11 Apr 2010 19:52:50 GMT

This is from an article in a local business journal. Nothing surpriszing, but some good advice. The article is about people coming ointo windfalls, and in the beginning of it he specifically mentione lottery winners.

Get financial guidance from a qualified source.

You would think that anyone who receives a six-figure or seven-figure check would immediately talk to a financial professional. But that is not always the case.

Some people put it opn their to-do list and then go out and do ot... [ More ]