What If someone wins and doesn't invest at all .

Reply #27

badboy00z — Tue, 08 Mar 2011 08:30:32 GMT

IMO if you win a large enough amount, there really isn't a need to invest (earn interest and get taxed) at all. You get taxed even before you get the money and you have to file income tax for the whole amount but if you don't earn interest after that, you won't have to file income tax again.

What's the biggest bank in the world or even just the US anyways? And what are the chances that that bank will go down? IMO idealy I would want to have all my money in one bank so that it is easy to manag... [ More ]

Reply #26

markp1950 — Tue, 08 Mar 2011 04:15:24 GMT

The NASCAR #23 Truck Racing team is owned buy somebody who won Mega Millions in VA.....

Reply #25

four4me — Tue, 01 Mar 2011 21:34:56 GMT

An just so you'll know the bank doesn't insure your investments neither does the feds. So if you do invest it will be at your own risk.

Reply #24

Jani Norman — Tue, 01 Mar 2011 14:57:12 GMT

WOW it gives you chills just thinking about anyone being that stupid...

but we never know............. do we...

Reply #23

sully16 — Tue, 01 Mar 2011 14:39:55 GMT

The Federal reserve bank is a private business, they print money they can't back, and loan it to the US Government at outrageous interest rates.

Reply #22

KY Floyd — Tue, 01 Mar 2011 06:56:32 GMT

I don't think you're seeing hate, so much as a consensus that not investing the money may suggest that the winner isn't making particularly smart choices. You also may be confused about what investing means, since you start by talking about putting the money in bank accounts. Just because it's called a savings account (or CD) doesn't mean it's not an investment.

Even if it isn't invested and never earns any interest, you're right that somebody who clears $10 million has a reasonably good chan... [ More ]

Reply #21

ttech10 — Mon, 28 Feb 2011 21:02:23 GMT

Not getting all the hate about not investing your money or needing a financial advisor.

Give me $10 million (after all taxes have been taken out) and I won't invest any and will still be living good when I die.

If you're married and win millions, in just one bank you can insure up to $1,500,000 insured (single accounts for husband/wife, joint account which will insure up to $250,000 for each for a combined $500,000 and then two revocable trust account for both the husband and the wife... [ More ]

Reply #20

Colt45ML — Mon, 28 Feb 2011 05:59:55 GMT

You sir are one of the few folks out there who actually has an IQ above room temprature.

Reply #19

KY Floyd — Mon, 28 Feb 2011 04:30:56 GMT

My best guess? They'll get their 15 minutes of fame in a future episode of Curse of the Lottery .

Reply #18

GYM RICE — Sat, 26 Feb 2011 23:09:24 GMT

Keeping large sums of money at home in a safe is a good way to not only get yourself killed, but also go broke. You would be the talk of the bank for leaving with that kind of money. No way I could ever trust a bank employee with my life and personal information. I don't care how big the safe is at home i'm keeping it in.

Reply #17

iGlenn — Sat, 26 Feb 2011 22:12:12 GMT

Not all investments are bad just like not all investments are good. The key is to figure out what the good investments are and to know when to cut your losses on those that don't work out.

I guess a lot of people on here think investing isn't a smart thing to do. However, many wealthy people would say the same thing about playing the lottery. In reality neither one of them is bad as long as you educate yourself and understand the risks and odds.

Reply #16

markp1950 — Sat, 26 Feb 2011 19:19:47 GMT

I'll invest it in Bear Stearns.....

Opps, they're out of business...

Ok, then how about Lehman Brothers....

Oops, they're gone too...

Ok, I know one sure bet...

I'll invest it with Madoff! He pays 12% every year!

Yeah, invest with the experts....

How about GM stock?

Now that $184,000,000 will be toilet paper when the Demos and the Repubs get done destroying the country.

Nest year is 2012 when then end of the world comes....

Reply #15

Stack47 — Sat, 26 Feb 2011 03:44:32 GMT

For starters, I'd open an account with the same bank the lottery uses and then shop around for the best place to invest the bulk of the winnings.

Reply #14

Super-man — Sat, 26 Feb 2011 03:18:14 GMT

If that person is lazy enough to seek financial advice or invest his winnings (e.g. $50 million cash), when claiming it, he might as well ask the lottery commission to wire the money straight to his savings account or to various bank accounts if he has more than one (if he's got 10, then $5 million each) and let it sit there while earning interest.

If the taxman starts sniffing at his money trail, he'll be too lazy to notice.

Having said that, is it just ok for a single savings account o... [ More ]

Reply #13

TheGameGrl — Fri, 25 Feb 2011 23:19:17 GMT

The best advice is the one given to oneself.

So here is the advice I give myself on this matter- The best person to manage my money is...MYself. I went down the stock path (it crumbled) I went down the Interest in a bank. THe bank foreclosed, vanishing my money's interest. Just because a bank is Federally Insured doesnt mean they pay you back any time soon. Try two years or more thru the paperwork system to get any of it back and of that they charge a fee for tracking down YOUR money. Real Es... [ More ]

Reply #12

sully16 — Fri, 25 Feb 2011 21:46:44 GMT

you got a great sense of humor Pumpi.

Reply #11

pumpi76 — Fri, 25 Feb 2011 20:08:57 GMT

they maybe he should travel to the middle east is better over there...

Reply #10

savagegoose — Fri, 25 Feb 2011 18:51:32 GMT

but if they didnt want to invest it all, they may as well take an annity lol.

even so 50 mill at say 100k a year spending money = 500 years, ok 1 mill a year spending money = 50 years.

id say it wouldnt really matter, if yo u didnt invest it, but id get teh extra large king size bed if you p[lan on hiding it under the matress.

if you won that sort of money and didnt put in a tax return im sure the taxman will come a sniffing around

Reply #9

sully16 — Fri, 25 Feb 2011 13:49:35 GMT

Anything they do with the money is an investment, home, car, clothes.

If they just let it sit in a bank they will pay hefty taxes on the interest, seek advice because you will need tax shelters.

Reply #8

dallascowboyfan — Fri, 25 Feb 2011 13:16:39 GMT

Seek Advice

Reply #7

megamanX — Fri, 25 Feb 2011 10:45:27 GMT

Here's what will happen, the federal reserve will print more money to bail out wallstreet and debt-ridden states like California, Illinois and New Jersey and as a result, make your dollars almost worthless.

Reply #6

savagegoose — Fri, 25 Feb 2011 06:52:23 GMT

when they die, their heirs pay a lump of tax on their inheritence

Reply #5

Raven62 — Fri, 25 Feb 2011 05:24:29 GMT

That person may not enjoy the full benefit of the money they won, because of uninformed decisions they make.

Reply #4

djklaugh — Fri, 25 Feb 2011 05:10:04 GMT

First of all - where are you going to put that much money? Most banks insure their individual/private accounts up to a maximum of $250,000 (that is insurance against the bank failing). So most banks are not going to want to deposit a check for a jackpot amount of money. You'd need a special type of banking arrangement to hold on to the money safely for you. AND I can not think of any bank who could or would cash a check of that size - do you know how big a volume of space you'd need to store a j... [ More ]

Reply #3

dr65 — Fri, 25 Feb 2011 04:43:40 GMT

Well I guess winning all that money, a person needs to come back down to earth. It seems like a lot but look at the stories of people who

have won a lot and then, years later were right back where they started or worse. If someone does not seek advice, they'll go either way:

it'll last for the rest of their lives or they'll be broke. Depends on the person I guess. I don't think I'd want to swing handling all that money

ALONE...I'd want some advice.

Reply #2

CajunWin4 — Fri, 25 Feb 2011 03:54:03 GMT

A fool and his money is soon parted.. Sounds like jethro bodin to me.....

Reply #1

rcbbuckeye — Fri, 25 Feb 2011 03:48:38 GMT

Well, they still have the money they won. They don't pay any more taxes on it, unless it earns interest, then taxes are paid only on the interest earned. If they don't invest the money, they could keep it in a safe at home, or a mattress, or the refrigerator, and live on the money until it's all gone.

What If someone wins and doesn't invest at all .

justpicky01 — Fri, 25 Feb 2011 03:39:19 GMT

What happens if someone wins the powerball or mega millions and they don't invest the money

doesn't hire an financial advisor , then what happens