A bad idea for a winner

Reply #13

sully16 — Wed, 14 Dec 2011 15:21:11 GMT

so true, I tell people I'm 5 years older than what I am , so they tell me how good I look for my age, hehehehe. feels good to get such nice compliments.

Reply #12

Hot Sauce — Mon, 12 Dec 2011 18:53:40 GMT

As long as you set up some sort of financial safety net, I don't see any issues with using a portion of your prize money towards starting a business

Reply #11

OldSchoolPa — Mon, 12 Dec 2011 06:06:02 GMT

I would have to say that starting a business is perhaps the best idea a lottery winner could make. The problem some businesses have is they are too niche, have too much competition, or are not well positioned for success. As a lottery winner, I would only commit a certain percentage to any business venture. I would consult with an attorney to properly shield the remaining proceeds from any lawsuits and invest conservatively. So should business go belly up, I would not be destitute. Above all, I

Reply #10

weshar75 — Mon, 12 Dec 2011 05:11:37 GMT

Thanks RDGRNR!-weshar75

Reply #9

rdgrnr — Mon, 12 Dec 2011 03:35:11 GMT

66 isn't very old nowadays weshar, I hope you live a lot longer than that.

Good luck

Reply #8

weshar75 — Mon, 12 Dec 2011 01:31:01 GMT

When I get lucky in the lottery I do not plan on starting a business. But I would like to find a good bank and have someone help me invest the money that I won so I could live comfortably and not go broke over the next thirty years. I figure I am 36 now and I could live until I am 66 so I would want my winnings to last me that long. I want safe investments too not ones were I will lose my money quickly but ones that will go for a long time. I have been debating since the jackpot is over $100 mil... [ More ]

Reply #7

gogidolim — Mon, 12 Dec 2011 01:19:40 GMT

Oh no. I am not spending away the prize money. I will invest most of the winning to income-generating investment, then I will use the income stream from the investments to run the comic book business.

Reply #6

KY Floyd — Sat, 10 Dec 2011 06:01:47 GMT

Lottery winner or not, any plan to spend all of your money too long before you die is a bad plan. If you clear 40 million from the lottery and want to spend 20 million or so on a business or hobby it's a fairly safe bet that the remainder will last the rest of your life if you're sensible about what you do with it. Just figure out how much you need to keep and the rest is spending money. YMMV, but I'd plan on conservative investments and living for a long time.

Reply #5

savagegoose — Sat, 10 Dec 2011 01:59:49 GMT

dont worry, just let it be known you have trouble spending money, people will come form miles around to help you out.

Reply #4

hearsetrax — Fri, 09 Dec 2011 22:12:52 GMT

no doubt its going to be an interesting christmas and or life full of interesting probabilities if someone gets that lucky tonight

I hope its me .......

Good Luck everyone

Reply #3

RJOh — Fri, 09 Dec 2011 19:57:01 GMT

And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

You're probably not the only one making plans to spend that $100 millions. I would wish you good luck if I wasn't making similar plans myself. I'll probably take the annuity, getting rid of all that money every year before the next check comes would be all the work I could handle since I'm retired and the yearly checks would be more than twice what I made my whole working career.... [ More ]

Reply #2

gogidolim — Fri, 09 Dec 2011 07:43:19 GMT

Gee thanks. I really want to work with a group of talented and creative people and I want to pay them the right amount of salary. I don't want to exploit talented people for chump changes.

Reply #1

taiwanlottery — Fri, 09 Dec 2011 04:04:12 GMT

I would say, if at all possible, just do what you enjoy doing! But be smart with your funds!

Good Luck to You

A bad idea for a winner

gogidolim — Fri, 09 Dec 2011 04:01:03 GMT

Probably the worst idea for a jackpot winner is to start a business with his/her prize.

And now I am thinking about it.

There was a publishing company named Crossgen years ago. Some guy made millions out of IT business and started his own comic book studio. The result? It went belly up because it didn't diversify the sources on the incomes. Unfortunately, the studio chose to use the film liscence as the main source of money and...Well, the rest is history. Their artworks were top-notch t... [ More ]