Would you take your JP winnings and invest it all by yourself?

Reply #32

mikeintexas — Mon, 30 Sep 2013 03:43:54 GMT

Not long after I got on the 'net, I was in a forum and we were griping about our service providers. (this was when most people still had dial-up) Someone said I've half a mind to start my own ISP. and I thought that might be a good thing. I plugged in starting your own ISP into a search engine (this was also quite a while before Google got popular) and the first article I read began with If you came here wondering how to start your own ISP, you don't know nearly enough to begin.

Reply #31

Todd — Mon, 30 Sep 2013 00:26:04 GMT

True. I had a technology career spanning about 15 years before starting LP. Of course there are lots of people who say they can do it much better themselves, and they have no technology background. I say good luck and God speed. Because it will take both without any kind of technology background (or love of technology).

Reply #30

noise-gate — Sun, 29 Sep 2013 22:06:47 GMT

Wise words: Never start a business you know Nothing about.

I doubt Todd got this adventure up and running with no knowledge of the internet and just decided to jump in at the deep end after consulting a How to.... for Dummies book.

Reply #29

Alpha Deus — Sun, 29 Sep 2013 20:01:37 GMT

Never start a business you know nothing about, no matter how much money you have or how cool it sounds, they can get out of control very early on, especially if people realise you are a lottery winner, the biggest case of lack of belief is the fact you're a lottery winner, take tat morsel into a bank and ask them for a business loan...they will take your money but they would never invest in you unless you were commited to heck, had a great business plan and could show them your idea working to b... [ More ]

Reply #28

Alpha Deus — Sun, 29 Sep 2013 19:50:58 GMT

Investing can be done by yourself but like the person who defends themselves has a fool for a client so does the self investing lottery winner.

One winner in England once decided to have the easy life so put all his lottery winnings into his local bank and let it sit there on virtually no interest, which some of you would say is pure madness because in real terms its shrinking but it was over one million pounds but he didnt have to worry about that.

The local bank went bankrupt...his

Reply #27

Jill34786 — Sun, 29 Sep 2013 17:25:35 GMT

Many individuals do not understand the deflationary value of money and seem to think keeping it all in different banks or in their house is the logical solution. There are those who would have a difficult time managing 50k and yet seem to think overseeing millions of dollars is a cake walk.

I like what you alluded to about having those who know it all seeking a job managing other people's money. If they haven't had any success that should tell them something.

There are many factors involve... [ More ]

Reply #26

noise-gate — Sun, 29 Sep 2013 16:21:02 GMT

Good Point KY Floyd- however this discussion is about what you l would do, not Ogawa.We know how that turned out. Another thing, we don't know how he would have handled his money if not given bad investment advice from these two characters. He could have walked into a bank and asked for advice, we don't know. What we do know is that he wanted his money to grow, and in the right hands it would have with realistic expectations.

According to reports- he did take his two former friends to an atto... [ More ]

Reply #25

Pita Maha — Sun, 29 Sep 2013 15:01:03 GMT

We'd definitely need tax advice but as far as investments we'd do it ourselves. Hubby was in I.T. in the Finance industry for 15 years and has a great analytical mind for that stuff. The main thing to remember is: if it sounds too good to be true, it probably is, so stay away from anyone promising that.

Reply #24

kapla — Sun, 29 Sep 2013 14:28:48 GMT

That is what we need more of! We need more LOCAL AMERICAN SMALL business. Nothing against all the big box stores but the real jobs come from local business.

So if you can't start one, you should invest in one. The real idea is to replace/remove a FOREIGN producer like China. Start a business that makes a product which is only made in China (now, where 10-20 yrs ago it WAS made here) - create 20-30 jobs in the process

Reply #23

CashnCarry — Sun, 29 Sep 2013 13:59:50 GMT

For certain I would enlist the help of a CPA and Attorney, I'm pretty sure that I would also reach out for some Financial Advice as well but I sure wouldn't keep it all under on umbrella. Seems like the most prudent would be to diversify where the money goes. Bottom line, nothing happens without my authorization, I don't want to hand over the keys to the vault to anyone. Too easy to reach out and blame someone else should things take a turn.

Reply #22

kapla — Sun, 29 Sep 2013 11:04:35 GMT

then I can SUE myself if I steal all my winnings

Reply #21

Anfang71 — Sun, 29 Sep 2013 10:53:31 GMT

Well keep hoping my friend, there is still time until the matrix change heheh

But.... I belive Florida will win it's first JP before that

Reply #20

weshar75 — Sun, 29 Sep 2013 05:38:43 GMT

I was hoping that I would win mega millions before the matrix change so I could get the 26 payments. Since I am 38 when I stop getting the payments I will be 64. All the way through the years putting money away for my family to have when I crook. It could happen maybe!-weshar75

Reply #19

KY Floyd — Sun, 29 Sep 2013 05:08:44 GMT

You think Ogawa would have done better on his own? If he was too stupid to realize that he was getting bad advice then he's too stupid to have done a good job on his own. It's unlikely that he went in looking for safe conservative investments that would preserve his wealth but not increase it very much. If he was looking for ways to use his winnings to make a lot more there's no telling what kind of mistakes he would have made on his own.

If you're not stupid it's fairly easy to differentiate... [ More ]

Reply #18

noise-gate — Sun, 29 Sep 2013 04:47:46 GMT

Totally agree with this Statement of yours..

I also would handle all my own Money - disaster begins when one hands the financial reins of your money over to Strangers.

Reply #17

sookie — Sun, 29 Sep 2013 01:52:56 GMT

The only thing I would need is an accountant for tax advice and a lawyer for some things I need to setup. No financial advisors needed, I would take care of it myself and research the best things for conservative investments. I also would handle all my own Money

Reply #16

dallascowboyfan — Sat, 28 Sep 2013 23:33:45 GMT

True

Reply #15

Masone — Sat, 28 Sep 2013 18:15:24 GMT

I'd rather just put it all in the bank and invest in my own businesses that I would start.

Reply #14

Goteki54 — Sat, 28 Sep 2013 17:44:25 GMT

That is the main reason why so many of thes music and movie stars go broke. They want the mega manisons and exotic cars, yet they never stop to think that the cars lose value and the mega manision needs a lot of expensive maitance.

Reply #13

savagegoose — Sat, 28 Sep 2013 17:35:37 GMT

just remember dream homes and dream cars, require maintenance . when you plan on spending, you also have to plan on upkeep, insurance, running cost, taxes etc. As you purchase all the dream stuff you should also be counting the annual maint fees involved, and exactly where the income to cover those costs is going to come from.

I think i would have to hire professionals. but then i would also have to diversify, depending on the amount would determine how many groups of advisers i would use, an... [ More ]

Reply #12

helpmewin — Sat, 28 Sep 2013 17:17:18 GMT

as the saying goes if you want something done right do it yourself

Reply #11

bigbear29 — Sat, 28 Sep 2013 16:04:24 GMT

I would do some serious research about investing after I get the jackpot money. First, buy your dream home, within your budget, so do the math. Than, buy two cars, not $100,000.00+ /per car. Now, it's time to do the serious research on investing. At this point, I do not trust any financial person with my money.

Reply #10

Six balls — Sat, 28 Sep 2013 03:07:52 GMT

Well, unless you're stuffing it in your mattress, you have to park it somewhere.

If I'm giving someone else my money (and that includes depositing in their bank), I want something in return. Pick some nice bonds, I can outperform the bank. Pick some nice stocks, maybe I can outperform the bonds. Keep getting greedy and I'm this guy or I'm Kevin Bacon crying in the news about Bernie Madoff bankrupting me. That's why, past a certain point, I'm getting some professional advice.

If I grow my m... [ More ]

Reply #9

Anfang71 — Sat, 28 Sep 2013 02:01:15 GMT

...err all I hear about is investing...

what if you don't want to invest and just buy some things here an there and save the rest just the way it is, I don't mean never use it ofcourse.

Why is that everybodies concern it seems? To find ways to invest? I will constantly say it....I want to win to just not have to rely on 'work' to get by. I care not to buy giant homes an such. If I'm to win a big JP like 170+million I'm gonna live on about 100,000 a year. Thats a lot....but really it isn't... [ More ]

Reply #8

Six balls — Sat, 28 Sep 2013 02:00:32 GMT

It would depend on the amount of money we're talking about. Managing $4 million (tomorrow's CA SL post-tax and family mortgage payoff festival) is different than handling $71 million (tonight's MM yada yada). I'm thinking probably somewhere in the teens I'd start getting advisors - though never with them having the authority to do anything without my sign off. And if they can't explain it so I can understand why it's a good investment it's nothing I need to be invested in.... [ More ]

Reply #7

Goteki54 — Sat, 28 Sep 2013 01:25:29 GMT

I would do some myself and let a certified profressional handle the rest by investing it investments I know and am comfortable with.

Reply #6

billionaire2bee — Sat, 28 Sep 2013 00:58:32 GMT

I think I would have to do a little of both...I mean you want people who know what they're doing but then to there are too many Bernie Madoffs, Michael Milken, Gordon Gecko types out there wanting to help you, so to speak LOL...I'd like to be able to invest and know myself what to invest in and how much to invest in it...I mean if you win millions of dollars you don't want it to just sit in the bank and do nothing

Reply #5

sully16 — Sat, 28 Sep 2013 00:16:46 GMT

Reply #4

BuyLow — Fri, 27 Sep 2013 23:51:38 GMT

I would employ experts to help me set everything up and guide me through large purchases but I will ultimately call the shots. Other than a modest amount set aside for Shark Tank type investing, everything else will be invested in something I know and that is relatively simple. IE: Gold, Tax free bonds, real estate.

Reply #3

Uff Da! — Fri, 27 Sep 2013 18:20:57 GMT

The kind of trust I would envision would of necessity require the services of a knowledgeable attorney. The situation would be quite complex and would involve people in several states. And I'd want an accountant to look into the community foundations I would contemplate using instead of setting up my own charitable foundation. My domestic partner and I have each independently invested and traded for decades, but if I suddenly had millions to invest, I'd definitely want to seek outside investment... [ More ]

Reply #2

LottoMetro — Fri, 27 Sep 2013 17:56:55 GMT

I would probably get a tax attorney, but other than that I would go solo. I've always managed my money wisely and have gone to college and learned the ins and outs of it. Doesn't make sense to me to bring others into the equation because they do not have your interests at heart, regardless how trustworthy they seem. There is enough information available now that you can make qualified decisions without paying someone to do so. If I hire a team of 3 advisors, that's 3 more people who can screw me... [ More ]

Reply #1

LottoGuyBC — Fri, 27 Sep 2013 17:52:12 GMT

DIY first and see what happens

Would you take your JP winnings and invest it all by yourself?

noise-gate — Fri, 27 Sep 2013 17:48:17 GMT

Or would you seek professional help from an Attorney/Attorneys, financial advisors, Estate Planner or go it alone?

Just read a sorry story about a Mr Ogawa who trusted his attorneys to lead him on the road to unending prosperity- only to be lead down the dark alley of misfortune after winning Millions.

Your Thoughts?

Have a Great Weekend People.

* Those People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.