Manage your winnings or have somebody else do it for you and why?

Reply #26

mypiemaster — Tue, 31 Dec 2013 22:47:01 GMT

Someone, somewhere, is in possession of a lucky Mega Millions lottery ticket worth $324 million that was purchased at a small San Jose shop on Dec. 17. You may already be at that point.

Reply #25

OldSchoolPa — Sat, 28 Dec 2013 20:17:33 GMT

Your premise is totally wrong. You assume that all winners will lose their money regardless what they do, and that simply is not true. Sure, if one is used to being broke and fails to establish an investment and spending plan, then that person will likely buy a lot of liabilities and consider them investments (that late Edwards guy comes to mind). Alternatively, a winner might employ investment advisors that are more focused on their own profit than what is in the best interest of the winner cli... [ More ]

Reply #24

Kejana48 — Thu, 26 Dec 2013 22:03:24 GMT

I've been managing my own finances for years. Why would I now turn it over to people you do not know or can trust. Money changes people for better and worst, even professionals. Unless you plan to go out and make a lot of nonsense purchases in an effort to part ways with your newfound riches quickly, as long as you have you money in a Bank that can insure it, you can watch it as you do now. But, if you can't manage your finances now, then you might need to trust others.

Reply #23

RedStang — Tue, 24 Dec 2013 22:09:48 GMT

I was going to invest in popcorn but people stopped going to the theater.

Reply #22

Astekblue — Tue, 24 Dec 2013 20:30:47 GMT

Thanks psykomo

And I agree with you

There are not many of them I trust either

Reply #21

savagegoose — Tue, 24 Dec 2013 20:09:18 GMT

when i was asked a year or so ago what would I invest in , i said a couple 100 tons of silver.

since then silver has prob dropped %25 %.

so i think id take the dumbass option, and spend it all on physical silver still

Reply #20

LottoBoner — Tue, 24 Dec 2013 04:40:36 GMT

Yes its definately a quandary.

However, if somebody else loses it, its more akin to theft.

If you lose it your self, than you are just a dumb ass.

Reply #19

LottoBoner — Tue, 24 Dec 2013 04:34:39 GMT

When will I ever possibly get the chance to ask Nicolas Cage about anything?

Now if perhaps I could speak to Mr. Coppola, than that might be different story.

He would probably say just spend it all on movies anyway.

Perhaps when I ask Nick , he would say,

Invest your money in Lottery Post and become a system windtalker

Reply #18

LottoBoner — Tue, 24 Dec 2013 04:28:00 GMT

Are you referring to Congress, or are you referring to

Wall Street?

Major lottery winnings with a QP are harder to deal with than a major lottery winning done with intelligent design.

One is random and unexpected. The other is random and expected.

Reply #17

psykomo — Tue, 24 Dec 2013 03:48:01 GMT

MPM:

(1) how much RU willing 2 RISK 2 a bunch of team of financial advisors ?????????????????????????????

(a) 10% of my (let them manage) 4 their estimated 20% return on my CASH some DINGO promise me!

(b) 20% fee of my (portfolio) 4 their estimated 30% return 2 me on my CASH but, will U git what/squat

(2) Contact:

TEAM Todd if U WIN D BIG WON they HELP people in DOUTout

Reply #16

psykomo — Tue, 24 Dec 2013 01:59:52 GMT

ATEK UR summation of this complex question is better said than any accoutant attorney

money planner or banker could provide ANY BIG R small jackpot WINNER and U did it ALL 4 FREE, yes FREE

BUT, psyko can assure U and ALL who drop into one of the above listed EXPERT'$$$$

offices and ask 4 advice on how 2 handle 50 million lottery winning'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

YOUR BULL$EYE BUTT will git a big INVOICE in UR mail for SERVICE non of the above A holes provided YOU!

YES, they... [ More ]

Reply #15

jrosina — Tue, 24 Dec 2013 00:27:01 GMT

Since The operative word here is LOSE so whats the choice again

Reply #14

capett02 — Mon, 23 Dec 2013 21:53:31 GMT

I would do a bit of both myself. I would hire an attorney and financial advisor really quick. And possibly a body guard (no joke) if my winnings were high enough. I would be fully involved in my financial portfolio or it would be a deal breaker. My goal would be to invest aprox. half my winnings into a diversified portfolio (some higher risk and some extremely low risk). I would put an attorney on retainer to handle all of the bills and relatives I will acquire. With the other half of the money

Reply #13

PaScratchAddict — Mon, 23 Dec 2013 21:36:12 GMT

Facebook and twitter stock, your good to go.

Reply #12

KY Floyd — Mon, 23 Dec 2013 18:09:53 GMT

I'd be a lot more concerned with the chances of losing it than who loses it.

Unless you're a world class moron people managing money for you aren't going to have carte blance to do whatever they want, so whether it's you or them doing the actual managment, your decisions are going to be a major factor in what happens. If you tell any financial advisor to make safe, conservative investments with preservation of your principal as more important than earnings it's very unlikely that they'll mana... [ More ]

Reply #11

Coin Toss — Mon, 23 Dec 2013 07:08:30 GMT

Get advice but manage it yourself.

Just ask Nicolas Cage about that (his agent robbed him blind).

Reply #10

DigitDiva — Sun, 22 Dec 2013 20:05:12 GMT

If my only choice is to lose it, then I would want to manage it so I had something to show for it not somebody else. If the winnings were enough and it was even possible, maybe I would just keep investing in the jackpot buying all combinations, therefore losing it all, but also getting it back, I know, that's crazy talk

Reply #9

BuyLow — Sun, 22 Dec 2013 18:00:53 GMT

Would definitely get advice and hire professionals to guide me but would most likely manage everything on my own. The financial sector is full of white collar criminals thinking of ways to separate you from your money and put it in their pockets. Can you say Bernie Madoff

Reply #8

rowlettewheel — Sun, 22 Dec 2013 17:20:44 GMT

60% invest

20%housing

10%cars

10%vacation

Reply #7

Jon D — Sun, 22 Dec 2013 14:48:29 GMT

Trick question. I choose neither. I wouldn't want to lose it by either method. I'd rather keep my winnings.

I think the attitude one should take is that you are always in control, even if you know little about finance and have many advisors and specialists, you should still be involved and ask questions. Don't just say, well, shucks...I don't know, you guys can do whatever you like. Famous last words.

Only if you are declared mentally incompetent and have a conservatorship in charge, then... [ More ]

Reply #6

Astekblue — Sun, 22 Dec 2013 14:25:48 GMT

I look at it like this

If you were a person that managed your own money and done well , and was disciplined , and saved , before you won........then there is a good chance you will continue to do so after your win

So I would say manage it yourself

But..............( and as Psykomo says , there is always a but ) LOL

If you were a person that ran though money as fast as you made it , and spent wild and never saved and were always in debt, then there is also a good

Reply #5

Astekblue — Sun, 22 Dec 2013 13:59:35 GMT

Reply #4

lottolaughs — Sun, 22 Dec 2013 13:41:28 GMT

When I get to the point of having enough winnings to be managed I will let you know.

Reply #3

helpmewin — Sun, 22 Dec 2013 13:39:57 GMT

Would you rather manage your own winnings and lose it , or have a team of financial advisers manage it and lose it for you and why?

Sounds like a Trick question

Reply #2

Shelby Mustang — Sun, 22 Dec 2013 12:38:00 GMT

Umm I'd say a little of both bout I would have the final decision on what stock, annunities, bonds, cd, etc would be bought and what ventures if any the cash would be invested in. I think I'd always want to be able to access the cash if I so desired, but I'd sincerely hope I'd be sticking to the 20-40k a month budget I'd set aside for myself

Reply #1

mypiemaster — Sun, 22 Dec 2013 11:10:16 GMT

Major lottery winnings are mostly once in a lifetime event. I can deal with it if I lost my money out of my own foolishness. Having somebody with fancy clothes and fancy title, who claims to know what he/she is doing, lose it for me, will probably bring me closer to the big house , SUCKER!!!.

Manage your winnings or have somebody else do it for you and why?

mypiemaster — Sun, 22 Dec 2013 10:59:23 GMT

People here on LP frequently argue about the best way to manage lottery winnings. Would you rather manage your own winnings and lose it , or have a team of financial advisors manage it and lose it for you and why