What do you do if you have a winning lottery ticket?

Reply #42

KY Floyd — Thu, 16 Jul 2015 18:39:59 GMT

If you haven't seen it yet, you might like this video of Stephen Colbert talking to Neil deGrasse Tyson about Pluto.

https://youtu.be/6jXazEYi3P8

Reply #41

zinniagirl — Thu, 16 Jul 2015 12:49:17 GMT

You asked two questiions. The first one, the prize is evenly split between the tickets, regardless to the number of people who hold the ticket. For example there can be three winning tickets for a jackpot, but those three tickets represent: ticket 1 a couple, ticket two a single man, ticket three a group of 20 coworkers. So 23 people may have pwon but the jackpot is divided evenly between three tickets. How the ticket holder divideps it is up to the ticketholder.

cant help you with the psecon... [ More ]

Reply #40

rcbbuckeye — Thu, 16 Jul 2015 12:10:12 GMT

Knowledge is power.

You really could do worse collecting something else.

Reply #39

mikeintexas — Thu, 16 Jul 2015 10:20:35 GMT

Well, I should have said learned MORE about Pluto . (I recently learned it has a heart shape on its face, for one) It, like most of the other things I've learned didn't get me anywhere. Some people collect porn and others collect stamps. I like to collect knowledge...y'know, just in case I ever get on Jeopardy.

Reply #38

KY Floyd — Thu, 16 Jul 2015 07:47:36 GMT

learned about Pluto

I'll bet that you learned a long time ago that Pluto was a planet, but where did that get you? You should be learning about Venus or Mars. At least that way whatever you learn now will probably still be true in 5 years.

Reply #37

mikeintexas — Thu, 16 Jul 2015 02:17:20 GMT

Y/W. That's interesting, huh? I'm one of those who would prefer to keep my money as safe as possible.

Reply #36

mikeintexas — Thu, 16 Jul 2015 02:16:28 GMT

I don't think anyone is worrying about what if but it doesn't hurt to research these things. Gaining knowledge has been a life-long hobby of mine and other than being Cliff Clavin at a dinner party or getting on Jeopardy, it's probably not ever going to benefit me....but you never know.

I've learned several things or gained more knowledge about them in the last few days; I just learned something more about CDARS from KYFloyd in this thread, just finished up an article about balsamic vinega... [ More ]

Reply #35

lottolaughs — Wed, 15 Jul 2015 21:23:17 GMT

Win first...Worry Later

Reply #34

KY Floyd — Wed, 15 Jul 2015 21:18:30 GMT

the CDAR limit is $50 million.

AFAIK, that limit, like FDIC limits, applies to account owners, not to individuals. In that case a married couple can each have their own individual account, plus a joint account, for a total of 3. If you've got more than $150 million to invest you should each have a retirement account. Even if you've only got a few million, trusts are a useful tool to protect your assets. Any trust you create will be a separate legal entity, and therefore a separate account ow... [ More ]

Reply #33

ThatScaryChick — Wed, 15 Jul 2015 09:11:34 GMT

Thanks for the link, Mikeintexas.

Reply #32

john130420 — Wed, 15 Jul 2015 06:13:52 GMT

OH I just thought of 2 more questions about winning the lottery I've always wondered about:

1) What happens if several people have winning numbers for the same lottery prize? Do they divide it equally?

2) Would it be a good idea to accept annual payments for winning the lottery? What are the Positives and Negatives to having annual payments

Reply #31

mikeintexas — Mon, 13 Jul 2015 04:01:58 GMT

I'm not gay, but if I were, I'd try to hook up with a guy about my same size; that way we could share a wardrobe.

Reply #30

noise-gate — Mon, 13 Jul 2015 03:11:05 GMT

Hey look John, if you want to marry a guy, that's your business but there are lots of good women out there who care more about guys than their money.You just need to find the right one. Btw- guys manipulate women with or without money as well. I don't know about you but l need my woman whom l trust she's been good to me, but to each his own. You need to widen out and step out of your bubble . There are lots of good people out there, both male female who only want the best for you and it's possib... [ More ]

Reply #29

john130420 — Mon, 13 Jul 2015 02:36:45 GMT

I don't know about you guys, but if I ever won the lottery I would never marry a girl. It seems like women in our society are always trying to manipulate men and make stuff up about them to try and sue them. I'm a bit paranoid so I would be playing it safe.

Also I would put some money in other banks with a good interest return rate and live off the interest and have my money growing in other bank accounts. Ahh man I love fantasizing about winning the lottery lol. I would move to Los Ang... [ More ]

Reply #28

TheSatyr — Sun, 12 Jul 2015 22:44:14 GMT

sign it

hide it

cash it

tell WIFE. lol

Reply #27

bigbear29 — Sun, 12 Jul 2015 19:17:38 GMT

Hi teddi, for me it would not matter if the interest rate is low. I would plan on buying my dream home(paid in full), an account for property taxes for 41 years and I would be on a budget. That should work for me.

Reply #26

Teddi — Sun, 12 Jul 2015 18:27:32 GMT

Just remember that (unless the laws recently changed) the CDAR limit is $50 million. Anything over that isn't covered, and that also, CDAR interest rates are usually lower than the norm since the custodian will be managing up to 200 accounts and there's more work involved for them, they pay a lower interest rate to compensate for their time. But that's negotiable.

Reply #25

uprrman — Sun, 12 Jul 2015 16:46:50 GMT

i think you should send the ticket to me. you want my address

Reply #24

Funtimz — Sun, 12 Jul 2015 12:22:56 GMT

Sign it, cash it, save it...Save it according to mark cuban/sharktank. But I have a home to pay off and a car to buy first. Then would go from there...

Reply #23

mikeintexas — Sun, 12 Jul 2015 07:54:08 GMT

Hmmm...I think you are, as my British friends would say, taking the mick .

Try this for your answers.

Reply #22

john130420 — Sun, 12 Jul 2015 07:43:51 GMT

There is something else I wanted to know. I have heard that your money will grow if it sits in a bank account and the more money that's in there, the more you will get in return. That's called interest right? How much does your money grow and would you be able to live off that alone if you had millions of dollars in a bank

Reply #21

john130420 — Sun, 12 Jul 2015 07:38:53 GMT

That is extremely convenient, I had no idea that existed. My only concern: Is it a legit company and would my money be safe with them

Reply #20

myturn — Sat, 11 Jul 2015 21:54:45 GMT

The UK National Lottery is really good at helping winners!

As one of the world s leading lottery operators, Camelot sets global standards when it comes to looking after winners. It offers an unparalleled level of professional support to help and advise new winners throughout this life-changing experience, as well as a unique aftercare service.

As well as being a time of extreme excitement and happiness, suddenly winning a substantial sum of money can be an overwhelming and emotional e... [ More ]

Reply #19

mikeintexas — Sat, 11 Jul 2015 21:43:30 GMT

If I ever win, I want to buy some property in the Quitman/Winnsboro area and there are several BTH branches around there that offer CDARS. Certificates of deposit don't pay very much these days, but w/ the CDARS program, they're just about as safe as any investment, I reckon. The Quitman bank pays 1.5% on a 5-yr. jumbo CD and while I'm sure a better rate of return can be found, that paltry amount would suit me just fine...the peace of mind would be worth something to me, at least.... [ More ]

Reply #18

CDanaT — Sat, 11 Jul 2015 21:31:24 GMT

Thanks Mike, for the link. I wasn't aware that such a thing existed and it was very informative.

Reply #17

mikeintexas — Sat, 11 Jul 2015 20:58:09 GMT

Where to Find CDARS

Reply #16

mikeintexas — Sat, 11 Jul 2015 20:57:10 GMT

I don't know how it is in other states, but the Texas Lottery website page HOW AND WHERE DO I CLAIM MY PRIZE? says this:

Prizes over $2.5 million or prizes paid through an annuity - Please call to make an appointment for processing

Reply #15

Stack47 — Sat, 11 Jul 2015 20:08:52 GMT

Your state lottery will give you a check so it might be a good idea to open an account with the same bank the lottery uses. It could take a few days for another bank to get all the funds into your account and using the lottery's bank will cut out the middle man.

Reply #14

bigbear29 — Sat, 11 Jul 2015 19:48:20 GMT

Great info, find a cdars bank, thanks holeekau.

Reply #13

HoLeeKau — Sat, 11 Jul 2015 18:53:32 GMT

AFAIK, you can put it in one bank in a CDARS account and it will be insured. The bank distributes/invests it in other banks in amounts that are covered by FDIC, and you're only personally dealing with one bank.

Reply #12

Raven62 — Sat, 11 Jul 2015 18:44:52 GMT

You could put it in a Bank Account, however your Account Balance will exceed the FDIC Insurance Limit.

A better solution might be to Buy Gold Silver Bars.

Reply #11

john130420 — Sat, 11 Jul 2015 18:31:38 GMT

My main question though is, where do I put all that money after you claim it? You can't put it all in your bank account can you? I'm talking about if you won millions of dollars.

Reply #10

john130420 — Sat, 11 Jul 2015 18:31:11 GMT

I meant I don't care who knows AFTER I claim the money. If I had a winning ticket and hadn't claimed the lottery yet, there is no way in hell I would tell anyone. Not even my closest relatives.

Reply #9

john130420 — Sat, 11 Jul 2015 18:17:09 GMT

My main question though is, where do I put all that money after you claim it? You can't put it all in your bank account can you? I'm talking about if you won millions of dollars.

Reply #8

john130420 — Sat, 11 Jul 2015 18:14:28 GMT

I meant I don't care who knows AFTER I claim the money. If I had a winning ticket and hadn't claimed the lottery yet, there is no way in hell I would tell anyone. Not even my closest relatives.

Reply #7

pickone4me — Sat, 11 Jul 2015 13:29:57 GMT

In wisconsin they want jackpot winners to call ahead of time! Probably so they can get the lamestream media there. https://wilottery.com/files/docs/winner_brochure.pdf

Reply #6

myturn — Sat, 11 Jul 2015 03:21:20 GMT

How to claim

Won a prize? Congratulations! Here's how to claim it; whether you've played online or in-store.

Please remember that:

all draw game prizes must be claimed within 180 days after the day of the draw (unless you follow the procedure which allows you to claim within 7 days after the end of the claim period see the relevant Rules for more information); Instant Win prizes must be claimed within 180 days after the day you bought the Instant Win game; Scratchcard prizes must be cl... [ More ]

Reply #5

Redd55 — Sat, 11 Jul 2015 02:38:01 GMT

I wouldnt make an appt to go in and validate it. Just pop in. Otherwise, there may be a big film crew waiting for you. But if you are okay with that, then no problem.

Reply #4

maximumfun — Sat, 11 Jul 2015 02:15:49 GMT

wow! I'm rubbing shoulders with the bigboys

Reply #3

bigbear29 — Sat, 11 Jul 2015 02:05:45 GMT

John sign the ticket as fast as you can and my opinion, you should care who knows that you won the lottery. Love only goes so far, so only tell your immediate family until you control the money.

Reply #2

Stack47 — Sat, 11 Jul 2015 02:03:56 GMT

Should I sign the back of the lottery ticket?

Are you confused because it says on the back of the ticket to sign the back of the ticket?

Also, I've read on here that you're supposed to make photo copies of the front AND back of the ticket.

Most of the lottery web sites give information on validating winning tickets some suggest signing the back of the ticket, keep it in a safe place, and to call lottery headquarters and make an appointment to validate the ticket.

Reply #1

noise-gate — Sat, 11 Jul 2015 00:34:29 GMT

Tell you what John, may l call you John? Win the jackpot FIRST, then come back and ask for advice . Why you ask? Because....

Amongst other things : We do have Tax Attorneys, Lawyers, Professors,Mathematicians, School Teachers and a few Judges sprinkled in as members of this forum- so heed the advice. WIN, then return- you will be so glad you did. Help is standing by. Nominal fees for the service do apply.

What do you do if you have a winning lottery ticket?

john130420 — Sat, 11 Jul 2015 00:24:21 GMT

I mean, of course you go claim it but I want to know where I'm going to put all the money IF I win the mega millions. Do I have to have a bank account ready to put all the money in? OR, do I claim the prize as soon as I find out that I won? I'm just dreaming right now and I'm just wondering what I would do if I won the lottery.

Should I sign the back of the lottery ticket? BTW, I don't care if people know I won the lottery, so I don't need to do the steps to make sure I'm anonymous.... [ More ]