What to Do, or Not Do if You Win the 123 Million Lottery

Reply #10

KY Floyd — Wed, 15 Jul 2015 20:41:04 GMT

Most of it is definitely common sense, but reading between the lines of the section on not trying to be the generous high-roller offers something that I suspect most people don't really think about. Having an entourage generally only works for people who keep making more money. More generally, anybody who spends a lot of money needs to keep making more money.

If somebody who clears $100 million earns a 5% return they'll have an annual income of $5 million (before taxes). A lot of other people... [ More ]

Reply #9

RJOh — Wed, 15 Jul 2015 15:49:05 GMT

They only care about selling more tickets, nothing else.

The states get their 50% cut from ticket sales and the rest is divided up among the players according to predetermined rules, ticket sales is what counts for them.

Reply #8

jjtheprince — Wed, 15 Jul 2015 15:11:06 GMT

The best thing to do if you win...even if you net $50 million plus after taxes is to definitely not to try living like a billionaire, or even a millionaire.

If I won a JP that netted me $50 mil or better, I would spend no more than $50,000 on any vehicle, and no more than $300,000 on any home/condo. Vacations would be modest, just traveling around the U.S. and such.

Most people don't realize how extremely easy it is to go broke even with large wins.

Reply #7

LottoLucy — Tue, 14 Jul 2015 20:07:19 GMT

Nice find!

reading through the list of 12 things not to do I was thinking, why this is all just common sense. Then I started to think about some of the people I know who have no impulse control, never say no to their kids even if it means going into debt for whatever the latest toy is, and I started thinking that this is something that everyone who plays the lottery should read just in case.

I think my worst problem would be impatience. I want my money in cash and I want it now! I don't wa... [ More ]

Reply #6

IPlayWeekly — Tue, 14 Jul 2015 17:48:38 GMT

Quit my job and take an instant vacation with family

Reply #5

noise-gate — Tue, 14 Jul 2015 14:42:50 GMT

The Thing about advice is not everyone takes it serious. Custer was given advice, and ignored it, people released from prison are given advice to refrain from going back to their old lifestyle yet these same people end up looking at those four walls once again. When it comes to money, and especially people's own money, advice is sometimes cast to the wind.....sometimes. It's like the old song it's my party and l can cry if l want too..meaning it's my money and I will do whatever the heck l want... [ More ]

Reply #4

haymaker — Tue, 14 Jul 2015 14:42:15 GMT

They only care about selling more tickets, nothing else.

That's why they keep playing w/ the matrix.

I look @ the C/V only and divide by 2 for taxes.

I'll look @ houses later...or maybe not...hell this one's to big

Reply #3

HoLeeKau — Tue, 14 Jul 2015 14:12:35 GMT

As we all know and talk about these different large sums being advertised. The reality of most, comes down to the cash value and the take home after taxes part.... Yes, $123 Million would be a beautiful figure to have in your account right now, however the real cash value is at about $72.7 Million. Course lets get rid of Uncle Sam's cut of about 40%($29 million roughly), which leaves you with about 43.6 Million range..... Beautiful !!!...Opps, forgot about your state income tax(depending on wher... [ More ]

Reply #2

CDanaT — Tue, 14 Jul 2015 13:10:43 GMT

Reply #1

mikeintexas — Tue, 14 Jul 2015 05:58:37 GMT

Good post, good article. I particularly liked Twelve Things Not to Do If You Win the Lottery. Some should go w/out saying, though, such as don't leave your debts in place . I'd pay off every one of my debts, even sending money to old friends I had once borrowed a dollar from to buy a soda pop. I think I could die a fairly happy guy even if I had gone through most of the money but didn't owe a dime to anyone. I think one of my hobbies would be, if I should be so fortunate as to win, would be to s... [ More ]

What to Do, or Not Do if You Win the 123 Million Lottery

Coin Toss — Tue, 14 Jul 2015 04:58:11 GMT

Interesting article on 24/7 Wall St.com(applies to any jackpot)

http://247wallst.com/investing/2015/07/12/what-to-do-or-not-do-if-you-win-the-123-million-lottery