Excellent Money Advice

Reply #23

savagegoose — Wed, 30 Sep 2015 04:16:16 GMT

yeah the prob is to not work out how much income they can expect and what expenses they can expect. and then budget their spending based on that. also remembering buying anything large usually incurs extra ongoing expenses to maintain it, from cars to houses. taxes, insurance etc maint costs. keep the spending below income and your lotto win will be a life long benefit. the 1st part is determination of how much you can spend ea year

Reply #22

myturn — Wed, 30 Sep 2015 03:33:25 GMT

When some people win a large jackpot, they see it as a bottomless pit, which it is not. If winners try to solve all the financial problems of family and friends, they will go broke in the process.

This issue is also tied to anonymity, winners can come under enormous pressure from family and friends to help , but that can get out of hand very quickly. It can take a strong person to say no, and saying no can lead to friction. Anonymity won't solve everything, but it would be very helpful for th... [ More ]

Reply #21

CDanaT — Sun, 27 Sep 2015 15:07:07 GMT

Not too shabby TGG

Reply #20

SergeM — Sun, 27 Sep 2015 14:55:54 GMT

Does that stuff still work?

There are costs and taxes too.

With little money you cannot do it.

Reply #19

maximumfun — Sun, 27 Sep 2015 09:48:49 GMT

Nice article! So looking at the levels -

level 1 = upper middle class (?) - so for those who are already in umc - nothing changes (because you probably quit your day job and this simply replaces the income you already had) - with the exception that your retirement is 100%+ funded immediately - so you are now retired. (with a personal assistant and a maid that comes in 1 or 2x/week). If you are a pilot - you simply get a new plane (of the ilk of cessna 172) - but you dont have enough duckets t... [ More ]

Reply #18

Harve$t Moon — Sun, 27 Sep 2015 04:15:49 GMT

Good Stuff!

Tony Robbins on Mastering the Game of Money

PART 1 https://www.youtube.com/watch?v=VD8vU2Dc6Eo

PART 2 https://www.youtube.com/watch?v=tDshtQJwDcg

PART 3 https://www.youtube.com/watch?v=crf1MgA3yvc

Reply #17

TheGameGrl — Sun, 27 Sep 2015 03:43:27 GMT

buy a vault.

stay single.

Respect is earned not bought, otherwise walmart would sell it

Reply #16

Teddi — Sun, 27 Sep 2015 03:14:35 GMT

BTW, loved the link. I'm wondering if we should just have a thread with nothing but links to sound and/or interesting financial advice for lottery winners. Kinda think that would be awesome

Reply #15

Teddi — Sun, 27 Sep 2015 02:58:46 GMT

My grandfather was a multi-millionaire. Self made man. Never went to college, not sure if he even finished high school. Came from a dirt poor family, saved money then started a small business and grew it into a mini empire. Right around the time he was considering retirement, he met a conman. He used to say that the man who could con him hadn't yet been born. He was wrong. By the time the dust settled he was wiped out.

So you see, I have no illusions that I can't be swindled. But I think I w... [ More ]

Reply #14

KY Floyd — Sat, 26 Sep 2015 16:11:23 GMT

That's just an idiot.

You don't have to be an idiot to to do things that are idiotic. Not to say the guy might not be a complete moron who still doesn't get it, but thinking you're immune just because you think you're smart (and might be right) is one of the things that can get you in trouble. The more you think it can't happen to you, the more at risk you are. On top of that, few people even bother to do the math.

It may be nice to fantasize about a $20 million private jet, a $10 million... [ More ]

Reply #13

Teddi — Sat, 26 Sep 2015 14:31:10 GMT

I think that's a great point, and you're probably right. I just feel that sometimes we have to be aware of mistakes of the past so that we don't repeat them in the future. There is no standing without first falling. But if I observe all the ways others have fallen, I'll learn enough to limit the amount of times I have to fall before being strong enough to stand.

The other problem is, there are very few successful winners who have remained in the public eye. If the only people who make the new... [ More ]

Reply #12

Teddi — Sat, 26 Sep 2015 14:21:25 GMT

Hey Carbob, not sure when that 40% thing was but the standard is 3% - 10% of a player's contract. I think it's in the music and entertainment industry that agents and producers get really huge cuts.

The NBA caps agent fees at 4% but I don't know when that cap started. If it was before or during Walker's career or after he retired. Sports agents can get a much bigger cut from endorsement contracts, but not from a player's actual salary. Walker's biggest endorsement contract was with Adidas for... [ More ]

Reply #11

SergeM — Sat, 26 Sep 2015 14:04:45 GMT

I kind of hate this negative coaching. Be positive, there is no help in showing others falling while the goal is to stand.

Reply #10

GoogilyMoogily — Sat, 26 Sep 2015 13:43:27 GMT

Win lotto Lawyer up Protect yourself from other people wanting your loots Protect yourself from yourself wasting your loots

Reply #9

Teddi — Sat, 26 Sep 2015 13:36:48 GMT

I've spoken about this guy before and no one should take advice from him. I believe he's gone a little soft in the head after his wife died because everything he says contradicts himself.

The lottery is a curse, it's the worst thing that could ever happen to you...but I still play in the hopes of winning again so I can give it away. Strangers keep asking me for money...but I keep myself in the media talking about all the money I won every time there's a new big winner

He still has money... [ More ]

Reply #8

CARBOB — Sat, 26 Sep 2015 11:34:54 GMT

Agents use to get 40% off the top. $110 million-40%=56 million left. IRS gets it off the top 110 million. Not sure about pct. will use 32%. $110 million X 32%=I will use 35 million. 44 +35=80 million. There isn't as much left as you thought. He wasn't smart at all. He should have saved for the future, the average person would have.

Reply #7

Tialuvslotto — Sat, 26 Sep 2015 11:08:38 GMT

Interesting article, CDT!

Although the guy calls the lottery a curse and says if he won again he would give it all away -- he hasn't given it all away. Although he is a generous giver to charities, it sounds like he keeps enough to live on quite comfortably.

Reply #6

hearsetrax — Sat, 26 Sep 2015 10:07:40 GMT

the only curse to the lottery, if thar is such a thing it

is that you find your heart/mortal soul isn't frosted over hard enough

Reply #5

CDanaT — Sat, 26 Sep 2015 00:52:39 GMT

http://chicago.cbslocal.com/2015/01/19/past-lotto-winner-offers-advice-for-person-with-winning-mega-millions-ticket/

Here's some advise from a past winner in 2000 who strongly urges not to lend money to family and friends.

Reply #4

Teddi — Fri, 25 Sep 2015 23:19:39 GMT

Sorry for the delayed response. Was slammed at work.

Okay, so I've had a little time to think about it, and I don't get how in the world Antoine Walker could have had 70 people working for him at the same time. I may have to take back my earlier comment about him just not being involved enough with his finances and just call him a moron. He made $110 million in his career. After taxes, the cut for his agent and manager, the most he could take home would be $50M.

I've gone through all the... [ More ]

Reply #3

noise-gate — Fri, 25 Sep 2015 04:05:01 GMT

Good Question follow through Teddi- Unequivocally Good advice. Watch your Money, watch people around you,watch your spending habits...

Reply #2

Teddi — Fri, 25 Sep 2015 03:45:10 GMT

You're probably right. But the thing is, the reason people continue with guilt trips and emotional blackmail throughout the centuries is because it works. It works REALLY well. I can well imagine if a person had close friends growing up who've seen them through thick and thin, one might feel obligated to help the friend who's been there for you. Then look at that mother who presented her newly drafted son with a bill for the cost of raising him. I might give her some money just to get her out of... [ More ]

Reply #1

mypiemaster — Fri, 25 Sep 2015 02:09:07 GMT

People are not learning because they choose not to listen. Better listen and learn now than cry later when it's all too late.

Excellent Money Advice

Teddi — Fri, 25 Sep 2015 01:27:32 GMT

Saw this and thought I'd share. Would really work well for lottery winners too. Seems to me they make the exact same mistakes pro-athletes do. Not sure why anyone would need 15 vehicles unless they had a harem. Also not sure why someone not running a corporation would need 70 people on their payroll. Agreed with everything other than auditing mom comment. Mine would never understand or take kindly to that but since I wouldn't have her managing my money, that issue is moot.

Funny how so many p... [ More ]