Attorneys and financial advisers...

Reply #17

OldSchoolPa — Sun, 06 Mar 2016 15:05:18 GMT

Since most people are paid on an hourly wage basis, an easy way to have something to show for your work is to pay yourself the first hour's wage each and every day. Unless one works longer than 10 hours per day, that actually will result in a person saving more than 10 percent each day...and it is tangible. If one wants to be sure of getting ahead sooner, targeting saving the first 2 or 3 hours of earnings each day would be the way to go. Setting one's mindset like this makes it easier to direct... [ More ]

Reply #16

SilverLion — Thu, 03 Mar 2016 11:03:24 GMT

Everybody likes second opinions.

But if I won a million dollars, I dont think I would need anybody elses advice.

I suppose when you become this great, you would have a direct line to the IRS.

As long as you are not a NWO terrorist, I think that you will be OK.

Reply #15

music* — Mon, 29 Feb 2016 22:45:25 GMT

Thank You for the heads up. I will ask my insurance agent.

Reply #14

RedStang — Mon, 29 Feb 2016 22:23:57 GMT

Don't forget a Tax Professional. They can save you a ton of money. Who would think you can write off a swimming pool and supplies for certain medical conditions.

Reply #13

TheMeatman2005 — Mon, 29 Feb 2016 15:00:59 GMT

If I'm not mistaken, term life insurance can only be purchased up to a certain age and after that you are un-insurable.

Reply #12

music* — Mon, 29 Feb 2016 14:18:31 GMT

DY Floyd, I am not an insurance agent but a phone call to yours when you need it will be your answer.

I will only buy Term Life Insurance.

Reply #11

TheGameGrl — Fri, 19 Feb 2016 00:54:07 GMT

Some estate planning is necessary for folks no matter whether they won thru a lottery or have varying assets that will weave thru probate. Best to seek an estate planner for such determinations and options. ira's, bonds, and real estate can stall settlements.

I just have to win enough to even afford a lawyer

Reply #10

KY Floyd — Thu, 18 Feb 2016 03:17:27 GMT

Great idea. Let's suppose that the estate taxes are $2 million dollars. What do you suppose it would cost for an insurance policy that will pay the $2 million in taxes

Reply #9

TheMeatman2005 — Wed, 17 Feb 2016 23:16:02 GMT

I think we all have a basic idea what to do first if we win...pay off all outstanding debt. Then, depending on what's left, would determine the need for legal and / or financial advice.

Reply #8

music* — Wed, 17 Feb 2016 16:44:17 GMT

I will also buy insurance to cover the Estate taxes that my heirs will pay to the IRS.

Plus a tax professional. Tax Attorney. CPA. Accountant.

Reply #7

savagegoose — Thu, 11 Feb 2016 15:37:58 GMT

i put $500k , here that could pay $15k a year. while enough, I would still like to turn that into $30k a year. I dont think i can do that with my own knowledge on investing and tax minimizing. With $100k, i could take $3k a year. i dont think i would even need tax advice at all.

Reply #6

LiveInGreenBay — Thu, 11 Feb 2016 09:25:34 GMT

I changed my mind. LOL

Reply #5

sully16 — Thu, 11 Feb 2016 01:03:52 GMT

These threads are boggling my mind, You should look for sound advise as soon as you start working.

Number one, for every dollar you make you put 10 cents away in savings.

Number two, you don't live beyond your means.

Number three, learn about investing.

Number four, don't be satisfied with one source of income. Make your money work for you.

Reply #4

Romancandle — Thu, 11 Feb 2016 00:53:56 GMT

Reply #3

rcbbuckeye — Wed, 10 Feb 2016 23:22:18 GMT

Took the words right out of my mind. LOL.

Reply #2

Coin Toss — Wed, 10 Feb 2016 23:01:06 GMT

Golly LiveInGreenBay, isn't this thread a contradiction to the OP and your others posts in this thread:

Why do jackpot winners feel the need for an attorney or financial adviser

Reply #1

music* — Wed, 10 Feb 2016 22:39:16 GMT

I will ask a Trust Estate Attorney to draw up a Living Revocable Trust for me. Then I will ask for referrals. A Certified Financial Planner to plan my future investments. Possibly a publicist like Brad Duke used. Then either a psychologist, psychiatrist or therapist. Plus more help.

Attorneys and financial advisers...

LiveInGreenBay — Wed, 10 Feb 2016 22:25:48 GMT

I wouldn't hire professionals for anything under ten million. After fed and state taxes taken right off the bat, that would leave me with about six million plus change. If I couldn't handle that....I don't deserve to win.