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so you've just won the lottery

Topic closed. 16 replies. Last post 12 years ago by golotto.

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United States
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April 24, 2005
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Posted: May 5, 2005, 9:18 pm - IP Logged

Im sure this has been posted a million times before, but how would you play it out after you found out one of your lines exactly matches the numbers that came out on tv.  Here are a few questions, im sure none of us have to ever worry about, but hey it doesnt hurt to dream.

 

1. Would you tell anyone you just hit it big?

I would probably just tell my parents right off the bat, and not tell anyone else untill the money is safely put away in my bank account and investments

 

2. What bank would you pick for all your financial needs?

I dont know why but id go with wells fargo, just since ive been with them for years, and i would let them take care of all my financial planning.

 

3. Do you get an attorney?

I myself would pass on this dont see any real reason

 

4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

I would keep about 70%-80% and give away the rest may sound greedy to some but im the one that won it after all

 

5. and the final question what are some of the first things you would buy?

I think this one depends on how much i win but i usually only play the lotto when its big (50+ for state, and 100+ for mega).  I would definately go straight for the house, cars, and big freakin' boat.

 

I guess thats all i can think of for now add on if you want.  now if anyone ever from here ever happens to win he will have some idea what to do. :P

 

    LOTTOMIKE's avatar - cash money.jpg
    Tennessee
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    October 15, 2004
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    Posted: May 6, 2005, 12:24 am - IP Logged


    thats a real hard question.some people would find it hard not to say something.....

      LOTTOMIKE's avatar - cash money.jpg
      Tennessee
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      Posted: May 6, 2005, 12:25 am - IP Logged


      i hope i have that problem someday....

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        Baton Rouge, LA
        United States
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        May 7, 2004
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        Posted: May 6, 2005, 9:47 pm - IP Logged

        Actually, it has been discussed here many times, but it's always fun to bring it up again every now and then.  You never know when a new member will offer a fresh perspective on this topic.  It doesn't hurt to dream, first I'll answer your questions.

         

        1. Would you tell anyone you just hit it big?

        No I wouldn't tell anyone.  When the word gets out that you have money, everyone will try to get some of it.  In fact, I'd do what I could to deflect suspicion off of myself.  I'd try to find a way to claim the money as anonymously as possible.  I would also hold off on buying anything extravagent, but I would pay off my debts.  If it was a big enough jackpot which would allow me to quit my job, I'd probably wait until the furor of a local person winning died down.  Then I'd resign my job and move to a new place and start my new life.

        2. What bank would you pick for all your financial needs?

        To be honest, I hadn't thought of that.  Different banks do business in different areas of the country.  I'd probably do business with more than one bank, especially since the FDIC will only insure deposits up to $100,000 in the event of a bank failure.  Some of it would probably be in my credit union, and there are a couple of other banks in my area I'd consider.  Not sure about Wells Fargo but if they are good to deal with, I'd use them.  I'd also buy some good mutual funds and jumbo CDs, along with some tax free municipal bonds.  I'd have the money in more than one place like I have my present money, since I don't like putting all my eggs in one basket. 

        3. Do you get an attorney?

        I would get an attorney to represent me, mostly for privacy and asset protection issues.

         4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

         I'd probably keep 70-80% of it or so, giving away some to charities I consider worthwhile.  I don't consider that being greedy.  After all, I'd want to be set for life and not have to work ever again, so I can enjoy myself and pursue the things I want to pursue.

        5. and the final question what are some of the first things you would buy?

        I'd probably keep my present car, since it's only 2 years old and only has 15000 miles on it.  I might get my wife a new car though, since her car, even though it isn't very old, has given her problems.  If I were to buy a new car, it wouldn't be something flashy, probably something nice but not to extravagant.  Something like a Taurus or a Sonata. 

        Since I would want to move to a new town, I would of course buy a house.  I'd like to have a nice kitchen, media room, and a jacuzzi.  I'd also like to have a radio room with some state of the art equipment for one of the hobbies I plan to pursue more since I wouldn't have to work, ham radio.  I'd also have to live where I could put up antennas for my ham activities.

        At present, I play Louisiana Lotto by myself, which is in the hundreds of thousands but rarely ever gets to the $1 million range.  Me and a coworker also play Powerball together and I sometimes buy my own tickets as well.  Who knows, maybe I'll get there.

        PrisonerSix 

          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
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          Posted: May 6, 2005, 9:58 pm - IP Logged


          very interesting prisonersix...

            LOTTOMIKE's avatar - cash money.jpg
            Tennessee
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            Posted: May 6, 2005, 9:59 pm - IP Logged


            if you win millions you must have to use a lot of banks if the FDIC only insures up to 100,000 dollars.

              hypersoniq's avatar - 8ball
              Pennsylvania
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              April 6, 2003
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              Posted: May 7, 2005, 10:42 am - IP Logged

              1. Would you tell anyone you just hit it big?

              NO, and the most important reason is safety of my kids. All info would be on a strict "need to know" basis only (that means the Mrs. and that's about it right away... and even that is after the ball is rolling for establishing the trust and claiming the ticket). Even after some people that needed to know found out (relatives will wonder why you moved) the exact amount would not be shared.

              2. What bank would you pick for all your financial needs?

              Several... I thought a multitude of accounts would be necessary but there are new programs available that FDIC insure to 5,000,000. ALL accounts would go in a Trust's name except for one that we would use for regular banking (no paper trails to huge cash amounts ;-)  )

              3. Do you get an attorney?

              Attorney (to help with the trust), Tax Specialist (to help pay the 8% that MUSL does not withhold), Financial planner (for picking the proper # of institutions and setting up the complex accounts).

              4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

              Gifts would be limited (for the benefit of both parties) to $10,000 a year... BUT I would visit the parents, siblings, and in-laws and pay off all of their bills, then the 10k will have more "fun" use.

              5. and the final question what are some of the first things you would buy?

              a. several acres of property and a dream home (not overpriced "cribs" mansion)

              b. state-of-the-art security

              c. 45mm Glock (if b. fails)

              d. Private Health insurance (Since I'll be done being a wage slave) and a sizeable IRA

              e. Trust funds for the kids

              f. some dream cars for the mrs. (classic Mustang convertible), myself ("pimped" van [still dad, after all] and a Lotus Elise)

              g. an Airplane and ground school/flight lessons from private pilot to IFR/Commercial with complex/high performance and seaplane endorsements ;-)

              h. Buy an MRI machine and a facility to house it and find volunteers who will help screen people who can't afford proper diagnosis because of the evil that is HMO... this would be for working families as the rich can pay and the poor have programs that pay. If the pilot project is successful, then try to find matching donations (from big corporations like Microsoft) to do it in many cities across the country.

              i. set up a large account that pays out a fixed amount over 30 years. I have this in excel and it ensures that there are no debts (includes projected utilities and even inflation) and a comfortable living until the IRA kicks in... right around retirement age ;-)

              j. state-of-the-art protools recording studio and PA equipment to get another band together (guitar was a hobby way longer than the lottery)

              k. an ice-cold case of Molson XXX for the first cookout ;-)



               

              Playing more than one ticket per game is betting against yourself.

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                Baton Rouge, LA
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                May 7, 2004
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                Posted: May 7, 2005, 11:50 am - IP Logged

                Hypersoniq-

                Great post!  I didn't know there were ways to get FDIC insured accounts up to $5,000,000.  If I do win, I'll have to explore that too.  I failed to mention I'd find a good financial planner too.  A previous Louisiana Powerball winner used American Express Financial Advisors to handle his winnings.  I'd probably put some with them, but again, not all.  Like I said before, I don't like putting all my eggs in one basket.

                I'm trying to learn more about trusts, which is probably how I'd try to hide some of the money and other assets I'd get(not from the taxman, but from opportunists who want some of it) if what I learn shows they'll work for my purposes.  I see alot of companies on the WWW selling trusts and Nevada corporations for privacy purposes and to avoid the paying taxes, but alot of their claims sound questionable to me to say the least.  Trying to keep my name from easily being found connected to some assets would be a big concern, to keep out the crooks.  

                I'd probably have a specific account for monthly expenses which doesn't have a huge balance, and start doing more business in cash as opposed to plastic and checks.  For some bills, I might go as far as using money orders from the Post Office or convenience stores as opposed to checks.  That way, nobody who sees the payments will be able to trace the account number or even the name on the account.  Perhaps that's a little overboard, but I want to be able to enjoy my good fortune in peace.  

                It's always nice to dream.

                PrisonerSix 

                  Annual Payments's avatar - annual 20payments.jpg
                  Houston, TX
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                  Posted: May 7, 2005, 1:56 pm - IP Logged

                  1. Would you tell anyone you just hit it big?

                  I would tell my mom and my best friend.  My best friend lives like 500 miles away from me and I wouldn't care if she told her husband's family.  My mom wouldn't tell anyone as I live with her =)

                   

                  2. What bank would you pick for all your financial needs?

                  I think I'd choose the biggest local bank here...and keep my checking account at Netbank.  Since Netbank is an internet bank u know u don't get to see a face and I'm sure I can keep all my money there but I'd keep most of it at the huge local bank here.  It would just be my toy account...my main checking account for all my purchases. 

                   

                  3. Do you get an attorney?

                  No, I don't see a reason to.  My best friend says to get one so u can speed up the process and so u wont' be dicked around.  But it's simple: I won and I've come to collect my prize.  I sign here, tell me how much I'll get, and here's the account I want it to be transferred to.

                   

                  4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

                  There's no set percentages I'd keep.  I'd just give a few thousand here and there to family members.  I'd give my best friends like hundreds of thousands of dollars.

                   

                  5. and the final question what are some of the first things you would buy?

                  Shopping spree at Circuit City, some online DVD stores, Sam goody/Suncoast, various other electronic stores, car(s), house(s).

                    MMGuy's avatar - waveform
                    Houston, Tx
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                    March 28, 2005
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                    Posted: May 7, 2005, 6:00 pm - IP Logged

                    1. Would you tell anyone you just hit it big?

                    No, of course, expect my close family.

                    2. What bank would you pick for all your financial needs?

                    I would use a number of banks including Bank of America, Citi Bank, and Wells Fargo. I would invest alot of my money in stocks, since that's what I do part time.

                    3. Do you get an attorney?

                    Yes, I would get an attoreny as well as a certified financial planner, maybe from American Express.

                    4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

                    I would keep about 80% of my winnings if it under a million, but if it is over a million I would keep about 70%.

                    5. and the final question what are some of the first things you would buy?

                    It all depends on how much I win. If I win between $20,000-$100,000 I would buy a car (since I'm going to buy one now) and invest the rest. If I win between $100,001-$1,000,000 I would buy a nice home and a few cars (maybe 3-4). If I win between $1,000,001-$10,000,000 I would buy a huge house a few cars (maybe 5-6) and invest the rest. If I win over $10,000,001 I would buy a mansion, a few other houses, a yacht, a private jet, invest, and a few cars (7-15; CAR FANATIC, lol).

                      djklaugh's avatar - Lottery-031.jpg
                      Portland,Oregon
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                      April 25, 2005
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                      Posted: May 7, 2005, 6:41 pm - IP Logged

                      Hi! I'm relatively new to LotteryPost but have been having lots of fun reading the postings...

                        1-Would you tell anyone you just hit it big?  I'd tell my son and my best friend... after swearing them to secrecy. .... and after I'd collected I'd go to my work site, make a large copy of the cartoon I've had on my desk for ages (Farsides-angry looking guy in a suit gaping at guy wearing Hawaiian shirt with ukulele stretched out in a hammock that's strung between desks in an office caption-"Bill can't wait until Mr X (boss) hears that he just won the $7 million jackpot") and change the names to match me and my boss ... and the amount of the jackpot won :) Then I'd tape that to my office door, with my "I quit" letter attached,  and hang up the hammock

                       2- What bank would you pick for all your financial needs?  Well I'd ask my current bank (Credit Union) if they could handle all that money because it's a really good bank... but I suspect they would not have all the services I'd need... so probably one of the larger national banks.

                      3-Do you get an attorney?  Depends on how big the jackpot is... for a smallish amount, say under 50 million, probably not. For a gigantic win (ooooohhhh now that would be nice) probably yes as I would want to set up a trust to collect the money and share it among friends and family and special charities

                      4-  How much do you keep for yourself and how much do you give away to family, friends, and charities?    Depends on how big the jackpot is... I'd give a minimum of 10% to charity and help friends and family as much as I could. For a really big win I'd establish a trust to share it... the list of people and organizations who would benefit varies with how benevolent I'm feeling when I think of it :)  I once had a dream that I won a super humongous jackpot and set out to buy back Tibet for the Tibetans   

                      Deb

                      Djklaugh

                        Some things have to be believed to be seen.

                      "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

                        Annual Payments's avatar - annual 20payments.jpg
                        Houston, TX
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                        Posted: May 8, 2005, 7:52 pm - IP Logged

                        Would a private jet be affordable with a lottery prize?

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                          Greenwich, CT
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                          May 24, 2004
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                          Posted: May 8, 2005, 8:01 pm - IP Logged



                          Would a private jet be affordable with a lottery prize?



                          What kind of private jet do you want?

                          $10 million?

                          $50 million?

                          $25 million time-share?

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                            United States
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                            Posted: May 9, 2005, 9:53 am - IP Logged



                            1. Would you tell anyone you just hit it big?

                            If I won a huge amount that would put me in the papers and news, I would do the anonymous trust. I am not totally against having people know I won, but I am against it for at least a year - until I get organized, moved with new phone number, have all the money and investments secure, have consulted with whoever I need to and have some idea of what the future will be. I don't want to get questions and begging until I'm ready. 

                            2. What bank would you pick for all your financial needs?

                            I have no idea. Which one does Spielberg use?

                            3. Do you get an attorney?

                            It depends on if I needed one. I guess if you do a trust, you need someone official to do your business or be a spokesman, so you would have to one for a few days for that.

                            4. How much do you keep for yourself and how much do you give away to family, friends, and charities?

                            I would have no set numbers for any of that. I would give money to friends and family, but I don't want anyone to get dependent on my handouts or expect me to constantly bail them out. I also would rather give $100 to some poor person on the street or travel to places in need and assist whoever is working on a project than give to a conventional charity.

                            5. and the final question what are some of the first things you would buy?

                            A new house, after looking around quite a bit. A new car, but not anything flashy to call attention to myself. But I would travel and rent cars and houses for at least a year before doing any of that.



                             

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                              Morrison, IL
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                              May 13, 2004
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                              Posted: May 9, 2005, 5:03 pm - IP Logged



                              Would a private jet be affordable with a lottery prize?



                              Hell no! Not after taxes are taken out!