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Banking Large Winnings

Topic closed. 47 replies. Last post 11 years ago by rabbitfoot.

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How does a bank handle and insure large lottery winnings?

Certificate of Account Deposit Registry [ 13 ]  [31.71%]
Brokeridge Firms [ 7 ]  [17.07%]
Several/Many Banks [ 21 ]  [51.22%]
Total Valid Votes [ 41 ]  
Discarded Votes [ 13 ]  
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Blaine WA
United States
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June 15, 2005
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Posted: August 6, 2005, 8:04 pm - IP Logged
 This is why most lotto winners lose there money they don't have a clue in what to do. My suggestion is to go to college and study business before you spend any of it let it sit. Collect the interest while to go to school. This way you can protect yourself and have something that can never be taken away from you.

Good luck

this is good advice from  will3

maybe even the best advice

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    New Mexico
    United States
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    March 10, 2005
    2984 Posts
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    Posted: August 6, 2005, 9:08 pm - IP Logged
     This is why most lotto winners lose there money they don't have a clue in what to do. My suggestion is to go to college and study business before you spend any of it let it sit. Collect the interest while to go to school. This way you can protect yourself and have something that can never be taken away from you.

    Good luck

    this is good advice from  will3

    maybe even the best advice

    Your post carries a lot of baggage.  Maybe I'm reading you wrong, or reading too much into what you're saying.

    First, is it clearly established as fact that  1) "most lotto winners lose there money",  and 2) "they don't have a clue in what to do"? 

    Somehow this sounds more like the conventional wisdom theater.  The same one where most lottery players are poor and under-educated (which, of course, you and I are).

    Second, was, "My suggestion is to go to college and study business before you spend any of it let it sit. " just intended for the person who began this thread, or was it a general suggestion?

    I don't have a business degree, but I was married to an MBA for quarter century.  That MBA came nigh onto getting us into as much financial trouble over the years as the fact  that I didn't have one and had lousy business sense.

    I considered the substantial number of business courses I attended over the years because mostly all the stuff I learned getting 'real' degrees didn't help much in financial affairs....as a complete waste of time.  I kept taking them on and off for several years, thinking, yah, there's something to all this stuff... the ennui will pay off next semester....  but it never did.

    I'd suggest anyone who doesn't have an education get one.... but get it in something you find interesting.  If business is interesting, and you want a business degree, by all means get a business degree.  But don't do it because you think it will help you keep from going broke.  It won't.

    I've known a lot of entrepreneurs in my life.  Still know a few.  The most successful of them didn't have a degree in anything, didn't even have any college.  Focused, hard driving men, risk takers.  Some of them were rich, bust, rich, bust several times in their lives.

    If those men wanted a business degree they hired one.

    Jack

     

     

     

     

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      Old Greenwich
      United States
      Member #5767
      July 20, 2004
      84 Posts
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      Posted: August 8, 2005, 2:31 pm - IP Logged

      Listen, most people who win don't have a clue what school/college can do of a person its not about the classes it the experience and being the presence of people who are willing to learn and who want to get ahead. There are so many examples of how lotto players, because of lack on knowledge, lost all of their money. College is an experience no matter what your age is. You don't need an MBA, you could get one. Why not! The more you can learn the better you're off. A house can burn down a car can get stolen money can bring nothing but trouble but if you take responisblity by going to school you would have 1. time to think about what you can do with the money 2. a perspective on what money can do for you by going to school that is a small step to becoming a better person. Look at the guy who won the most ever. He's a joke and lost most of it. How can you lose 350mill dollars? You know how; by allow yourself to be ignorant and flashy. Chris rock said it best "there's rich and there's wealthy. Rich is Shaq, Wealthy is the guy who pay's Shaq" I want to be the guy who pays shaq

      Good luck

        emilyg's avatar - cat anm.gif

        United States
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        November 9, 2001
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        Posted: August 8, 2005, 2:38 pm - IP Logged

        Listen, most people who win don't have a clue what school/college can do of a person its not about the classes it the experience and being the presence of people who are willing to learn and who want to get ahead. There are so many examples of how lotto players, because of lack on knowledge, lost all of their money. College is an experience no matter what your age is. You don't need an MBA, you could get one. Why not! The more you can learn the better you're off. A house can burn down a car can get stolen money can bring nothing but trouble but if you take responisblity by going to school you would have 1. time to think about what you can do with the money 2. a perspective on what money can do for you by going to school that is a small step to becoming a better person. Look at the guy who won the most ever. He's a joke and lost most of it. How can you lose 350mill dollars? You know how; by allow yourself to be ignorant and flashy. Chris rock said it best "there's rich and there's wealthy. Rich is Shaq, Wealthy is the guy who pay's Shaq" I want to be the guy who pays shaq

        Good luck

        yes!!!!! and the rich - brag.  the wealthy stay low-key.  education levels all people.  good post will

        love to nibble those micey feet.

         

                                     

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          Portland
          United States
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          September 27, 2004
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          Posted: August 8, 2005, 3:40 pm - IP Logged

          If i won, the only problem left with me is whether the lottery owner agree to separate the big check into smaller checks ... so that I can easily deposit them into many of banks as I wish!!

          It's scary with one big check and dealing with many complex steps later...  Crying 

          I have been cheated many times by people who are same age with my uncle already !!!Unhappy

           

            TheGameGrl's avatar - character catafly.jpg
            A long and winding road
            United States
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            June 10, 2005
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            Posted: August 8, 2005, 8:25 pm - IP Logged

            Hooray for those who cheer on education!

            I got my education from life and learning as I go :)

            I personally did not take the college avenue . I am gratefull for the *experience* I gained from being employed and teachable.

            I don't carry debt and I am financially responsible. Baa-humbug to thinking that a *degree* is going to be the source of *protecting* ones winnings. It doesnt! And whos to say that everyone is made for college life? What about trade schools, the arts and simply living off the land . (Yes farming is a high skilled trade! They must know agriculture, chemical mixtures, veterinarian skills,mechanics, and depend on nature!)

            I , for one, take offense to the *college educated* who perceive that their brand of education supercedes what I took 20 years thru hard management experience learned. No book or Teacher could have prepared a person for the economic hardships and budget crunching times that was endured at my workplace. I actually saw many a college educated person removed from their title when their *book text* ideas didnt work for the best of the business.

            As for the original posters question (poll), a bank will secure it in a vault. Thats about the best I've been able to surmise :)

             

             

            ~~Is it true, Is it kind,Is it necessary. ~~~

            pa:888,4445,6132,4444,8008

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              New Mexico
              United States
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              March 10, 2005
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              Posted: August 8, 2005, 10:01 pm - IP Logged

              Hooray for those who cheer on education!

              I got my education from life and learning as I go :)

              I personally did not take the college avenue . I am gratefull for the *experience* I gained from being employed and teachable.

              I don't carry debt and I am financially responsible. Baa-humbug to thinking that a *degree* is going to be the source of *protecting* ones winnings. It doesnt! And whos to say that everyone is made for college life? What about trade schools, the arts and simply living off the land . (Yes farming is a high skilled trade! They must know agriculture, chemical mixtures, veterinarian skills,mechanics, and depend on nature!)

              I , for one, take offense to the *college educated* who perceive that their brand of education supercedes what I took 20 years thru hard management experience learned. No book or Teacher could have prepared a person for the economic hardships and budget crunching times that was endured at my workplace. I actually saw many a college educated person removed from their title when their *book text* ideas didnt work for the best of the business.

              As for the original posters question (poll), a bank will secure it in a vault. Thats about the best I've been able to surmise :)

               

               

              And hurrah for you, as well.

              Jack

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                Blaine WA
                United States
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                Posted: August 9, 2005, 6:35 pm - IP Logged

                one thing i believe  is true, an education should not make you less likely to manage your holdings, however it could put you in touch with information and networks to your benefit

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                  Old Greenwich
                  United States
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                  July 20, 2004
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                  Posted: August 9, 2005, 9:01 pm - IP Logged

                  one thing i believe  is true, an education should not make you less likely to manage your holdings, however it could put you in touch with information and networks to your benefit

                   

                  YES its a benefit. Look experience is not the same as education but like I keep on saying most people who win the lottery have neither.

                    rabbitfoot's avatar - 8ball

                    United States
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                    August 25, 2002
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                    Posted: August 9, 2005, 11:46 pm - IP Logged

                    If someone knows how a large jackpot winning can be deposited into one bank please explain.  The FDIC insurance limit is $100,000 beyond that there is no insurance for your money.  So how do the rich do it?

                    I know for sure that one can deposit up to $5-million in CEDARS spread across 50 banks. That amount may have been raised to $10-million, I,m not sure on that.  All money is FDIC insured as your money is deposited in $100,000 sums in all participating banks.  To find out how CEDARS work, go to Bankrate.com and look up CEDARS.  Just think, you and your spouse could deposit up to $5-million each (maybe its $10-million now) using just one deposit source. 

                    then what will i do with the balance

                    You could simply put the rest into tax free treasuries or if you are willing to accept a little risk, put some of it into preferred stock.  If you can read & write, you can perform all of these tasks on your own.  If you are unsure of yourself, use the Trust Dept. of the bank who is handling your CDARS deposits for you. You don't need to involve alot of people or to make it complicated.

                    I play to dream and dream of winning a major jackpot!

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                      Blaine WA
                      United States
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                      Posted: August 10, 2005, 5:57 pm - IP Logged

                      i read somewhere (the best way to make sure an advisor is not taking advantqge of you is to know how it is done yourself)

                      ask the many sports figures and movie stars who left the management of their investments to the investment advisors who stole and mismanaged their funds. and left them with nothing.

                      i believe education is the best way to know that your assets are being managed properly

                        rabbitfoot's avatar - 8ball

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                        Posted: August 10, 2005, 8:12 pm - IP Logged

                        i read somewhere (the best way to make sure an advisor is not taking advantqge of you is to know how it is done yourself)

                        ask the many sports figures and movie stars who left the management of their investments to the investment advisors who stole and mismanaged their funds. and left them with nothing.

                        i believe education is the best way to know that your assets are being managed properly

                        I agree with you 100%!  I read the posts both pro & con of having a college degree. Learning everything you know just from the "school of hard knocks" just might leave a void in ones life.  Only the person who has experience BOTH has the expertise to judge both sides of the issue.

                        ATTN: One can now protect up to $20-million in Cedars. Go to the below URL for the info.           

                        http://webreprints.djreprints.com/1247140007429.html

                        I play to dream and dream of winning a major jackpot!

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                          md
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                          Posted: August 15, 2005, 8:45 am - IP Logged

                          Rabbitfoot-

                          Thanks.  I have been on travel and missed your posting.  This is good news, and I live in the area of the company that has set this insurance up.  Much appreciation. 

                          delS

                            rabbitfoot's avatar - 8ball

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                            Posted: August 15, 2005, 10:09 pm - IP Logged

                            Rabbitfoot-

                            Thanks.  I have been on travel and missed your posting.  This is good news, and I live in the area of the company that has set this insurance up.  Much appreciation. 

                            delS

                            Thank you dels!  I spend alot of time at Bankrate.com. They even have a series of articles related to winning the lotto and on past lotto winners.  Moreover, one can get a could consumer education by reading their other articles.

                            My wife and I travel too.  We have 6 cruises booked for this winter.  We're leaving for Corning, NY on Sun. 21th.  We have 22 banana boxes of Corning Ware cookware that we're donating to the Corning Museum Of Glass.

                            I play to dream and dream of winning a major jackpot!

                              psykomo's avatar - animal shark.jpg

                              United States
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                              May 30, 2004
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                              Posted: August 15, 2005, 11:53 pm - IP Logged

                              Rabbitfoot-

                              Thanks.  I have been on travel and missed your posting.  This is good news, and I live in the area of the company that has set this insurance up.  Much appreciation. 

                              delS

                              Thank you dels!  I spend alot of time at Bankrate.com. They even have a series of articles related to winning the lotto and on past lotto winners.  Moreover, one can get a could consumer education by reading their other articles.

                              My wife and I travel too.  We have 6 cruises booked for this winter.  We're leaving for Corning, NY on Sun. 21th.  We have 22 banana boxes of Corning Ware cookware that we're donating to the Corning Museum Of Glass.

                              THANKs RF^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

                              THIS Post....is very interesting............Had a good friend and mansger to

                              stack the books out...............$100K plus,,,,,,,have not read........this post

                              from A to Z,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,but, thanks, for any education......WE, are

                              not as stupid as, WE>>>>>>were!!!!!!!!!!but, we lost M$$$$$$$$$$$!

                              THANKs

                              PSYKOMO