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Plans For Your Winnings

Topic closed. 33 replies. Last post 11 years ago by Chewie.

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How detailed is your plan for handling your winnings?

Very Detailed [ 14 ]  [29.17%]
Somewhat detailed [ 15 ]  [31.25%]
A little detailed [ 7 ]  [14.58%]
No plans [ 2 ]  [4.17%]
I'll make them once I win big [ 10 ]  [20.83%]
Total Valid Votes [ 48 ]  
Discarded Votes [ 2 ]  
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Columbia City, Indiana
United States
Member #2978
December 9, 2003
381 Posts
Offline
Posted: October 25, 2005, 10:57 pm - IP Logged

I wouldn't benefit from the money for at least a year.

The first thing I'd do is put the unsigned ticket in my safety deposit box and KEEP MY MOUTH SHUT. I wouldn't even tell my own mother before the trusts were drafted and recorded, so my second action would be to show up at my attorney's office unannounced (I love doing this and, when he complains that he doesn't have time to see me, I just ask if he has time to refund my entire retainer. Somehow, magically, a slot always opens up).

Once the trusts are live, I can hire a financial planner to oversee them for me.

The last step is to await the coming year and collect the interest payments. 50% for me, 50% for various pet charities (not dogs and cats; I mean those organizations I'm personally fond of). Donating half my income to charity negates the 15% cap on long-term capital gains, so my net federal income tax on subsequent perpetual interest payments is zero.

I would never touch the principal.

The above outline assumes a major advertised jackpot win of $80M or more. A trust capitalized at $30 million will earn well over a million dollars a year, but this plan wouldn't be practical if the cash value of the jackpot was $5 million or less. For a windfall of this size, I still wouldn't touch the principal, but I'd have to pay federal taxes on my $300,000.00 income, because I'd live on half of it and reinvest the remainder until I had accumulated at least twenty million dollars. At this point the charities would certainly get a portion, maybe 30% and, as my fortune approched the $30M benchmark, their share would increase exponentially.

Spending time trying to figure out how to spend found money is futile. Any jackpot that's ever been won has had a real dollar amount attached to it, meaning you have won a finite amount of money. Just because it's more than you've ever seen is no indication that it will last forever without proper investment planning and self-discipline.

That roll (or wad, if you prefer) of ones, fives, tens and twentys most of us carry around is NOT money; it's only the representation of a concept utilized to place standard values on goods and services available for sale or for hire. Look at any bill in your pocket. You'll see the following words: "This note is legal tender for all debts, public and private." Put more simply, it's a promissory note issued by your government, and its current value is determined by daily comprisons to foreign currencies in an ever-increasing global market.

Money is an intangible vehicle with which to make more money. Period. Once spent, it's gone; once invested, it keeps coming back, year after year after year...

I've said it before, but it bears repeating here: If you can't effectively manage the money you're earning now, odds are you'll blow your winnings on good times and temporary fast friends. If you use your head and develop the ability to tell yourself, and everyone else you speak to, "No," your windfall will be sufficient to see you through your remaining years, and you'll be able to leave something behind for your heirs, namely, the original jackpot money, or principal. 

If you don't like your kids, or if they've pissed you off somehow, you can leave the money to your favorite university, fund a perpetual grant program bearing your name or bury the money out-of-state and take the location of your stash to your grave, thereby insuring the physical fitness of your children throughout their lives as they search and dig for their legacy.

Whatever you decide, have fun with it.

Come, Pinky; we must prepare for tomorrow night...

Jim

    psykomo's avatar - animal shark.jpg

    United States
    Member #4877
    May 30, 2004
    5120 Posts
    Offline
    Posted: October 26, 2005, 12:35 am - IP Logged

    Voted detail.....................plan to build an island somewhere.......that is OVER

    and above 12""""""""""""above sealevel. Going to buy a lot of old rusty crust

    ships and pile them up and cover them over with sand that we dreagggg-up

    around the perimeter &  on top to build a 10' average crest tabletop............

    Plant a lottttttttttttttttttttt of  deep rooting trees.......underground UTILITIES.

    LOL

    PSYKOMO 

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      md
      United States
      Member #14047
      April 20, 2005
      579 Posts
      Offline
      Posted: October 26, 2005, 12:42 am - IP Logged

      Jim695-

      You sound like a man with a serious plan.  Great!  Good for you!

        Avatar
        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
        1977 Posts
        Offline
        Posted: October 26, 2005, 1:17 pm - IP Logged

        I wouldn't benefit from the money for at least a year.

        Spoken like a true family orientated individual. Two points on your essay. Try to refrain from vulgarity; it only puts a spotlight on immaturity. Secondly, your throwing away interest on $~80M for the first year makes your accounting savvy a little questionable. The interest you would throw into the trash would feed a sizable population in Uganda.

        Oh, by the way, harassing your lawyer, the one who is going to write the fine print in your money making scheme, is not a recommended tactic. Years ago, when I was still at your level of maturity, I learned a valuable lesson: Do not make those who can hurt you, unnecessarily mad at you. The list includes, surgeons, cops, judges, drill sergeants, and lawyers.

         

        Money is an intangible vehicle with which to make more money. Period. Once spent, it's gone; once invested, it keeps coming back, year after year after year...

        Does the year 1929 ring a bell? Look it up; you know, in one of those things called books.

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice

          TheGameGrl's avatar - character catafly.jpg
          A long and winding road
          United States
          Member #17084
          June 10, 2005
          4526 Posts
          Offline
          Posted: October 26, 2005, 8:34 pm - IP Logged

          DelS- your topic is intrigueing for it requires Planning and then Action to follow thru. . If anyone here has read your earlier post from another thread they would admire your level of thinking in preparation for the Big win!

          I (shudder) to say this , but Chewie is correct. 1929 happened and it can be repeated. Be cautious of the stock market .

          Integrating ones dreams into a planning manner is part of the fun in playing lotteries!

          The first thing I plan to do is TAKE CASH and not annuity! :)

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

           Thanks be to the giving numbers: 1621,912,119 02014


            United States
            Member #23806
            October 16, 2005
            188 Posts
            Offline
            Posted: October 26, 2005, 9:01 pm - IP Logged

            Heres my plan, If i ever won the jackpot. Buy a Junky Car, and a regular sized Apartment. KEEP MY MOUTH SHUT, try to find a women that is not a gold digger, marry her. Then tell her after Marriage im worth $$$ Millions.  I hate Gold Digging Females

             

            Open a Oil Change Business, where people actually do the job right.

            Open a Hyundai Dealer (thats my dream)

             

              Avatar
              md
              United States
              Member #14047
              April 20, 2005
              579 Posts
              Offline
              Posted: October 27, 2005, 12:44 am - IP Logged

              The Game Girl, thanks for the compliment!

                clunker's avatar - 15 1_148.gif

                United States
                Member #24620
                October 25, 2005
                66 Posts
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                Posted: October 27, 2005, 1:38 am - IP Logged

                i wouldn't care who knew if i won. i would buy a mansion, a sweet car, a streetbike, and make the ultimate home gym. then i would hook up everyone close to me, and i would meet all the cast of friends, and to keep from bein lazy, i would make my own porn company and cast only the finest of fine and direct them myself.


                  United States
                  Member #23806
                  October 16, 2005
                  188 Posts
                  Offline
                  Posted: October 27, 2005, 3:41 pm - IP Logged

                  ^^^ nice plan.. Porn Directors get alot of Moola.

                    TheGameGrl's avatar - character catafly.jpg
                    A long and winding road
                    United States
                    Member #17084
                    June 10, 2005
                    4526 Posts
                    Offline
                    Posted: October 27, 2005, 8:41 pm - IP Logged

                    Clunker- your post are an amusement from the antics of real thinkers. So primarily your going into the entertainment business and plan to exploit women in the process. Try politics- it basically does the same thing and some folks actually might put your face on a coin someday! One must think of the legacy they will pass on. Your humor is definitely not mainstream, which could be a good thing. 

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

                     Thanks be to the giving numbers: 1621,912,119 02014

                      clunker's avatar - 15 1_148.gif

                      United States
                      Member #24620
                      October 25, 2005
                      66 Posts
                      Offline
                      Posted: October 27, 2005, 9:04 pm - IP Logged

                      geez what a party pooper

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                        Sparta, NJ
                        United States
                        Member #18331
                        July 9, 2005
                        1977 Posts
                        Offline
                        Posted: October 27, 2005, 9:36 pm - IP Logged

                        Don't worry about it Clunker; you can't exploite the unwilling. The women of porn were already mentally deficient before the cameras started rolling. Having said that, you would be wise to look into safer enterprises for your lottery winnings. Open a Nightclub, they are respectible, and full of women drinking themselves into a stuper. 

                        Cheers

                        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                        I only trust myself - and that's a questionable choice

                          hypersoniq's avatar - 8ball
                          Pennsylvania
                          United States
                          Member #1340
                          April 6, 2003
                          2450 Posts
                          Offline
                          Posted: October 30, 2005, 11:07 pm - IP Logged

                          better yet,open up a strip club in west virginia...never know when you'll find a briefcase full of early retirement;-)

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

                            Avatar
                            Sparta, NJ
                            United States
                            Member #18331
                            July 9, 2005
                            1977 Posts
                            Offline
                            Posted: October 31, 2005, 9:37 am - IP Logged

                            better yet,open up a strip club in west virginia...never know when you'll find a briefcase full of early retirement;-)

                            The last group that did that went to jail. The two who found the briefacse, were the employees from the strip club.

                            Better you take the briefcase and put it in a safe box somewhere. Somewhere were rodents won't make a nest of it.l

                            Cheers

                            |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                            I only trust myself - and that's a questionable choice

                              clunker's avatar - 15 1_148.gif

                              United States
                              Member #24620
                              October 25, 2005
                              66 Posts
                              Offline
                              Posted: October 31, 2005, 11:54 am - IP Logged

                              i don't get it, whats the briefcase ?