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Interest on Money?

Topic closed. 4 replies. Last post 11 years ago by sirbrad.

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Zoozie's avatar - back
South Fort Myers
United States
Member #26835
November 23, 2005
454 Posts
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Posted: February 20, 2006, 10:21 pm - IP Logged

Hi All,

If you put 7 million in a bank, how much interest PER DAY would you have?

I had watched this show about the big lotto winners and that one fella with the pony tail from Kentucky (I think) stated he received about 40 K PER DAY in interest... so that was what he was spending - his interest.  Of course after he bought a mansion and spent over a hundred thousand each on statues.  It looked totally ridiculous IMO.

I also think he was the one who got nailed on drug charges and other things.

So basically if I won the next powerball valued at about 7 million and stuck it in the bank, how much interest would I have PER DAY to spend?  LOL

Zoozie  Dance

 

"Whatever the mind can conceive and believe, it can achieve"
Napoleon Hill

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    Sparta, NJ
    United States
    Member #18331
    July 9, 2005
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    Posted: February 21, 2006, 8:20 am - IP Logged

    Interesting question.  I would like to know also.  I doubt it was in a "bank" in the traditional sense.  There has to be some institute that deals in those big buck numbers, just like there are lawyers who only deal with multi-millionaires.

    I read about a woman lawyer, from NH, named Sally H. Mulhern.  She, and her husband, handled the "estate planning" of a lottery winner.  The article didn't say how much the winner was making in profit, but it was big time.  I kept her paper trail, just incase.  She only deals with the wealthy.  Which means she must charge some major bucks to tell you where to put your stash.  Then again, you have to have, and spend, money, to make money.

    Cheers

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

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

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      Indiana
      United States
      Member #29196
      December 29, 2005
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      Posted: February 21, 2006, 11:28 pm - IP Logged

      Michael Boone from Washington state is another person who has advised lottery winners and deals with the super wealthy.  I think he's a CFP (Certified Planner).  But be sure to check his website.  It seems because of some regulatory reasons his services are limited to only a few states.  You can find him and articles about him by using any search engine.

      Jim 


      Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

        Dream's avatar - dragon1

        United States
        Member #2399
        September 28, 2003
        143 Posts
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        Posted: February 21, 2006, 11:54 pm - IP Logged

        Hi All,

        If you put 7 million in a bank, how much interest PER DAY would you have?

        I had watched this show about the big lotto winners and that one fella with the pony tail from Kentucky (I think) stated he received about 40 K PER DAY in interest... so that was what he was spending - his interest.  Of course after he bought a mansion and spent over a hundred thousand each on statues.  It looked totally ridiculous IMO.

        I also think he was the one who got nailed on drug charges and other things.

        So basically if I won the next powerball valued at about 7 million and stuck it in the bank, how much interest would I have PER DAY to spend?  LOL

        If you put $7M into CD account with a yield of ~3.7% a year you would get $259,000 the first year. Which is ~$710 a day. Not bad . This is all pre-tax. http://www.moneychimp.com/calculator/compound_interest_calculator.htm

          sirbrad's avatar - Lottery-062.jpg
          PA
          United States
          Member #22983
          October 6, 2005
          2226 Posts
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          Posted: February 22, 2006, 1:53 am - IP Logged

          You are referring to the David Edwards story I assume from that lottery show on TLC. I think he only won $30 some million, so he must have invested in a very high yielding interest bearing account in order to be getting that much a day. 5% of 40 million I believe is about 2 million a year, which is about $167,000 per month and $5,555 a day. So at that rate he would have to be yielding about 15% If he is actually getting this much of a return, I sure would like to know where.