Oklahoma couple claims $106M Powerball lottery jackpot

Jun 30, 2007, 9:31 pm (38 comments)

Powerball

Don Harvey's long-haul truck had almost two million miles on it when its engine died this week. Now he's planning to ride the road in style, thanks to a $105.8 million Powerball ticket bought by his wife.

"Absolute disbelief and shock," was how Joyce Harvey described her reaction when she checked her computer Thursday night and found she had the winning ticket.

"Basically, I just broke down and cried," she said.

The Harveys, from Muldrow in eastern Oklahoma, said they will pay off bills and financially help family members and think about buying a new home.

They chose to receive a $33.3 million lump sum after taxes instead of the full amount paid out over 29 years.

A truck driver all his adult life, the 64-year-old Harvey said he did not plan to stop working.

"I've got to have something to do," he said. "I can't go fishing all the time and I don't play golf."

He said he would buy a fancier truck than the one that finally quit running after he rolled into Muldrow from a trip delivering air conditioners to Madison, Wis.

But it won't be a new truck, he said, saying there is no reason to waste money, even if you've got it to waste, on a vehicle that depreciates so much in its first two years.

Joyce Harvey said she had heard media reports that someone had hit the lottery jackpot but had not claimed the prize. It never crossed her mind that that she might be the winner.

The ticket was purchased at a Shell service station in Roland, about five miles east of Muldrow, almost on the Arkansas border across from the city of Fort Smith.

It was a quirky thing that she won, she said, because she always had bought lottery tickets using the same numbers.

She said she recently bought a ticket, but the numbers "came out wrong." She said she decided to use those same numbers when she bought the ticket in Roland and bingo, it was a winner.

She said it was "very scary" and "caused knots in my stomach" to find out she had won so much money.

The couple said they were "pretty satisfied with our life" and would have to think long and hard about what do with the money after first paying off bills.

"That will be a real treat," Mrs. Harvey said.

The couple did not tell anyone of their big score before a news conference Friday afternoon at the Oklahoma Lottery Commission in Oklahoma City.

Mrs. Harvey said she did not even divulge she was the winner when she visited the service station where she bought winning ticket, telling a clerk she heard there had been "a lot of excitement around here."

The Harveys said becoming instant millionaires will not significantly change their life style.

"You'd have to be dead in a box if it didn't change a person, but I don't think it will be a drastic change," said Harvey, a native of Coddott, Wis.

The Multi-State Lottery Association announced previously that only one ticket sold for Wednesday night's drawing matched the six numbers drawn: 9-11-13-24-43, and Powerball 18.

The odds of winning were about 176 million to one, said Jim Scoggins, executive director of the lottery.

Scroggins noted it was the second jackpot-winning ticket sold in Oklahoma since the state started offering Powerball in January 2006.

A $101.8 million jackpot, which came in a drawing last June, was claimed anonymously through a trust.

For the state the size of Oklahoma, about 3.5 million people, to have two Powerball jackpot winners in a year's time is "just big odds, I can't figure out what they are," Scroggins said.

AP

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Litebets27's avatarLitebets27

Congrats to the lucky couple!! May they spend their winnings wisely.

litebets

sirbrad's avatarsirbrad

What is wrong with all these winners? $35 million and you are going to still drive around a truck? That is completely absurd. Buy the business, and sit back and get even more rich while doing a lot less! $35 million will give you A LOT of opportunities and create things to do if you are not a complete moron. Golf is only one minute example in the vast universe.

I have no idea why these types of people even play the lottery, as it is very obvious they do not want to spend money, nor create a more productive and fulfilling life. At least according to their press conferences. Yet the people who WANT and WILL change their lives, remain winless...

RJOh's avatarRJOh

Quote: Originally posted by sirbrad on Jun 30, 2007

What is wrong with all these winners? $35 million and you are going to still drive around a truck? That is completely absurd. Buy the business, and sit back and get even more rich while doing a lot less! $35 million will give you A LOT of opportunities and create things to do if you are not a complete moron. Golf is only one minute example in the vast universe.

I have no idea why these types of people even play the lottery, as it is very obvious they do not want to spend money, nor create a more productive and fulfilling life. At least according to their press conferences. Yet the people who WANT and WILL change their lives, remain winless...

Not every one playing the lotteries is hoping to win and make their lousy life better.  If they enjoy their job and playing the lottery, why should they stop doing either just because they win the jackpot?

I have no idea why any one who really WANT to change their life would put it on hold until after they've won a lottery jackpot, chances are they're never going to win one.

People like the Harveys who enjoyed what they had before they won a jackpot will probably enjoy it more after winning $33 millions.

justxploring's avatarjustxploring

Quote: Originally posted by sirbrad on Jun 30, 2007

What is wrong with all these winners? $35 million and you are going to still drive around a truck? That is completely absurd. Buy the business, and sit back and get even more rich while doing a lot less! $35 million will give you A LOT of opportunities and create things to do if you are not a complete moron. Golf is only one minute example in the vast universe.

I have no idea why these types of people even play the lottery, as it is very obvious they do not want to spend money, nor create a more productive and fulfilling life. At least according to their press conferences. Yet the people who WANT and WILL change their lives, remain winless...

I Agree!   although it's none of my business what these people do with their money. If he wants to continue to deliver air conditioners, that's his choice.  

RJOh writes:  I have no idea why any one who really WANT to change their life would put it on hold until after they've won a lottery jackpot, chances are they're never going to win one.

It's not always a choice, RJOh.  But winning all that money gives you a lot more choices. Getting up every day for work to keep a roof over your head isn't necessarily putting your life on hold, it's just taking one day at a time until something better comes along.

KyMystikal's avatarKyMystikal

Quote: Originally posted by RJOh on Jun 30, 2007

Not every one playing the lotteries is hoping to win and make their lousy life better.  If they enjoy their job and playing the lottery, why should they stop doing either just because they win the jackpot?

I have no idea why any one who really WANT to change their life would put it on hold until after they've won a lottery jackpot, chances are they're never going to win one.

People like the Harveys who enjoyed what they had before they won a jackpot will probably enjoy it more after winning $33 millions.

I agree. I think if a person loved the job they have why give it up because you win a jackpot. I had a job once that I  loved which was installing stereos, alarms, neon light kits, and tinting windows but it was comission and my wife wanted me to have a steady job so I quit. I feel that it doesn't matter what type of job you have, garbage  collector, teacher, repo man,the person who scrapes dead animals up off the street, as long as you are happy with it, that's all that matters. I know it may be hard on an employer knowing that a employee may have more money then you. A lot of jobs I have worked in the past the employer has used the fact that a person needs that job to get them to do tasks no one wants to do or overtime. Me myself, I don't like my job anymore so if I ever won I'm cussing everyone of the supervisors out, taking off my uniform right there at work and walking out the business in my boxers, t-shirt , sock, and shoes, lol. Naw, I wouldn't do that but it was a thought. I'de show up for work then when it was time to start working I'de go around to all my friends at work and tell them it was nice working with them and that it was my last day.

Coin Toss's avatarCoin Toss

KyMystikal

It really comes down to this question;

Whatever you do for a living, if you didn't need the money, would you still do it just out of passion for it?

For most people that is a definite no.  

I give this trucker about a month before he quits. All the other truckers will ask him what is he thinking and the light will come on.

It's really sad that someone would make such as a score as he did and say they wouldnlt know what to do with themself if they weren't working.  

irondoor827

Quote: Originally posted by justxploring on Jun 30, 2007

I Agree!   although it's none of my business what these people do with their money. If he wants to continue to deliver air conditioners, that's his choice.  

RJOh writes:  I have no idea why any one who really WANT to change their life would put it on hold until after they've won a lottery jackpot, chances are they're never going to win one.

It's not always a choice, RJOh.  But winning all that money gives you a lot more choices. Getting up every day for work to keep a roof over your head isn't necessarily putting your life on hold, it's just taking one day at a time until something better comes along.

Agree with stupid  I  couldn't  agree  more  that ( its  none of  my  business what these  people do with  there  money")

People  think  the  first  thing  you  should  do  is  quit  your  job  and  get  busy  spending  the  money ...while  I  am  sure  I  will  do  my  fair  share  of  shopping  new  cloughs  new  car  new  apartment/home  ect...  and  thats  for  starters  then  I  would  travel ....these  people  laid  it  on  the  line  He  said " I  GOT  TO  HAVE  Something  TO  Do  " and  I  am  sure  they  Prayed to  God  and  called  family members but  the  real  rip  off  in  this  was  the  cash  tax  on  $108  million  left  a  mere  33 million..........they  should  have  at  least  got  58million  back:Mad

JackpotWanna's avatarJackpotWanna

WTG!!!!

 

 

Party

sirbrad's avatarsirbrad

Do you have any idea how much $35 million really is? Obviously this couple doesn't, nor do they realize what that kind of money can buy. I don't care how much I liked my job before, in my case I played the lottery to GET OUT of it and do something more productive for myself. Especially at that age, you would think he would jump at the chance.

I am not saying they have to run and blow all kinds of money, but to continue being a wage-slave with that kind of cash is just pure insanity. Especially considering the odds you beat, that some people will most likely never beat in a lifetime. You can't sit around and wait on the lottery, but for many it sure would indeed provide a lot of open doors that were always closed.

I would be nice though to hear for a change that someone actually won "who needed it," and was going to put the money to good use. Not the last 50 or so who simply shrugged it off, after finding their crumpled up ticket in a dusty corner at the last minute. If you are not going to change anything, why even keep the money? You won't need the financial security anyway, you are already "well enough off." Donate it or burn it.

To me that is simply a waste of a jackpot win. Jackpots provide opportunities that you will NEVER see otherwise in your life, and if you squander that you are simply a fool. Umm yeah, I have $35 million in the bank but I am going to keep driving my truck doing deliveries...In most of these cases I don't believe it is humility speaking, simply pure ignorance and lack of preparation as to what that kind of money can do.

Aston

I'm sure RJOH is just playing the lottery for FUN not because he want to win some money to to buy thing he want or help his family and friends.

 The biggest BS I have ever read up on this lp post is, I just the lottery for fun or the challenge? whatever....You play the lottery is because you have desire to use the money do the thing you want, ie have a good life, help your kids, family or friends.  You do NOT have to try to justify your GREED.  It is normal as a human being to want to have the best of everthing in life.

manzplan

Quote: Originally posted by sirbrad on Jun 30, 2007

What is wrong with all these winners? $35 million and you are going to still drive around a truck? That is completely absurd. Buy the business, and sit back and get even more rich while doing a lot less! $35 million will give you A LOT of opportunities and create things to do if you are not a complete moron. Golf is only one minute example in the vast universe.

I have no idea why these types of people even play the lottery, as it is very obvious they do not want to spend money, nor create a more productive and fulfilling life. At least according to their press conferences. Yet the people who WANT and WILL change their lives, remain winless...

Because people play these games with the off hopes of winning without realizing just how much money they are winning or how much money they are not winning.

it's why some go completely insane after a win.....

In a perfect world..... only those who actually would use the money to it's fullest would win.....     and by that I am not talking that nonsense of some deserving to win cus they would "help others". No one deserves to win over anyone else really.

don't worry most people who win so much eventually get it and stop the nonsense about keeping their jobs and such..... most find other things to do and such.....

thing is at other times in my life I would have just quit my job but the job I have now..... I'll have to give them some time to replace me.... of course the first week..... they will have to cover my shifts cos I won't be in any condition to work and concentrate on my job duties.... after that I will give them about a Month.....

RJOh's avatarRJOh

Quote: Originally posted by Aston on Jul 1, 2007

I'm sure RJOH is just playing the lottery for FUN not because he want to win some money to to buy thing he want or help his family and friends.

 The biggest BS I have ever read up on this lp post is, I just the lottery for fun or the challenge? whatever....You play the lottery is because you have desire to use the money do the thing you want, ie have a good life, help your kids, family or friends.  You do NOT have to try to justify your GREED.  It is normal as a human being to want to have the best of everthing in life.

Sure I like playing the lottery because I think it's possible for me to win but I'm not planning my life around it and I'm not bothered when someone else wins.  Chances are I will never win a jackpot but I enjoy the challenge of trying.

As far as helping others, I never liked needy grown people hanging around me even if they were family, so I don't have any as friends either. 

I don't need to justify buying lottery tickets any more than the guys buying cigarettes and coughing their lungs out or the guys buying six packs and pissing it all away.

manzplan

Quote: Originally posted by RJOh on Jul 1, 2007

Sure I like playing the lottery because I think it's possible for me to win but I'm not planning my life around it and I'm not bothered when someone else wins.  Chances are I will never win a jackpot but I enjoy the challenge of trying.

As far as helping others, I never liked needy grown people hanging around me even if they were family, so I don't have any as friends either. 

I don't need to justify buying lottery tickets any more than the guys buying cigarettes and coughing their lungs out or the guys buying six packs and pissing it all away.

None of need to justify buying lottery tickets at all. Poor Aston has these Greed issues within himself about playing the lottery and tries of project them on everyone else.

Seriously what does he think this is the Mother Thersea forum or some'n?

 

Alot more pain and suffering in the world comes from things being done "for the greater good" from people buying into those lies and such. from people who become a part of a collective slave mindset then from individuals trying to pursue their personal dreams. 

How's about we put aside our personal desires and put on jackboots for the fatherland and live a life devoid of personal greed so that people like Aston can feel better about themselves.... oh yeah doing so much good because they aren't greedy.... 

In some ways individuals personal greed keeps the world from becoming overrun by ideologies that create slaves of people.

Our advancements as a species are because of Egoists and because of the greed of certian people. Most things done collectively or by committee just fail and muck up things even further.

That is my problem with the environmental movement as a whole.... they buy into this whole collective self sacrefice paradigm when if they would make saving the evironment into a capitalistic endeavour people would jump on board and find newer and creative ways to clean up the world instead of staying in this stagnating state for the past 30 years.

Greed and Ego are completely healthy. We're wired that way. It's a survival thing and to try to stop it is to try to stop breathing.

but then again  someone posting about another being greedy on a lottery site is pretty hilarious lol

anniep2

A little bitter??????????Patriot

Congrats to the winners! Let it all sink in......they'll adjust and he'll realize that he ain't getting back in that big truck soon enough.

manzplan

Quote: Originally posted by anniep2 on Jul 1, 2007

A little bitter??????????Patriot

Congrats to the winners! Let it all sink in......they'll adjust and he'll realize that he ain't getting back in that big truck soon enough.

exactly ..... people are in shock when they win and say all manner of stuff that they either regret later or realize was impossible....

about half of huge jackpot winners say they will keep their job....... most do not.  I would for about a month to give them time to replace me..... but I also have a farm and I wouldn't give that up.... just hire people to watch the place when we take vacations.....

hearsetrax's avatarhearsetrax

I wish them well and hope they spend it wisely

and if he decides to work till they have to pry his from the wheel of that ole truck ...then let him

MIlottoplayer

The guy is 64 and he doesn't want to stop driving his truck?  I would think that he would have thought about retiring at that age even if he didn't win.  But whatever...if he still wants to work that's up to him...whatever makes him happy.  I would be surprised if his wife doesn't talk to him about maybe retiring though, just so they could travel and possibly see the world before they die.

CA LotteryGuy

There is another issue about this jackpot winner that needs to be discussed.  Why didn't they claim their jackpot in a trust? 

Oklahoma allows winners to stay unknown and claim via a trust.   Yet these winners went to the lottery two days after winning and went through the press conference, etc.!!!!

Do you think the winners were not aware of the option to claim as a trust?  Do you think the lottery officals let them know of this option, or was the lottery more interested in getting the story of the winners out there? 

hearsetrax's avatarhearsetrax

Skeptical I doubt the lottery folks said a word and further more from the pic I saw on msn when the story broke ......I doubt they had a PC to look up the info on the right to remain anonymous

okmarc

Quote: Originally posted by CA LotteryGuy on Jul 1, 2007

There is another issue about this jackpot winner that needs to be discussed.  Why didn't they claim their jackpot in a trust? 

Oklahoma allows winners to stay unknown and claim via a trust.   Yet these winners went to the lottery two days after winning and went through the press conference, etc.!!!!

Do you think the winners were not aware of the option to claim as a trust?  Do you think the lottery officals let them know of this option, or was the lottery more interested in getting the story of the winners out there? 

The June 2006 Powerball jackpot winner(s) chose to remain anonymous via a trust. It was Oklahoma'a first Powerball jackpot and naturally generated a great deal of news coverage and conversation in the area, so I would guess that these latest winners, as regular lottery players, knew about the trust option. But of course this is only a guess, I could be wrong.

No doubt the lottery commission is pleased by their decision to publicly claim their prize. It's great advertising for the lottery.

Like many previous posters, I don't understand why people want to keep their jobs after winning this kind of jackpot.

hsvscubaski

Quote: Originally posted by CA LotteryGuy on Jul 1, 2007

There is another issue about this jackpot winner that needs to be discussed.  Why didn't they claim their jackpot in a trust? 

Oklahoma allows winners to stay unknown and claim via a trust.   Yet these winners went to the lottery two days after winning and went through the press conference, etc.!!!!

Do you think the winners were not aware of the option to claim as a trust?  Do you think the lottery officals let them know of this option, or was the lottery more interested in getting the story of the winners out there? 

Any one that claims that quick is not financially astute.  Did not talk to a lawyer or any advisor.  Buy the way they are also going to owe another$3-5 Mil come tax time so really they only net $28 Mil going forward.. Throw me in that briar patch

Prob988

Quote: Originally posted by hsvscubaski on Jul 1, 2007

Any one that claims that quick is not financially astute.  Did not talk to a lawyer or any advisor.  Buy the way they are also going to owe another$3-5 Mil come tax time so really they only net $28 Mil going forward.. Throw me in that briar patch

Actually I think they're going to be fine.    They're not making big changes, and they're getting their money as quickly as possible and thus gaining control of it.

They haven't made wild promises and they're letting things sink in.

I would pretty much do exactly the same thing, although I'd try to avoid the press conference.

By the way, I'd take my time getting "financial advisors."   Lots of people have been bilked by advisors. 

They may prove to be smarter than lots of other folks who have been in their position. 

Aston

I feel really SORRY and Pity for you manzplan, because you hope to win a Billion Jackpot, which will NEVER happen bro.  And let me guess you want to win all that money or a billion jackpot to be accurate so you can help all the needy animals. 

 

I guess that is your way of trying to JUSTIFY your GREED for wanting to win a billion dollar Jackpot.  Hey! we understand every have a Greed Seed inside us, including yourself.  So when you say you want to see or win a billion dollar I understand, if that what you need to satisfy Your Greed. 

 

Greed definitely has NO Dept in some people, and I really feel sorry them.

Aston

Dream all you want bro of winning a billion dollar jackpot because it will Never happen.  Even when you goe online says how you're to help mother nature and the needy animals, it ain't making any luckier when you buy the lottery tickets.

 

As wise once says, If You Can Count All the Deeds you have done in This Worlds, than you definitely has NOT Done Enough.  There are many member in this forum probably spend numberous of volunteer hours or money helping mother nature, needy animals or the poor, you Don't see them up braging like you do.  What a hyprorite.

Aston

By the way, I understand you're mad because you did NOT win this Jackpot and someone did, LOL : )  what freaking dweeb.  Saying doing and doing that is easier than actually doing it.

manzplan

Quote: Originally posted by Aston on Jul 1, 2007

By the way, I understand you're mad because you did NOT win this Jackpot and someone did, LOL : )  what freaking dweeb.  Saying doing and doing that is easier than actually doing it.

Can't you read..........         I can't even play Powerball cos I don't live in The US.....

I was defending the winners right to do what they want to do..... IE keep their Job.... I was defending the winners interview to others who think that the winner should live by their standards....

If this guy wants to keep his job it's no one's business but his.....       but the whole keeping the job thing is pretty standard in winner interviews then later they don't keep their job.....

I'm not jealous of someone who won a lottery that I didn't play..... no way I am very happy for them and want the best for them..... Want to see them hold on to their money and make more money..

why oh why do you constantly try to project your thoughs and beliefs on others..... just like in the other threads you've responded to others can see that you can't read what was actually said......

What's English your second Langauge or something?

DoubleDown

I hope the Harvey's enjoy their golden years with all this cash..  Congratulations !!!

I betcha if they feature them 6 months to a year from now on Jackpot Diaries he will NOT be driving a truck. It just takes some time to settle in, that's all....

MissNYC's avatarMissNYC

Quote: Originally posted by sirbrad on Jun 30, 2007

What is wrong with all these winners? $35 million and you are going to still drive around a truck? That is completely absurd. Buy the business, and sit back and get even more rich while doing a lot less! $35 million will give you A LOT of opportunities and create things to do if you are not a complete moron. Golf is only one minute example in the vast universe.

I have no idea why these types of people even play the lottery, as it is very obvious they do not want to spend money, nor create a more productive and fulfilling life. At least according to their press conferences. Yet the people who WANT and WILL change their lives, remain winless...

I agree!!! All these people who say "my lifestyle won't change much, etc" and act like they won 10 bucks at bingo just piss me off. Why play then? I want to finally see someone stand up and say that although they hope not to change, they will live like a real millionaires. I also hope it will be me now that the Mega Millions is finally starting to get exciting again. With 1 in 175 million odds, people seem to be winning a lot more than they should. The mega and powerball only get "really" big about twice a year now. I'm from NY, they don't even mention it on the news until the Mega reaches at least 275 million.

honey10's avatarhoney10

Quote: Originally posted by anniep2 on Jul 1, 2007

A little bitter??????????Patriot

Congrats to the winners! Let it all sink in......they'll adjust and he'll realize that he ain't getting back in that big truck soon enough.

I Agree! because if i won,once I got that check in my hands ,I QUIT,dont care what nobody says.pay off all my bills and all of my immediate family bills,give my mom and dad and all my brothers and sisters a million each,buy me a house,a new car,and donate to charity of my choice and invest the rest with the help of an investor,I will have all my family sign a contract to say,"I will not come back for more if i squander away foolishly that i was given."Big Grin Angel

spy153's avatarspy153

Finally !!!!!!!! A winner who was a regular player with the same numbers. Oh my, now where does that leave me? Hmmmm.

weshar75's avatarweshar75

Congrats to the Harvey's on winning the Powerball jackpot.  I think a nice fishing boat and a new fishing pole would be in his future.-weshar75

rundown99's avatarrundown99

They should have remained anonymous using a blind trust, like the first Oklahoma Powerball jackpot winner from last year and the winner of the $400,000 Power Play in Oklahoma from a while back.  They should have done their research and homework.  They will regret going public soon enough.... 

sirbrad's avatarsirbrad

Quote: Originally posted by MissNYC on Jul 2, 2007

I agree!!! All these people who say "my lifestyle won't change much, etc" and act like they won 10 bucks at bingo just piss me off. Why play then? I want to finally see someone stand up and say that although they hope not to change, they will live like a real millionaires. I also hope it will be me now that the Mega Millions is finally starting to get exciting again. With 1 in 175 million odds, people seem to be winning a lot more than they should. The mega and powerball only get "really" big about twice a year now. I'm from NY, they don't even mention it on the news until the Mega reaches at least 275 million.

Exactly. As opposed to saying "I am a millionaire, but I am going to keep living like a hermit who is broke." When I become a millionaire you can bet I will live like one. Although I will not be excessive or stupid like many in the past have been. 2 cars and a decent sized home is enough for me.

KyMystikal's avatarKyMystikal

Quote: Originally posted by sirbrad on Jul 4, 2007

Exactly. As opposed to saying "I am a millionaire, but I am going to keep living like a hermit who is broke." When I become a millionaire you can bet I will live like one. Although I will not be excessive or stupid like many in the past have been. 2 cars and a decent sized home is enough for me.

I can only imagine how I would live, but I don't plan on changing much. I know I will get a bigger home. I'm going to get a home in the $200,000 to $300,000 price range with around 2200-3000 sq ft home with a in ground pool. Oh and a car, yes 2 of them but nothing fancy. a 2008 Honda Accord coupe for me and what ever the wife wants as long as it ain't over $40,000. $50,000 is getting invested for my daughter. I also am giving my mom some money too. It's the least I could do for her for all she has done for me. I believe this is achievable with a win of 1 million that can be made with a second prize win on Powerball with a 5X power play. I play Powerball even though I don't think I will ever get the jackpot but I do believe I can get the $200,000 prize.

justxploring's avatarjustxploring

Prob 988 writes:  "By the way, I'd take my time getting "financial advisors."   Lots of people have been bilked by advisors." 

I Agree!

Prob, I've said this too.  It's not only because some financial advisors are greedy and/or dishonest, it's because nobody knows if an Enron or Wordcom is going to collapse. (I have my own horror story.) It's important to take your time and, when you get advice, make sure it's sound advice.  There's nothing wrong with putting your money in the bank (or several banks) and government bonds.  You can always "play" with the market, but initially I think it makes more sense to be very conservative.  After all, if someone wins the lottery, chances are he won't have a second shot at it.  I just don't understand why, if a person has $35 million, he'd need to take any big risks.  I'd be set for life with a lot less than that.

KyMystikal's avatarKyMystikal

Quote: Originally posted by justxploring on Jul 6, 2007

Prob 988 writes:  "By the way, I'd take my time getting "financial advisors."   Lots of people have been bilked by advisors." 

I Agree!

Prob, I've said this too.  It's not only because some financial advisors are greedy and/or dishonest, it's because nobody knows if an Enron or Wordcom is going to collapse. (I have my own horror story.) It's important to take your time and, when you get advice, make sure it's sound advice.  There's nothing wrong with putting your money in the bank (or several banks) and government bonds.  You can always "play" with the market, but initially I think it makes more sense to be very conservative.  After all, if someone wins the lottery, chances are he won't have a second shot at it.  I just don't understand why, if a person has $35 million, he'd need to take any big risks.  I'd be set for life with a lot less than that.

I think I would risk 2% in high risk.

manzplan

Quote: Originally posted by justxploring on Jul 6, 2007

Prob 988 writes:  "By the way, I'd take my time getting "financial advisors."   Lots of people have been bilked by advisors." 

I Agree!

Prob, I've said this too.  It's not only because some financial advisors are greedy and/or dishonest, it's because nobody knows if an Enron or Wordcom is going to collapse. (I have my own horror story.) It's important to take your time and, when you get advice, make sure it's sound advice.  There's nothing wrong with putting your money in the bank (or several banks) and government bonds.  You can always "play" with the market, but initially I think it makes more sense to be very conservative.  After all, if someone wins the lottery, chances are he won't have a second shot at it.  I just don't understand why, if a person has $35 million, he'd need to take any big risks.  I'd be set for life with a lot less than that.

That's why you look for one who just tells you how to keep the money intact and drawing a good interest rate without going after tricky investments in high risk stocks, bonds, and options.

In the US and Canada it's better to invest in Government type bonds and such as well if they foul up then your money is already fouled up by the collapse in the government.

Stock market is at times as tricky as the lottery and we all know that. Sure there are ways to gain with it but there are ways to loose as well. Best to stick with CDs T-Bills and such. If you wanna play the stock market say set aside 10% for that... and stick to it.

csfb's avatarcsfb

Quote: Originally posted by sirbrad on Jul 4, 2007

Exactly. As opposed to saying "I am a millionaire, but I am going to keep living like a hermit who is broke." When I become a millionaire you can bet I will live like one. Although I will not be excessive or stupid like many in the past have been. 2 cars and a decent sized home is enough for me.

How does a millionaire live?  Truth is, most millionaires live simple, focused lives.  If you meet them on the streets, you would not even know they are millionaires.  It's those who don't have that try their darnest to flaunt what they wish they had.

BTW Sirbrad, your avatar is quite fascinating.

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