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After a big multi-million win how long would you wait to come forward?

Topic closed. 63 replies. Last post 9 years ago by applejack78.

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If you won a big multi-million lottery how long would you wait to come forward?

wait? why wait? I'd collect ASAP [ 27 ]  [23.48%]
After I told all my family... [ 2 ]  [1.74%]
Oh...about a week [ 8 ]  [6.96%]
After all the commotion and press died down [ 15 ]  [13.04%]
After I consulted a good tax attorney & lawyer [ 55 ]  [47.83%]
Honestly I never thought about it [ 8 ]  [6.96%]
Total Valid Votes [ 115 ]  
Discarded Votes [ 2 ]  
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Kentucky
United States
Member #32652
February 14, 2006
7295 Posts
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Posted: July 2, 2007, 4:49 pm - IP Logged

I voted "I'd collect ASAP". I know some here are saying "What A Dummy!" But hold on for a second or two. Why let Any financial adviser know what you're worth before you have the money or before you negotiate on their fees? Most financial advisor's go by what they feel they can charge you and of course that's tied to what your total net worth is. So, why over pay them before they do anything for you? I'd make their fees coincide with their performance. I make money, they get a percentage. I lose money, they get zero. They will work for me and not for themselves!

Most people probably buy their tickets, check them to see if they are correct and put them someplace until the drawing or they see the winning numbers. And if most people are like me, the majority of their tickets are losers. All losing tickets and winning tickets are worthless until it's signed, scanned and verified by a lottery terminal. 

"I voted "I'd collect ASAP". I know some here are saying "What A Dummy!"

Some people are saying they would wait and contact a lawyer first; sounds like a great idea, but while the attorneys in my phone book specialize in many legal areas, I can't find one that specializes in validating jackpot winnings. However I did find many that will draw up a trust so it that's what the winner wants to do, it's worth waiting.

For those who don't mind having their names in the spotlights, they still need to formulate a plan because they should expect a large number of "well-wishers" by phone and at their front door. But either way that piece of paper with numbers they keep looking at, is worthless until it's validated.

I wonder how many jackpot winners change their minds on how to spend their winnings while waiting for the check. Does it really make sense to endorse the check to a financial adviser so they can decide how you spend your money?

    justxploring's avatar - villiarna
    Wandering Aimlessly
    United States
    Member #25360
    November 5, 2005
    4461 Posts
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    Posted: July 2, 2007, 5:37 pm - IP Logged

    I don't think when you collect the money makes a difference to the media unless there is a story that will receive more attention like a major disaster.  I might just collect it within a couple of weeks.  I can always make plans later.  If I won one our state Lotto, we only have 60 days from the date of the drawing to take the cash, so it would definitely be in less than 2 months if I knew I didn't want annual payments.

    For people who might wait a long time, keep in mind that every day you don't have that money in some kind of interest bearing account or investment, you are losing thousands a day.  For example $20 million at only 5.5% is over $91K per month.  (this is why I can't understand all the people who talk about investing a huge PB win to make billions. Ya can't live on $91,000 a month in interest?)

    I already know that I wouldn't just drive to Tallahassee the following day because I'd want to move before claiming the prize, so I'd first look for a nice home somewhere else, although I guess I could rent for a short time to get to know an area before making a commitment.  So, when I've thought about what I'd do, I usually figure on about 4 to 6 weeks so I can let family know I'm moving and take care of any local business.  I don't have to tell anyone why right away, just that I found a new position somewhere else.


      United States
      Member #51688
      April 19, 2007
      200 Posts
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      Posted: July 2, 2007, 11:26 pm - IP Logged

      Banana well  people  can  say  what-ever-they  want  Now  but  when the  news  comes  in  on  a  multi-milliondollar  windfall  I  can  bet  you  they  will  crap  in  their  pants  and  be  scared crapless ;

      Then  comes  the  phone-calls  and  Blabber-mouth syndrome, they  wont  be  able  to  hold it in  and  tell  the  world  the  good  news  to  any one  who  will  listen.......if  you  got  the  time  a  lawyer  and  PCA  would  come  in  handy  for  taxes ; But hold  it  for  a  month  no  way  its  not  possible !!!!! Sad Cheers   


        United States
        Member #51688
        April 19, 2007
        200 Posts
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        Posted: July 2, 2007, 11:27 pm - IP Logged

        I don't think when you collect the money makes a difference to the media unless there is a story that will receive more attention like a major disaster.  I might just collect it within a couple of weeks.  I can always make plans later.  If I won one our state Lotto, we only have 60 days from the date of the drawing to take the cash, so it would definitely be in less than 2 months if I knew I didn't want annual payments.

        For people who might wait a long time, keep in mind that every day you don't have that money in some kind of interest bearing account or investment, you are losing thousands a day.  For example $20 million at only 5.5% is over $91K per month.  (this is why I can't understand all the people who talk about investing a huge PB win to make billions. Ya can't live on $91,000 a month in interest?)

        I already know that I wouldn't just drive to Tallahassee the following day because I'd want to move before claiming the prize, so I'd first look for a nice home somewhere else, although I guess I could rent for a short time to get to know an area before making a commitment.  So, when I've thought about what I'd do, I usually figure on about 4 to 6 weeks so I can let family know I'm moving and take care of any local business.  I don't have to tell anyone why right away, just that I found a new position somewhere else.

        Banana well  people  can  say  what-ever-they  want  Now  but  when the  news  comes  in  on  a  multi-milliondollar  windfall  I  can  bet  you  they  will  crap  in  their  pants  and  be  scared crapless ;

        Then  comes  the  phone-calls  and  Blabber-mouth syndrome, they  wont  be  able  to  hold it in  and  tell  the  world  the  good  news  to  any one  who  will  listen.......if  you  got  the  time  a  lawyer  and  PCA  would  come  in  handy  for  taxes ; But hold  it  for  a  month  no  way  its  not  possible !!!!! Sad Cheers   

          mylollipop's avatar - Trek STLOGO6.png

          United States
          Member #24380
          October 21, 2005
          623 Posts
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          Posted: July 3, 2007, 3:34 am - IP Logged

          I would wait awhile for the commotion to die down all the while consulting attorneys and tax advisor's.  My percentage to the church has already been determined as well as to other causes as follows:

          1. 20% to the church
          2. 35% to other charitable causes
          3. 40% to invest or do as financial advisor's suggest
          4. 10% for me and my family 
          5. 5% for incidentals, which might end up with charitable causes or grants for those would-be-give-me's, who want to do this and that with my winnings.  Probably a limit of $1000.00 seed money with a good business plan.  LOL

          Blue Angel

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
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            Posted: July 3, 2007, 4:56 am - IP Logged

            I would wait awhile for the commotion to die down all the while consulting attorneys and tax advisor's.  My percentage to the church has already been determined as well as to other causes as follows:

            1. 20% to the church
            2. 35% to other charitable causes
            3. 40% to invest or do as financial advisor's suggest
            4. 10% for me and my family 
            5. 5% for incidentals, which might end up with charitable causes or grants for those would-be-give-me's, who want to do this and that with my winnings.  Probably a limit of $1000.00 seed money with a good business plan.  LOL

            Blue Angel

            1. 10% for me and my family 

             

            You won't have that 10% for you & your family.  You already spent 100% of your money!  20 + 35 + 40 + 5 = 100%

              MADDOG10's avatar - smoke
              Beautiful Florida
              United States
              Member #5709
              July 18, 2004
              20106 Posts
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              Posted: July 3, 2007, 9:30 pm - IP Logged

              I would wait awhile for the commotion to die down all the while consulting attorneys and tax advisor's.  My percentage to the church has already been determined as well as to other causes as follows:

              1. 20% to the church
              2. 35% to other charitable causes
              3. 40% to invest or do as financial advisor's suggest
              4. 10% for me and my family 
              5. 5% for incidentals, which might end up with charitable causes or grants for those would-be-give-me's, who want to do this and that with my winnings.  Probably a limit of $1000.00 seed money with a good business plan.  LOL

              Blue Angel

              What do you honestly think giving 20% to the church is going to get you????

              A better seat on Sunday, or a special place in heaven?

              Neither is real. Take the money and invest it for your family on the advice of a solid financial planner.....

                                                           

                                                             "  When Injustice Becomes Law, Resistance Becomes Duty "


                United States
                Member #17555
                June 22, 2005
                5582 Posts
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                Posted: July 3, 2007, 9:36 pm - IP Logged

                What do you honestly think giving 20% to the church is going to get you????

                A better seat on Sunday, or a special place in heaven?

                Neither is real. Take the money and invest it for your family on the advice of a solid financial planner.....

                The spanish maids named Maria will have front row in heaven.

                People like me will have nose-bleed seats at an altitude of about 300 feet up....lol

                                                  Shifty

                  Big Hitter's avatar - tdspin17 e0.gif
                  Constitutional Money Is Real Money
                  Brick City
                  United States
                  Member #1216
                  March 3, 2003
                  1762 Posts
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                  Posted: August 2, 2007, 10:19 pm - IP Logged

                  After talking to the lawyer and accountant, I would claim the money and convert most of it into hard currency (gold, silver and platinum). Paper money is dangerous right about now.  

                  Whatever you fear most has no power - it is your fear that has the power.
                  Oprah Winfrey

                  Insanity: doing the same thing over and over again and expecting different results.
                  (attributed to) Albert Einstein

                  I have failed many times, and that's why I am a success.
                  Michael Jordan

                  My religion consists of a humble admiration of the illimitable superior spirit who reveals
                  himself in the slight details we are able to perceive with our frail and feeble mind.

                  Albert Einstein

                    time*treat's avatar - radar

                    United States
                    Member #13130
                    March 30, 2005
                    2171 Posts
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                    Posted: August 3, 2007, 1:01 am - IP Logged

                    The spanish maids named Maria will have front row in heaven.

                    People like me will have nose-bleed seats at an altitude of about 300 feet up....lol

                                                      Shifty

                    I thought heaven was spanish maids named Maria. Big Grin Angel

                    Or they dress up like a maid and let you call 'em 'Maria'

                    Thinking of...

                    Looks like I'm not the only one who's not trusting in paper "money".

                    In neo-conned Amerika, bank robs you.
                    Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

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                      wyoming, michigan
                      United States
                      Member #53058
                      June 22, 2007
                      637 Posts
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                      Posted: August 3, 2007, 1:43 am - IP Logged

                      Probably about 4 weeks.  Also for the comment that heaven is not real, there are only 2 choices to be made before you leave here.  The question was about a lottery win not if heaven was real or not.  That person said nothing about your beliefs at all.  Some opinions are just that you have no evidance that it dose not exist.  Have something to back you up, I have a bible and thousands of years of proof.  Good Luck, DLD

                        BobP's avatar - bobp avatar.png
                        Dump Water Florida
                        United States
                        Member #380
                        June 5, 2002
                        3102 Posts
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                        Posted: August 3, 2007, 3:13 am - IP Logged

                        All the contingency plans in the world won't help me when I've got that winning ticket in my hand.  I'll likely be a basket case.  Will the house burn down, be robbed, the pocket I've hidden it in be sent to Good Will?  Sooner the lottery has the ticket and the cash in my bank the better.  Can't think of anyone I could tell that would keep the secret, better not to have any.  BobP

                        btw: The supposedly correct answer is to wait until someone else wins and collects, then you're just an old story.  By then you should have been to the lawyer if you need to create a family trust.

                          Avatar

                          United States
                          Member #10438
                          January 13, 2005
                          431 Posts
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                          Posted: August 3, 2007, 5:52 am - IP Logged

                          It always fascinates me to see how long some of the really big winners take to come forward to claim their big jackpots.  So I'm just curious of my fellow members here,  how long would you take to come forward and why?  Please explain.

                          all acording to the size of the jack  1 mill who cares go claim it and brag Jester 200 mill you better not let anyone find out they kidnap your relitives just to get a chunck  ((or other scary stuff)) with that kinda scratch around  so i would have to say  it would take longer to claim a giant jack than a smaller one for meI Agree!

                            justxploring's avatar - villiarna
                            Wandering Aimlessly
                            United States
                            Member #25360
                            November 5, 2005
                            4461 Posts
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                            Posted: August 3, 2007, 11:29 am - IP Logged

                            I thought about this question again when someone won the last big FL jackpot of $33M.  He came forward early Monday morning so obviously he didn't have time to contact an attorney or a financial planner.  However, when I thought about it, since it takes weeks to actually get your money, why not validate your ticket and take off the way he did?  This man's Dad had just passed away so he flew to Cuba to be with his family.  Before he bought the ticket, he didn't even have enough for plane fare or to pay for the funeral, according to the newspaper. Perhaps he used a credit card or borrowed the money, knowing he'd soon have plenty to pay back the loan. (see news article on LP)

                            http://www.lotterypost.com/news/159686.htm

                            Anyway, I always say "wait a while" but the more I think about it, the 3 or 4 weeks it takes to get the money should be plenty of time to make important financial decisions.  Personally, I would want to move first, but I could always rent a cottage on the beach while I'm making plans.

                              RJOh's avatar - chipmunk
                              mid-Ohio
                              United States
                              Member #9
                              March 24, 2001
                              19816 Posts
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                              Posted: August 3, 2007, 11:32 am - IP Logged

                              What do you honestly think giving 20% to the church is going to get you????

                              A better seat on Sunday, or a special place in heaven?

                              Neither is real. Take the money and invest it for your family on the advice of a solid financial planner.....

                              That's one of those pre-win commitments that many players make thinking that the lottery spirits love a generous givers and will favor them as the winner.  Do you really believe anyone would give 20% to church,35% to charity and only keep 10% of their winnings for themselves and family?  Once the player wins, the commitment can't be enforce and will be forgotten.

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking