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so exactly what WOULD you do with all that $$

Topic closed. 30 replies. Last post 9 years ago by tntea.

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GamerMom's avatar - tails

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Posted: April 26, 2008, 8:28 am - IP Logged

i'm a relative newbie here and someone mentioned in an earlier post you can't just stick millions in a checking or savings account b/c it's only FIDC up to a certain amount...so just where do you put it? and how would you invest it personally?

    tiggs95's avatar - Lottery-036.jpg

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    Posted: April 26, 2008, 10:28 am - IP Logged

    You need to find a financial adviser..Before that you can find 10 or 20 banks and put the max in all of them..Savings checking IRA's and whatever the bank has to offer..Get a finacial adviser first if you don't want to go to all the banks..I guess because I've never had that sort of problem..:)

      GamerMom's avatar - tails

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      Posted: April 26, 2008, 10:29 am - IP Logged

      me either, but that sure is a problem i would like to have ;)

        Shawn67's avatar - Lottery-061.jpg

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        Posted: April 26, 2008, 10:33 am - IP Logged

        I wish I had those kind of "problems" to worry about.

          GamerMom's avatar - tails

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          Posted: April 26, 2008, 10:35 am - IP Logged

          You need to find a financial adviser..Before that you can find 10 or 20 banks and put the max in all of them..Savings checking IRA's and whatever the bank has to offer..Get a finacial adviser first if you don't want to go to all the banks..I guess because I've never had that sort of problem..:)

          but i guess i'm confused because i dont' understand what a FA could tell you to do other than what you just said to do...unless you put it into a swiss bank account!!

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            Republic of Texas
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            Posted: April 26, 2008, 11:45 am - IP Logged

            I googled the question "where do you deposit lottery winnings?" (google is your friend) 

            Dr Don at bankrate(dot)com says on way is to use CDARS - Certificate of Deposit Account Registry Service.  You deal with one bank and CDARS works with that bank to ensure you are FDIC insured.  Some good advice there with some good links.

            Otherwise, you need a wealth management team that would consist of attornies (tax and estate) and investment advisors so that you can then put the money away where it best serves your goals.  Those advisors will also help you to determine what those goals are when considering the amount of your winnings.

            face

            singlewinnersinglewinnersinglewinner   

              DC81's avatar - batman39
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              Posted: April 26, 2008, 1:04 pm - IP Logged

              Interesting, I think that this might be good short term so you can claim ASAP and then get things more together for your next step after you claim your winnings, finding a good advisor might take awhile so you might as well get something. Probably would be good to leave a good portion of winners in one too for safe keeping perhaps? Or would it just be better to go the mutual fund route?

              You can't predict random.

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                Kentucky
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                Posted: April 26, 2008, 4:09 pm - IP Logged

                but i guess i'm confused because i dont' understand what a FA could tell you to do other than what you just said to do...unless you put it into a swiss bank account!!

                Since the state lotteries give checks to the winners, they would have to ask their individual banks if they can deposit it into their existing account, have to setup an new account, or they could open an account with a large investment firm and deposit the check with them. That's probably one of the first questions asked when winners validate their tickets and the state lotteries explain the options.

                It would be difficult but not impossible for a $50 million winner to convert all the winnings into cash and put it under their mattress so they can sleep better at night. I don't think all the possible options are that important to those of us that have never won a multi-million dollar jackpot that we lose any sleep over it; if it is, contact your state lottery or your bank. 

                  Bagent's avatar - avatar 10424.gif
                  Vancouver, WA
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                  Posted: April 30, 2008, 3:33 am - IP Logged

                  but i guess i'm confused because i dont' understand what a FA could tell you to do other than what you just said to do...unless you put it into a swiss bank account!!

                  I never really thought about this before until I read this post.  Since I would be taking a lump sum on my win, I would, if the win was over $50M, consider a swiss account for sure.  That way it would be protected AND off shore.  From my research, I see that you can also get a debit card or the like to have access to the funds that are in the swiss account.


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                    Posted: April 30, 2008, 4:42 pm - IP Logged

                    Since the state lotteries give checks to the winners, they would have to ask their individual banks if they can deposit it into their existing account, have to setup an new account, or they could open an account with a large investment firm and deposit the check with them. That's probably one of the first questions asked when winners validate their tickets and the state lotteries explain the options.

                    It would be difficult but not impossible for a $50 million winner to convert all the winnings into cash and put it under their mattress so they can sleep better at night. I don't think all the possible options are that important to those of us that have never won a multi-million dollar jackpot that we lose any sleep over it; if it is, contact your state lottery or your bank. 

                    Actually, many states - if not all - are forbidden to give finanial advise on what to do with the money; it is in the law that authorized the lottery.  I once contacted the New Jersye lottery on a similar issuie, and all they can do is give you a list of financial institutions registered in the state.  They also stated they do not issue a check. The transfer is an electronic transfer.  They'll hold onto the money until you do make the arrangements (complete the paperwork). I assume all this has to do with tax laws and liabilities.

                    No problem, any major financial institute will gladly accomodate you and make out the paperwork.  That is also why they tell you to get a financial adviser.  So you don't do something illegal - or dumb.

                      time*treat's avatar - radar

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                      Posted: May 1, 2008, 6:19 am - IP Logged

                      i'm a relative newbie here and someone mentioned in an earlier post you can't just stick millions in a checking or savings account b/c it's only FIDC up to a certain amount...so just where do you put it? and how would you invest it personally?

                      The FDIC does not limit how much you can put into one bank; it limits how much is (re)covered per account if that bank goes bust.

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

                        psykomo's avatar - animal shark.jpg

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                        Posted: May 1, 2008, 4:56 pm - IP Logged

                        i'm a relative newbie here and someone mentioned in an earlier post you can't just stick millions in a checking or savings account b/c it's only FIDC up to a certain amount...so just where do you put it? and how would you invest it personally?

                        GREAT>>>>>>>>>>>>>>POST GamerMon:

                        Let PSYKOMO tell you what "YOU" can doo>>>>>>with all that $$$$$

                        Let's >>>>>>>>>>>>>>> MAKE IT SIMPLE>>>>>>>>>>>>>>>>>>

                        BUY STOCK:

                        in>>>>>>>>>"JIMMY BUFFET"

                        LOL

                        PSYKOMO

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                          Pittsburgh, PA
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                          Posted: May 2, 2008, 12:32 pm - IP Logged

                          This is assuming I hit powerball this saturday:

                          $30m-Money Mkt Acct

                          $5m-Stocks/Bonds/Etc

                          $1m-Precious Metals

                          A few checking accts with a couple mil for easy access

                          Pick up some oil futures

                          $2m custom log cabin

                          A few cars/trucks

                          A $50k las vegas trip

                          Some ballin electronics

                          Help out my *real* friends

                          Charitable donations

                          Travel the world then come back and start up a few companies and create some good paying jobs

                          *Lol at the person who thinks you need 20 bank accounts.  If Bank of America or Citibank go under then EVERYONE in this country is in trouble.  And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years.  Educate yourself and learn how to manage your money on your own...its not hard!  And also learn to say NO.

                            OldSchoolPa's avatar - Lottery-057.jpg
                            Gurnee, Illinois
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                            Posted: May 2, 2008, 12:40 pm - IP Logged

                            Actually, you can put that money into a designated account...the lottery's requirement is that they will wire the jackpot winnings to that account.  Think about it. Steven Spielberg, Oprah, and all the other billionaires and millionaires don't have their money scattered about in different banks and banks don't impose max limits on money you can deposit with them (why would they!  Don't you think a bank makes more off a customer who deposits $5 million than one who deposits $1 thousand?  Come on, get a clue!).  The only thing is that those accounts will only be covered up to the FDIC amount of $100,000 which would only come into play if your financial institution went belly up like the S&L debaucle.  Those investing their money in mutual funds would be covered up to $300,000.  But that is only insurance for if the institution fails or their is evidence of fraudulent activity on the part of the financial institution.  Any way, I don't worry about such matters as I focus on having my money work for me and I invest with financially sound companies.  And so far, I don't think anyone has received a payout from FDIC in recent years...so why all the worry (BTW the Bears Stearn situation is totally different from your local bank and the losses many of the financial institutions suffered as a result of the mortgage crisis mostly dealt with their commodities/derivative investments in mortgage backed securities...something quite different from your pass book saving account at your local bank.)

                            Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                            The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                              OldSchoolPa's avatar - Lottery-057.jpg
                              Gurnee, Illinois
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                              Posted: May 2, 2008, 12:46 pm - IP Logged

                              And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years.  Educate yourself and learn how to manage your money on your own..

                               

                              Actually, the truth is SOME people manage to go bankrupt DESPITE having financial advise available BECAUSE they more than likely made decisions CONTRARY to what the representative advised.  Sure, everyone needs to be educated so they can make sound financial decisions.  But most all wealthy people do have a team of advisors who lend input to them.  But of course, THE FINAL DECISION SHOULD ALWAYS BE FROM THE CLIENT, NOT THE ADVISOR (that's how Oprah does it!).

                              Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                              The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!