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What would you do if you won the lottery?

Topic closed. 15 replies. Last post 8 years ago by guesser.

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sirbrad's avatar - Lottery-062.jpg
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Posted: August 1, 2008, 1:26 am - IP Logged
    DC81's avatar - batman39
    MI
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    Posted: August 1, 2008, 2:01 pm - IP Logged

    I think I've seen that before, it's an alright article but do nothing for six months? Are they nuts?! The thing is to not go nuts and keep some sense of sanity after winning. But I do agree, that put it in something safe, even if you do "only" get a four or five percent return, at least you're earning something and use that time to get things more together, including educating yourself in what you can and cannot do, along with at least getting some sort of grasp on the investment markets. To me, taking 5% or less if the amount won after taxes exceeds a million dollars, in that first year or so should be more than enough, if it's at least at a million dollars and up unless you want to buy a home but even then, one probably shouldn't go too nuts with buying or building home that's excessive or way too expensive for what you've come into.  Then again, if you won something like 50M after taxes I think you probably could withstand spending more than a million of it the first year or even years after as long as it's handled well. If you have an advisor then by all means, listen to them but don't just blindly follow what they say either, that's another thing that seems to have gotten a lot of people in trouble, they either don't listen or they take a hands off approach to the management of their sudden windfall and do whatever the advisor says. You're paying them for their advice and that's should be it. If they lose it and you never bothered to be involved then it's your fault.

     

    There's no reason why something like 10 million dollars wouldn't last you the rest of your life as long as you don't go do stupid things. With that much, if you can't live off the interest and/or dividends then you might be doing something wrong.

    You can't predict random.

      rubberbandman's avatar - Spawn Classic.jpg
      mn
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      Posted: August 1, 2008, 2:41 pm - IP Logged

      Good article, I never thought of making trusts for my family, don't know if thats selfish but it has never occured to my mind.

      "Gee Brain, what do you want to do tonight?"
      "The same thing we do every night, Pinky- try to take over the world."

        tntea's avatar - Lottery-059.jpg

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        June 30, 2004
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        Posted: August 1, 2008, 6:05 pm - IP Logged

        I think I've seen that before, it's an alright article but do nothing for six months? Are they nuts?! The thing is to not go nuts and keep some sense of sanity after winning. But I do agree, that put it in something safe, even if you do "only" get a four or five percent return, at least you're earning something and use that time to get things more together, including educating yourself in what you can and cannot do, along with at least getting some sort of grasp on the investment markets. To me, taking 5% or less if the amount won after taxes exceeds a million dollars, in that first year or so should be more than enough, if it's at least at a million dollars and up unless you want to buy a home but even then, one probably shouldn't go too nuts with buying or building home that's excessive or way too expensive for what you've come into.  Then again, if you won something like 50M after taxes I think you probably could withstand spending more than a million of it the first year or even years after as long as it's handled well. If you have an advisor then by all means, listen to them but don't just blindly follow what they say either, that's another thing that seems to have gotten a lot of people in trouble, they either don't listen or they take a hands off approach to the management of their sudden windfall and do whatever the advisor says. You're paying them for their advice and that's should be it. If they lose it and you never bothered to be involved then it's your fault.

         

        There's no reason why something like 10 million dollars wouldn't last you the rest of your life as long as you don't go do stupid things. With that much, if you can't live off the interest and/or dividends then you might be doing something wrong.

        I wouldn't claim the prize for less than 6 months

             OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
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          Posted: August 2, 2008, 1:14 am - IP Logged

          Actually, I thought this was more entertaining:

          http://www.lotterypost.com/thread/162684

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!

            justxploring's avatar - villiarna
            Wandering Aimlessly
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            Posted: August 2, 2008, 1:23 am - IP Logged

            I agree.  However, I think the "expert" advice

             

            Do nothing for six months

             

            makes sense.   I mean, there's not much you can do in your bathing suit on a private island with a pina colada in each hand.

            Edit:

            Cool

            I just added the emoticon.  I thought it was obvious I was joking. 

              sirbrad's avatar - Lottery-062.jpg
              PA
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              Posted: August 2, 2008, 1:29 am - IP Logged

              It all depends on whether or not you are "prepared" for such a windfall. I have been prepared for all aspects for several years now, so I would claim it immediately. I am not going to waste time. I also have varying plans for different jackpot amounts. Most who win never expect to win, and they are not emotionally prepared to make such important decisions. However I would still live a modest lifestyle compared to what others have lived who won.

              I simple want "infinite financial freedom" and security, and to own a home and at least two vehicles. I will take it easy until I see what my investments yield. I read a tom of articles too, some I already posted long ago here. Will have to dig them out in my favorites.

                justxploring's avatar - villiarna
                Wandering Aimlessly
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                Posted: August 2, 2008, 1:33 am - IP Logged

                Good article, I never thought of making trusts for my family, don't know if thats selfish but it has never occured to my mind.

                I'm not wealthy and I have everything in trust for my family.  (checking account, savings account, etc.) It's not a matter of being selfish or not, but what if I were in an accident tomorrow?  There are a lot of different kinds of trusts.  I didn't read the entire article (seen too many of them just like it) but if I won the Lottery, I wouldn't put my money in an irrevocable trust where I would lose control of my money.  I'd have to learn more about its benefits first.  A revocable trust means you can "revoke" (change) it any time you want.  But it might also protect your assets from ending up in probate court or going to the wrong person.  Most people don't think about it, but as you get older you see people fighting over small stuff or struggling with the personal questions like "what kind of service did she want" or "would he want to live on a feeding tube" etc.  Not the kind of subject any of us like to talk about, but a will, a trust and sitting down with the people closest to you to talk about "what if" is the responsible thing to do.  I don't know what the $$ figure is, but there are millions of abandoned possessions auctioned off every year by the states, especially things like jewelry, rare coins and other items people hide away in safe deposit boxes because nobody knows they exist.

                  One2Adore's avatar - butterfly2
                  Maryland
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                  Posted: August 3, 2008, 12:36 am - IP Logged

                  The first 500k of a major jackpot (more than 25 million after taxes) would be spent on whatever me and my husband wanted.  Just to get that "oh my god I have money" phase out of us.  Because I've already planned that me and my husband would then live off a "family salary" that would come from the interest.  I figured we'd live off of 250k a year.  Giving ourselves a 4% increase every two years.

                  Living on Earth is expensive, but it does include a free trip around the sun every year.

                    Avatar
                    Republic of Texas
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                    Posted: August 3, 2008, 1:53 am - IP Logged

                    Actually, I thought this was more entertaining:

                    http://www.lotterypost.com/thread/162684

                    Oh yes.  Definitely more entertaining. I Agree!

                    face

                    singlewinnersinglewinnersinglewinner   

                      GamerMom's avatar - tails

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                      Posted: August 3, 2008, 10:59 am - IP Logged

                      they always tell you to hire financial planners and lawyers but heck I can't afford that until AFTER I claim my $$$.  Also, I feel like whenever the FP and the lawyers know you won the lawyer suddenly their rates will increase dramatically.  I really feel like I could manage on my own money and save myself thousands rather than handing it over to some snake in a suit.

                        DC81's avatar - batman39
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                        Posted: August 3, 2008, 1:15 pm - IP Logged

                        Trick is to shop around and not tell them right away what exactly they're going to be working on. If they know you're talking to other lawyers, they will reconsider trying to extort more money than they normally would charge since getting paid the usual amount is better than getting paid nothing.

                        You can't predict random.

                          psykomo's avatar - animal shark.jpg

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                          Posted: August 4, 2008, 8:20 pm - IP Logged

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                          EZMony:$$$$$$$$$$$$$$

                          LOL

                          PSYKOMO

                            psykomo's avatar - animal shark.jpg

                            United States
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                            Posted: August 4, 2008, 9:11 pm - IP Logged

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                            LOL

                            PSYKOMO

                              Bondi Junction
                              Australia
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                              Posted: August 7, 2008, 6:46 am - IP Logged

                              I wouldn't go public. I would get a good honest lawyer before I claimed my winnings and at least try and claim through a blind trust. After that I would get independent professional financial advice.