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Would you have money power with the banks after you hit the lottery?

Topic closed. 23 replies. Last post 8 years ago by grengrad.

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four4me's avatar - gate1
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Posted: January 3, 2009, 10:05 pm - IP Logged

  justxploring said: i I began to edit my last post, but I ran out of time.

If you are using the rich text editor look at the life saver next to the ABC icon that lifesaver refreshes your post text and keeps it intact until you are ready to post I believe you have unlimited time to post to a thread. no time limit.

Big John says. You don't hit the number. The number hits you!!!!

               I'm not Big John, I'm Four4me, Big John's a friend.
    justxploring's avatar - villiarna
    Wandering Aimlessly
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    Posted: January 3, 2009, 10:13 pm - IP Logged

    Okay, thanks, four4me.  But I meant after I post it.  I left my computer and came back to edit later.  I think we only have 20 minutes to make changes to a post.   I guess I should just think through a comment before posting it, but I sometimes post and then have an idea that pops up in my so-called brain.

    Crazy

      four4me's avatar - gate1
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      Posted: January 3, 2009, 10:14 pm - IP Logged

      If i have won the lottery jackpot and i have waited most of my adult lifetime to do so i think i could wait a few weeks for my money, it will give me additional time i need to get it together for the big plans i already have.

      Financially I'll have no need to borrow money before i collect my lottery win, realistically if you win you should set up your trust fund and update any insurances you have as well as your will. Reason being nobody knows if he or she will pass away soon after a lottery win.

      Big John says. You don't hit the number. The number hits you!!!!

                     I'm not Big John, I'm Four4me, Big John's a friend.
        four4me's avatar - gate1
        MD
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        Posted: January 3, 2009, 10:21 pm - IP Logged

        Okay, thanks, four4me.  But I meant after I post it.  I left my computer and came back to edit later.  I think we only have 20 minutes to make changes to a post.   I guess I should just think through a comment before posting it, but I sometimes post and then have an idea that pops up in my so-called brain.

        Crazy

        Ah that makes sense now i thought you meant while you were typing because so many times posts used to get lost when taking to long to post. Here's an idea type it it the body of an email or in note pad, edit it, copy and paste to a post. Or save it in note pad etc until you return to finish editing.  

        Big John says. You don't hit the number. The number hits you!!!!

                       I'm not Big John, I'm Four4me, Big John's a friend.
          justxploring's avatar - villiarna
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          Posted: January 3, 2009, 10:22 pm - IP Logged

          Good to know. Thanks.

          You can use the "search" feature. 

          Check out time*treat's blog.  He's been ranting about that subject for over 2 years. Smiley

            GamerMom's avatar - tails

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            Posted: January 3, 2009, 10:34 pm - IP Logged

            1st thing you do is ask all your relatives to float you a 100.00 loan and not tell them you hit millions then whoever floats you a 100.00 loan is in luck and whoever said no "oh well".....Kind dirty but fun..:)

            Wonderful idea!!  I still wouldn't give anyone over $13,000.  I love my family but paying a 45% gift tax is just rediculous!

             

             

            I mean, how much do you need to spend in 3 or 4 weeks?

             

            Exactly.  I couldn't enjoy the money knowing it was borrowed.  Besides that, I wouldn't even quit my job, no matter how much I won, unless I knew for sure the $$$ was in my bank.  Nothing in this life is certain until it happens.

              justxploring's avatar - villiarna
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              Posted: January 4, 2009, 1:22 am - IP Logged

              GamerMom, you don't have to pay gift tax on any amount as long as the total in your lifetime is under $1 million.  It's just more paperwork.   The $13,000 is the annual exclusion.  (per person)  So you can give $50,000 or even $100,000 to one person.  But you just need to report it to the IRS.

                time*treat's avatar - radar

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                Posted: January 4, 2009, 3:17 am - IP Logged

                LLOLL @ jxp.

                @dphillips: I think your results will depend on the ratio of the amount you want to short-term borrow and the amount you won.

                Winning 5 mil would easily allow you to borrow 50 grand. They know that's their "in" to offer pricier "services".

                If you want 500 grand before your jackpot clears, the bank's gonna need a little more sweet-talkin' Love

                *side note* That annual exclusion amount has been changing every year for the last few. Gotta check it every year.

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

                  grengrad's avatar - nw rogue.jpg
                  Raleigh
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                  Posted: January 4, 2009, 12:28 pm - IP Logged

                  Our money is monopoly money anyways.....the FEDERAL reserve is NOT federal at all and there are no RESERVES, in fact it's a monopoly of PRIVATE parasitic banks sucking off of us.  

                   

                  Sorry for the truth.  Don't believe it...do some research.  Fed Reserve act 1913 is a good place to start.

                  The Federal Reserve is not federal, but the government does get to appoint the majority of it's leadership, which gives some control over it.

                  Also, while it may not be federal, it is a reserve system.

                  Member banks have to send a portion of their deposits to the Federal Reserve, which gives the Fed Reserve it's "reserve".

                  It is from this reserve of cash that the Fed Reserve can act as a lender of last resort, which it has done to help keep the economy stable during the financial crisis of 2008. While I am a strong critic of many aspects of this system, 2008 would have been much worse of a disaster if it were not for these loans.

                  The Fed is an easy scapegoat, but the real problem is that our government, and our people as individuals are all spending more money than we make, and spiraling deeper and deeper into debt.