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If you won the big jackpot...

Topic closed. 62 replies. Last post 7 years ago by Lucky4Life.

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Where will you put your winnings?

A bank [ 11 ]  [13.75%]
In multiple banks [ 22 ]  [27.50%]
An off shore account [ 2 ]  [2.50%]
Stuff it in your mattress [ 5 ]  [6.25%]
Mutual funds [ 3 ]  [3.75%]
Invest in a house [ 1 ]  [1.25%]
Ask for the annual option [ 6 ]  [7.50%]
All of the above [ 17 ]  [21.25%]
Other [ 13 ]  [16.25%]
Total Valid Votes [ 80 ]  
Discarded Votes [ 2 ]  
Avatar
CA
United States
Member #84266
December 26, 2009
410 Posts
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Posted: December 30, 2009, 9:07 pm - IP Logged

Here's the scenario: You just hit the big jackpot of over $2 million after taxes. What will you do to make sure your money is safe?

    sully16's avatar - sharan
    Ringleader
    Michigan
    United States
    Member #81740
    October 28, 2009
    40299 Posts
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    Posted: December 30, 2009, 9:22 pm - IP Logged

    I would put it multiple banks, we also would have a big safe in the house and i keep some serious cash on hand. that would be a secret i wouldn't flaunt it. i'd also quietly help family members in need.

    Did you exchange a walk on part in the war ?

    For a lead role in a cage?

     

                                                From Pink Floyd's " Wish you were here"

      Jack Pot's avatar - Lottery-028.jpg

      United States
      Member #55246
      September 20, 2007
      225 Posts
      Offline
      Posted: December 30, 2009, 10:28 pm - IP Logged

      I would put it multiple banks, we also would have a big safe in the house and i keep some serious cash on hand. that would be a secret i wouldn't flaunt it. i'd also quietly help family members in need.

      You are so ready to win, sully16.Hurray!I hope you will win soon... (after me - Big Grin)

      My answer- put in a bank.   Spend time in prayer. I will need His guidance on how to spend/invest the money.  I used to imagine/plan on what I would do with a windfall- I stopped doing that.

        Avatar

        United States
        Member #61232
        May 16, 2008
        126 Posts
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        Posted: December 30, 2009, 10:40 pm - IP Logged

        Here's the scenario: You just hit the big jackpot of over $2 million after taxes. What will you do to make sure your money is safe?

        My brokerage account at Fidelity.

          rcbbuckeye's avatar - Lottery-043.jpg
          Texas
          United States
          Member #55889
          October 23, 2007
          5588 Posts
          Offline
          Posted: December 30, 2009, 10:46 pm - IP Logged

          At this point in time I trust absolutely no one. I voted other.

          CAN'T WIN IF YOU'RE NOT IN

          A DOLLAR AND A DREAM (OR $2)

            Avatar

            United States
            Member #83701
            December 13, 2009
            225 Posts
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            Posted: December 31, 2009, 12:46 am - IP Logged

            Here's the scenario: You just hit the big jackpot of over $2 million after taxes. What will you do to make sure your money is safe?

            It would first go into my bank account so that I can have the pleasure of closing that account once I've established better means of keeping my money.   Ultimately, it would have to be in several different locations both onshore and offshore, both brokerage and bank accounts.   As convenient as I find living in the States to be, I can easily handle spending no more than 4 months Stateside to avoid taxes (yes, I know they say 182 days but that's 100% of the past calendar year plus two thirds of the prior calendar year plus one third of the year prior to the year prior which amounts to no more than 4 months per year and they'll count an hour transfer at an airport as an entire day).

              ThatScaryChick's avatar - x1MqPuM
              Idaho
              United States
              Member #56506
              November 21, 2007
              6537 Posts
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              Posted: December 31, 2009, 1:08 am - IP Logged

              I'm guessing, that I'd probably put most of it in multiple banks and maybe some of it in an offshore account.

              "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                time*treat's avatar - radar

                United States
                Member #13130
                March 30, 2005
                2171 Posts
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                Posted: December 31, 2009, 8:03 am - IP Logged

                Here's the scenario: You just hit the big jackpot of over $2 million after taxes. What will you do to make sure your money is safe?

                I'd invest in antiques; specifically, barbarous relics. Wink

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

                  Avatar
                  New Member
                  Canandaigua, NY
                  United States
                  Member #82302
                  November 10, 2009
                  24 Posts
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                  Posted: December 31, 2009, 12:29 pm - IP Logged

                  If I won I would put it in multiple accounts.  If I won big enough I would help pay my families houses (this would be with the first million),  Then I would by myself a house.  So i can get out of my parents house ( I am 18).  Then in order to pay my bills I would have it direct deposit out of a single bank account.  So like the elerctic directly out of it.  I would put 250,000 in there and just have it come out and check it once a week or a month.  I would also put some of it away into investments.  Then I would spend it on a trip around the USA to go to every MLB stadium.  Then I would have to think about still going to college or ever work again.

                    Avatar
                    Milwaukee, WI
                    United States
                    Member #3131
                    December 27, 2003
                    665 Posts
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                    Posted: December 31, 2009, 2:34 pm - IP Logged

                    Other:

                    Stock market and trade trade trade. Trade small but trade often.

                    MarkP

                      Dollar419's avatar - Lottery-050.jpg
                      Santa Ana
                      United States
                      Member #71159
                      February 20, 2009
                      651 Posts
                      Offline
                      Posted: January 1, 2010, 9:09 pm - IP Logged

                      I would put it multiple banks, we also would have a big safe in the house and i keep some serious cash on hand. that would be a secret i wouldn't flaunt it. i'd also quietly help family members in need.

                      I certainly expect to do the same thing as well when I WIN!!--GOOD LUCK TO YOUDance

                        crystaltips's avatar - Lottery-025.jpg
                        London
                        United Kingdom
                        Member #58578
                        February 20, 2008
                        51 Posts
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                        Posted: January 4, 2010, 7:40 am - IP Logged

                        If the financial crises has taught me anything it's that banks can go to the wall (think Northern Rock) and that it's not a safe bet to put all your eggs in one basket. Therefore, I would split the money up (depending on the amount) and put it into different banks. Just in case ;-)

                        "Depend on the rabbit's foot if you will, but remember it didn't work for the rabbit." - R. E. Shay.

                          Avatar

                          Honduras
                          Member #20982
                          August 29, 2005
                          4715 Posts
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                          Posted: January 4, 2010, 8:29 am - IP Logged

                          I dont even know what a ¨Offshore¨ account is..

                          If i win 50 million i am going to start what i always wanted to do: a prediction website and i think a: 5 million towards a Juice company where juices are not that sweet...Cant even drink juice without they been terribly too sweet...

                          i´ll put my money in banks, leave it there until i find out what i want to do with them..I´ll wait until the economic crisis is over and i´ll take: 20 million placed it in the bank let it earned interests for 2 years...With the 2 million coming to me from interests tactically invest it in the stock market but i´ll have to wait until the economic crisis is over, take like: $500,000 and create a: Miniature Soup Restaurant in the USA see how it goes...but i´ll be worry more about letting the public know about galaxies and the universe...If i had a lot of money i´ll open a: Math & Astronomy channel and pay someone to make mathematics easier or make it easier when explaining...The soup restaurant i will not preside over it, i´ll let family members preside over it...Got 2 brothers that work as: cooks same thing with the juice company...And yes i will get the a 3 or 4 million dollar supercomputer and use it for the prediction website...

                          The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


                           


                           


                           

                           


                            Avatar

                            United States
                            Member #83701
                            December 13, 2009
                            225 Posts
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                            Posted: January 4, 2010, 5:47 pm - IP Logged

                            I dont even know what a ¨Offshore¨ account is..

                            If i win 50 million i am going to start what i always wanted to do: a prediction website and i think a: 5 million towards a Juice company where juices are not that sweet...Cant even drink juice without they been terribly too sweet...

                            i´ll put my money in banks, leave it there until i find out what i want to do with them..I´ll wait until the economic crisis is over and i´ll take: 20 million placed it in the bank let it earned interests for 2 years...With the 2 million coming to me from interests tactically invest it in the stock market but i´ll have to wait until the economic crisis is over, take like: $500,000 and create a: Miniature Soup Restaurant in the USA see how it goes...but i´ll be worry more about letting the public know about galaxies and the universe...If i had a lot of money i´ll open a: Math & Astronomy channel and pay someone to make mathematics easier or make it easier when explaining...The soup restaurant i will not preside over it, i´ll let family members preside over it...Got 2 brothers that work as: cooks same thing with the juice company...And yes i will get the a 3 or 4 million dollar supercomputer and use it for the prediction website...

                            Well, the supercomputer I put into Rio de Janeiro was about 2 million for phase 1, 1 million for phase 2 and about 2.7 million for phase 3.   About half of the costs are in the airconditioning and power needed.   I would start small if I were you, maybe a $300,000 cluster till you get your algorithms worked out and a business model developed.   The longer you wait with computers, the more powerful they get.

                            As to waiting for the economic crisis to end.   If you have cash, now's the time to invest, plenty of municipalities that will give you cut rates on taxes and utilities just to bring a few jobs into the area.   You know what they say, buy low, sell high, if you wait for the economic crisis to end then you're only ensuring that you'll miss the bottom of the market and many opportunities.   A good guideline would be to buy whenever Warren Buffet buys.   You certainly would want to spread out your investments, with so many millions, asset protection is priority one.   Business ventures are to be done selectively, being an entrepreneur only works if you can dedicate a lot of time and effort into it.   The economic crisis is only bad because I don't have any cash on hand.

                            Typical interest rates today are like 0% to 1% not the 10% we've been used to thinking of as conservative returns.   Short term government bonds have been selling like hot cakes at 0% returns.   The old live off the interest concept isn't much of an option till the economy returns but it would be a good idea to set aside an amount as an annuity to provide for living expenses, perhaps a trust to run the household.

                            Offshore accounts simply mean outside the country and are employed to protect assets from taxation.   Depending on your nationality and whether or not you're willing to change your nationality, you can arrange to pay very little taxes at all.   Many of the rich and famous hove London England as their home but none of their investments or business in the UK simply because the UK taxes only on income from within the country, countries like the US taxes on nationality and then on residence so as long as you have a US citizenship, you're subject to US taxes regardless of where you are in the world and the taxes are on world income.   Canada taxes on world income too but only taxes on residency, not by citizenship so a Canadian ex-pat does not have to pay Canadian taxes.   Too bad the US lotteries have such short time frames to claim a prize, if there was more time, it would be possible to establish residency outside of the country before claiming in order to avoid taxes.   Then again, for the first win, I'd be glad just to win and wouldn't mind being taxed.

                              LadyMylena's avatar - avatar6 1.jpg
                              Kansas
                              United States
                              Member #83963
                              December 19, 2009
                              347 Posts
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                              Posted: January 4, 2010, 6:52 pm - IP Logged

                              At this point in time I trust absolutely no one. I voted other.

                              I agree, and it's going in my mattress, or otherwise somewhere only *I* know where it is. LOL

                              Hubby and I trust no one. We also would be buying a house with some of it, but very little would be going in a bank...only enough to pay bills. The economy is shot, despite the lines they are trying to feed us, and rumor has it, the FDIC is going to go broke this year. Whether that happens or not, I'm not taking any chances....there is no way that kind of money would be going in a bank, if it was mine. Wink

                              Luck is  ** believing  ** you're lucky.” ~Tennessee Williams

                              Money is neither my god nor my devil. It is a form of energy that tends to make us more of who we already are, whether it's greedy or loving.  ~ Dan Millman