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Where will you put your winnings?

A bank

[ 11 ]

[ 13.8% ]

In multiple banks

[ 22 ]

[ 27.5% ]

An off shore account

[ 2 ]

[ 2.5% ]

Stuff it in your mattress

[ 5 ]

[ 6.2% ]

Mutual funds

[ 3 ]

[ 3.8% ]

Invest in a house

[ 1 ]

[ 1.2% ]

Ask for the annual option

[ 6 ]

[ 7.5% ]

All of the above

[ 17 ]

[ 21.2% ]

Other

[ 13 ]

[ 16.2% ]

Total valid votes

[ 80 ]

Discarded votes

[ 2 ]

badboy00z

CA
United States
Member #84,263
December 26, 2009
410 Posts
Offline

Dec 30, 2009, 9:07 pm

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

25

Ringleader

Michigan
United States
Member #81,738
October 28, 2009
128,046 Posts
Offline

Dec 30, 2009, 9:22 pm

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.
Jack Pot

United States
Member #55,244
September 20, 2007
225 Posts
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Dec 30, 2009, 10:28 pm

Quote: Originally posted by sully16 on Dec 30, 2009
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.I hope you will win soon... (after me - )

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.
iGlenn

United States
Member #61,230
May 16, 2008
126 Posts
Offline

Dec 30, 2009, 10:40 pm

Quote: Originally posted by badboy00z on Dec 30, 2009
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

100

Texas
United States
Member #55,887
October 23, 2007
17,730 Posts
Offline

Dec 30, 2009, 10:46 pm

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)
jwhou

United States
Member #83,698
December 13, 2009
225 Posts
Offline

Dec 31, 2009, 12:46 am

Quote: Originally posted by badboy00z on Dec 30, 2009
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

Idaho
United States
Member #56,504
November 21, 2007
8,002 Posts
Offline

Dec 31, 2009, 1:08 am

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

"X - youtube - steam - instagram"

ThatScaryChick
time*treat

United States
Member #13,130
March 30, 2005
2,171 Posts
Offline

Dec 31, 2009, 8:03 am

Quote: Originally posted by badboy00z on Dec 30, 2009
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.

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

Canandaigua, NY
United States
Member #82,300
November 10, 2009
24 Posts
Offline

Dec 31, 2009, 12:29 pm

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.
markp1950

Milwaukee, WI
United States
Member #3,131
December 27, 2003
665 Posts
Offline

Dec 31, 2009, 2:34 pm

Other:

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

MarkP
Dollar419

Huntersville, NC
United States
Member #71,157
February 20, 2009
654 Posts
Offline

Jan 1, 2010, 9:09 pm

Quote: Originally posted by sully16 on Dec 30, 2009
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 YOU
crystaltips

London
United Kingdom
Member #58,576
February 20, 2008
51 Posts
Offline

Jan 4, 2010, 7:40 am

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.
pumpi76

Honduras
Member #20,981
August 29, 2005
4,715 Posts
Offline

Jan 4, 2010, 8:29 am

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¨
jwhou

United States
Member #83,698
December 13, 2009
225 Posts
Offline

Jan 4, 2010, 5:47 pm

Quote: Originally posted by pumpi76 on Jan 4, 2010
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

Kansas
United States
Member #83,960
December 19, 2009
347 Posts
Offline

Jan 4, 2010, 6:52 pm

Quote: Originally posted by rcbbuckeye on Dec 30, 2009
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.

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

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