Welcome Guest
Log In | Register )
You last visited December 10, 2016, 5:39 am
All times shown are
Eastern Time (GMT-5:00)

What If someone wins and doesn't invest at all .

Topic closed. 27 replies. Last post 6 years ago by badboy00z.

Page 1 of 2
PrintE-mailLink
Avatar
New Member
midwest
United States
Member #106808
February 24, 2011
6 Posts
Offline
Posted: February 24, 2011, 10:39 pm - IP Logged

        What happens if someone wins the powerball or mega millions and they don't invest the money

          doesn't hire an financial advisor , then what happens??????

    rcbbuckeye's avatar - Lottery-043.jpg
    Texas
    United States
    Member #55889
    October 23, 2007
    5615 Posts
    Offline
    Posted: February 24, 2011, 10:48 pm - IP Logged

    Well, they still have the money they won. They don't pay any more taxes on it, unless it earns interest, then taxes are paid only on the interest earned. If they don't invest the money, they could keep it in a safe at home, or a mattress, or the refrigerator, and live on the money until it's all gone.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)

      CajunWin4's avatar - Lottery-061.jpg
      Whiskey Island
      United States
      Member #90216
      April 24, 2010
      12752 Posts
      Offline
      Posted: February 24, 2011, 10:54 pm - IP Logged

      A fool and his money is soon parted.. Sounds like jethro bodin to me.....

        dr65's avatar - black panther.jpg
        Pennsylvania
        United States
        Member #74096
        May 2, 2009
        22968 Posts
        Online
        Posted: February 24, 2011, 11:43 pm - IP Logged

        Well I guess winning all that money, a person needs to come back down to earth. It seems like a lot but look at the stories of people who

        have won a lot and then, years later were right back where they started or worse. If someone does not seek advice, they'll go either way:

        it'll last for the rest of their lives or they'll be broke. Depends on the person I guess. I don't think I'd want to swing handling all that money

        ALONE...I'd want some advice.

          djklaugh's avatar - Lottery-031.jpg
          Portland,Oregon
          United States
          Member #14387
          April 25, 2005
          229 Posts
          Offline
          Posted: February 25, 2011, 12:10 am - IP Logged

          First of all - where are you going to put that much money? Most banks insure their individual/private accounts up to a maximum of $250,000 (that is insurance against the bank failing). So most banks are not going to want to deposit a check for a jackpot amount of money. You'd need a special type of banking arrangement to hold on to the money safely for you. AND I can not think of any bank who could or would cash a check of that size - do you know how big a volume of space you'd need to store a jackpot amount of money and even providing you had a space big enough how would you secure it?   If you do not want to risk the money by investing in the stock market there are  other options available but you'd need some one savvy about such things to help you choose what would be right for you and set it up.

          Unless you yourself are a financial expert - or have a family member who is - why would you NOT want to consult with someone who is an expert?

          Djklaugh

            Some things have to be believed to be seen.

          "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

            Raven62's avatar - binary
            New Jersey
            United States
            Member #17843
            June 28, 2005
            49813 Posts
            Offline
            Posted: February 25, 2011, 12:24 am - IP Logged

                    What happens if someone wins the powerball or mega millions and they don't invest the money

                      doesn't hire an financial advisor , then what happens??????

            That person may not enjoy the full benefit of the money they won, because of uninformed decisions they make.

            A mind once stretched by a new idea never returns to its original dimensions!

              savagegoose's avatar - ProfilePho
              adelaide sa
              Australia
              Member #37136
              April 11, 2006
              3300 Posts
              Offline
              Posted: February 25, 2011, 1:52 am - IP Logged

              when they die, their heirs pay a lump of tax on their inheritence

              2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

              keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                megamanX's avatar - mega man_x_sprite-9629.jpg
                Pocatello, Idaho
                United States
                Member #105619
                February 3, 2011
                59 Posts
                Offline
                Posted: February 25, 2011, 5:45 am - IP Logged

                        What happens if someone wins the powerball or mega millions and they don't invest the money

                          doesn't hire an financial advisor , then what happens??????

                Here's what will happen, the federal reserve will print more money to bail out wallstreet and debt-ridden states like California, Illinois and New Jersey and as a result, make your dollars almost worthless.

                  dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                  Oklahoma
                  United States
                  Member #82391
                  November 12, 2009
                  6290 Posts
                  Offline
                  Posted: February 25, 2011, 8:16 am - IP Logged

                  Seek Advice!!!!!!

                    sully16's avatar - sharan
                    Ringleader
                    Michigan
                    United States
                    Member #81740
                    October 28, 2009
                    40590 Posts
                    Online
                    Posted: February 25, 2011, 8:49 am - IP Logged

                    Anything they do with the money is an investment, home, car, clothes.

                    If they just let it sit in a bank they will pay hefty taxes on the interest, seek advice because you will need tax shelters.

                    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"

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
                      Member #37136
                      April 11, 2006
                      3300 Posts
                      Offline
                      Posted: February 25, 2011, 1:51 pm - IP Logged

                      but if they didnt want to invest it all, they may as well take an annity lol.

                       

                      even so 50 mill at say 100k a year spending money = 500 years, ok 1 mill a year spending money = 50 years.

                       

                      id say it wouldnt really matter, if yo u didnt invest it, but id get teh extra large king size bed if you p[lan on hiding it under the matress.

                       

                      if you won that sort of money and didnt put in a tax return im sure the taxman will come a sniffing around

                      2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                      keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                        Avatar

                        Honduras
                        Member #20982
                        August 29, 2005
                        4715 Posts
                        Offline
                        Posted: February 25, 2011, 3:08 pm - IP Logged

                                What happens if someone wins the powerball or mega millions and they don't invest the money

                                  doesn't hire an financial advisor , then what happens??????

                        they maybe he should travel to the middle east is better over there...

                        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¨


                         


                         


                         

                         


                          sully16's avatar - sharan
                          Ringleader
                          Michigan
                          United States
                          Member #81740
                          October 28, 2009
                          40590 Posts
                          Online
                          Posted: February 25, 2011, 4:46 pm - IP Logged

                          they maybe he should travel to the middle east is better over there...

                          you got a great sense of humor Pumpi.

                          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"

                            TheGameGrl's avatar - character catafly.jpg
                            A long and winding road
                            United States
                            Member #17084
                            June 10, 2005
                            4532 Posts
                            Offline
                            Posted: February 25, 2011, 6:19 pm - IP Logged

                            The best advice is the one given to oneself.

                            So here is the advice I give myself on this matter- The best person to manage my money is...MYself. I went down the stock path (it crumbled) I went down the Interest in a bank. THe bank foreclosed, vanishing my money's interest. Just because a bank is Federally Insured doesnt mean they pay you back any time soon. Try two years or more thru the paperwork system to get any of it back and of that they charge a fee for tracking down YOUR money. Real Estate, no thanks Not into being a land lord and paying MORE taxes for soil and bricks.I'll leave that to Donald Trump to master.

                            Now charity and causes that enhance the community or local business' yuppers! Just not a fan of the general public in investments or real estate. And to keep things simple Swiss bank accounts are nice to consider :)

                            Just be wise not to invest in : drugs, alcohol, gaming and places of ill repute. THey have enough customers . Live a clean life and keep your head held up high. Bottom line: its yours , manage it.

                            ~~Is it true, Is it kind,Is it necessary. ~~~

                            christmas holly jolly numbers: 255,303,6911, 474,477 silver:47,gold:79.

                              Super-man's avatar - avatarsupes
                              New Member
                              Philadelphia, Pennsylvania
                              United States
                              Member #69243
                              January 6, 2009
                              15 Posts
                              Offline
                              Posted: February 25, 2011, 10:18 pm - IP Logged

                                      What happens if someone wins the powerball or mega millions and they don't invest the money

                                        doesn't hire an financial advisor , then what happens??????

                              If that person is lazy enough to seek financial advice or invest his winnings (e.g. $50 million cash), when claiming it, he might as well ask the lottery commission to wire the money straight to his savings account or to various bank accounts if he has more than one (if he's got 10, then $5 million each) and let it sit there while earning interest. 

                              If the taxman starts sniffing at his money trail, he'll be too lazy to notice. 

                              Having said that, is it just ok for a single savings account of any major bank (BA, TDBank, etc.) to receive that huge amoung of cash? Isn't there any limit to the amount of money you can deposit into your ATM account? I guess there will be others who wouldn't mind putting ALL their eggs under one basket if they don't want to invest at all and just leave the money sitting around.

                              "Whoever saves one life, saves the world entire" - Oskar Schindler