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

New Topic New Poll

justpicky01

midwest
United States
Member #106,803
February 24, 2011
6 Posts
Offline

Feb 24, 2011, 10:39 pm

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

100

Texas
United States
Member #55,887
October 23, 2007
17,726 Posts
Offline

Feb 24, 2011, 10:48 pm

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

100

Louisiana
United States
Member #90,212
April 24, 2010
15,349 Posts
Offline

Feb 24, 2011, 10:54 pm

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

Chasing Maverick's ! Win Big & Win Often ...
dr65

50

Pennsylvania
United States
Member #74,094
May 2, 2009
24,135 Posts
Offline

Feb 24, 2011, 11:43 pm

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

Portland,Oregon
United States
Member #14,387
April 25, 2005
229 Posts
Offline

Feb 25, 2011, 12:10 am

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

25

New Jersey
United States
Member #17,842
June 28, 2005
180,983 Posts
Offline

Feb 25, 2011, 12:24 am

Quote: Originally posted by justpicky01 on Feb 24, 2011
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!

Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.

Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.

The best way to learn is to never stop being an Experiential Student!
savagegoose

adelaide sa
Australia
Member #37,135
April 11, 2006
3,341 Posts
Offline

Feb 25, 2011, 1:52 am

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

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
megamanX

Pocatello, Idaho
United States
Member #105,614
February 3, 2011
59 Posts
Offline

Feb 25, 2011, 5:45 am

Quote: Originally posted by justpicky01 on Feb 24, 2011
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

Oklahoma
United States
Member #82,389
November 12, 2009
6,374 Posts
Offline

Feb 25, 2011, 8:16 am

Seek Advice!!!!!!
sully16

25

Ringleader

Michigan
United States
Member #81,738
October 28, 2009
128,013 Posts
Offline

Feb 25, 2011, 8:49 am

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.
savagegoose

adelaide sa
Australia
Member #37,135
April 11, 2006
3,341 Posts
Offline

Feb 25, 2011, 1:51 pm

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

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
pumpi76

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

Feb 25, 2011, 3:08 pm

Quote: Originally posted by justpicky01 on Feb 24, 2011
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

25

Ringleader

Michigan
United States
Member #81,738
October 28, 2009
128,013 Posts
Offline

Feb 25, 2011, 4:46 pm

Quote: Originally posted by pumpi76 on Feb 25, 2011
they maybe he should travel to the middle east is better over there...

you got a great sense of humor Pumpi.
TheGameGrl

A long and winding road
United States
Member #17,083
June 10, 2005
6,680 Posts
Offline

Feb 25, 2011, 6:19 pm

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.

Count your smiles.
Super-man

Manila
Philippines
Member #69,241
January 6, 2009
28 Posts
Offline

Feb 25, 2011, 10:18 pm

Quote: Originally posted by justpicky01 on Feb 24, 2011
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"

New Topic New Poll

Subscribe to this topic

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

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