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What to do when you've won something huge like Powerball.

Topic closed. 21 replies. Last post 3 years ago by lottoguysocal.

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dager's avatar - vampireteeth100x98
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New Orleans
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Posted: June 7, 2013, 1:25 pm - IP Logged

I understand financial planning is required in most cases to make sure you don't go broke, but when you've won $500,000,000 with the Powerball what are really the chances of going broke?  Even after taxes you have more than a lifetime of money.

Why not just open a few bank accounts and stash it all away?

Are there really people who can blow that much money in a few years and end up broke?  It boggles my mind.

    helpmewin's avatar - dandy
    u$a
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    Posted: June 7, 2013, 1:43 pm - IP Logged

    why would you wanna keep all that money in the bank

    i say it would be better off hiding it in your house Patriotthe government is watching me type this as i type See Ya!hi secret services

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      London
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      Posted: June 7, 2013, 2:00 pm - IP Logged

      I've always wanted to own some property and rent it out, I'd do that buy myself a nice house and a car and just live low key. Nothing crazy, few nice holidays but that's it.

      2016 Won/Lost

      EuroMillions / Spent: £22 / Won £0 / Total -£22

      UK Lotto / Spent: £4 / Won: £0 / Total: -£4

      2016 Total: -£24

      Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

       

      EuroMillions = £2 Line / Played: x11 [old price] 

      EuroMillions = £2.50 Line / Played: x0

      UK Lotto = £2 Line / Played x2

        savagegoose's avatar - ProfilePho
        adelaide sa
        Australia
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        April 11, 2006
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        Posted: June 7, 2013, 2:03 pm - IP Logged

        fdic insurance only protects what? 250k per account? how many accounts do you want to open?>

        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

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          London
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          March 24, 2013
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          Posted: June 7, 2013, 2:04 pm - IP Logged

          Lol, in the UK you're only good for 85K GBP per account. If I won the EuroMillions I would have to have too many =[ lol

          2016 Won/Lost

          EuroMillions / Spent: £22 / Won £0 / Total -£22

          UK Lotto / Spent: £4 / Won: £0 / Total: -£4

          2016 Total: -£24

          Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

           

          EuroMillions = £2 Line / Played: x11 [old price] 

          EuroMillions = £2.50 Line / Played: x0

          UK Lotto = £2 Line / Played x2

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            Posted: June 7, 2013, 2:07 pm - IP Logged

            Before i claim a winning ticket i have a rep fly in from FirstCaribbean International Bank (Cayman) Ltd  and get everything in order. Big SmileDanceStretch

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              London
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              Posted: June 7, 2013, 2:15 pm - IP Logged

              Before i claim a winning ticket i have a rep fly in from FirstCaribbean International Bank (Cayman) Ltd  and get everything in order. Big SmileDanceStretch

              ooo what happens there ;[

              2016 Won/Lost

              EuroMillions / Spent: £22 / Won £0 / Total -£22

              UK Lotto / Spent: £4 / Won: £0 / Total: -£4

              2016 Total: -£24

              Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

               

              EuroMillions = £2 Line / Played: x11 [old price] 

              EuroMillions = £2.50 Line / Played: x0

              UK Lotto = £2 Line / Played x2

                duckman's avatar - ducklogodrake64x64
                Jacksonville Florida
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                Posted: June 7, 2013, 2:18 pm - IP Logged

                I understand financial planning is required in most cases to make sure you don't go broke, but when you've won $500,000,000 with the Powerball what are really the chances of going broke?  Even after taxes you have more than a lifetime of money.

                Why not just open a few bank accounts and stash it all away?

                Are there really people who can blow that much money in a few years and end up broke?  It boggles my mind.

                A good and trusted financial and legal team will help keep you grounded in reality and offer some protection from the swindlers and con-artists out there. A lot of those who make a lot of money also lose a lot of money. It's surprising how many high paid NFL players end up going bankrupt...

                  Astekblue's avatar - Tarlor
                  Kentucky
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                  Posted: June 7, 2013, 2:30 pm - IP Logged

                  I understand financial planning is required in most cases to make sure you don't go broke, but when you've won $500,000,000 with the Powerball what are really the chances of going broke?  Even after taxes you have more than a lifetime of money.

                  Why not just open a few bank accounts and stash it all away?

                  Are there really people who can blow that much money in a few years and end up broke?  It boggles my mind.

                  Yep

                   

                  There are  people  that  can  blow   many   millions  in  a  few  years  and  be  broke

                   

                  It  has  happened  more  than  once  ,  many  times  in  fact

                   

                  500 , 000 , 000  ..........  I  am  sure  even  that   can  be  blown   by  some  people

                   

                  I look at it like this........if a person didnt manage  their  money  correct  before  they  won , then there is a very good chance  ,  that they wont manage  it  correct  after  they  win  either  (  no  matter  how  much  they  win  )

                   

                  Never  kill  the  chicken   that   lays  the  golden   egg   (  invest  it   wisely  and  spend  it  wisely ) 

                   

                  Some    do   .......    and     some    dont

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                    Posted: June 7, 2013, 2:34 pm - IP Logged

                    I have all the lump sum go to that bank as a investment and keep it there.. I know few lottery winners that have done that for the bank of Cayman and get really nice interest and etc!

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                      Posted: June 7, 2013, 2:37 pm - IP Logged

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                        Posted: June 7, 2013, 2:40 pm - IP Logged

                        Oh i think you meant this one.. 

                         

                        The Obama Toilet Paper

                          Astekblue's avatar - Tarlor
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                          Posted: June 7, 2013, 2:41 pm - IP Logged

                          Green laugh

                           

                           

                          I  am  glad  that   those   were   not    100's   on  that  roll      LOL

                            Astekblue's avatar - Tarlor
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                            Posted: June 7, 2013, 2:43 pm - IP Logged

                            why would you wanna keep all that money in the bank

                            i say it would be better off hiding it in your house Patriotthe government is watching me type this as i type See Ya!hi secret services

                            Smile              Thumbs Up

                              dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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                              Posted: June 7, 2013, 3:15 pm - IP Logged

                              Yep

                               

                              There are  people  that  can  blow   many   millions  in  a  few  years  and  be  broke

                               

                              It  has  happened  more  than  once  ,  many  times  in  fact

                               

                              500 , 000 , 000  ..........  I  am  sure  even  that   can  be  blown   by  some  people

                               

                              I look at it like this........if a person didnt manage  their  money  correct  before  they  won , then there is a very good chance  ,  that they wont manage  it  correct  after  they  win  either  (  no  matter  how  much  they  win  )

                               

                              Never  kill  the  chicken   that   lays  the  golden   egg   (  invest  it   wisely  and  spend  it  wisely ) 

                               

                              Some    do   .......    and     some    dont

                              Thumbs Up

                              I Love Pink & Green 1908