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Would you take your JP winnings and invest it all by yourself?

Topic closed. 32 replies. Last post 3 years ago by mikeintexas.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
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December 12, 2012
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Posted: September 27, 2013, 1:48 pm - IP Logged

Or would you seek professional help from an Attorney/Attorneys,  financial advisors,  Estate Planner or go it alone?
Just read a sorry story about a Mr Ogawa who trusted his attorneys to lead him on the road to unending prosperity- only to be lead down the dark alley of misfortune after winning Millions.
Your Thoughts?

Have a Great Weekend People.

* Those People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

    LottoGuyBC's avatar - Lottery-050.jpg
    British Columbia
    Canada
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    September 4, 2011
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    Posted: September 27, 2013, 1:52 pm - IP Logged

    DIY first and see what happens Dance

    "You have to be in it to win it!"

      LottoMetro's avatar - Lottery-024.jpg
      Happyland
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      Posted: September 27, 2013, 1:56 pm - IP Logged

      I would probably get a tax attorney, but other than that I would go solo. I've always managed my money wisely and have gone to college and learned the ins and outs of it. Doesn't make sense to me to bring others into the equation because they do not have your interests at heart, regardless how trustworthy they seem. There is enough information available now that you can make qualified decisions without paying someone to do so. If I hire a team of 3 advisors, that's 3 more people who can screw me over one way or another.

      If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
      If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

      2016: -48.28% (13 tickets) ||
      P&L % = Total Win($)/Total Wager($) - 1

        Uff Da!'s avatar - InCelebration 001.jpg
        Washington State
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        Posted: September 27, 2013, 2:20 pm - IP Logged

        The kind of trust I would envision would of necessity require the services of a knowledgeable attorney.  The situation would be quite complex and would involve people in several states.  And I'd want an accountant to look into the community foundations I would contemplate using instead of setting up my own charitable foundation.  My domestic partner and I have each independently invested and traded for decades, but if I suddenly had millions to invest, I'd definitely want to seek outside investment advice in addition.  But getting advice doesn't have to mean being gullible.  It sounds as though this guy in the article didn't have much financial savvy on which to evaluate the advice he was given.

          BuyLow's avatar - palm tree.jpg
          Florida
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          Posted: September 27, 2013, 7:51 pm - IP Logged

          I would employ experts to help me set everything up and guide me through large purchases but I will ultimately call the shots.  Other than a modest amount set aside for "Shark Tank" type investing, everything else will be invested in something I know and that is relatively simple.  IE:  Gold, Tax free bonds, real estate.

            sully16's avatar - sharan
            Ringleader
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            Posted: September 27, 2013, 8:16 pm - IP Logged

            no

            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"


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              July 25, 2012
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              Posted: September 27, 2013, 8:58 pm - IP Logged

              Or would you seek professional help from an Attorney/Attorneys,  financial advisors,  Estate Planner or go it alone?
              Just read a sorry story about a Mr Ogawa who trusted his attorneys to lead him on the road to unending prosperity- only to be lead down the dark alley of misfortune after winning Millions.
              Your Thoughts?

              Have a Great Weekend People.

              * Those People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

              I think I would have to do a little of both...I mean you want people who know what they're doing but then to there are too many Bernie Madoffs, Michael Milken, Gordon Gecko types out there wanting to help you, so to speak LOL...I'd like to be able to invest and know myself what to invest in and how much to invest in it...I mean if you win millions of dollars you don't want it to just sit in the bank and do nothing

                Goteki54's avatar - Lottery-007.jpg
                Baltimore, MD
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                Posted: September 27, 2013, 9:25 pm - IP Logged

                I would do some myself and let a certified profressional handle the rest by investing it investments I know and am comfortable with.

                Following the trends and patterns means following the money!Banana

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                  Sacramento, CA
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                  Posted: September 27, 2013, 10:00 pm - IP Logged

                  It would depend on the amount of money we're talking about. Managing $4 million (tomorrow's CA SL post-tax and family mortgage payoff festival) is different than handling $71 million (tonight's MM yada yada). I'm thinking probably somewhere in the teens I'd start getting advisors - though never with them having the authority to do anything without my sign off. And if they can't explain it so I can understand why it's a good investment it's nothing I need to be invested in.

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                    Japan
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                    Posted: September 27, 2013, 10:01 pm - IP Logged

                    ...err all I hear about is investing...

                    what if you don't want to invest and just buy some things here an there and save the rest just the way it is, I don't mean never use it ofcourse.

                     Why is that everybodies concern it seems? To find ways to invest? I will constantly say it....I want to win to just not have to rely on 'work' to get by. I care not to buy giant homes an such. If I'm to win a big JP like 170+million I'm gonna live on about 100,000 a year. Thats a lot....but really it isn't in the grand scheme of things.

                    Drum

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                      Sacramento, CA
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                      Posted: September 27, 2013, 11:07 pm - IP Logged

                      Well, unless you're stuffing it in your mattress, you have to park it somewhere.

                      If I'm giving someone else my money (and that includes depositing in their bank), I want something in return. Pick some nice bonds, I can outperform the bank. Pick some nice stocks, maybe I can outperform the bonds. Keep getting greedy and I'm this guy or I'm Kevin Bacon crying in the news about Bernie Madoff bankrupting me. That's why, past a certain point, I'm getting some professional advice.

                      If I grow my money, I can think of all sorts of things to do with it - Oxfam, Matthew 25, Doctors Without Borders, Farm Aid... If I've got the money I've calculated as my 'enough for safety' under my control (say, $10 mil), why not see what can be done with the rest?

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                        Posted: September 28, 2013, 12:04 pm - IP Logged

                        I would do some serious research about investing after I get the jackpot money.  First, buy your dream home, within your budget, so do the math.  Than, buy two cars, not $100,000.00+ /per car.  Now, it's time to do the serious research on investing.  At this point, I do not trust any financial person with my money.

                          helpmewin's avatar - dandy
                          u$a
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                          Posted: September 28, 2013, 1:17 pm - IP Logged

                          Or would you seek professional help from an Attorney/Attorneys,  financial advisors,  Estate Planner or go it alone?
                          Just read a sorry story about a Mr Ogawa who trusted his attorneys to lead him on the road to unending prosperity- only to be lead down the dark alley of misfortune after winning Millions.
                          Your Thoughts?

                          Have a Great Weekend People.

                          * Those People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

                          as the saying goes if you want something done right do it yourselfDance

                          Let it Snow Snowman

                            savagegoose's avatar - ProfilePho
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                            Posted: September 28, 2013, 1:35 pm - IP Logged

                            just remember dream homes and dream cars, require maintenance .  when you plan on spending, you also have to plan on upkeep, insurance, running cost,  taxes etc. As you purchase all the dream stuff you should also be counting the annual maint fees involved, and exactly where the income to cover those costs is going to come from.

                            I think i would have to hire professionals. but then i would also have to diversify, depending on the amount would determine how many  groups of  advisers i would use, and indeed how many countries id have " live out my life in comfort " homes and investments set up in. ideally id say 10 countries. but that probably  would mean 10 mill per country. ea with their own  accounts, lawyers, financial planners. and that would involve $100m lump sum.

                            of course the GF in ea of these countries would also be an extra costs burden.

                            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

                              Goteki54's avatar - Lottery-007.jpg
                              Baltimore, MD
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                              Posted: September 28, 2013, 1:44 pm - IP Logged

                              That is the main reason why so many of thes music and movie stars go broke. They want the mega manisons and exotic cars, yet they never stop to think that the cars lose value and the mega manision needs a lot of expensive maitance.

                              Following the trends and patterns means following the money!Banana