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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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United States
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March 20, 2012
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Posted: September 28, 2013, 2:15 pm - IP Logged

I'd rather just put it all in the bank and invest in my own businesses that I would start.

    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
    Oklahoma
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    November 12, 2009
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    Posted: September 28, 2013, 7:33 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.

    True Thumbs Up

    I Love Pink & Green 1908

      sookie's avatar - nw femalewiz.jpg

      United States
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      Posted: September 28, 2013, 9:52 pm - IP Logged

      The only thing I would need is an accountant for tax advice and a lawyer for some things I need to setup.  No financial advisors needed, I would take care of it myself and research the best things for conservative investments.  I also would handle all my own Money

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
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        Posted: September 29, 2013, 12:47 am - IP Logged

        The only thing I would need is an accountant for tax advice and a lawyer for some things I need to setup.  No financial advisors needed, I would take care of it myself and research the best things for conservative investments.  I also would handle all my own Money

        Totally agree with this Statement of yours..

        I also would handle all my own Money"- disaster begins when one hands the financial reins of your money over to Strangers.

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          NY
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          Posted: September 29, 2013, 1:08 am - 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.

          You think Ogawa would have done better on his own?  If he was too stupid to realize that he was getting bad advice then he's too stupid to have done a good job on his own. It's unlikely that he went in looking for safe conservative investments that would preserve his wealth but not increase it very much. If he was looking for ways to use his winnings to make a lot more there's no telling what kind of mistakes he would have made on his own.

          If you're not stupid it's fairly easy to differentiate between advice that's good or bad and suitable to your goals. Knowing all of the details and being efficient and effective is a different matter. Anyone who thinks they're capable of doing a good job of managing tens of millions of dollars by themselves and isn't already making a hundred grand a year should go look for a job managing other people's money. If you can get a job, congratulations. If you can't, it should tell you something about what people who can mange huge sums of money think about your abilities.

            weshar75's avatar - Lottery-042.jpg
            Mcminnville, Oregon
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            Posted: September 29, 2013, 1:38 am - IP Logged

            I was hoping that I would win mega millions before the matrix change so I could get the 26 payments.  Since I am 38 when I stop getting the payments I will be 64.  All the way through the years putting money away for my family to have when I crook.  It could happen maybe!-weshar75

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              Japan
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              August 14, 2012
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              Posted: September 29, 2013, 6:53 am - IP Logged

              I was hoping that I would win mega millions before the matrix change so I could get the 26 payments.  Since I am 38 when I stop getting the payments I will be 64.  All the way through the years putting money away for my family to have when I crook.  It could happen maybe!-weshar75

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              Well keep hoping my friend, there is still time until the matrix change heheh

               

              But.... I belive Florida will win it's first JP before that Cheers

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                Posted: September 29, 2013, 7:04 am - IP Logged

                I Agree! then I can SUE myself if I steal all my winnings! 

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                  Posted: September 29, 2013, 9:59 am - IP Logged

                  For certain I would enlist the help of a CPA and Attorney, I'm pretty sure that I would also reach out for some Financial Advice as well but I sure wouldn't keep it all under on umbrella.  Seems like the most prudent would be to diversify where the money goes.  Bottom line, nothing happens without my authorization, I don't want to hand over the keys to the vault to anyone.  Too easy to reach out and blame someone else should things take a turn.

                  I remain, patiently optimistic

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                    Posted: September 29, 2013, 10:28 am - IP Logged

                    I'd rather just put it all in the bank and invest in my own businesses that I would start.

                    That is what we need more of! We need more LOCAL AMERICAN SMALL business.  Nothing against all the big box stores but the real jobs come from local business. 

                    So if you can't start one, you should invest in one.  The real idea is to replace/remove a FOREIGN producer like China.  Start a business that makes a product which is only made in China (now, where 10-20 yrs ago it WAS made here) - create 20-30 jobs in the process -Thumbs Up

                      Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
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                      Posted: September 29, 2013, 11:01 am - IP Logged

                      We'd definitely need tax advice but as far as investments we'd do it ourselves. Hubby was in I.T. in the Finance industry for 15 years and has a great analytical mind for that stuff.  The main thing to remember is: if it sounds too good to be true, it probably is, so stay away from anyone promising that.

                        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                        Bay Area - California
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                        Posted: September 29, 2013, 12:21 pm - IP Logged

                        You think Ogawa would have done better on his own?  If he was too stupid to realize that he was getting bad advice then he's too stupid to have done a good job on his own. It's unlikely that he went in looking for safe conservative investments that would preserve his wealth but not increase it very much. If he was looking for ways to use his winnings to make a lot more there's no telling what kind of mistakes he would have made on his own.

                        If you're not stupid it's fairly easy to differentiate between advice that's good or bad and suitable to your goals. Knowing all of the details and being efficient and effective is a different matter. Anyone who thinks they're capable of doing a good job of managing tens of millions of dollars by themselves and isn't already making a hundred grand a year should go look for a job managing other people's money. If you can get a job, congratulations. If you can't, it should tell you something about what people who can mange huge sums of money think about your abilities.

                        Good Point  KY Floyd- however this discussion is about what you & l would do, not Ogawa.We know how that turned out.  Another thing,  we don't know how he would have handled his money if not given bad investment advice from these two characters. He could have walked into a bank and asked for advice,  we don't know. What we do know is that he wanted his money to grow, and in the right hands it would have with realistic expectations.
                        According to reports- he did take his two former friends to an attorney he acquired who managed to write them out of a $70 million jackpot win,  all with Ogawa's blessings.He does seem to have some sense although not in abundance, so how would he have made out had he not encountered these two...difficult to say.

                          Jill34786's avatar - Lottery-006.jpg
                          Windermere, FL/Franklin, TN
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                          Posted: September 29, 2013, 1:25 pm - IP Logged

                          You think Ogawa would have done better on his own?  If he was too stupid to realize that he was getting bad advice then he's too stupid to have done a good job on his own. It's unlikely that he went in looking for safe conservative investments that would preserve his wealth but not increase it very much. If he was looking for ways to use his winnings to make a lot more there's no telling what kind of mistakes he would have made on his own.

                          If you're not stupid it's fairly easy to differentiate between advice that's good or bad and suitable to your goals. Knowing all of the details and being efficient and effective is a different matter. Anyone who thinks they're capable of doing a good job of managing tens of millions of dollars by themselves and isn't already making a hundred grand a year should go look for a job managing other people's money. If you can get a job, congratulations. If you can't, it should tell you something about what people who can mange huge sums of money think about your abilities.

                          I Agree! Many individuals do not understand the deflationary value of money and seem to think keeping it all in different banks or in their house is the logical solution. There are those who would have a difficult time managing 50k and yet seem to think overseeing millions of dollars is a cake walk.

                          I like what you alluded to about having those who know it all seeking a job managing other people's money. If they haven't had any success that should tell them something.

                          There are many factors involved in deciding which route to take in terms of preserving, growing and protecting a large windfall. Not all attorneys or certified financial planners are crooks but anyone who seeks the help of any professional should not be diverging how they attained their wealth right up front.

                          People need to interview at least 3-4 firms in each field. It is also wise to make sure there is no confict of interest with any of these professionals. 

                          My husband and I are both involved in the financial field but we still rely on guidance from different attorneys and experienced finance professionals.

                          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

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                            Boston Massachusetts
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                            Posted: September 29, 2013, 3:50 pm - IP Logged

                            Investing can be done by yourself but like the person who defends themselves has a fool for a client so does the self investing lottery winner.

                             

                            One winner in England once decided to have the easy life so put all his lottery winnings into his local bank and let it sit there on virtually no interest, which some of you would say is pure madness because in real terms its shrinking but it was over one million pounds but he didnt have to worry about that.

                            The local bank went bankrupt...his account was only insured to a few thousand pounds...so investning or not is not the smartest thing to do, you really need professional help but then you need to find them the same way as you would a handyman or plumber, not just pick the first name from the phone book but study on what you need and then hire with your best interests at heart.

                            One such thing is to look at profesisonal bodies for your choice of lawyer, accountant and financial advisor.

                            The same way that youd look for a baby sitter, house keeper etc...picking from graigslist isnt going to do it for you...you need to know what measures you have to be secure, you need to know first of all that they are profesisonal, to google their names to avoid some probelms which do often tend to be shared about their past customers.

                            You should find someone who will take a deposit in cash before you share your good news and also need to make sure they are fee based and not commision based, that way if there is a good investment where theyd get commission then it would go into your investment account and not their personal account.

                            Although if an investment is paying commission then you need to ask yourself, if its such a good deal then why do they have to offer commissions to get anyone to invest or recommend investing?.

                            The larger investment houses should have a nice list of existing customers you can talk to and have years of quality experience without complaints which you can find online in cases against them, look and you shall find.

                            Another thing is to start taking night classes or a part time class on business management or money management, after all when do you think is going to be a more motivational time to learn then right now?.

                            Also a good thing is to get yourself a therapist, not cos your a loonatic or unhinged but its nice to talk to someone about the problems your facing without oit being somone who is out to get your money, to motivate you do benefit them or to blackmail you into giving them money, nobody is 'independant, if they are living with you, related to you or friends with you, they might be $300 an hour but they will save your money and your sanity and could help you deal with your family, friends, professionals and yourself.

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                              Boston Massachusetts
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                              Posted: September 29, 2013, 4:01 pm - IP Logged

                              Never start a business you know nothing about, no matter how much money you have or how cool it sounds, they can get out of control very early on, especially if people realise you are a lottery winner, the biggest case of lack of belief is the fact you're a lottery winner, take tat morsel into a bank and ask them for a business loan...they will take your money but they would never invest in you unless you were commited to heck, had a great business plan and could show them your idea working to become profitable within a few years or theyd never get their money back....unless you're a real fool and dont start a LTD company to avoid big mistakes coming back to haunt you and your wealth.

                               

                              I'd start a small company but if you consider the professionals youd hire, the staff for your home (gardener, cook, house keeper, driver) you're going to be a small business either way, with wages to pay, insurance, pensions etc.

                               

                              If you want to take your $70m or whatever and then put in a general 16 hour day working for sometimes minus sums then go for it, if standing behind a counter till your heels are bleeding, dealing with stock rotation, purchase, delivery, unhappy customers, unhappy suppliers, unhappy spouse who thought youd be spending all the time with them, etc then great, if you think you'll hire a manager then your trusting your money and busieness to someone else...then why bother, a small company will not make the sort of returns even a CD would give you.

                              You would have to study well your business of choice, the amount of time you're willing to devote to it, the downside of business and the fact its going to hit your 'wonderful lottery winning days' like being told by your employer you just got a promossion to a 60 hour week for no more money but we'll put a sign over your desk....lol