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Manage your winnings or have somebody else do it for you and why?

Topic closed. 26 replies. Last post 3 years ago by mypiemaster.

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mypiemaster's avatar - 2015021003pileofcash
JACKPOT HUNTER

United States
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April 2, 2013
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Posted: December 22, 2013, 5:59 am - IP Logged

Bang HeadPeople here on LP frequently argue about the "best way to manage " lottery winnings. Would you rather manage your own winnings and lose it , or have a "team of financial advisors" manage it and lose it for you and why?Bang Head

Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

    mypiemaster's avatar - 2015021003pileofcash
    JACKPOT HUNTER

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    Posted: December 22, 2013, 6:10 am - IP Logged

    Bang HeadPeople here on LP frequently argue about the "best way to manage " lottery winnings. Would you rather manage your own winnings and lose it , or have a "team of financial advisors" manage it and lose it for you and why?Bang Head

    Major lottery winnings are mostly once in a lifetime event. I can deal with it if I lost my money out of my own foolishness. Having somebody with fancy clothes and fancy title, who claims to know what he/she is doing, lose it for me, will probably bring me closer to the "big house", SUCKER!!!.

    Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

    Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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      Posted: December 22, 2013, 7:38 am - IP Logged

      Bang HeadPeople here on LP frequently argue about the "best way to manage " lottery winnings. Would you rather manage your own winnings and lose it , or have a "team of financial advisors" manage it and lose it for you and why?Bang Head

      Umm I'd say a little of both bout I would have the final decision on what stock, annunities, bonds, cd, etc would be bought and what ventures if any the cash would be invested in. I think I'd always want to be able to access the cash if I so desired, but I'd sincerely hope I'd be sticking to the 20-40k a month budget I'd set aside for myself

        helpmewin's avatar - dandy
        u$a
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        Posted: December 22, 2013, 8:39 am - IP Logged

        Bang HeadPeople here on LP frequently argue about the "best way to manage " lottery winnings. Would you rather manage your own winnings and lose it , or have a "team of financial advisors" manage it and lose it for you and why?Bang Head

        Would you rather manage your own winnings and lose it , or have a "team of financial advisers" manage it and lose it for you and why?

         

        Sounds like a Trick question Yes Nod + No Nod =Crying

        Let it Snow Snowman

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          Sunny California
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          Posted: December 22, 2013, 8:41 am - IP Logged

          Clown When I get to the point of having enough winnings to be managed I will let you know.

            Astekblue's avatar - Tarlor
            Kentucky
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            Posted: December 22, 2013, 8:59 am - IP Logged

            Clown When I get to the point of having enough winnings to be managed I will let you know.

            Smile

              Astekblue's avatar - Tarlor
              Kentucky
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              Posted: December 22, 2013, 9:25 am - IP Logged

              I look at it like this

               

              If you were a person  that managed your own money  and done well ,  and was disciplined  ,  and  saved  , before you won........then there is a good chance you will  continue to do so after  your  win

               

              So  I  would  say  manage  it  yourself

               

              But..............( and  as    Psykomo  says ,   there is  always  a  but )  LOL 

               

              If  you were a person that ran though money as fast as you made it  , and  spent wild and never saved and were always in debt, then there is also a good chance that you will run through the winnings also  , and not be wise with it or manage it correct

               

              So for those............finding  the  " correct "   financial  adviser would  be   key  ( one  you trust and one you will listen  too )  ,  but there will be some that will not even do  that

               

              My  Dad  taught  me  ,  long ago  ,  never  live  beyond  your  means.......no  matter  what  station  you  are  at  in  your  life

               

              My friends  Grandfather taught him..........any dam  fool can make  money......but it takes a pretty smart ole ' duck  to  hold  onto  it 

               

              Both  country  wisdom  from  long  ago.........that  still  holds  true  today

                Jon D's avatar - calotterylogo
                Los Angeles, California
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                Posted: December 22, 2013, 9:48 am - IP Logged

                Would you rather manage your own winnings and lose it , or have a "team of financial advisers" manage it and lose it for you and why?

                 

                Sounds like a Trick question Yes Nod + No Nod =Crying

                I Agree! Trick question. I choose neither. I wouldn't want to lose it by either method. I'd rather keep my winnings.

                I think the attitude one should take is that you are always in control, even if you know little about finance and have many advisors and specialists, you should still be involved and ask questions. Don't just say, "well, shucks...I don't know, you guys can do whatever you like." Famous last words.

                Only if you are declared mentally incompetent and have a conservatorship in charge, then someone else is in control and managing your winnings.

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                  LAKE HAVASU AZ
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                  Posted: December 22, 2013, 12:20 pm - IP Logged

                  60% invest US Flag

                  20%housingBed

                  10%carsParty

                  10%vacationCheers

                  some day....some day

                    BuyLow's avatar - palm tree.jpg
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                    Posted: December 22, 2013, 1:00 pm - IP Logged

                    Would definitely get advice and hire professionals to guide me but would most likely manage everything on my own.  The financial sector is full of white collar criminals thinking of ways to separate you from your money and put it in their pockets.  Can you say Bernie Madoff???

                      DigitDiva's avatar - leaf
                      New Member
                      Mich
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                      Posted: December 22, 2013, 3:05 pm - IP Logged

                      If my only choice is to lose it, then I would want to manage it so I had something to show for it not somebody else. If the winnings were enough and it was even possible, maybe I would just keep investing in the jackpot buying all combinations, therefore losing it all, but also getting it back, I know, that's crazy talk!

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                        Zeta Reticuli Star System
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                        Posted: December 23, 2013, 2:08 am - IP Logged

                        Get advice but manage it yourself.

                        Just ask Nicolas Cage about that (his agent robbed him blind).

                        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                        Lep

                        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

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                          NY
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                          Posted: December 23, 2013, 1:09 pm - IP Logged

                          Major lottery winnings are mostly once in a lifetime event. I can deal with it if I lost my money out of my own foolishness. Having somebody with fancy clothes and fancy title, who claims to know what he/she is doing, lose it for me, will probably bring me closer to the "big house", SUCKER!!!.

                          I'd be a lot more concerned with the chances of losing it than who loses it.

                          Unless you're a world class moron people managing money for you aren't going to have  carte blance to do whatever they want, so whether it's you or them doing the actual managment,  your decisions are going to be a major factor in what happens. If you tell any financial advisor to make safe, conservative investments with preservation of your principal as more important than earnings it's very unlikely that they'll manage to lose it all. OTOH, if you're stupid enough to tell them to put everything into something that might get you a 15 or 20% annual return,  there's a far greater chance of losing it all even if you've got the best advisors.

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                            Endless Mountains Pennsylvania
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                            December 11, 2013
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                            Posted: December 23, 2013, 4:36 pm - IP Logged

                            Facebook and twitter stock, your good to go.

                            “Imagination is everything. It is the preview of life's coming attractions.” 

                            ~ Albert Einstein ~

                            237 ~ 303 ~ 542 ~ 570 ~ 0423 ~ 2371 ~ 3016 ~ 1730

                              capett02's avatar - nw femalewiz.jpg
                              Louisville, Ky
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                              Posted: December 23, 2013, 4:53 pm - IP Logged

                              I would do a bit of both myself. I would hire an attorney and financial advisor really quick. And possibly a body guard (no joke) if my winnings were high enough. I would be fully involved in my financial portfolio or it would be a deal breaker. My goal would be to invest aprox. half my winnings into a diversified portfolio (some higher risk and some extremely low risk). I would put an attorney on retainer to handle all of the "bills and relatives" I will acquire. With the other half of the money I would "invest" in making my family comfortable since we have all had a rough way to go. Anything left after that would be put into savings.

                              Diligence is the mother of good fortune - Benjamin Disraeli Type