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Safely Investing Your Winnings...Or Not

Topic closed. 28 replies. Last post 2 years ago by Teddi.

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Teddi's avatar - Lottery-008.jpg

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Posted: February 7, 2015, 1:07 pm - IP Logged

That's why I recommend getting a financial planner , heck you will have enough money to have more than one.

I study accounting and I have worked as an auditor and even was interviewed to work for Goldman Sachs and if I ever won a big amount of money I'm getting professional help.

I will spend my time learning more than I already know about finance so that I can ask more questions, because a single transaction can have huge tax consequences and If you a wealth manager they have am entire team lookin at every angle.

Um, I don't want this to come across as mean, and perhaps I'm simply misunderstanding the reason you tossed Goldman Sachs into the discussion, but the fact is that without taxpayer money, they'd have joined the realm of Lehman Brothers. Only by a wink and a prayer are they still around, and implying (my take on the comment) that wealth management teams in firms like these have checks and balances and watch each other is like telling me the chickens are safe because the foxes are watching the coop...and each other.

I think getting financial help is imperative. I'm definitely going for the trifecta: advisor, accountant, lawyer. But I don't think I know how to pick good, capable, honest ones (background checks aren't enough any more). I think 2008 really exposed just how greedy, devious and crooked wealth managers can actually be.

    Teddi's avatar - Lottery-008.jpg

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    Posted: February 7, 2015, 1:25 pm - IP Logged

    As Oprah says, "always sign your own checks." In other words, don't trust a 3rd party to do it.

    Oprah is a freaking genius. I remember her saying this while trying to give Toni Braxton financial advice after Toni's 1st bankruptcy and Toni went on a whining campaign about how mean Oprah was to her.

    Oprah told her never let anyone else pay your bills, sign all your own checks and always know exactly how much money you have coming in before you spend. Toni said she was too busy to sign her checks and monitor what was going in and out and Oprah said, well I'm busy too and you have to make the time to oversee it because it's important and it's your money. No one else's.

    Well Toni didn't listen, blamed everyone else for her not reading her contract and knowing what she was responsible for paying, told the world Oprah was mean to her, and no big surprise to me, had a second bankruptcy.

      Raven62's avatar - binary
      New Jersey
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      Posted: February 7, 2015, 1:25 pm - IP Logged

      Sorry, the largest bill currently issued is the 'C' note,  $100 bill.

       

      good luck to all who play.

      I knew that! Just used it as an example if their was a $1000 Bill...

      FYI: One of the Questions On: Who Wants to be a Millionaire brought out the Fact that their in No $1000 Bill!

      A mind once stretched by a new idea never returns to its original dimensions!

        Artist77's avatar - batman14

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        Posted: February 7, 2015, 1:58 pm - IP Logged

        Oprah is a freaking genius. I remember her saying this while trying to give Toni Braxton financial advice after Toni's 1st bankruptcy and Toni went on a whining campaign about how mean Oprah was to her.

        Oprah told her never let anyone else pay your bills, sign all your own checks and always know exactly how much money you have coming in before you spend. Toni said she was too busy to sign her checks and monitor what was going in and out and Oprah said, well I'm busy too and you have to make the time to oversee it because it's important and it's your money. No one else's.

        Well Toni didn't listen, blamed everyone else for her not reading her contract and knowing what she was responsible for paying, told the world Oprah was mean to her, and no big surprise to me, had a second bankruptcy.

        I agree Teddi!   I missed the one with Toni B.  I switched tax accountants last year when mine retired and the new guy (who is good) offered to just let me drop off my paperwork and he would have everything ready to sign. I am like, "noooo. I will walk through every line and every number on those returns with you in person." lol. 

        Now I do subtotal everything before hand but I don't keep up on small business rules and changes, etc. I also like to ask questions. Would it save me time to just drop off a bunch of paperwork on art sales, etc.? Yes, but one has to always make that extra effort.

        J'aime La France.

          sully16's avatar - sharan
          Ringleader
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          Posted: February 7, 2015, 2:15 pm - IP Logged

          Grover Cleveland is on the $1000 dollar bill, even though the bill is no longer printed, it is still legal tender.

          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"

            Teddi's avatar - Lottery-008.jpg

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            Posted: February 7, 2015, 2:26 pm - IP Logged

            I agree Teddi!   I missed the one with Toni B.  I switched tax accountants last year when mine retired and the new guy (who is good) offered to just let me drop off my paperwork and he would have everything ready to sign. I am like, "noooo. I will walk through every line and every number on those returns with you in person." lol. 

            Now I do subtotal everything before hand but I don't keep up on small business rules and changes, etc. I also like to ask questions. Would it save me time to just drop off a bunch of paperwork on art sales, etc.? Yes, but one has to always make that extra effort.

            It's on YouTube. That's where I watched that episode. After I heard the hoopla that Toni Braxton had said "Oprah was freakin' mean" to her during an interview, I had to track it down. I've never heard a talk show host give such sage and important financial advice and for Toni to say she was mean is when I knew she was an idiot. Then I simply waited to hear about her going broke again. Didn't take long.

              Drenick1's avatar - villiarna
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              Posted: February 7, 2015, 4:11 pm - IP Logged

              After spending $5 million on several homes, jewelry, clothing, shoes and motorized toys we would put aside $30 million in cash, long term CD's and physical gold and silver. The rest would be invested in real estate, stocks and bonds with the guidance of experts in those appropriate fields. We want to grow our wealth and will absorb a little risk in order to do so.

              I realize many here would think that is foolish but my husband and I currently enjoy watching our investments grow. We are not experts by any means but we have received extremely helpful advice from folks who are much better off financially which has helped us tremendously.

                Artist77's avatar - batman14

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                Posted: February 7, 2015, 4:54 pm - IP Logged

                It's on YouTube. That's where I watched that episode. After I heard the hoopla that Toni Braxton had said "Oprah was freakin' mean" to her during an interview, I had to track it down. I've never heard a talk show host give such sage and important financial advice and for Toni to say she was mean is when I knew she was an idiot. Then I simply waited to hear about her going broke again. Didn't take long.

                lol I just watched it. Oprah was not even remotely mean to her and invited her back for a new album, etc.  In fact, I expected more of a lecture from Oprah and she did not even do that much. And Toni has a college education to be a school teacher. She has no excuses. People with zero money sense rarely learn a lesson.

                So anyone who wins the PB jackpot tonight, better expect to have a part time job overseeing their money. Look at all the phony statements Madoff sent to his clients. You always want direct access to everything.

                J'aime La France.

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                  KCMO
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                  Posted: February 7, 2015, 6:44 pm - IP Logged

                  Expert advice is crucial but you want to make sure you get a fiduciary....not get swindled by a Madoff or the tons of "wealth managers" out there who are only looking to transfer your money into their accounts. 

                   

                  I'm already fairly good with my current financial situation so I'd simply need expert tax help and then I'll just max out my 401k, Roth IRA (will need to do the backdoor method) and then just ramp up my index fund investment and add in US treasuries. Simple, basic, for the long-haul.  No investing in weird, exotic, volatile assets (metals, real estate, private equity, actively managed mutual funds, etc.)  Keeping cost low and reap the long-term rewards. 

                   

                  If someone just won the lottery, they should be VERY risk averse.  Just keeping up with inflation should be a perfect goal. No need to reach for the stars if you already won millions.

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: February 7, 2015, 7:54 pm - IP Logged

                    After spending $5 million on several homes, jewelry, clothing, shoes and motorized toys we would put aside $30 million in cash, long term CD's and physical gold and silver. The rest would be invested in real estate, stocks and bonds with the guidance of experts in those appropriate fields. We want to grow our wealth and will absorb a little risk in order to do so.

                    I realize many here would think that is foolish but my husband and I currently enjoy watching our investments grow. We are not experts by any means but we have received extremely helpful advice from folks who are much better off financially which has helped us tremendously.

                    I would imagine that it would be satisfying to do some research, make investments based on your research and then see a good return on investment, especially if you can outperform the big bow, which has been known to happen.

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                      Posted: February 7, 2015, 8:02 pm - IP Logged

                      I would basically invest in index funds like Vanguard, Fidelity, T Rowe Price, including some gold, TIPSs, and real estate funds.  Also, I would probably try to find someone to protect my family's physical and indentity security.  There's way too many Robin Hoods out there.

                        Teddi's avatar - Lottery-008.jpg

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                        Posted: February 7, 2015, 8:04 pm - IP Logged

                        lol I just watched it. Oprah was not even remotely mean to her and invited her back for a new album, etc.  In fact, I expected more of a lecture from Oprah and she did not even do that much. And Toni has a college education to be a school teacher. She has no excuses. People with zero money sense rarely learn a lesson.

                        So anyone who wins the PB jackpot tonight, better expect to have a part time job overseeing their money. Look at all the phony statements Madoff sent to his clients. You always want direct access to everything.

                        THANK YOU!!! Glad I'm not the only one who felt Oprah was being both helpful and complimentary. I kept waiting for the "freakin mean". But Toni insisted that Oprah was harping on/mocking the fact that she had Gucci flatware. Had I been the interviewer I would have actually been mean, because I don't know how anyone can buy Gucci flatware and have no idea if they can actually afford it.

                        When I watched it the first time, I thought thank the Lord Toni became a singer, otherwise she would have been in charge of shaping the minds of children.

                        The advice boiled down to monitor and take responsibility for your own money. Not sure how that's anything to take offense over.

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                          Posted: February 8, 2015, 3:32 am - IP Logged

                          Do you have any idea of How Much: One Hundred Thirty Million in Cash Would Be?

                          $100 Bills=1.3 million

                          $1000 Bills=130 thousand

                          If the bills were all perfectly clean, and unwrapped I know almost exactly how much it would be. 2863 pounds.

                          It would take up just over 50 cubic feet. Coincidentally, that's almost exactly how much you'd need to fill a king size mattress that's 12 inches thick.

                            Teddi's avatar - Lottery-008.jpg

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                            Posted: February 8, 2015, 9:22 am - IP Logged

                            If the bills were all perfectly clean, and unwrapped I know almost exactly how much it would be. 2863 pounds.

                            It would take up just over 50 cubic feet. Coincidentally, that's almost exactly how much you'd need to fill a king size mattress that's 12 inches thick.

                            LOL. Well there you go. The mattress is an option.