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What do you do if you have a winning lottery ticket?

Topic closed. 42 replies. Last post 1 year ago by KY Floyd.

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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: July 12, 2015, 11:11 pm - IP Logged

I don't know about you guys, but if I ever won the lottery I would never marry a girl. It seems like women in our society are always trying to manipulate men and make stuff up about them to try and sue them. I'm a bit paranoid so I would be playing it safe. 

 

Also I would put some money in other banks with a good interest return rate and live off the interest and have my money growing in other bank accounts. Ahh man I love fantasizing about winning the lottery lol. I would move to Los Angeles or the bay area. I would just buy a couple of kia cars with good gas mileage to save up money and wouldn't buy an outrageously expensive house. I don't want to burn all of my money.

Hey look John, if you want to marry a guy, that's your business but there are lots of good women out there who care more about guys than their money.You just need to find the right one. Btw- guys manipulate women with or without money as well. I don't know about you but l need my woman whom l trust & she's been good to me, but to each his own. You need to widen out and step out of your bubble . There are lots of good people out there,  both male & female who only want the best for you and it's possible that they would not know a thing about your wealth unless you advertised it. Begin to trust- baby steps John.

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

    mikeintexas's avatar - tx avatar-1.gif
    Texas Panhandle
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    December 20, 2012
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    Posted: July 13, 2015, 12:01 am - IP Logged

    I'm not gay, but if I were, I'd try to hook up with a guy about my same size;  that way we could share a wardrobe.

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      New Member
      Sacramento, California
      United States
      Member #167410
      July 10, 2015
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      Posted: July 15, 2015, 2:13 am - IP Logged

      OH I just thought of 2 more questions about winning the lottery I've always wondered about:

       

      1) What happens if several people have winning numbers for the same lottery prize? Do they divide it equally?

       

      2) Would it be a good idea to accept annual payments for winning the lottery? What are the Positives and Negatives to having annual payments?

        ThatScaryChick's avatar - x1MqPuM
        Idaho
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        November 21, 2007
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        Posted: July 15, 2015, 5:11 am - IP Logged

        Thanks for the link, Mikeintexas.

        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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          NY
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          Member #23835
          October 16, 2005
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          Posted: July 15, 2015, 5:18 pm - IP Logged

          "the CDAR limit is $50 million."

          AFAIK, that limit, like FDIC limits, applies to account owners, not to individuals. In that case a married couple can each have their own individual account, plus a joint account, for a total of 3. If you've got more than $150 million to invest you should each have a retirement account. Even if you've only got a few million, trusts are a useful tool to protect your assets. Any trust you  create will be a separate legal entity, and therefore a separate account owner. That lets you safely invest far more than anybody has ever won from a lottery.

          "it would not matter if the interest rate is low."

          It shouldn't matter to anyone with a CDARS account. The entire purpose is to make your investment as safe as possible, so you're accepting a lower rate in return for added safety. You can find plenty of investments that pay a lot more than even the best CD, but they come with risks the CD's don't have. If you've only got $2 million to invest you probably can't live on a 2% ROI unless you're planning on using principal and dying before it's gone, so you may have to accept some risk (and/or not retire). OTOH, if you've got $10 or $20 million is enough for a comfortable to very comfortable lifestyle from a relatively young retirement age, as long as you don't feel a need to leave a large estate to your heirs.

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            Sunny California
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            May 31, 2006
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            Posted: July 15, 2015, 5:23 pm - IP Logged

            Win first...Worry Later

            Do You Want To Win Today?  http://www.lotterypost.com/thread/286011

              mikeintexas's avatar - tx avatar-1.gif
              Texas Panhandle
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              Posted: July 15, 2015, 10:16 pm - IP Logged

              Win first...Worry Later

              I don't think anyone is worrying about "what if" but it doesn't hurt to research these things.  Gaining knowledge has been a life-long "hobby" of mine and other than being Cliff Clavin at a dinner party or getting on Jeopardy, it's probably not ever going to benefit me....but you never know.

              I've learned several things or gained more knowledge about them in the last few days; I just learned something more about CDARS from KYFloyd in this thread, just finished up an article about balsamic vinegar, found out what your rights are and what is required from you at a traffic stop,  learned about Pluto, read about the history of unions...many, many other things.    Besides all that, if you've got at least a rudimentary plan in place, no matter how great the odds are against you of winning,  getting the money in your possession as quickly as possible can make you money.  If you gain even a month of time from winning to claiming - just because you've had your plan in place and don't have to spend that time researching what you should or need to do- you could make an extra 50-80 grand in interest on a 50 million dollar take-home JP.

              Do I plan on winning?  Well, no, but if I DO win, I'll have a plan.

                mikeintexas's avatar - tx avatar-1.gif
                Texas Panhandle
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                Posted: July 15, 2015, 10:17 pm - IP Logged

                Thanks for the link, Mikeintexas.

                Y/W.  That's interesting, huh?  I'm one of those who would prefer to keep my money as safe as possible.

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                  NY
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                  Posted: July 16, 2015, 3:47 am - IP Logged

                  "learned about Pluto"

                  I'll bet that you learned a long time ago that Pluto was a planet, but where did that get you? You should be learning about Venus or Mars. At least that way whatever you learn now will probably still be true in 5 years.

                    mikeintexas's avatar - tx avatar-1.gif
                    Texas Panhandle
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                    Posted: July 16, 2015, 6:20 am - IP Logged

                    "learned about Pluto"

                    I'll bet that you learned a long time ago that Pluto was a planet, but where did that get you? You should be learning about Venus or Mars. At least that way whatever you learn now will probably still be true in 5 years.

                    Well, I should have said "learned MORE about Pluto". (I recently learned it has a heart shape on its face, for one)  It, like most of the other things I've learned didn't "get me" anywhere.    Some people collect porn and others collect stamps.   I like to collect knowledge...y'know, just in case I ever get on Jeopardy.

                      rcbbuckeye's avatar - Lottery-043.jpg
                      Texas
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                      Posted: July 16, 2015, 8:10 am - IP Logged

                      Well, I should have said "learned MORE about Pluto". (I recently learned it has a heart shape on its face, for one)  It, like most of the other things I've learned didn't "get me" anywhere.    Some people collect porn and others collect stamps.   I like to collect knowledge...y'know, just in case I ever get on Jeopardy.

                      Knowledge is power.

                      You really could do worse collecting something else.

                      CAN'T WIN IF YOU'RE NOT IN

                      A DOLLAR AND A DREAM (OR $2)

                        zinniagirl's avatar - flower avatar_0026.jpg
                        nc
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                        Posted: July 16, 2015, 8:49 am - IP Logged

                        OH I just thought of 2 more questions about winning the lottery I've always wondered about:

                         

                        1) What happens if several people have winning numbers for the same lottery prize? Do they divide it equally?

                         

                        2) Would it be a good idea to accept annual payments for winning the lottery? What are the Positives and Negatives to having annual payments?

                        You asked two questiions. The first one, the prize is evenly split between the tickets, regardless to the number of people who hold the ticket. For example there can be three winning tickets for a jackpot, but those three tickets  represent: ticket 1 a couple, ticket two a single man, ticket three a group of 20 coworkers. So 23 people may have pwon but the jackpot is divided evenly between three tickets. How the ticket holder divideps it is up to the ticketholder.

                        cant help you with the psecond question because my answers would be slanted to my thinking. Because I am used to living on a budget, thZt would not change for me, taking the lump sum will do me. Some people need to know that they will have a check or years to come.

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                          NY
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                          October 16, 2005
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                          Posted: July 16, 2015, 2:39 pm - IP Logged

                          Well, I should have said "learned MORE about Pluto". (I recently learned it has a heart shape on its face, for one)  It, like most of the other things I've learned didn't "get me" anywhere.    Some people collect porn and others collect stamps.   I like to collect knowledge...y'know, just in case I ever get on Jeopardy.

                          If you haven't seen it yet, you might like this video of Stephen Colbert talking to Neil deGrasse Tyson about Pluto.

                          https://youtu.be/6jXazEYi3P8