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Mark Cuban's Advice to Winner

Topic closed. 29 replies. Last post 11 months ago by music*.

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HoLeeKau's avatar - YheaShea
Idaho
United States
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Posted: January 12, 2016, 10:48 am - IP Logged

http://finance.yahoo.com/news/heres-mark-cubans-advice-winner-135430907.html

My favorite:

 

  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
    Romancandle's avatar - moon
    Upacreek
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    Posted: January 12, 2016, 4:35 pm - IP Logged

    http://finance.yahoo.com/news/heres-mark-cubans-advice-winner-135430907.html

    My favorite:

     

    • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

    He recommends taking the annuity...

    -RC

      haymaker's avatar - Lottery-012.jpg
      Egg Harbor twp.south Jersey shore
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      Posted: January 12, 2016, 4:51 pm - IP Logged

      He recommends taking the annuity...

      That's where I stopped reading...did he say anything worthwhile after that ?

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

        travelintrucker's avatar - morph
        Greenville, SC
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        November 4, 2015
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        Posted: January 12, 2016, 4:55 pm - IP Logged

        I agreed with most. FDIC only, ONLY insures up to $250,000.. So, keeping it in the bank isn't feasible. I don't know about money market accounts. Taking the annuity can be good and bad. It all depends on your spending habits. There's really not much I want to buy. I mean, less than $100,000. I mean, besides a house. I just bought a brand new car and can pay that off whenever. I'm thinking about traveling and having the time to do things I've always wanted to do.

        May the balls bounce in your favor!

          MaximumMillions's avatar - Lottery-013.jpg

          Germany
          Member #164603
          March 8, 2015
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          Posted: January 12, 2016, 5:25 pm - IP Logged

          I agreed with most. FDIC only, ONLY insures up to $250,000.. So, keeping it in the bank isn't feasible. I don't know about money market accounts. Taking the annuity can be good and bad. It all depends on your spending habits. There's really not much I want to buy. I mean, less than $100,000. I mean, besides a house. I just bought a brand new car and can pay that off whenever. I'm thinking about traveling and having the time to do things I've always wanted to do.

          US Treasury Bonds are backed by the government. If the US government goes down to the point where it falls and the military can't even prop it up you can forget about your money anyway.

          You can keep 50M$ in a CDARS account, it's a service that splits the money into 250k$ accounts and gives you one account and one statement

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            January 11, 2016
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            Posted: January 12, 2016, 6:20 pm - IP Logged

            US Treasury Bonds are backed by the government. If the US government goes down to the point where it falls and the military can't even prop it up you can forget about your money anyway.

            You can keep 50M$ in a CDARS account, it's a service that splits the money into 250k$ accounts and gives you one account and one statement

            What a great problem to have!! I hope I win so that I can learn how one protects 1 billion dollars. I guess I would need 20 CDARS accounts? LOL. I would absolutely need a good team of tax accountants and financial advisers to help manage this.

              LottoBux's avatar - 2elh5if
              Ontario
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              Posted: January 12, 2016, 7:16 pm - IP Logged

              He recommends taking the annuity...

              What Would The Annuity Be On A Jackpot Of This Magnitude?

                                     

                ArizonaDream's avatar - Lottery-009.jpg

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                Posted: January 12, 2016, 8:51 pm - IP Logged
                • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

                No. That's OK advice for the winner of 1 million or 5 million. But at the current levels, why not give to CLOSE friends and relatives?

                  MaximumMillions's avatar - Lottery-013.jpg

                  Germany
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                  Posted: January 13, 2016, 10:05 am - IP Logged

                  What Would The Annuity Be On A Jackpot Of This Magnitude?

                  The advertised 1.5 billion dollars.

                    haymaker's avatar - Lottery-012.jpg
                    Egg Harbor twp.south Jersey shore
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                    Posted: January 13, 2016, 10:25 am - IP Logged

                    The advertised 1.5 billion dollars.

                    I think LOTTOBUX was wondering what the annual payment would be.

                    I have no idea ?

                    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                      HoLeeKau's avatar - YheaShea
                      Idaho
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                      Posted: January 13, 2016, 10:46 am - IP Logged

                      Click on this icon on the left USA Mega and find your state to find out.

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                        Posted: January 13, 2016, 3:14 pm - IP Logged
                        • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

                        No. That's OK advice for the winner of 1 million or 5 million. But at the current levels, why not give to CLOSE friends and relatives?

                        And this is the last thing he said before he went bankrupt haha.

                         

                        The problem is it becomes habit. So if this is what you want to do you must set up hard limits meaning you have to abide by the limits you set. With the cost of homes, superyachts (even charters), and bail for some people, I can easily see someone blowing thru this if they're not paying attention. I'm sure people thought theyd never blow through 20 million or 100 million before. It's not only possible, it's happened.

                          Lucky4Life's avatar - batman14

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                          Posted: January 13, 2016, 3:17 pm - IP Logged

                          I would never take an annuity because I don't trust the state of Florida to pay it out over the next 30 years.  I'll take the money now.

                            Lucky4Life's avatar - batman14

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                            Posted: January 13, 2016, 3:19 pm - IP Logged
                            • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

                            No. That's OK advice for the winner of 1 million or 5 million. But at the current levels, why not give to CLOSE friends and relatives?

                            There's the gift tax to consider.  That 1 million will become 1.5 million, so on and so forth.  I would give my mother money and that is the only person I would pay gift tax on.  Which is something I find incredibly asinine about the gift tax system.  I can marry any Joe off the street, give him half my money tax free yet my mother who birthed me and suffered me through my teenage years has to pay estate tax when I die or I have to pay a gift tax while i'm alive.  Unbelievable.

                              bigdaddy's avatar - aviator2 1.jpg
                              BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
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                              Posted: January 13, 2016, 3:20 pm - IP Logged

                              buy 10 million shares of the realty group stock symbol o and live off the monthly dividends

                              Relax,Bigdaddy has your number!!!!!

                              Pi is the way...

                              turning $30 or less into thousands everyday!!

                              here we go steelers ..here we go---------stairway to seven 

                              TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..