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How would you break up your winnings?

Topic closed. 7 replies. Last post 13 years ago by Thomas Covenant.

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JackpotWanna's avatar - squiz

United States
Member #4121
March 23, 2004
817 Posts
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Posted: March 24, 2004, 11:55 am - IP Logged

Buying nice real estate buildings for additional cash flow. 30%

Helping people. 20%

In Saving and Checking accounts. 15%

Start a small business 10%

Family and friends. 10%

Stocks. 10%

High Yield Bonds. 5%



    weshar75's avatar - Lottery-042.jpg
    Mcminnville, Oregon
    United States
    Member #3013
    December 13, 2003
    3056 Posts
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    Posted: March 24, 2004, 12:46 pm - IP Logged

    I would spend the maximum gift legally allowed by the irs which is 11,000 dollars to my family/friends and the rest I would live it up.  New trucks and higher lines of credit. 

      JackpotWanna's avatar - squiz

      United States
      Member #4121
      March 23, 2004
      817 Posts
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      Posted: March 24, 2004, 12:49 pm - IP Logged

      I see. maximum gift legally allowed by the irs which is 11,000 dollar per person?

        mayan27's avatar - Lottery-009.jpg
        Minnesota
        United States
        Member #2426
        October 2, 2003
        84 Posts
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        Posted: March 24, 2004, 3:27 pm - IP Logged

         

              JACKPOTWANNA,i wish you could talk personally to my family and give me more ideas on sharing my winnings with family members because everyone of them feels they are entitle to million dollars whenever i win the jackpot.For instance.i said one day when i win the lottery,i will at least paid off everyone debts and give at least everyone 10,000 to start up with and you believe what a commotion it was for making such a comment.I mean everone went off on me like the family black sheep.I was like what is really gonna happen when my windfall comes?There is going to be war in my family and my you, they strongly speak against playing lottery.ANYONE CAN POST A COMMENT IN MY MAIL BOX REGARDING THIS AND I WILL SURELY APPRECIATE IT.

          Avatar
          New Jersey
          United States
          Member #3457
          January 22, 2004
          248 Posts
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          Posted: March 24, 2004, 3:56 pm - IP Logged

          I would put lots of money in overseas investments, because hyperinflation always follows huge balance of payments deficits accompanied by redistribution of wealth and government deficits.  People think that the United States cannot face the same consequences as did many South American nations but they are basically wrong.

          I would buy stocks in foreign currencies, some US stocks, and quite a bit of (uninflatable) property.

          If we ever have a sane government again, I would of course, bring my money home and help us rebuild from this disaster, the worst of which we have not yet seen.

          I would create a charitable donation fund with investments similar to my personal portfolio, as well as a fund for my extended family with the same conditions.

          I would divide my Bush tax break between the political campaigns that seek to arrest the severe decline our country has been experiencing the last three years and to fund things that I think ought to be government responsibilities but are not currently funded.  Most of the latter would be environmental and investment in our young.

            megamillionaire's avatar - Sphere animated_small_ neg2.gif
            Queens, NY
            United States
            Member #245
            April 15, 2002
            451 Posts
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            Posted: March 24, 2004, 5:48 pm - IP Logged

            Depending on your age, if you want to give your immediate family more, make the ticket a family ticket. By that I mean let those you want to give more to chip in for the ticket and collect their share directly from the lottery sans taxes. Then put your share in T-bills and tax free Muni's. 

            Megamillionaire

            Time is a wonderful teacher, but it kills all its students.

            A man must consider what a rich realm he leaves when he becomes a conformist.

              JackpotWanna's avatar - squiz

              United States
              Member #4121
              March 23, 2004
              817 Posts
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              Posted: March 24, 2004, 6:04 pm - IP Logged

              Nope....



              11,0000 is enough and maybe a dinner party. :-P

                Thomas Covenant's avatar - money
                South Carolina
                United States
                Member #491
                July 16, 2002
                837 Posts
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                Posted: March 24, 2004, 6:52 pm - IP Logged

                I would move to a country that doesn't have an estate (death) tax and then expatriate. That would still take some planning because the US can still tax you up to 10 years.


                Okay, now I believe you can predict lottery numbers