RochesterRob Posted August 25, 2019 Share Posted August 25, 2019 ....Hypothetically. Let's say you have cleared 10M dollars after taxes and net present value. Further, you live in a state where your winnings are made known to the public. What do you do? Just read another "horrors of the lottery winner" story and again it comes down to making hard headed decisions. Can you cut out the knuckleheads from your family that will surely lead to ruin? How soon before you make a run to another state in the dead of night to keep the deadbeats away? Link to comment Share on other sites More sharing options...
Augie Posted August 25, 2019 Share Posted August 25, 2019 5 minutes ago, RochesterRob said: ....Hypothetically. Let's say you have cleared 10M dollars after taxes and net present value. Further, you live in a state where your winnings are made known to the public. What do you do? Just read another "horrors of the lottery winner" story and again it comes down to making hard headed decisions. Can you cut out the knuckleheads from your family that will surely lead to ruin? How soon before you make a run to another state in the dead of night to keep the deadbeats away? Hypothetically? That was mean! I got excited!!! Family wouldn’t worry me in the least. I don’t even think anyone I’ve EVER MET would be a problem. I would dread it getting out to the public and strangers hoping we were stupid. THAT would be a nuisance, but we are not stupid. I must say, $10 million is not what it used to be......you would not be Beverly Hillbillies rich. If we won a huge Powerball type deal, I know my wife’s dream “retirement gig” is to run a foundation. Why not your own? Link to comment Share on other sites More sharing options...
mead107 Posted August 25, 2019 Share Posted August 25, 2019 I would talk to ferg before I did anything. A friend hit a scratch off ticket payments over 20 years 7 more years of collecting. He clears $172,000 after taxes. He got taken by a lot of friends first year. He said it was amazing how many people wanted money. I will pay you back they all said. Lot of them still have not paid him back. I’ve known him since I was 18. He he said the lottery sits you down and tells you people will be coming out the woodwork. Very intersting. 1 Link to comment Share on other sites More sharing options...
Warcodered Posted August 25, 2019 Share Posted August 25, 2019 Split it 6 Million to try and invest wisely and the 4 Million to save as securely as possible and take yearly installments of $100,000 to augment whatever it is I make working and try and find a way into whatever job/career it is I really enjoy doing. Link to comment Share on other sites More sharing options...
Nextmanup Posted August 25, 2019 Share Posted August 25, 2019 Not sure what you are getting at. You mean how would I keep the money or prevent the "deadbeats" in my own family from wanting a piece of it? What sort of family do you come from? Stupid premise. Link to comment Share on other sites More sharing options...
RochesterRob Posted August 25, 2019 Author Share Posted August 25, 2019 3 minutes ago, Nextmanup said: Not sure what you are getting at. You mean how would I keep the money or prevent the "deadbeats" in my own family from wanting a piece of it? What sort of family do you come from? Stupid premise. How would you manage money and the people around you? I come from a family that is comprised of all types of people as I would bet most posters here are. If you don't like the thread you are not obligated to answer. As to being stupid not at all. People transition from meager means to wealth all the time and mostly without lottery winnings. A lot of times the road is bumpy with near-do-well types who are out to separate people from their money. 1 Link to comment Share on other sites More sharing options...
frostbitmic Posted August 25, 2019 Share Posted August 25, 2019 1. Get a new cell phone number 2. Hire a realtor to sell my house while I'm "out of the country" 3. Buy a million dollar villa in a tropical location out of the country 4. Invest a portion 5. Donate a portion to charity Nothing left to do but smile smile smile ? 1 Link to comment Share on other sites More sharing options...
Buffalo_Gal Posted August 25, 2019 Share Posted August 25, 2019 (edited) Set up a trust in either New Mexico or Wyoming to own the winning lottery ticket (big privacy states). The trust cashes the ticket, and the trust can be made known. $10M wouldn't change my lifestyle. A $100M lottery win means I'd never, ever, EVER fly commercial again. ? Edited August 25, 2019 by Buffalo_Gal 3 1 Link to comment Share on other sites More sharing options...
Augie Posted August 25, 2019 Share Posted August 25, 2019 10 minutes ago, RochesterRob said: How would you manage money and the people around you? I come from a family that is comprised of all types of people as I would bet most posters here are. If you don't like the thread you are not obligated to answer. As to being stupid not at all. People transition from meager means to wealth all the time and mostly without lottery winnings. A lot of times the road is bumpy with near-do-well types who are out to separate people from their money. My wife is a veteran in the wealth management field. They do studies, and the results are actually fascinating. They can actually change the way you look at life. They deal with people all the time who built a business from scratch. It was their baby and the reason they got out of bed in the morning, their focus in life. Eventually they have an empire to some degree and people come calling. They offer you $100 million, a STAGGERING amount! More money than you ever dreamed of, so you say yes. Most of those people regret selling. The money is less important than having a reason to get out of bed, having your passion in life. Link to comment Share on other sites More sharing options...
RochesterRob Posted August 25, 2019 Author Share Posted August 25, 2019 10 minutes ago, Buffalo_Gal said: Set up a trust in either New Mexico or Wyoming to own the winning lottery ticket (big privacy states). The trust cashes the ticket, and the trust can be made known. $10M wouldn't change my lifestyle. A $100M lottery win means I'd never, ever, EVER fly commercial again. ? Pretty sure that New York (where your hypothetical win took place) and most other states will not let you do that in terms of a trust going public I would also tend to believe that 10M dollars will not change my lifestyle although it would change my address. 1 Link to comment Share on other sites More sharing options...
Seasons1992 Posted August 25, 2019 Share Posted August 25, 2019 If I already have "cleared" the money and own it and had a lawyer and bank account all squared away: 1. Put $1M into something that grows 6-8% a year for the kids college, or if they don't go, something they can have once they turn 22, but they can't access more than $50k a year of it. 2. Pay off the debt I have. 3. Put the REST into something that grows 6-8% and take a draw off of it and never touch the principle. 4. Buy a nice house in Montana, no more than $1M. 5. Buy Bills season tickets and attend as many home games as possible. Link to comment Share on other sites More sharing options...
The Plastic Cup Posted August 25, 2019 Share Posted August 25, 2019 25 minutes ago, RochesterRob said: How would you manage money and the people around you? I come from a family that is comprised of all types of people as I would bet most posters here are. If you don't like the thread you are not obligated to answer. As to being stupid not at all. People transition from meager means to wealth all the time and mostly without lottery winnings. A lot of times the road is bumpy with near-do-well types who are out to separate people from their money. True, but that doesn’t mean one should be foolish enough to hand out money to anyone who ‘promises’ to pay it back. Telling someone ‘no’ doesn’t require otherworldly powers. Just ask any reasonably attractive woman. Link to comment Share on other sites More sharing options...
Buffalo_Gal Posted August 25, 2019 Share Posted August 25, 2019 18 minutes ago, RochesterRob said: Pretty sure that New York (where your hypothetical win took place) and most other states will not let you do that in terms of a trust going public Hmmm well, that would suck. Still do a trust for asset protection, delete all social media accounts, decline all media attention (if forced to a press conference, a burqa would work), etc. Link to comment Share on other sites More sharing options...
Augie Posted August 25, 2019 Share Posted August 25, 2019 6 minutes ago, Seasons1992 said: If I already have "cleared" the money and own it and had a lawyer and bank account all squared away: 1. Put $1M into something that grows 6-8% a year for the kids college, or if they don't go, something they can have once they turn 22, but they can't access more than $50k a year of it. 2. Pay off the debt I have. 3. Put the REST into something that grows 6-8% and take a draw off of it and never touch the principle. 4. Buy a nice house in Montana, no more than $1M. 5. Buy Bills season tickets and attend as many home games as possible. OK, #5 should be #1. PERIOD! Especially for YOU! Other than that, 6-8% per year sounds great, but it comes with risk. Staying away from politics and world events, but I’d take a long hard look at where we were heading. That might not be as easy as you make it sound. I’d start by paying off debt, unless it’s a mortgage with deductible interest. Also, kids are kids, and 22 is WAY too young to give them access to any real money. You can put it in a trust with access for certain needs, such as education. (You might have to have multiple trusts, one for each kid. It may be hard to find anyone to manage a trust that small.) Our son is a CPA, working on his MBA. If we both died tomorrow, he’d get some money up front, with the balance at 35. I hate to tell you, $10M is NOT what it used to be. Don’t get me wrong, I’d be THRILLED, but depending upon your age (how many years it has to last) and what you are adding it to, there are a lot of variables. Having said all that, don’t listen to idiots like me! Spend some the first dollars on expert advice! Link to comment Share on other sites More sharing options...
stony Posted August 26, 2019 Share Posted August 26, 2019 1 hour ago, mead107 said: I would talk to ferg before I did anything. A friend hit a scratch off ticket payments over 20 years 7 more years of collecting. He clears $172,000 after taxes. He got taken by a lot of friends first year. He said it was amazing how many people wanted money. I will pay you back they all said. Lot of them still have not paid him back. I’ve known him since I was 18. He he said the lottery sits you down and tells you people will be coming out the woodwork. Very intersting. Based on the net take home, I'm assuming he won the $5k per week for life? Aren't those really a 20-year guaranteed payout or until he dies? Link to comment Share on other sites More sharing options...
Marv's Neighbor Posted August 26, 2019 Share Posted August 26, 2019 1 hour ago, Warcodered said: Split it 6 Million to try and invest wisely and the 4 Million to save as securely as possible and take yearly installments of $100,000 to augment whatever it is I make working and try and find a way into whatever job/career it is I really enjoy doing. I know you seem to be reaching for sensible here BUT how would you ever work successfully? Would you still: care about the job, co-workers, morals, ethics, values etc.? Even if you can say yes to that, you would quickly tire of your co-workers (stupid ones first) and your job, to the point where it just wouldn't work well anymore. As for saving securely as possible, I've retired 2x, from 2 different jobs. it's sad to think all the people I've known along the way that either didn't make it to enjoy a day of retirement, or died within the first year. Saving is good, even necessary but the tough part is balancing what you can enjoy now with what you may or may not be around to enjoy in the future. 1 Link to comment Share on other sites More sharing options...
RaoulDuke79 Posted August 26, 2019 Share Posted August 26, 2019 (edited) 1 hour ago, Nextmanup said: Not sure what you are getting at. You mean how would I keep the money or prevent the "deadbeats" in my own family from wanting a piece of it? What sort of family do you come from? Stupid premise. Seems like a perfectly reasonable premise to me. A lot of people have bad experiences after winning a lot of money. What would you do to prevent that from happening? Edited August 26, 2019 by RaoulDuke79 Link to comment Share on other sites More sharing options...
Mark80 Posted August 26, 2019 Share Posted August 26, 2019 Hire an accountant, financial planner, and lawyer that I trust. Already have 2 of 3. 1 1 Link to comment Share on other sites More sharing options...
Augie Posted August 26, 2019 Share Posted August 26, 2019 21 minutes ago, RaoulDuke79 said: Seems like a perfectly reasonable premise to me. A lot of people have bad experiences after winning a lot of money. What would you do to prevent that from happening? While I personally would not fear that at all, I totally agree with you. Link to comment Share on other sites More sharing options...
Boca BIlls Posted August 26, 2019 Share Posted August 26, 2019 (edited) Get a financial advisor immediately, go on vacation to a remote island while my new life gets set up. Burner phone only my lawyer and my financial advisor have. I know people that would help me out most likely, well off circle of friends that can set me up. Edited August 26, 2019 by Boca BIlls Link to comment Share on other sites More sharing options...
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