You've just won the lottery...........

[RochesterRob]

....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?  

[Augie]

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?   

[mead107]

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. 

[Warcodered]

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.

[Nextmanup]

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.

 

 

[RochesterRob]

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.

[frostbitmic]

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 ?

[Buffalo_Gal]

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

[Augie]

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.  

[RochesterRob]

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.

[Seasons1992]

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.

 

 

[The Plastic Cup]

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.

[Buffalo_Gal]

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. 

[Augie]

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! 

[stony]

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?

[Marv's Neighbor]

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.

[RaoulDuke79]

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

[Mark80]

Hire an accountant, financial planner, and lawyer that I trust.  Already have 2 of 3.

[Augie]

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. 

[Boca BIlls]

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

[mead107]

25 minutes ago, stony said:

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?

Was 20 year pay out on a scratch ticket

 

i remember when he hit it.  We were on our way down to my cousins body shop for a bus trip to Fox Woods.  It was a Saturday. I turned down overtime otherwise I would have stopped and bought a ticket on way home. I said to my wife on the way down to the body shop do you want to stop and get a coffee? She said no.  Otherwise I probably would have got a ticket then. Drinks on the bus, no need for coffee. 

He stop at 7:30 on his way to take his girlfriend to Saratoga ,  did not buy that $20 ticket.  #28. 

On his way back he stopped at same Stewart’s store 2 hours later and got that ticket #28.  

It was the winner. 

Strange how things work out. 

[RaoulDuke79]

8 minutes ago, Augie said:

 

While I personally would not fear that at all, I totally agree with you. 

The wife and I just watched the Ryan Leaf E:60 this afternoon. He was talking about how he wasn't happy making $5 million/year, and was much happier making $15/hr working at a recovery clinic once he got clean. We were talking about money = happiness. I said money can't buy happiness, but I wouldn't mind testing that theory.

[Augie]

9 minutes ago, RaoulDuke79 said:

The wife and I just watched the Ryan Leaf E:60 this afternoon. He was talking about how he wasn't happy making $5 million/year, and was much happier making $15/hr working at a recovery clinic once he got clean. We were talking about money = happiness. I said money can't buy happiness, but I wouldn't mind testing that theory.

It’s certainly complicated. Throwing touchdowns and saving lives are both pretty cool! 

[stony]

19 minutes ago, mead107 said:

Was 20 year pay out on a scratch ticket

 

i remember when he hit it.  We were on our way down to my cousins body shop for a bus trip to Fox Woods.  It was a Saturday. I turned down overtime otherwise I would have stopped and bought a ticket on way home. I said to my wife on the way down to the body shop do you want to stop and get a coffee? She said no.  Otherwise I probably would have got a ticket then. Drinks on the bus, no need for coffee. 

He stop at 7:30 on his way to take his girlfriend to Saratoga ,  did not buy that $20 ticket.  #28. 

On his way back he stopped at same Stewart’s store 2 hours later and got that ticket #28.  

It was the winner. 

Strange how things work out. 

Holy crap.  This is 1st ballot "what ifs" HOF.  

[mead107]

2 minutes ago, stony said:

Holy crap.  This is 1st ballot "what ifs" HOF.  

Manager  said that ticket started the day.

How the count started the day.

[Augie]

3 minutes ago, mead107 said:

Manager  said that ticket started the day.

How the count started the day.

 

Life unfolds as it is meant to unfold. It can be strange, but it’s God’s plan. Had you won that day......who knows? Maybe we would not have Stromboli on game days? The world would be a lesser place. Trust the process.  

[Happy]

2 hours ago, Augie said:

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.  

 

Not surprised.  Their business is what these people were wired to do, they found their life's mission if you will.  Not everyone figures out what floats their boat in life...it's not that easy, unfortunately.

[ExiledInIllinois]

Holy crap!  2 pages in and nobody with:

 

"Lots of hookers & blow."

 

I am really disappointed.  You guys are slipping! /smh

[Augie]

1 minute ago, Happy Gilmore said:

 

Not surprised.  Their business is what these people were wired to do, they found their life's mission if you will.  Not everyone figures out what floats their boat in life...it's not that easy, unfortunately.

 

At some event I was talking to one of the portfolio managers who worked with my wife. He told me about a client who bought what he thought was an undervalued company. Turned it around and sold it for just over $100 million. Nice guy, and the perfect client. They never heard from him, no complaints, no demands, no grief. They reached out to him regularly, of course, but he was quiet.

 

THEN, one day the portfolio manager gets a voice mail from him. OH NO! Did we mess up? He NEVER calls us, what might be wrong? We need to FIX this! 

 

Nope, in his free time, the same guy bought another company, turned it around, and sold it for another $100 million. He just wanted to let the guy know more money was going to show up! His thing was not “his baby”, it was “the game”.Everybody is wired differently. 

[SinceThe70s]

1 hour ago, Marv's Neighbor said:

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.

 

I'm with ya Marv! Great comments/questions.

 

I've thought about if I hit the jackpot and quickly realized that I wouldn't/couldn't put up with my job (even though I enjoy what I do), nor they with me. At the same time I'm not sure what I'd do with myself without the daily grind. Which may be why winners have problems IMO. 

 

The savings part is less worrisome to me. I'm fortunate to be content that if I die tomorrow I wasn't waiting until retirement to do something I wanted to. I'll never do everything I want to in my lifetime, but hitting the jackpot would let me tick off more check boxes (and sooner). Either way I'm fine. The notion of a bucket list never resonated with me. There's always more to see and do regardless what you've seen and done.

[BUFFALOKIE]

I would go to work tomorrow morning. I love my job, and I think my company values me highly.

 

I cut most knuckleheads out long ago. My true friends, and small family circle will all benefit from any fortune I ever receive.

 

And trees. I'll plant lots of lovely trees.

[Just Jack]

I'd talk with @Chef Jim about where to best hide it in one of those off shore accounts. After he refuses to help me, then I'll ask about setting up three accounts. One will be my "payroll" account. An account that will have enough in it that I can live off the interest only, and not touch the principal. I don't plan on changing my lifestyle too much, other than not working unless it's a job I want to do, even something part time just to get me out of the house once in a while. Second account will be my charity account, for charities that I want to support, not charities that approach me. And I'll make it clear at the press conference when they announce me the winner, that I will not give money to anyone that approaches me. Third account will be my fun account, to do whatever I want with it. And to make sure my family does not come to me for money, all my siblings, and my wife's siblings, will get a whatever the max is you can gift someone without them having to pay taxes, with the understanding that this is all. Spend it wisely, or foolishly, it's their choice. 

 

 

[Gugny]

I'd get a lawyer.

I already have an accountant.

I'd pay my house and car off (my only debts).

I'd buy my parents whatever they want (wouldn't be much).

I'd pay my brother's and sister's debts off.

I'd donate a substantial amount to the Adirondack Vets House (local NFP).

I'd save/invest the rest.

[Marv's Neighbor]

2 hours ago, Mark80 said:

Hire an accountant, financial planner, and lawyer that I trust.  Already have 2 of 3.

Can't find the trustworthy lawyer?

[Miyagi-Do Karate]

I think I would probably dispense with trying to squeeze my yearly deal for Sunday Ticket from directv. 

[unbillievable]

I would design and build a zombie-apocalypse proof home.

 

I will not pay off anyone's debts.

If you want a free house, you'll have to build on my land, and its by invitation only. Don't worry, there will be a driving range, and an artificial lake full of fish. I like to cook, so there will always be good food available. That will be my reason to get up in the morning. (no I will not open a restaurant).

 

To fulfill a childhood dream, I will build a money bin and fill it with gold coins.

 

If you're not on my cellphone contacts list, don't even bother.

To appease my mother, I will give her 100k to distribute to whichever relatives she still talks to...

 

 

Edited August 26, 2019 by unbillievable

[mrags]

3 hours ago, ExiledInIllinois said:

Holy crap!  2 pages in and nobody with:

 

"Lots of hookers & blow."

 

I am really disappointed.  You guys are slipping! /smh

I just saw the lost now. Yeah. Lots of blow and hookers. 

[Seasons1992]

12 hours ago, ExiledInIllinois said:

Holy crap!  2 pages in and nobody with:

 

"Lots of hookers & blow."

 

I am really disappointed.  You guys are slipping! /smh

 

We were waiting for you.

[Guffalo]

12 hours ago, Marv's Neighbor said:

Can't find the trustworthy lawyer?

Thats an oxymoron

[Greybeard]

22 hours 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?  

        At the end of last year, there was a bill in NY that would allow you to remain anonymous.  Cuomo veto'ed it.  Here is one of many links.  I thought it was reported at the time that he said winners could form an LLC, and it could take the winnings.  I don't see how that guarantee's anonymity.   

 

 

https://nypost.com/2018/12/09/cuomo-vetoes-bill-allowing-lotto-winners-to-remain-anonymous/

 

Found another link

https://nypost.com/2019/02/19/how-the-winners-of-new-york-lotterys-biggest-jackpot-were-able-to-stay-anonymous/

Edited August 26, 2019 by Greybeard