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give some advise to power ball winner - 8/2/2013 12:11:32 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		We all know that they mess up when they win- lets suppose YOUR bit of advise was considered-


Tell me what it is.
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RE: give some advise to power ball winner - 8/2/2013 12:32:29 PM   
speakslittle


Posts: 11
Joined: 7/29/2013
Status: offline 		Random thoughts:
Consult a financial advisor.
Consider investing time and energy into learning the stock market or opening and maintaining a small business. Real-estate's good if you can get your hands on any. Large sums of cash could, presumably, be turned around in this way to give you sustainable income for the forseeable future.

Consider payment plan over cash option. Presumably, payment plan would pay out more and be the better selection.

Do not dramatically change the way you live. No buying houses you can't afford. No buying cars for everyone you know. Pay what you owe, but continue to live within your means, perhaps with the occasional splurge. Medical bills are hella-costly, and let's be honest. Everyone in america has (or will have in the future) medical bills.

Fun side note:
Let's say you win 10k. You'll actually get more like 6000. It might be 6900. Varies by state, I'm sure. But a big chunk comes out in taxes, naturally.
At least here in Ohio, when this happens, go to convenience stores and ask them to save their losing tickets for you. You can claim the losing tickets on your tax returns and get the taxes on your winnings refunded. I don't know how, particularly. I've never had to do it. But I worked in a convenience store for a long time. I've dealt with dozens of career gamblers. This is a thing that happens any time someone wins more than 600 bucks (the max the store itself can pay out). Certainly worth asking H&R Block about next time you do your taxes, right?

(in reply to pahunkboy)
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RE: give some advise to power ball winner - 8/2/2013 2:24:14 PM   
HarryVanWinkle


Posts: 1720
Joined: 5/8/2006
Status: offline 		If you win the jackpot.

1. Find a good fiduciary lawyer. Better yet, interview two or three of them before choosing one.

2. Do NOT let them take your picture holding the big, fake check.

3. If you live in a state where it's legal, do NOT let them publish your name.

(in reply to pahunkboy)
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RE: give some advise to power ball winner - 8/2/2013 3:18:55 PM   
Powergamz1


Posts: 1927
Joined: 9/3/2011
Status: offline 		Sign the winning ticket immediately.

Talk to a major bank about private banking, talk to a financial *planner*, not a commissioned salesperson. You only want to deal with people who stand to profit if you keep your money, not people who get a cut every time you dribble some away, like stock brokers.

Map out the longest you could expect to live, the likely medical and living expenses over that many years, and budget. That sounds counter intuitive, but even a few million will run out fast if you try to keep up with the Kardashians.

After that: Do. Not. Tell. Anybody. Nobody. Not anyone. Repeat. Don't talk about your winnings.

This isn't a sign from God that you are a specially chosen fortunate one that the world should know about and admire, it is a mathematical rarity. Nothing else.

Having this money won't make you a financial whiz, it won't make you a lick smarter than you were the day before, and playing the stock market, real estate market, or the casinos is going to end up the same way... in massive debt.

Did I mention don't tell anyone? If you are married it is probably community property, pay a lawyer to check on that and keep their mouth shut.

It is *not* a windfall for your kids, your brother-in-law, your 3rd cousins, your church, etc.

If you want to be generous do it anonymously, do it quietly, do it humbly and modestly, let them assume you got a nice bonus at work, or cashed in all your CDs, etc.

Don't tell them 'Oh, I'm rich, there's plenty more where that came from!', some people might read that as 'You are keeping them from getting to the rest of *their* money'.

Same thing applies if you want to get plastic surgery, buy a mansion, and hang glide around the world... no one needs to know where you got the money.


Did I mention don't tell anyone except possibly your spouse?

< Message edited by Powergamz1 -- 8/2/2013 3:20:34 PM >

_____________________________

"DOMA is unconstitutional as a deprivation of the equal liberty of persons that is protected by the Fifth Amendment" Anthony McLeod Kennedy

" About damn time...wooot!!' Me

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RE: give some advise to power ball winner - 8/2/2013 3:31:27 PM   
MasterCaneman


Posts: 3842
Joined: 3/21/2013
Status: offline 		I don't know about other states, but if you win, there's a little blurb on the ticket that says the lottery has the right to use your picture for promotional reasons, so not having your picture taken is a no-go from the start.

Get a good lawyer, for sure. For investment advice, if you don't have somebody, talk to your bank if you have one and see if they'd recommend someone. Be like seeing a doctor-get a second opinion.

Vanguard Mutual funds. They don't pay rockstar dividends, but they're steady performers. speakslittle has wise advice-don't go apeshit buying crap for your friends and family, because if you buy something for one, someone else will have the butthurt. Don't buy anyone shit, yeah they'll be pissed, but at least it'll be evenly spread out.

Oh, and sorry to say, forget having friends anymore, especially with that last. Or a phone number for more than a few days, at least for the first couple years. There will be armies of people bribing phone company workers to get your number for just a chance at milking a few drops. Assess your physical security-you will become a target very quickly. While it would be nice to be able to cruise around the ol' hometown in a different Ferrari for every day of the week, all it will do is make you accessible for anything from simple robbery to kidnapping.

On that note, take a loooooong vacation. Pull the kids out of school (who cares? You're a fucking multi-millionaire, hire a tutor for them). They'll be safer in the long run. And when I say long, I mean like a year or more, to give the angrier members of your circle time to cool off. If you're single, there's a whole other set of problems to deal with. Gold-diggers would probably be your first issue. You would probably be your own worst enemy here, especially if you just happen to be a mouth-breathing cellar dweller who hasn't had it since it had him. Don't sign nothing until a lawyer okays it. Use a rubber, too.

Real estate: maintain a house in-state as a decoy, buy a couple in surrounding states, both as an investment as well as a bolt-hole. Don't go nuts with building your "perfect" house, at least not at first. The contractors always require that you can post a performance bond and have available funds, so they'd know more or less who was ordering the McMansion. Price overruns, and all sorts of little games could commence. Avoid that, buy something already built and nothing too outrageous. Haggle, get a deal. Don't pay full-price for anything.

Last to be mentioned but should be one of the first things you do, and that is to establish a trust fund for yourself that ensures you a fall-back source of income when you ignore all the good advice people give you. Set it up so you can't take out loans against it or cash out early. But the most important thing any big lottery winner has to do is to hire this guy shown here. Seriously, he'll keep you out of trouble. He'll be your new best friend. Can't you see the trustworthiness oozing out of him?




Attachment (1)

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler



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RE: give some advise to power ball winner - 8/2/2013 3:44:41 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		MC- that is what I am getting at.


The idea is for the person not to fit into the pitfalls, money always makes people fight.

(in reply to MasterCaneman)
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RE: give some advise to power ball winner - 8/2/2013 3:46:37 PM   
kiwisub12


Posts: 4742
Joined: 1/11/2006
Status: offline 		Don't quit your job until the cash is in the account.
Tell as few people as possible.
Family isn't automatically entitled to a cut. I know a guy who won under 10,000, and he ended up with cousins he didn't know about.........................
Make sure enough hits a retirement account so that you can actually retire at a reasonable age.

(in reply to MasterCaneman)
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RE: give some advise to power ball winner - 8/2/2013 3:56:05 PM   
DLZandD


Posts: 5
Joined: 5/1/2013
Status: offline 		In general taking the cash is always the best option. If you take the yearly payments and then die part way through the tax burden on your heirs is draconian. Also the payments are calculated based on the cash value and an interest rate equivalent to treasury yields. Even the most modest investment adviser can make more than that.

Other than that - all the good advise above is pertinent.

OR as an alternative send the money to me ;)

(in reply to kiwisub12)
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RE: give some advise to power ball winner - 8/2/2013 4:12:51 PM   
ShaharThorne


Posts: 11071
Joined: 2/24/2009
From: Somewhere in TX
Status: offline 		When we play, it is always cash option. I asked Mom if I get a certain amount for myself so I can get a house in Austin to stay in when I go down there. I have certain criteria (close to a bus route, in a certain zip code, gas cooking, fenced yard) and I would let my daughter live there with her BF. Of course we will have to have a massive office to keep the computers in (gaming room) and gen4 broadband.

Mom plans to find a house with a few acres to raise horses and have my brother and his family live with her. I don't want to be mucking out the stalls...LOL!

_____________________________

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Founder: Bitch with Tits

Whip me, beat me, make me feel cheap and have great sex

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RE: give some advise to power ball winner - 8/2/2013 4:27:14 PM   
OsideGirl


Posts: 14442
Joined: 7/1/2005
From: United States
Status: offline 		Very similar to what we've discussed would happen if we won.

The house we're living in would be paid off, renovated and kept as a rental.

We'd buy a house, buy a couple of cars, set up trust funds for us and family members....then go hide out in a rental house in another county while the finance guys work it all out.

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The Accelerated Velocity of Terminological Inexactitude

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RE: give some advise to power ball winner - 8/2/2013 10:51:13 PM   
FrostedFlake


Posts: 3084
Joined: 3/4/2009
From: Centralia, Washington
Status: offline 		Leave town.

_____________________________

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simul justus et peccator
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"... evil (and hilarious) !!" Hlen5

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RE: give some advise to power ball winner - 8/2/2013 11:20:07 PM   
MalcolmNathaniel


Posts: 1394
Joined: 9/20/2010
Status: offline
quote:

ORIGINAL: FrostedFlake

Leave town.



Take the money and run.

I concur.

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RE: give some advise to power ball winner - 8/3/2013 12:19:59 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		Give me the money.

T^T

(in reply to pahunkboy)
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RE: give some advise to power ball winner - 8/3/2013 5:19:27 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: FrostedFlake

Leave town.



and go where??

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RE: give some advise to power ball winner - 8/3/2013 7:26:02 AM   
MasterCaneman


Posts: 3842
Joined: 3/21/2013
Status: offline
quote:

ORIGINAL: pahunkboy


quote:

ORIGINAL: FrostedFlake

Leave town.



and go where??

Everywhere and nowhere at the same time. Keep moving, live in hotels or the investment properties you bought. Unless you build a walled compound with your own private security force, you'll be a target. I'd finish my flight training I started in high school, get multi and intrument-rated and buy my own plane. I always thought Lears looked sexier than sportscars, although it's a titch harder to use the drive-through with one.

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler



(in reply to pahunkboy)
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RE: give some advise to power ball winner - 8/3/2013 7:37:47 AM   
Zonie63


Posts: 2826
Joined: 4/25/2011
From: The Old Pueblo
Status: offline 		Here's an idea:

1. Take the cash option
2. Purchase some tracts of forested land in Montana or Idaho
3. Set up hidden video cameras in strategic locations, connected to a video recording system (explained below)
4. Convert the rest of the cash to Zimbabwean dollars
5. Bury it in a treasure chest somewhere on your land
6. Make several treasure maps, none of them quite right, and all of them a bit different from each other
7. Send the maps to as many people as you wish, explaining that the cash payout is buried where "X" marks the spot (which won't be the right spot, but it'll be close).
8. Tell them all that they're welcome to search for the treasure and give dates that your land will be open for that purpose.
9. Make popcorn.
10. Watch and videotape the festivities! Eventually, someone will find the "treasure," and can you imagine what their reaction will be when they find that it's all in a defunct, worthless currency?

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RE: give some advise to power ball winner - 8/3/2013 7:41:37 AM   
WebWanderer


Posts: 255
Joined: 5/20/2011
From: Fort Worth, TX
Status: offline 		1. Buy a tropical island.
2. Declare independence.
3. Turn it into the world's first BDSM-friendly country where anything goes and visas are easy to get.
4. Enjoy being the patron saint of kink.

_____________________________

Author of Introduction to Self-Bondage and Nine Tales of Submission - now available on Kindle! :)

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Profile   Post #: 17
RE: give some advise to power ball winner - 8/3/2013 7:49:19 AM   
kiwisub12


Posts: 4742
Joined: 1/11/2006
Status: offline 		oh oh, I like these ideas best!

(in reply to WebWanderer)
Profile   Post #: 18
RE: give some advise to power ball winner - 8/3/2013 7:50:05 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: Zonie63

Here's an idea:

1. Take the cash option
2. Purchase some tracts of forested land in Montana or Idaho
3. Set up hidden video cameras in strategic locations, connected to a video recording system (explained below)
4. Convert the rest of the cash to Zimbabwean dollars
5. Bury it in a treasure chest somewhere on your land
6. Make several treasure maps, none of them quite right, and all of them a bit different from each other
7. Send the maps to as many people as you wish, explaining that the cash payout is buried where "X" marks the spot (which won't be the right spot, but it'll be close).
8. Tell them all that they're welcome to search for the treasure and give dates that your land will be open for that purpose.
9. Make popcorn.
10. Watch and videotape the festivities! Eventually, someone will find the "treasure," and can you imagine what their reaction will be when they find that it's all in a defunct, worthless currency?



LMAO!!!

(in reply to Zonie63)
Profile   Post #: 19
RE: give some advise to power ball winner - 8/3/2013 7:50:21 AM   
MasterCaneman


Posts: 3842
Joined: 3/21/2013
Status: offline
quote:

ORIGINAL: WebWanderer

1. Buy a tropical island.
2. Declare independence.
3. Turn it into the world's first BDSM-friendly country where anything goes and visas are easy to get.
4. Enjoy being the patron saint of kink.

5. Watch as the nation who originally claimed the island as sovereign territory comes ashore and shuts the whole show down.

While there have been "successful" micro-nations, in general, if you buy an island, it's still administered by the laws of the nation claiming it. Still, a titillating idea. Here are some nice places...

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler



(in reply to WebWanderer)
Profile   Post #: 20
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