Lottery Fever!

[cosmo1]

I always say that if I won, I get $1M in my checking account to blow. I buy a house and a nice car or two and then rest all goes in the back and trust funds. I should never have to worry about anything again. I couldn't imagine even trying to spend $400M.

Maybe an Acura, or possibly something with v-tec (yo)?

 

[UpserinPattySheetIt]

Yelp

 

[UpstateNYUPSer(Ret)]

Unless you're in one of those 6 states......good luck.

You have a year to claim the prize money. During that time you can form a trust or make other such arrangements to where your personal identity remains anonymous.

 

[UpstateNYUPSer(Ret)]

Not in my state. They use your picture for publicity.

...which is why you send a representative from the trust to accept the "big check"...

 

[gear-guy]

I have never got a number right on a powerball ticket! If I get one this week I might frame it.

 

[Wally]

1.3 billion now?!? Who would quit if they won?

If I could stay anonymous I would keep working I think. If everyone found out I would t feel safe always out in the public eye like we are

Buy all the stock you can, so some management types that did you wrong, will be relocated as inconvenient as possible, or let go.

 

[moreluck]

And that's how people end up broke after winning. They think they can handle that sum all on their own.


It's idiotic to even think that you wouldn't need the resources of professionals in that situation. Wow.

If I was a lawyer......I'd be that professional.
If I was an estate planner, I'd be that professional.
So I screw up and lose 20 million.......I"d still have a gazillion left and I'd owe no one!!

 

[UpserinPattySheetIt]

The tickets here say 180 days to claim the prize. So you could move to another state and take up residency. It only takes three months in most states. Then claim anonymously in that state. I'm sure there is some type of fine print that says "you must be resident date of drawing."

 

[Notcool]

I buy tickets every week and dream of winning while I'm picking off. Lol. I've been lucky to hit the last number the past 3 weeks. So I win 4 or 7 bucks. Lol

 

[scooby0048]

And how much does he take for that?????
I've been paying bills and dispersing money for 48 years.....We're familiar with the tax laws involving gifting. It's just bigger sums and we can read all the tax stuff ourselves.
The lawer or lawyers won't be getting a share of it.

I can't help but laugh at your statement. You really have no clue do you, on just how hard it would be to manage sudden wealth like that. There are people with far less money than what is expected from this lottery, who have teams of financial, legal, medical, tax, and security professionals at their beck and call to protect them from themselves and others so that they may hold on to their wealth.

There was a time in another life when I played poker for a living and became friends with a well-respected, and very wealthy poker player and we had talked about his winnings and sudden wealth. It was a nightmare for him in the beginning and not until he hired theses teams of people who are WAY above your paygrade @moreluck, did his life get back on track. But then again, what do I know. I'm just some stranger on the internet. Maybe when you hit, you can start a DIY thread about how to keep your millions without the help of professionals.

 

[moreluck]

I can't help but laugh at your statement. You really have no clue do you, on just how hard t would be to manage sudden wealth like that. There are people with far less money than what is expected from this lottery, who have teams of financial, legal, medical, tax, and security professionals at their beck and call to protect them from themselves and others so that they may hold on to their wealth.

There was a time in another life when I played poker for a living and became friends with a well-respected, and very wealthy poker player and we had talked about his winnings and sudden wealth. It was a nightmare for him in the beginning and not until he hired theses teams of people who are WAY above your paygrade @moreluck, did his life get back on track. But then again, what do I know. I'm just some stranger on the internet. Maybe when you hit, you can start a DIY thread about how to keep your millions without the help of professionals.

When we owned 13 properties, we managed them ourselves. I can distribute $$$$. Get in line.

 

[scooby0048]

When we owned 13 properties, we managed them ourselves. I can distribute $$$$. Get in line.

My apologies...you are absolutely right...$1.3 billion and 13 properties is EXATLY the same thing. Donks!

 

[oldngray]

Some people can manage money. Others can't. Larger scale can get more complicated but similar principles still apply.

 

[moreluck]

My apologies...you are absolutely right...$1.3 billion and 13 properties is EXATLY the same thing. Donks!

If I can do millions, I can do a billion!!!

 

[3838373]

As of october (2015) The powerball changed the numbers; odds of winning a jackpot, increasing from 1 in 175 million to 1 in 292 million.
.. get use to 1 billion jackpots

 

[Wally]

Some people can manage money. Others can't. Larger scale can get more complicated but similar principles still apply.

Some can spend it too, with never ending gusto, like my ex!

 

[Orion inc.]

If I was a lawyer......I'd be that professional.
If I was an estate planner, I'd be that professional.
So I screw up and lose 20 million.......I"d still have a gazillion left and I'd owe no one!!

When we owned 13 properties, we managed them ourselves. I can distribute $$$$. Get in line.

If I can do millions, I can do a billion!!!

Yes because you would be the first then that wouldn't have a team of professionals to handle that wealth.

But you would be just another number to add to the many that would be broke or without that wealth after a few years.

You couldn't do a billion the correct way that it should be handled all by yourself.

That's sheer stupidity right there to even think you could.

 

[UpstateNYUPSer(Ret)]

Some people can manage money. Others can't. Larger scale can get more complicated but similar principles still apply.

You are right in that the same basic principles would apply; however, the mere scope of the sudden wealth could overwhelm even the most seasoned professional.

 

[rod]

Would they cash that 1.4 billion dollar check at Walmart?

 

[moreluck]

If you take cash....no one's gonna get 1.4 billion.

I would take cash up front.