Lottery....

Hey guys, last night i watched a show about people hitting the lottery, basically overnight millionaires... One thing got me thinking.....

Let's say today you hit the lottery for like 90 million...and you take it lump sum, basically getting 15% of that 90 million which is roughly 13.5 million..... What person do you have to get to explain HOW and WHERE to invest a good portion of it..? Do they set you up with like a financial advisor..? Where the hell would ALL THAT money go...in one bank for the time being..?

BTW, they do take out insane taxes from your winnings....example, the one guy hit a powerball for 240 million, and he was the only person to hit it...he took the lump sum of 41 million...that's like 83% GONE.. I know he is still rich, BUT GODDAMN can't they just take half...?

PS, all the winners where saying how people all-of-a-sudden start asking them for sh*t..it was crazy.. I swear it i have so much family in florida and LI i can't even imagine how they would come after me.... Honestly, i wouldn't give them squat...only my close family (mom/bro/grandparents etc)..

I would help out only those who needs it and hasnt screwed over my mom in anyway. So that'd be.. my brother, my mom.. my grandparents and some of my aunts and uncles. I'd especially help out my brother though.

I don't feel like doing the math here, but basically if you were to invest it in the stock market for like 30 years and get like 8-12% return, I think you'd be ahead if you were to take payments for 30 years.

If I was to ever win a large jackpot, i'd take the lumpsum, request that my name and whatnot was not disclosed as the winner(you can do that). Then move to somewhere in the middle of nowhere and just live off of the land, be totally self sufficent. I'd also help out all of my family except my brother and father(fuck those assholes, they can eat shit and die). And spend quite some time researching charities, then donate a substantial number to various causes that don't look mad shaddy. But this is the reason people like me don't win the lottery. It's always some 80 year old person who's played every day of their life, then spend the money on stupid material things. Peace-

That's alot of macaroni and cheese!

No, the state does not set you up with a financial advisor or anything like that, you have to do that on your own. not too hard, just flip through the yellow pages... Personally, I would probably hire an accountant immediately and let him/her deal with it.

I would also find a way to have their accounting audited on a regular basis so that they couldn't embezzle (sp?) money from me.

thank god we have an accountant in the family :biggrin:...in the case that we win.

I would just say pay for everything that I want when I want! End of story problem solved.

if you put say $10 million in the bank, with i think 2% interest you'd get like an additional 200,000. that in itself is a huge amount. if you could pay off all your bills, but maybe a few things you want, and put all you can in the bank, you'd be living off of interest.

It's also early retirement for many.

If I won that much money i would pay off all og my familyes bills well my close family, and help out my with some of the stuff and buy me a few cars ands tuff and help out my neighboprs, If they need it, and other stuff like that, and I would buy some nice stuff and put the rest in the bank...

Just set up some conservative stock plans and set up a roth IRA. Roth IRA is the way to go because of the tax free compounded interest.

If I ever hit a huge lottery, I will triple the salary of the mods here in AF. :iceslolan

Seriously, I would have to hire an accountant/financial advisor and take t from there. But one thing is for certain, I'll quit my job and retire early.

TS out

If I ever hit a huge lottery, I will triple the salary of the mods here in AF. :iceslolan

Lottery=100,000,000

3x0=0

100,000,000-0=100,000,000

You greedy bastard
:headshake

Lottery=100,000,000

3x0=0

100,000,000-0=100,000,000

You greedy bastard
:headshake

:lol: He got you there....

Lottery=100,000,000

3x0=0

100,000,000-0=100,000,000

You greedy bastard
:headshake:evillol:

hey, its the thought that counts. :p

TS out

bwahahahahaha

Just set up some conservative stock plans and set up a roth IRA. Roth IRA is the way to go because of the tax free compounded interest.

Roth IRA would not work.
You can only put away 4k a year in a roth ira.
There are many ways to avoid paying taxes and compounding interest. For example an annuity. Otherwise you just sock it away in several different bank accounts / CD's / Annuities / Trusts / LIFE INSURANCE, etc. Plenty of ways to not pay uncle sam after he takes his cut the first time.