I'm so tired of the advice given by attorneys and finacial planners, it's always the same. Make sure they get their cut. If you have good money managements skills, you will have them after, if you don't then you'll continue. A team of lawyers and financial analyst would cost you 3 to % of your winnings as they charge you 500 bucks an hour. If you take the lump sum they already take the tax out, calculate your state and local taxes if there are any and pay them and you are all set. Buy some high yield bonds, mutual funds and high dividend stocks, keep diversified and DON'T "give" or loan money to anyone. hire a good CPA and you are all set. Don't let slimy lawyers and financial planners rob you blind. Remember life is short, some people are paralyzed by winning and stop living afraid to get hurt or pass on. Live it up, you could go tomorrow.
First thing I'd do if I won a jackpot that big is book myself on the longest ocean cruise available at the time and put the rest of the money into a Treasury Direct account. That way, I'd be free from being bothered by all the salesmen, charities, and freeloaders who would otherwise accost me. And on such a cruise, I'd sit down and soberly consider my new financial situation. Upon my return, I'd put my financial plan into play and tell anyone who would upset that plan to (expletive) off ... hiring a private security firm to keep such people at arm's length if need be until my jackpot win became "old news."
Okay, everyone. Think about all of the things you said you would do with the Powerball winnings if you had won. I know many of us said we would do good things for people in need. Start schools in Africa, help missionaries in emerging countries, get your church out of debt, etc. The only problem is, you didn't win. Here's a thought:
Do it anyway.
We all want the ability to give out of our excess (Powerball winnings) but the fact is, the Lord wants us to give like the widow who gave of her subsistence.
Find a charity that is doing the work you said you would do with your winnings and send them something. Don't worry so much about how much is going to salaries and overhead in the charity, or whether your money will be spent exactly the way you want, but just give something, let it go, and know that you've placed it in the hands of the Lord.
If I won, take care of family first, buy a cd player for my 26 year old lincoln[i would keep my car]. Set up funds for animals in need of homes and medicine. Help the poor and homeless.There are about 5 people who write and speak up for what is truth, i would help them. for myself, i could buy some great books and a new computer and hire someone to help with a web site and find a way to start something that would give people Jobs. To be thankful and Thank the Lord i am able to do it. Of course if I don't win i still will work on helping others, saving for my new computer and cd player, take care of what i can for family and Thank God I have a new and beautiful day and a awesome stary night.My real treasure/gold is not of this world anyway, but it does help and would be great to have enough to spread around.
I always said if I win the lottery, the first thing out of my mouth will be, "If you ask me for money, I don't care who you are, you will not receive one red cent!"
GRIFFON49 - That's a good idea. Everyone around you should be aware that you are a winner, not Santa Claus. After that, soberly create an estate plan - or have a financial planner do it if you don't trust your own judgement. Afterward, tell people that you've created an estate plan and will not deviate from the plan. Charitable giving to people or agencies can be part of such a plan - but make certain others know that you won't deviate from it. Real friends and loved ones who really love you will understand. If others don't, that's their problem not yours.
RSCNET5 - All kinds of people win the lottery. In my state, the first state lotto winner was a retired securities analyst who was already a millionaire. When asked what he'd do with the money, he said he'd buy a 2nd vacation home (he already had one vacation home) and invest the rest. Hey, it's his money so why not? Immediate family members? Puhleeez. Check out William "Bud" Post. He's dead now (natural causes). But when he won his Pennsylvania lotto jackpot, his own brother hired a hit man to kill him ... hoping he'd be mentioned in his brother's will. The hit man turned the brother in (grin) and the brother went to prison.
Pay off all family debt (ours, the kids, and between us, ten siblings.) Fund education for the grandkids. Donate to local food pantries, literacy programs, animal shelters, set up a dental clinic for the uninsured, provide restoration funds for a local theater, visit relatives overseas, buy a couple of vacation homes for family members to use whenever, set up trust funds for family members to draw on as needed, donate to a religious order's retirement fund for the sisters, donate to local domestic violence group. Keep it local.
If I win the lottery, I will buy Wallstreet, and burn it down.
Then I'll create a PAC, buy a congressional seat, do nothing, maybe even become a republican, then make millions after I retire from my single term, if I don't resign first, then make even MORE money on speaking engagements and writing my memoirs using a ghost writer, cause I don't even want to spend too much time writing or researching why I did the things that I may or may not admit to doing. I'll hire a double for the speaking engagements cause I don't really like to talk to anyone.
If money doesn't buy happiness, then I'll RENT one heck of a good time...
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Do it anyway.
We all want the ability to give out of our excess (Powerball winnings) but the fact is, the Lord wants us to give like the widow who gave of her subsistence.
Find a charity that is doing the work you said you would do with your winnings and send them something. Don't worry so much about how much is going to salaries and overhead in the charity, or whether your money will be spent exactly the way you want, but just give something, let it go, and know that you've placed it in the hands of the Lord.
Peace,
Lynn
RSCNET5 - All kinds of people win the lottery. In my state, the first state lotto winner was a retired securities analyst who was already a millionaire. When asked what he'd do with the money, he said he'd buy a 2nd vacation home (he already had one vacation home) and invest the rest. Hey, it's his money so why not? Immediate family members? Puhleeez. Check out William "Bud" Post. He's dead now (natural causes). But when he won his Pennsylvania lotto jackpot, his own brother hired a hit man to kill him ... hoping he'd be mentioned in his brother's will. The hit man turned the brother in (grin) and the brother went to prison.
Then I'll create a PAC, buy a congressional seat, do nothing, maybe even become a republican, then make millions after I retire from my single term, if I don't resign first, then make even MORE money on speaking engagements and writing my memoirs using a ghost writer, cause I don't even want to spend too much time writing or researching why I did the things that I may or may not admit to doing. I'll hire a double for the speaking engagements cause I don't really like to talk to anyone.
If money doesn't buy happiness, then I'll RENT one heck of a good time...