patrick.net

Or if you are the type that views $700K as a nice nest egg, and not found mad money, then it's alright as well.
Ad why on earth would you tell anyone else. You know it will bring every cockroach out of the walls. Just give money to anyone you want and feels deserves it; with a signed nondisclosure remnant.
Personally, I would spend it all on cobra whiskey and ladyboys.

georgeliberte says

Ad why on earth would you tell anyone else.

Depends on the state where you got a winning ticket. Sometimes by purchasing the ticket you're agreeing to be used in marketing stuff for the state. Big check and all that shit. Some states will allow anonymity, but it's not always a guarantee.

Either way, you win the lotto, you're going to end up burning bridges with a lot of people if you're smart.

I was in a situation slightly similar with an inheritance a few years ago.

I felt like I was “rich” and blabbed too much about it. A few females asked me for some dough, but I quickly left Florida. Where I am now the only clue is the nice wheels I drive.

Tax time was a bucket of cold water and I started to feel differently.

The key to feeling rich is income, not net worth.

If I won lottery money I would keep it quiet and run, not walk to a Fidelity store or Vanguard, T. Rowe Price or a fee only financial planner, pay him by the hour.

The trick is to keep the income down around $85,000/year, above this and things change for taxes.

The guy could get a Vanguard tax managed capital appreciation fund and get almost no 1099 each year if he could resist the urge to spend it today.

georgeliberte says

Ad why on earth would you tell anyone else. You know it will bring every cockroach out of the walls.

He went to the store to buy snacks then gave it to ma to verify that he won a million dollars. $700K definitely could change someone's life for the better. But in most cases where you come from a lower middle class family, all living under the same roof. Everyone will be poor again after a few years, after they blew through the money. That's been the norm in almost every Lottery winner story. Multi or tens of millions, at least there's a nice chunk of money to squabble over. $700K is just enough to cause animosity.

Depends on the state where you got a winning ticket. Sometimes by purchasing the ticket you're agreeing to be used in marketing stuff for the state. Big check and all that shit
Do your own dog & Pony show about how you are donating it to an anonymous charity 9myself), and choose the quiet simple life. Hide and disperse it (some overseas to confuse the government.
Also, consider establishing a charitable foundation to shield it and provide for future generations of inbred offspring. I mean there u=is a reason both Hillary and Donald do this.

I know a financial planner who managed this amount for a relative after they got a legal windfall. It was frittered away in a few years on drugs and bling, in spite of his best efforts.

Face it. People who can't manage money can lose any amount you throw at them and no amount of money will fix them. Thrifty people are hard to keep poor.

If it weren't for ingratiating phonies, some rich people wouldn't have any friends at all.

clambo says

I was in a situation slightly similar with an inheritance a few years ago.

Wow was it parental wealth or was it lost Rich uncle you never knew you had?
If it was your Parents, how come they didn't raise you to recognize and appreciate their wealth? That was a hard burden and lesson to leave you to learn on your own.
People knock Jews for teaching their kids how to be money experts, but that's the one thing I respect them most about.

Tenpoundbass, it was a parent who actually earned and spent a lot. He asked me to help him with his finances.

I’m the frugal person in the family, so I refused the money request from the female who had an “emergency”

The tax bite came from the IRA required minimum distribution which bumped up my Obamacare tax bite about $9000 that year. It was unavoidable. It was my father’s IRA, but someone must take it that year.

He had a brokerage account at Morgan Stanley in Boca Raton and he had an 85 page statement. I said I could fix this.

He was paying a “management fee” of over $15,000/ year, but didn’t believe me “ show me that!”

I helped him to make a “transfer in kind” to Vanguard saving thousands, Morgan Stanley required a medallion signature stamp, a guy at the bank does this by appointment. Morgan further required to speak with my father on the phone, which he disliked after I showed him the FINRA fines paid by the broker “adviser”.
“I don’t want to talk to that SOB.”

He was sold a Jackson variable annuity which was just maturing or had reached the annuity date.
He was going to receive annuity payments but he was over 90 , “You will not even get the principal back.”
I fixed it and he got his annuity as a lump sum.

Morgan Stanley had sold him a lot of bullshit stocks, like Russia oil and gas, Brazil and other foreign stocks which I sold. He lost some capital but I got him out before it all turned to shit luckily.
Normally they get in trouble for this shit, but my father had signed a waiver saying he approved of risk, it was absurd.

He really liked the Vanguard statements which are cool pie charts and etc.

He thought I was clever when he saw a Wall Street Journal article about a “top adviser” mutual fund picks for a 1% fee with clients with $1 million to invest ($10,000 per person/year, that’s a good living)
His investments were largely similar.

He was paying accountants thousands to prepare his taxes which I did with HR Block software.

I did spend some dough on LENSAR for my cataract surgery, but that’s worth it.

My Florida friends tell me to relax and spend some money because they have friends and relatives who died much younger than my father. He actually died from an accident at 96, so I am careful in case I am around a long time.

4) Girlfriends from 20 - 30 years ago show up at their front door to say that they made a mistake and "Never stopped loving you!"
Assuming they still have any looks, drop zipper and offer them a chance to start making up for it.

clambo says

so I am careful in case I am around a long time.

Well done, I'm sure the reality of money being yours rather than theirs would be a temporary shock regardless of your fiscal discipline.

APOCALYPSEFUCKisShostakovitch says

Opportunity to drive with a sign that says, 'Best blow job gets to marry me!'

After 100,000 or candidate blow jobs, you can announce they're all losers and pose for a picture with the governor.

Fantastic out of the box thinking!

Ya I've read a few articles, and I think a short documentary on the statistics of lotto winners. The average winner goes broke in mere years, leaving them not only penniless (or sometimes in debt because they didn't stop spending in time), but they also tend to be left with their social life in shambles because friends and family change too when the money bug hits them and turns them all into a vicious jealous circle of sharks.

I would try to keep it secret if I could, but I too am under the impression that they tend to make their winners very public info.

georgeliberte says

Personally, I would spend it all on cobra whiskey and ladyboys.

I asked the Concierge in the executive lounge in Malaysia "Where do people go to meet women in KL?"

She looked at me and said "Wut kind lady you looking foh?"

I said "The real kind!"

"I would spend it all on cobra whiskey and ladyboys." Sterling Archer

LOL

I hate those over achievers that win a lotto and continue on as nothing ever happened.
They continue to keep playing their Lotto strategy and hit it again. They don't even need the money not even that first win.
What do they then do, write a book about how they did it. Then all of the Loto losers will buy it, then realize they don't have a couple thousand to put down on every record breaking jackpot.

I had a friend who's Dad played the Florida lotto when it first came out.When the payout was record level, he would put up as much as $10K. Most of the time, he at least got most of his money if not all back. He never hit the jackpot but he got 5 out of 6 several times, and had the 3 and 4 ticket as well.

I’m in the get rich slow plan.
It involves tons of hard work, sacrifices, and frugality. I couldn’t do it without the talented and hard working woman I had the good sense to marry. That was probably my best choice so far. Not only is she a real life partner in reaching for everything we never had, but she gave me three great kids. It’s hard to quantify how much all of that is worth, but I’ll tell you this much for free: I feel like a wealthy man!

It involves tons of hard work, sacrifices, and frugality.

And that rewards with a sense of accomplishment and purpose.

clambo says

Morgan Stanley had sold him a lot of bullshit stocks, like Russia oil and gas, Brazil and other foreign stocks which I sold. He lost some capital but I got him out before it all turned to shit luckily.

Huh? Outside of a sham firms like Jordan Belfort's "Wolf Of Wall Street", the average investment advise is simply the S&P500, not some futures in post-Soviet oil exploration.

I mean the dumbest investor in the world can simply read the S&P list and pick the ones which he's familiar with like Coca-Cola, AT&T, Proctor & Gamble, Johnson & Johnson, Con Edison, 3M, Colgate-Palmolive, Raytheon, etc, and forget the rest.

I won $175k first prize with 16 traders. We missed the powerball or we would've split the grand prize of $200M.

BUT-

The clerk who checked our tickets tried to steal it.

After a 2 year court battle we each got about 85% of our winnings. She got probation plus time served i think.

After taxes i pocketed around $7k , #worth

CBOEtrader says

The clerk who checked our tickets tried to steal it.

Lol, that's a hazard people don't think about.

Maybe you should need ID to buy a lottery ticket. Then it would really be your name that one, not a number that someone could steal.

Patrick says

CBOEtrader says

The clerk who checked our tickets tried to steal it.

Lol, that's a hazard people don't think about.

Maybe you should need ID to buy a lottery ticket. Then it would really be your name that one, not a number that someone could steal.

Can't you just sign the back of the ticket before giving it to the clerk to check?

Rin of course I was surprised at some of the stock picks by Morgan Stanley too.
I wanted to make a big deal about it but the stock portfolio didn’t lose money overall, and they had his waiver for deniability.

You would be surprised how fast stocks from Russia, Brazil, China, etc. can fall in dollar terms.