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Best Financial Strategy if You Win the Lottery?
Posted on 1/14/21 at 11:25 am
Posted on 1/14/21 at 11:25 am
You buy a ticket, a miracle occurs and you win the lottery.
Do you take the annuity or the cash?
For either option, what is the wisest strategy in terms of finding money managers, investing, saving etc?
It's obviously a long shot, but what is your serious advice for someone who suddenly wins hundreds of millions of dollars?
Do you take the annuity or the cash?
For either option, what is the wisest strategy in terms of finding money managers, investing, saving etc?
It's obviously a long shot, but what is your serious advice for someone who suddenly wins hundreds of millions of dollars?
22
Posted on 1/14/21 at 11:27 am to MardiGrasMambo
Cash. Time Value of Money.
Posted on 1/14/21 at 11:28 am to MardiGrasMambo
Hire a lawyer
Posted on 1/14/21 at 11:30 am to MardiGrasMambo
quote:
It's obviously a long shot, but what is your serious advice for someone who suddenly wins hundreds of millions of dollars?
i wouldnt be able to spend all that money in three lifetimes. i'd take the cash, live out my dreams and donate the rest
Posted on 1/14/21 at 11:31 am to MardiGrasMambo
tell no one and buy penny stocks
Posted on 1/14/21 at 11:31 am to MardiGrasMambo
Cash. Cash. Cash.
Posted on 1/14/21 at 11:32 am to BallsEleven
quote:
Cash. Time Value of Money.
Also risk of something happening over the course of the annuity where they claim bankrupcy.
I think you hire a lawyer first particularly one that has an understanding of the tax implications. If you can claim anonymously then do so, if not you need to come up with a plan to not be recognized. Such as.. Legally changing your name to accept it, then later changing it back.
Posted on 1/14/21 at 11:33 am to MardiGrasMambo
Cash, hire a wealth manager (mo money mo problems), set a goal of never funding my lifestyle at a level requiring me to utilize my initial capital
Posted on 1/14/21 at 11:35 am to MardiGrasMambo
Cash
Posted on 1/14/21 at 11:38 am to makersmark1
Lawyer, tax guy, investment guy, take the cash option, hold out a few million for initial real estate/QoL stuff, put the rest in the market, live on interest. Never touch the golden goose
Posted on 1/14/21 at 11:39 am to MardiGrasMambo
Start a posse and travel around
Posted on 1/14/21 at 11:44 am to MardiGrasMambo
I miss Poodlebrain's insights
You'd obviously have to start at step 7.
You'd obviously have to start at step 7.
This post was edited on 1/14/21 at 11:45 am
Posted on 1/14/21 at 11:46 am to Costanza
quote:
Lawyer, tax guy, investment guy,
why waste money on this crap?
Posted on 1/14/21 at 11:48 am to rocket31
quote:
why waste money on this crap?
because you dont know what you are doing. Posted on 1/14/21 at 12:01 pm to MardiGrasMambo
After Lawyer and financial advisor I would research long term dividend stocks. Stocks that are involved with products that aren't going away like real estate, clean water, etc.
Make it nice and diverse then have something to pass on that generates money monthly, quarterly, and annually. You could task the financial advisor with this if you wanted to aswell.
Also Cayman Islands because anything you save here the government will find a way to take overtime.
Make it nice and diverse then have something to pass on that generates money monthly, quarterly, and annually. You could task the financial advisor with this if you wanted to aswell.
Also Cayman Islands because anything you save here the government will find a way to take overtime.
Posted on 1/14/21 at 12:08 pm to MardiGrasMambo
Lay low for a while and get your shite together
Posted on 1/14/21 at 12:09 pm to MardiGrasMambo
quote:
Do you take the annuity or the cash?
Who do you want holding all that money over the next 20 years, you or the gubment??? I think that's a no brainer.
I think if you do win, you find the best estate planning attorney money can buy and you consult with them before you even think of coming forward with the winning ticket.
Posted on 1/14/21 at 12:21 pm to EOT
Poodlebrain was my favorite MTB poster. He was an encyclopedia, especially on tax related matters. Great find for 2012! RIP 
This post was edited on 1/14/21 at 12:22 pm
Posted on 1/14/21 at 12:24 pm to MardiGrasMambo
Take cash
Put ~80% in VTSAX/VTI and ~20% in VBMFX/BND
Set dividends to deposit into settlement fund
That's a cool 3-5 million a year without touching any shares.
I don't understand why people assume a plan for a retirement nest egg can't be applied the same to a massive pile of lottery winnings.
Put ~80% in VTSAX/VTI and ~20% in VBMFX/BND
Set dividends to deposit into settlement fund
That's a cool 3-5 million a year without touching any shares.
I don't understand why people assume a plan for a retirement nest egg can't be applied the same to a massive pile of lottery winnings.
Posted on 1/14/21 at 12:30 pm to MardiGrasMambo
There was an interesting post about this on the OT Lounge a year or 2 ago that I will try to find. There was one person that replied that seemed to have an expert knowledge on the logistics of receiving your winnings; ie how long to wait, how to remain anonymous, who to hire as lawyers/tax people (he gave real names of people in Nawlins).
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