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Posted on 1/12/16 at 12:59 pm to tigersfirst
Open 300 accounts
Posted on 1/12/16 at 12:59 pm to Bluefin
quote:
Our mission will be to beat the Dallas Mavs, and only the Dallas Mavs.
Posted on 1/12/16 at 1:00 pm to 13SaintTiger
It's good advice for dumbasses, but I feel like anybody who is doing well with their current finances could do well with the new setup as well.
I'd compare it to a new and inexperienced NFL owner - the most important decision would be the GM. Find a good GM and GTF out of his way. To the winner of this jackpot, their most important decision will be finding a trusted financial advisor (or a team of advisors) to help you develop an investment strategy, a lifestyle strategy/budget, and something meaningful to do with your wealth while you grow it. Find a good advisor and GTF out of his way (while monitoring his/her integrity/honesty/performance relative to the market, etc).
I'd compare it to a new and inexperienced NFL owner - the most important decision would be the GM. Find a good GM and GTF out of his way. To the winner of this jackpot, their most important decision will be finding a trusted financial advisor (or a team of advisors) to help you develop an investment strategy, a lifestyle strategy/budget, and something meaningful to do with your wealth while you grow it. Find a good advisor and GTF out of his way (while monitoring his/her integrity/honesty/performance relative to the market, etc).
This post was edited on 1/12/16 at 1:01 pm
Posted on 1/12/16 at 1:00 pm to 13SaintTiger
I would listen to Cuban.
Posted on 1/12/16 at 1:00 pm to 13SaintTiger
This is dumb.
If you have half a brain you would diversify. Leave like 20 million in a bailout account.
Invest in some property and businesses but know when to cut bait and why's a stupid deal.
Give your family some money one time then cut them off. They are the biggest leeches of all.
Most of all don't be dumb. Don't buy a plane, a yacht, or a 10 bedroom mansion.
If you have half a brain you would diversify. Leave like 20 million in a bailout account.
Invest in some property and businesses but know when to cut bait and why's a stupid deal.
Give your family some money one time then cut them off. They are the biggest leeches of all.
Most of all don't be dumb. Don't buy a plane, a yacht, or a 10 bedroom mansion.
Posted on 1/12/16 at 1:00 pm to tigersfirst
quote:
Doesn't the FDIC only insure checking accounts up to a million dollars?
$250K per depositor. You'd have to spread it around to every bank in the state.
Posted on 1/12/16 at 1:01 pm to 13SaintTiger
Also keep in mind that, especially if are the sole winner, this jackpot is large enough to make it tough to frick up, no matter how many 100K investments in your 5th cousin's minature porcupine breeding business you make.
Posted on 1/12/16 at 1:01 pm to 13SaintTiger
I think this Mark Cuban's way of saying "If you win, you'll probably be an idiot, so lets take the most conservative approach possible, and don't act like you're nott an idiot."
Mark thinks he's a lot smarter than he is iMO. We all know everything he is was a result of the .com bubble. He cashed in on "broadcast.com". The end.
And yes, it seems like its mostly people in sort of "trashy/impoverished/lowly" places that win these things.
For example, the girl in NC who won $100+ million, first thing she does is bail out her drug dealing ex-bf from jail for $2 million. Obviously she would get that back, but that being the first thing she thought to do is nuts.
Mark thinks he's a lot smarter than he is iMO. We all know everything he is was a result of the .com bubble. He cashed in on "broadcast.com". The end.
And yes, it seems like its mostly people in sort of "trashy/impoverished/lowly" places that win these things.
For example, the girl in NC who won $100+ million, first thing she does is bail out her drug dealing ex-bf from jail for $2 million. Obviously she would get that back, but that being the first thing she thought to do is nuts.
This post was edited on 1/12/16 at 1:07 pm
Posted on 1/12/16 at 1:02 pm to 13SaintTiger
He could keep the same advice but change it to "keep it in an index fund"
Have a $50 million safety fund in something bulletproof, another $20 million in gold, and all the rest in an index fund. This would be the best strategy for 75% of the population.
Have a $50 million safety fund in something bulletproof, another $20 million in gold, and all the rest in an index fund. This would be the best strategy for 75% of the population.
Posted on 1/12/16 at 1:02 pm to MightyYat
Is there a limit to how much you can keep in the bank?
Posted on 1/12/16 at 1:03 pm to Geauxld Finger
quote:
Most of all don't be dumb. Don't buy a plane, a yacht, or a 10 bedroom mansion.
I think a 10 bedroom mansion wouldn't be so bad if you had it planned out and planned to live there for a good while.
Posted on 1/12/16 at 1:03 pm to 13SaintTiger
quote:
Don’t take the lump sum.
You dont take it. Lottery goes bankrupt in a year. You're fricked.
Posted on 1/12/16 at 1:03 pm to Geauxld Finger
quote:
Invest in some property and businesses but know when to cut bait and why's a stupid deal.
So, in other words, be a good investor. I think the point of the OP is that most people aren't.
Posted on 1/12/16 at 1:04 pm to 13SaintTiger
"Don't bail your dope-slinging boyfriend 'Hot Sauce' out of jail multiple times for millions a pop."
Posted on 1/12/16 at 1:04 pm to 13SaintTiger
What exactly does he mean by, "put it in the bank"? You can't just go to regions and say, here 1.5 B.
Posted on 1/12/16 at 1:04 pm to Breesus
Or taxes spike. The country needs money and 25 years is a long time.
Posted on 1/12/16 at 1:05 pm to UpToPar
quote:
If you win the lottery, you pay people much smarter than yourself to invest your money for you.
No. People much smarter than you would milk your every dime without you being smart enough to know. I think to say "smarter" isn't accurate. I think I could and would learn a lot more about investing if I had the capital to invest, and winning the lottery would provide such capital. I'd do a lot of learning before talking to any one that might be a sleezeball. I would likely turn to the people I know well already to help.
Posted on 1/12/16 at 1:05 pm to 13SaintTiger
First person I'm calling is Broke, he's going to set me up.
Posted on 1/12/16 at 1:08 pm to Jack Daniel
quote:
What exactly does he mean by, "put it in the bank"? You can't just go to regions and say, here 1.5 B.
Its not going to be $1.5 B. Its going to be about $850 mill if you take the cash option.
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