How Does A Lottery Winner Deposit A Huge Multi-Million Dollar Check?

[EMNofSeattle]

Why would you want or need to put $700m+ in an investment portfolio? That's more money than you could spend in your lifetime, you literally don't need to make any more money.

You can always find ways to blow money. Many lottery winners do end up blowing all of it. It’s not possible to have more money then you know what to do with. If you’re broke at minimum wage you’ll be broke at 500,000,000 on the inside of a decade

 

[holbritter]

No. There's no reason to do anything "quickly." It can be put into an interest-bearing account until the winner decides what to do.

As to the question in the OP: it's not interesting. It's what banks are for.

Unless short-term interest rates go down.

A person who has never had money before doesn't usually fair well with instant wealth. Your "advice" is grossly over-simplified.

Instead of knocking everyone's contribution/thoughts, why not share what you advise?

 

[reflechissez]

Instead of knocking everyone's contribution/thoughts, why not share what you advise?

Put the money in short-term treasuries.
Hire: estate attorney, financial advisor, tax advisor and a therapist.

 

[Fearandloathing]

The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

With a paltry sum of 1.35 billion you hire lawyers and accountants and you roll a fat one and go languish at the pool.

They will come to you. You will sign things.

That's all the work you will ever have to do.

Or maybe have to decide between a classic Benz or a VanGough

 

[NWRatCon]

How does one deposit such a huge sum...

Very carefully...

 

[NWRatCon]

Most people want it somewhere safe while they take a pause, hire a financial manager...

I'll volunteer to manage that account.

 

[Chomsky]

Why would you want or need to put $700m+ in an investment portfolio? That's more money than you could spend in your lifetime, you literally don't need to make any more money.

Where do you propose to put the money?

And why not have it safely invested? Even if only in T-Bills?

 

[Chomsky]

I would just do that. Just for the fun of it, to see jaws dropped and my banker being close to a heart attack.

It is relative easy to spread out such a huge amount of money so it would be insured. One vehicle would be short term CDs. till you find a better way to invest and secure the money. Sit down take a deep breath and let it sink in and continue to live your current livestyle

I once saw advice on winning a large lotto to be to immediately take $100K per spouse to let-off steam, and let the rest sit for six months to let it all sink in.

That sounds like good advice, to me.

I'd also add: Tell absolutely freaking no one!

 

[NWRatCon]

Same. Makes me sick the money my significant burns playing it.
People who swear they are rational and reasoned play it all the time and never stop believing they are rational and reasoned.
Humans, a failed species.

My spending on the lottery for entertainment is less than my cable bill. Or half of a trip to the movies. Or a quarter of a tank of gas. On the other hand, I do not run around golf courses in thunderstorms holding a golf club over my head. Odds are about the same, but the results are quite different.

 

[reflechissez]

With a paltry sum of 1.35 billion you hire lawyers and accountants and you roll a fat one and go languish at the pool.

They will come to you. You will sign things.

That's all the work you will ever have to do.

Or maybe have to decide between a classic Benz or a VanGough

It will alter their world. I recommend therapy as well.

 

[Chomsky]

I don't play the lottery because I understand math and statistics.

They don't actually receive the money in check form. After the Lottery officials authenticate the ticket, the winner has to sign some stuff and a transfer is made however it's designated. Something similar to how you may have done when signing new hire paperwork to tell them where to send your paycheck.

The people I know that have won usually set up Roth IRAs or other long-term investment accounts.

You play the lotto for investment; you play it for entertainment.

 

[Chomsky]

you buy the bank





if you don't trust banks, then buy a mattress manufacturing company

Haha!

 

[NWRatCon]

I once saw advice on winning a large lotto to be to immediately take $100K per spouse to let-off steam, and let the rest sit for six months to let it all sink in.

That sounds like good advice, to me.

I'd also add: Tell absolutely freaking no one!

I already have a plan.

Funny story: my wife texted me yesterday and asked if I checked our lottery tickets. I told her, "yes, but we didn't win anything." Then I texted her to tell her she could reach me in the Turks and Caicos in the next day or two. I'd send her my location.

 

[Chomsky]

Same. Makes me sick the money my significant burns playing it.
People who swear they are rational and reasoned play it all the time and never stop believing they are rational and reasoned.
Humans, a failed species.

You don't play expecting to win, you play for entertainment.

Two bucks don't even buy a coffee or ice-cream cone. But it gives my wife something to fantasize about for a few hours. That beats drugs or booze.

 

[Chomsky]

I have a net worth well past 7 figures, and i play the lottery

Even though i know my odds of winning are 325 million to one, you cant win if you dont play

And playing 10 bucks when the jackpot is over 400m just seems like a nice way to dream

So i waste 300-400 bucks a year.....pocket change for me

And that is why most people play....to dream of hitting....gives us a little hope

Let's put it this way: It beats drugs or booze!

 

[The Mark]

The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

Put the ticket in a safety deposit box somewhere, contact a lawyer, have them set up a thing (company? LLC?) I don't recall the name of, and have that thing claim the reward while keeping their name out of it.

 

[Bullseye]

What you don't do is invest in TSLA...

With its price so far down, a little bottom fishing may prove profitable.

 

[Chomsky]

My aunt is married, no kids. Her husband spends $3,000/month. He's won some here and there but not the mega bucks. They've been married about 35 years now. But, like you, there is enough income that it doesn't phase them. I just think of all that $ which is more than a lot of people earn in a year.

Even if you've got the cash to burn, 3K/mo on lotto sounds ridiculous.

Do you know how much fun the guy could have at the track? And, he'd probably pay-off more!

 

[Lutherf]

The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

Why deposit it? Just cash the damned thing and head to Vegas!

 

[Chomsky]

that how i get past my wife's (minor) indulgence in lottery tickets ... it is a small price to pay for the optimistic outlook she realizes ... at least until the drawing is conducted

for my Mom, it was the nickel slots overseas in the 60s. small investment to realize a perpetual smile

Why gamble to fritter away our hours in an endorphin buzz, when for only 15 bucks a week we can have the internet?

 

[NWRatCon]

Even if you've got the cash to burn, 3K/mo on lotto sounds ridiculous.

Do you know how much fun the guy could have at the track? And, he'd probably pay-off more!

Best odds? Craps, then Black Jack. Slot machines are not awful, but you have to play appropriately. Bottom of the list: lottery.

 

[Slartibartfast]

You don’t really know what they are going to do with it. Most people want it somewhere safe while they take a pause, hire a financial manager, and figure out their next steps.

Nothing wrong with savings accounts.

No one puts $724 MILLION in a savings account while figuring things out.

You figure that all out first before you take possession of the funds. That is why there is usually months between knowing that there has been a winner and even possibly hearing who that person is.

It probably depends on the familiarity that particular person has with handling large sums of money and the risks around it.

 

[Chomsky]

Unless short-term interest rates go down.

I think you're on the right track with temporarily parking (most of) it in T-Bills.

 

[NWRatCon]

Even if you've got the cash to burn, 3K/mo on lotto sounds ridiculous.

Do you know how much fun the guy could have at the track? And, he'd probably pay-off more!

Yeah, I don't think that is spent on lottery tickets. It would, however, get a small flat or many hotel nights with visitors.

 

[Chomsky]

I would hide it all under my mattress

Better have a really big mattress!