Lottery Winners

[rhinefire]

So winners of mega millions, where does on put that much money when FDIC only insures $250,000?

 

[BirdinHand]

Under a really big mattress?

 

[ttwtt78640]

So winners of mega millions, where does on put that much money when FDIC only insures $250,000?

Good question, but I’ve never won over that amount.

 

[Allan]

So winners of mega millions, where does on put that much money when FDIC only insures $250,000?

Good question. In Canada a lottery jackpot is paid in full, tax free. The maximum is $80 million.

What do do with $80 million? The CDIC insures up to $100,000. So you could spread it around a bit but in Canada we have only a few large banks.

I would invest most it in equities, that way you know that it's backed by a tangible asset.

To get started I'd invest in Canadian banks themselves. Banks here are strictly regulated and profitable. Scotiabank pays a dividend of 5.13% which is a nice return for little risk.

I would also invest in Trump trading cards, and a shredder.

 

[Chock Full o Nuts]

Gotta spread it around between banks and different types of accounts/funds.

Doesn't really matter though, as they'll probably blow through it before anything happened.!

 

[Callen]

I'd give most of it away and they can worry about what to do with it.

 

[Chomsky]

Bonds, stocks, market funds, commodities, and other financial instruments.

 

[noonereal]

So winners of mega millions, where does on put that much money when FDIC only insures $250,000?

Buy Real Estate and precious metals ASAP.

 

[Allan]

Gotta spread it around between banks and different types of accounts/funds.

Doesn't really matter though, as they'll probably blow through it before anything happened.!

It happens. A lady here blew through $10 million pretty quickly...

I won $10m on the lottery but lost it all - money is the root of all evil

A WOMAN who won $10million in a whopping lottery jackpot has lost it all in a decade and now has a part-time job to pay the rent. Sharon Tirabassi from Hamilton, Ontario, cashed in her $10.5million…

www.the-sun.com

$10 million invested in an ETF like Vanguard's VTI would have given her income of about $900k a year.

Stupid stupid stupid.

 

[Allan]

I'd give most of it away and they can worry about what to do with it.

Put me on that list.

 

[Chomsky]

I'd give most of it away and they can worry about what to do with it.

I'd take the lump-sum anonymously through some legal entity like an LLC or trust, and do my very best to tell no one - not even my kids.

They may wonder, but they'll never know.

Any financial help I provide others would be done anonymously through my attorneys.

My overall guiding tenets would be: "Mum's the word!" & "Silence is Golden!"

Oh, and for maybe six months or a year - besides setting-up my management team - I will try to refrain from major purchases or life changes. I'll need some time to let it all sink-in, so I can gain perspective.

The couple in the article below are my Lottery heroes! In fact, I'd consider using their attorney:

Here:

The secret millionaires next door

www.shawlocal.com

 

[aociswundumho]

Most lottery winners end up broke after a few years, so it really doesn't matter.

 

[Chomsky]

Good question. In Canada a lottery jackpot is paid in full, tax free.

That's great!

The maximum is $80 million.

That sucks!

What do do with $80 million? The CDIC insures up to $100,000. So you could spread it around a bit but in Canada we have only a few large banks.

I would invest most it in equities, that way you know that it's backed by a tangible asset.

To get started I'd invest in Canadian banks themselves. Banks here are strictly regulated and profitable. Scotiabank pays a dividend of 5.13% which is a nice return for little risk.

I would also invest in Trump trading cards, and a shredder.

 

[SNOWFLAKE]

If you are MAGA give the excess to Trump, he needs it.

If you are NOT MAGA, give it to people who really need it. Natch.

 

[Allan]

I'd take the lump-sum anonymously through some legal entity like an LLC or trust, and do my very best to tell no one - not even my kids.

They may wonder, but they'll never know.

 

[Allan]

That sucks!

I'd make it work.

 

[Josie]

So winners of mega millions, where does on put that much money when FDIC only insures $250,000?

Pay off all debt, invest it, pay off debt of others, give to charity, etc.

 

[Loulit01]

Most lottery winners end up broke after a few years, so it really doesn't matter.

Not true, but not surprising considering the source.

 

[Allan]

Most lottery winners end up broke after a few years

Link?

 

[Chock Full o Nuts]

It happens. A lady here blew through $10 million pretty quickly...

I won $10m on the lottery but lost it all - money is the root of all evil

A WOMAN who won $10million in a whopping lottery jackpot has lost it all in a decade and now has a part-time job to pay the rent. Sharon Tirabassi from Hamilton, Ontario, cashed in her $10.5million…

www.the-sun.com

$10 million invested in an ETF like Vanguard's VTI would have given her income of about $900k a year.

Stupid stupid stupid.

Plenty of those stories out there. Don't get it.. Well, I do; I'm rich bitch!!

I'm sure I would splurge a bit because I can, but if I were to get so lucky(I won't), I'm getting an advisor and making it make me money.

I mean I guess I could squeeze by on half a mil a year or so. Be tough, but I think I could manage.

 

[Loulit01]

Link?

There is no link. It's not true. Always consider the source.

 

[aociswundumho]

Not true, but not surprising considering the source.

Link?

I was wrong. I've heard that for years, but it turns out it's not true.

 

[Helix]

Duh. Tulip bulbs and NFTs, for sure.

 

[Allan]

Duh. Tulip bulbs and NFTs, for sure.

"Everydays: the First 5000 Days" NFT sold for $69.3 million and is now worth about a hundred bucks.

Stick with the tulip bulbs.

 

[Chomsky]

View attachment 67586894

Yep. I'd let everyone think "business is good"!

No way am I letting anyone, even my family, know I won $300M (current Powerball after-tax lump sum payout).

They will see I've got money by my rising lifestyle, but won't know how much - so I can easily say 'No' to them. Actually, I want to avoid being asked for help in the first place. LLC's & Trusts are your friends! Let your attorneys represent you anonymously in your business deals and benevolence. No one needs to know.

I come into regular contact with high net worth individuals in one of my income streams, and have come to know some of the individuals & families more personally. By the nature of the work we do for them, we often get a glimpse of at-least pieces of their financial infrastructure (including when they pay us).

Their assets are virtually always in trusts, using LLC's in their various business and investment ventures, often in combination. At any time a business or investment venture can be sold or liquidated, not effecting the rest of the whole.

The individuals themselves often have little in their personal names, and the public has no idea what they really own and run. Woe be to their unknowing soon to be ex-wives, when they divorce them only to find the guy that's been giving them a high-end life-style has virtually no attachable assets of value come the settlement! Seriously! And ditto for those that sue them! They get small tokens, at best.

I knew of one ambitious young lass of modest means, that couldn't believe she was living in a multimillion dollar home in a wealthy suburb, driving a high-end Jaguar, and living the easy-life with domestic help doing all the domestic chores for her and taking care of her personal needs. Yet several years into her turning souring marriage, she found-out her older husband was technically "broke"! Everything was in a family trust. If she stayed in the marriage, she could continue to live a high-end life-style. If she leaves, she goes back to bartending!

Legal entities are a wonderment. Trust me!