If you won the lottery

Discussion in 'Finance, Investing & Economy' started by ajbirch07, Oct 24, 2014.

  1. ajbirch07

    ajbirch07 Member

    Jan 31, 2008
    Club:
    Manchester United FC
    Nat'l Team:
    United States
    Well seeing as you have more of a chance of getting struck by lightning, we might as well discuss it. What would be your first steps in the process and how would you invest the money? Its a slow news day here lol.
     
  2. cachundo

    cachundo Katie Meyer Fan Club

    Feb 8, 2002
    Stanford
    Club:
    Manchester United FC
    If you ht the jackpot, make digital copies of the winning ticket and put the winning ticket in a safety-deposit box. Do not tell anyone that you won, amy be your spouse, but not anyone else. Find a financial adviser who can advise whether to take the cash-option or the 20-year payments; I think you have 60 days to claim the cash option. Form a trust so that the trust will claim the winnings. You don't want the whole world to know that you're an instant millionaire - suddenly you'll have a hundred new relatives and a thousand new friends, especially in the age of Facebook and Twitter. On the day your trust claims the winnings, head to the airport and fly off to a remote location for the next month or so, so you can decide what to do with the rest of your life. Depending on the financial hit/implications, just like the Facebook co-founder, I may decide to renounce my citizenship and seek citizenship in a low-to-no-tax domicile

    Personally, I will allocate half of the winnings to set up a charitable foundation and also to helping my immediate family set for life. The next 6 weeks to 6 months in a remote location will see me doing close to nothing. The clear head will allow me to decide the asset allocation [stocks, bonds, real estate, cash, commodities, new-venture capital] for my new-found wealth.

    MegaMillions & Powerball have huge jackpots this week. Maybe I'll spend a $ or two & maybe I'll get lucky ;)
     
    CANPRO and La Magica repped this.

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