If you won the lottery

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

  1. ajbirch07

    ajbirch07 Member

    Jan 31, 2008
    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
    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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