What to do if you win the lottery

vraiblonde

vraiblonde

Board Mommy
PREMO Member
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www.foxnews.com

As Mega Millions lottery reaches $790M, here's how to stay safe and secure if you win

The Mega Millions estimated jackpot has reached $790 million. Here's what financial experts say you should do to protect yourself in case you do win the lottery's top prize.
www.foxnews.com www.foxnews.com

I don't buy lottery tickets, but if I did and won I wouldn't care about investing it or trying to grow it. Who cares about growing $790mil? You already have enough for you and everyone you know to live on for the rest of your life.

It's always amazing to me when people hit the lottery and end up bankrupt a few years later.
 
GURPS

GURPS

INGSOC
PREMO Member
well 1st off you are not taking home 790 million


1st half of that so 395 Million minus another 40% for various taxes

so about 158 million

still plenty to disappear to no where
 
itsbob

itsbob

I bowl overhand
vraiblonde said:
www.foxnews.com

As Mega Millions lottery reaches $790M, here's how to stay safe and secure if you win

The Mega Millions estimated jackpot has reached $790 million. Here's what financial experts say you should do to protect yourself in case you do win the lottery's top prize.
www.foxnews.com www.foxnews.com

I don't buy lottery tickets, but if I did and won I wouldn't care about investing it or trying to grow it. Who cares about growing $790mil? You already have enough for you and everyone you know to live on for the rest of your life.

It's always amazing to me when people hit the lottery and end up bankrupt a few years later.
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We had a famous one in Oil City.. Had a BEAUTIFUL mansion built in a welfare town..

In 1988, William "Bud" Post won $16.2 million in the Pennsylvania lottery, but he had a debt of $1 million in the same year. Post said he wished he never won the lottery as it became a nightmare for him.

Bud's brother was arrested for allegedly hiring a hitman to kill him and hopes to inherit a share of his winnings. At the same time, William's ex-girlfriend sued him for a third of his winnings.

According to The Washington Post, Willian sank into debt after sinking money into family businesses. He spent his time in jail after he fired a gun into the head of a bill collector. "I was much happier when I was broke," William said. Until his death in 2006, Bud lived quietly with $450 per month and food stamps.
 
itsbob

itsbob

I bowl overhand
We drove by his house (the one he bought after he lost his mansion to foreclosure) regularly and would laugh at what he had in his yard.. He was collecting cars and trucks.. the only requirement was they had to be white, and not collectable, and of little or no value.

My oldest daughter was a friend of his grandsons, and she took him home after a playdate to the mansion.. wife at the time thought it was his dad's house and even asked him what kind of criminal his dad was. Imagine, that grandson thinking.. MAN, our family has it made. Gramps will take care of us. Just to watch it all flitter away on stupid crap.
 
GregV814

GregV814

Well-Known Member
wait wait wait..... David Bromstad is waiting for you if you hit it big. Dancing gay men doing wallpaper, Liza Minelli with make up, Hoda, Kathy Lee G drunking , and more tattoos!!! Wake up!!! Its 2022!!
 
Tech

Tech

Well-Known Member
Always wondered if you could take a chunk in cash and leave the rest in the annuity, to guarantee an income for those years.
 
Ken King

Ken King

A little rusty but not crusty
PREMO Member
Tech said:
Always wondered if you could take a chunk in cash and leave the rest in the annuity, to guarantee an income for those years.
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You can take an annuity for 30 years and avoid the lump-sum deduction or take the significantly reduced immediate payout. $790M/30 is like $26.333M a year (before taxes) if you can't live on that you're an idiot.
 
H

HemiHauler

Well-Known Member
About the author:

Cortney Moore is an associate lifestyle writer/producer for Fox News Digital. Story tips can be sent on Twitter at @CortneyMoore716.

Last person in the world I’d take financial advice from is an “associate lifestyle writer/producer” from any media outlet much less a Fox News property.

Lotteries are played by folks who aren’t really too sharp in the finance department - that is why they are playing the lottery in the first place. That’s why there are so many spectacular stories about winners losing so much money in so short a period of time after winning - they just aren’t smart with money.

I believe Maryland allows winners to claim winnings anonymously (as far as public press goes). Other states do not. In any case, use your attorney to figure out the safest way for you to claim your winnings.

Always, always, always take the payout, but be sure to know what discount rate they use.
 
SamSpade

SamSpade

Well-Known Member
Ken King said:
You can take an annuity for 30 years and avoid the lump-sum deduction or take the significantly reduced immediate payout. $790M/30 is like $26.333M a year (before taxes) if you can't live on that you're an idiot.
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My gut about the annuity is - do I trust the state to not welsh on it, later? You know, kind of like a pension with a large corporation - am I banking my life on them not squandering the retirement money?

Plus - well I am not terribly likely to live that long, and I am pretty sure I can invest the lump sum BETTER than the state does.

Pretty sure with that money, I'd spend some frivolously - because I can - find a nice home and perhaps a vacation home - pay debts for family and maybe a friend or two - set up something comfortable for my kids, especially my cognitively disabled son -

And then maybe just find something interesting to apply the rest - something benevolent that I can enjoy doing, like helping a charity, build a new school, start a scholarship fund - you know, just DO something I believe in, and enjoy doing it. Leave a legacy.
 
Grumpy

Grumpy

Well-Known Member
When it comes to paying something over time, no way that I would take it. I've seen it happen where someone was supposed to be paid for a number of years via an agreement due to a merger and it ended after 6 months, not the 10 years agreed to. I trust a state or federal org to be even more shadier.
 
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