View Full Version : Powerball Anyone?
How's buying some and if you what are you doing with all that money?
RonMexico
11-27-2012, 08:56
I'm buying some.
A nice house, vaca ranch with 100000 acres
Trust for everyone in my family.
10000$ too all my friends and contribute to a few charities
and help cure a problem we have in our community
Here is a good video on why some people who win the lottery actually have a decrease in happiness
http://www.youtube.com/watch?v=PsihkFWDt3Y&feature=youtube_gdata_player
newracer
11-27-2012, 10:05
A guy on the "other" site posts this every few years. It is worth the read. I would basically follow this.
Well, with the economy in tatters it is unsurprising that we might see a sudden increase in lottery posts in the General forum. That is usually the signal that it is once again time for me to cull through the archives and repost my guide for recent lottery winners (or hopefuls).
So, without further ado, here it is:
Congratulations! You just won millions of dollars in the lottery! That's great.
Now you're fucked.
No really.
You are.
You're fucked.
I've seen this question (what to do if you win the lottery), a few times on ARFCOM. Amusingly, it recurs quite often. I posted a similar article to this one "back when" but I've updated it with some actual stories and slapped it in GD because, well, why not?
Keep in mind: IAALBNY (I Am A Lawyer But Not Yours). Consult professional advisers before spending your hard earned lottery cash.
It's long. There are no cliff notes. But if you just want to skip the tales of woe of some of the math-tax protagonists, skip on down to the line in bold.
You see, it's something of an open secret that winners of obnoxiously large jackpots tend to end up badly with alarming regularity. Not the $1 million dollar winners. But anyone in the nine-figure range is at high risk. Eight-figures? Pretty likely to be screwed. Seven-figures? Yep. Painful. Perhaps this is a consequence of the sample. The demographics of lottery players might be exactly the wrong people to win large sums of money. Or perhaps money is the root of all evil. Either way, you are going to have to be careful. Don't believe me? Consider this:
Large jackpot winners face double digit multiples of probability versus the general population to be the victim of:
Homicide (something like 20x more likely)
Drug overdose
Bankruptcy (how's that for irony?)
Kidnapping
And triple digit multiples of probability versus the general population rate to be:
Convicted of drunk driving
The victim of Homicide (at the hands of a family member) 120x more likely in this case, ain't love grand?
A defendant in a civil lawsuit
A defendant in felony criminal proceedings
Believe it or not, your biggest enemy if you suddenly become possessed of large sums of money is... you. At least you will have the consolation of meeting your fate by your own hand. But if you can't manage it on your own, don't worry. There are any number of willing participants ready to help you start your vicious downward spiral for you. Mind you, many of these will be "friends," "friendly neighbors," or "family." Often, they won't even have evil intentions. But, as I'm sure you know, that makes little difference in the end. Most aren't evil. Most aren't malicious. Some are. None are good for you.
Jack Whittaker, a Johnny Cash attired, West Virginia native, is the poster boy for the dangers of a lump sum award. In 2002 Mr. Whittaker (55 years old at the time) won what was, also at the time, the largest single award jackpot in U.S. history. $315 million. At the time, he planned to live as if nothing had changed, or so he said. He was remarkably modest and decent before the jackpot, and his ship sure came in, right? Wrong.
Mr. Whittaker became the subject of a number of personal challenges, escalating into personal tragedies, complicated by a number of legal troubles.
Whittaker wasn't a typical lottery winner either. His net worth at the time of his winnings was in excess of $15 million, owing to his ownership of a successful contracting firm in West Virginia. His claim to want to live "as if nothing had changed" actually seemed plausible. He should have been well equipped for wealth. He was already quite wealthy, after all. By all accounts he was somewhat modest, low profile, generous and good natured. He should have coasted off into the sunset. Yeah. Not exactly.
Whittaker took the all-cash option, $170 million, instead of the annuity option, and took possession of $114 million in cash after $56 million in taxes. After that, things went south.
Whittaker quickly became the subject of a number of financial stalkers, who would lurk at his regular breakfast hideout and accost him with suggestions for how to spend his money. They were unemployed. No, an interview tomorrow morning wasn't good enough. They needed cash NOW. Perhaps they had a sure-fire business plan. Their daughter had cancer. A niece needed dialysis. Needless to say, Whittaker stopped going to his breakfast haunt. Eventually, they began ringing his doorbell. Sometimes in the early morning. Before long he was paying off-duty deputies to protect his family. He was accused of being heartless. Cold. Stingy.
Letters poured in. Children with cancer. Diabetes. MS. You name it. He hired three people to sort the mail. A detective to filter out the false claims and the con men (and women) was retained.
Brenda, the clerk who had sold Whittaker the ticket, was a victim of collateral damage. Whittaker had written her a check for $44,000 and bought her house, but she was by no means a millionaire. Rumors that the state routinely paid the clerk who had sold the ticket 10% of the jackpot winnings hounded her. She was followed home from work. Threatened. Assaulted.
Whittaker's car was twice broken into, by trusted acquaintances who watched him leave large amounts of cash in it. $500,000 and $200,000 were stolen in two separate instances. The thieves attempted to spike Whittaker's drink with prescription drugs in the first instance. Whittaker was violently allergic to the drug used, and likely would have died given the distance to the nearest emergency room, and the lateness of the hour, but, fortunately he did not consume the drink containing the narcotics. The second incident was the handiwork of his granddaughter's friends, who had been probing the girl for details on Whittaker's cash for weeks.
Even Whittaker's good-faith generosity was questioned. When he offered $10,000 to improve the city's water park so that it was more handicap accessible, locals complained that he spent more money at the strip club. (Amusingly this was true).
Whittaker invested quite a bit in his own businesses, tripled the number of people his businesses employed (making him one of the larger employers in the area) and eventually had given away $14 million to charity through a foundation he set up for the purpose. This is, of course, what you are "supposed" to do. Set up a foundation. Be careful about your charity giving. It made no difference in the end.
To top it all off, Whittaker had been accused of ruining a number of marriages. His money made other men look inferior, they said, wherever he went in the small West Virginia town he called home. Resentment grew quickly. And festered. Whittaker paid four settlements related to this sort of claim. Yes, you read that right. Four.
His family and their immediate circle were quickly the victims of odds-defying numbers of overdoses, emergency room visits and even fatalities. His granddaughter, the eighteen year old "Brandi" (who Whittaker had been giving a $2100.00 per week allowance) was found dead after having been missing for several weeks. Her death was, apparently, from a drug overdose, but Whittaker suspected foul play. Her body had been wrapped in a tarp and hidden behind a rusted-out van. Her seventeen year old boyfriend had expired three months earlier in Whittaker's vacation house, also from an overdose. Some of his friends had robbed the house after his overdose, stepping over his body to make their escape and then returning for more before stepping over his body again to leave. His parents sued for wrongful death claiming that Whittaker's loose purse strings contributed to their son's death. Amazingly, juries are prone to award damages in cases such as these. Whittaker settled. Again.
Even before the deaths, the local and state police had taken a special interest in Whittaker after his new-found fame. He was arrested for minor and less minor offenses many times after his winnings, despite having had a nearly spotless record before the award. Whittaker's high profile couldn't have helped him much in this regard.
In 18 months Whittaker had been cited for over 250 violations ranging from broken tail lights on every one of his five new cars, to improper display of renewal stickers. A lawsuit charging various police organizations with harassment went nowhere and Whittaker was hit with court costs instead.
Whittaker's wife filed for divorce, and in the process froze a number of his assets and the accounts of his operating companies. Caesars in Atlantic City sued him for $1.5 million to cover bounced checks, caused by the asset freeze.
Today Whittaker is badly in debt, and bankruptcy looms large in his future.
But, hey, that's just one example, right?
Wrong.
Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse. To give you just a taste of the possibilities, consider the fates of:
Billie Bob Harrell, Jr.: $31 million. Texas, 1997. As of 1999: Committed suicide in the wake of incessant requests for money from friends and family. “Winning the lottery is the worst thing that ever happened to me.”
William “Bud” Post: $16.2 million. Pennsylvania. 1988. In 1989: Brother hires a contract murderer to kill him and his sixth wife. Landlady sued for portion of the jackpot. Convicted of assault for firing a gun at a debt collector. Declared bankruptcy. Dead in 2006.
Evelyn Adams: $5.4 million (won TWICE 1985, 1986). As of 2001: Poor and living in a trailer gave away and gambled most of her fortune.
Suzanne Mullins: $4.2 million. Virginia. 1993. As of 2004: No assets left.
Shefik Tallmadge: $6.7 million. Arizona. 1988. As of 2005: Declared bankruptcy.
Thomas Strong: $3 million. Texas. 1993. As of 2006: Died in a shoot-out with police.
Victoria Zell: $11 million. 2001. Minnesota. As of 2006: Broke. Serving seven year sentence for vehicular manslaughter.
Karen Cohen: $1 million. Illinois. 1984. As of 2000: Filed for bankruptcy. As of 2006: Sentenced to 22 months for lying to federal bankruptcy court.
Jeffrey Dampier: $20 million. Illinois. 1996. As of 2006: Kidnapped and murdered by own sister-in-law.
Ed Gildein: $8.8 million. Texas. 1993. As of 2003: Dead. Wife saddled with his debts. As of 2005: Wife sued by her own daughter who claimed that she was taking money from a trust fund and squandering cash in Las Vegas.
Willie Hurt: $3.1 million. Michigan. 1989. As of 1991: Addicted to cocaine. Divorced. Broke. Indicted for murder.
Michael Klingebiel: $2 million. As of 1998 sued by own mother claiming he failed to share the jackpot with her.
Janite Lee: $18 million. 1993. Missouri. As of 2001: Filed for bankruptcy with $700 in assets.
Mack Metcalf: $65 million. Kentucky. 2000. As of 2001: Divorced. As of 2002: Sued girlfriend for $500,000 claiming he was drunk when he gave it to her. Sued by wife for child support. As of 2003: Died of alcoholism. As of a few months later in 2003: Second wife bought a mansion with the money, collected dozens of stray cats and died of a drug overdose immediately after moving in.
I could go on quite a bit.
So, what the hell DO you do if you are unlucky enough to win the lottery?
This is the absolutely most important thing you can do right away: NOTHING.
Yes. Nothing.
DO NOT DECLARE YOURSELF THE WINNER yet.
Do NOT tell anyone. The urge is going to be nearly irresistible. Resist it. Trust me.
1. IMMEDIATELY retain an attorney. Get a partner from a larger, NATIONAL firm. Don't let them pawn off junior partners or associates on you. They might try, all law firms might, but insist instead that your lead be a partner who has been with the firm for awhile. Do NOT use your local attorney. Yes, I mean your long-standing family attorney who did your mother's will. Do not use the guy who fought your dry-cleaner bill. Do not use the guy you have trusted your entire life because of his long and faithful service to your family. In fact, do not use any firm that has any connection to family or friends or community. TRUST me. This is bad. You want someone who has never heard of you, any of your friends, or any member of your family. Go the the closest big city and walk into one of the national firms asking for one of the "Trust and Estates" partners you have previously looked up on http://www.martindale.com from one of the largest 50 firms in the United States which has an office near you. You can look up attorneys by practice area and firm on Martindale. The top 50 firms by size are:
Baker & McKenzie
DLA Piper Rudnick Gray Cary
Jones Day
White & Case
Latham & Watkins
Skadden, Arps, Slate, Meagher & Flom
Sidley Austin Brown & Wood
Greenberg Traurig
Mayer Brown, Rowe & Maw
Morgan, Lewis & Bockius
Holland & Knight
Wilmer Cutler Pickering Hale and Dorr
Weil, Gotshal & Manges
Kirkland & Ellis
Morrison & Foerster
McDermott, Will & Emery
Shearman & Sterling
Hogan & Hartson
Kirkpatrick & Lockhart Nicholson Graham
Reed Smith
O’Melveny & Myers
Akin Gump Strauss Hauer & Feld
Paul, Hastings, Janofsky & Walker
Foley & Lardner
Fulbright & Jaworski
Cleary Gottlieb Steen & Hamilton
Pillsbury Winthrop Shaw Pittman
Dechert
King & Spalding
Bingham McCutchen
Wilson, Elser Moskowitz, Edelman & Dicker
Winston & Strawn
Squire, Sanders & Dempsey
Hunton & Williams
Gibson, Dunn & Crutcher
Orrick, Herrington & Sutcliffe
Bryan Cave
Vinson & Elkins
Ropes & Gray
Proskauer Rose
Heller Ehrman
Alston & Bird
McGuireWoods
Simpson Thacher & Bartlett
Baker Botts
Sonnenschein Nath & Rosenthal
Debevoise & Plimpton
Nixon Peabody
Paul, Weiss, Rifkind, Wharton & Garrison
LeBoeuf, Lamb, Greene & MacRae
2. Decide to take the lump sum. Most lotteries pay a really pathetic rate for the annuity. It usually hovers around 4.5% annual return or less, depending. It doesn't take much to do better than this, and if you have the money already in cash, rather than leaving it in the hands of the state, you can pull from the capital whenever you like. If you take the annuity you won't have access to that cash. That could be good. It could be bad. It's probably bad unless you have a very addictive personality. If you need an allowance managed by the state, it is because you didn't listen to point #1 above.
Why not let the state just handle it for you and give you your allowance?
Many state lotteries pay you your "allowance" (the annuity option) by buying U.S. treasury instruments and running the interest payments through their bureaucracy before sending it to you along with a hunk of the principal every month. You will not be beating inflation by much, if at all. There is no reason you couldn't do this yourself, if a low single-digit return is acceptable to you.
You aren't going to get even remotely the amount of the actual jackpot. Take our old friend Mr. Whittaker. Using Whittaker is a good model both because of the reminder of his ignominious decline, and the fact that his winning ticket was one of the larger ones on record. If his situation looks less than stellar to you, you might have a better perspective on how "large" your winnings aren't. Whittaker's "jackpot" was $315 million. He selected the lump-sum cash up-front option, which knocked off $145 million (or 46% of the total) leaving him with $170 million. That was then subject to withholding for taxes of $56 million (33%) leaving him with $114 million.
In general, you should expect to get about half of the original jackpot if you elect a lump sum (maybe better, it depends). After that, you should expect to lose around 33% of your already pruned figure to state and federal taxes. (Your mileage may vary, particularly if you live in a state with aggressive taxation schemes).
3. Decide right now, how much you plan to give to family and friends. This really shouldn't be more than 20% or so. Figure it out right now. Pick your number. Tell your lawyer. That's it. Don't change it. 20% of $114 million is $22.8 million. That leaves you with $91.2 million. DO NOT CONSULT WITH FAMILY when deciding how much to give to family. You are going to get advice that is badly tainted by conflict of interest, and if other family members find out that Aunt Flo was consulted and they weren't you will never hear the end of it. Neither will Aunt Flo. This might later form the basis for an allegation that Aunt Flo unduly influenced you and a lawsuit might magically appear on this basis. No, I'm not kidding. I know of one circumstance (related to a business windfall, not a lottery) where the plaintiffs WON this case.
Do NOT give anyone cash. Ever. Period. Just don't. Do not buy them houses. Do not buy them cars. Tell your attorney that you want to provide for your family, and that you want to set up a series of trusts for them that will total 20% of your after tax winnings. Tell him you want the trust empowered to fund higher education, some help (not a total) purchase of their first home, some provision for weddings and the like, whatever. Do NOT put yourself in the position of handing out cash. Once you do, if you stop, you will be accused of being a heartless bastard (or bitch). Trust me. It won't go well.
It will be easy to lose perspective. It is now the duty of your friends, family, relatives, hangers-on and their inner circle to skew your perspective, and they take this job quite seriously. Setting up a trust, a managed fund for your family that is in the double digit millions is AMAZINGLY generous. You need never have trouble sleeping because you didn't lend Uncle Jerry $20,000 in small denomination unmarked bills to start his chain of deep-fried peanut butter pancake restaurants. ("Deep'n 'nutter Restaurants") Your attorney will have a number of good ideas how to parse this wealth out without turning your siblings/spouse/children/grandchildren/cousins/waitresses into the latest Paris Hilton.
4. You will be encouraged to hire an investment manager. Considerable pressure will be applied. Don't.
Investment managers charge fees, usually a percentage of assets. Consider this: If they charge 1% (which is low, I doubt you could find this deal, actually) they have to beat the market by 1% every year just to break even with a general market index fund. It is not worth it, and you don't need the extra return or the extra risk. Go for the index fund instead if you must invest in stocks. This is a hard rule to follow. They will come recommended by friends. They will come recommended by family. They will be your second cousin on your mother's side. Investment managers will sound smart. They will have lots of cool acronyms. They will have nice PowerPoint presentations. They might (MIGHT) pay for your shrimp cocktail lunch at TGI Friday's while reminding you how poor their side of the family is. They live for this stuff.
You should smile, thank them for their time, and then tell them you will get back to them next week. Don't sign ANYTHING. Don't write it on a cocktail napkin (lottery lawsuit cases have been won and lost over drunkenly scrawled cocktail napkin addition and subtraction figures with lots of zeros on them). Never call them back. Trust me. You will thank me later. This tactic, smiling, thanking people for their time, and promising to get back to people, is going to have to become familiar. You will have to learn to say no gently, without saying the word "no." It sounds underhanded. Sneaky. It is. And its part of your new survival strategy. I mean the word "survival" quite literally.
Get all this figured out BEFORE you claim your winnings. They aren't going anywhere. Just relax.
5. If you elect to be more global about your paranoia, use between 20.00% and 33.00% of what you have not decided to commit to a family fund IMMEDIATELY to purchase a combination of longer term U.S. treasuries (5 or 10 year are a good idea) and perhaps even another G7 treasury instrument. This is your safety net. You will be protected... from yourself.
You are going to be really tempted to starting being a big investor. You are going to be convinced that you can double your money in Vegas with your awesome Roulette system/by funding your friend's amazing idea to sell Lemming dung/buying land for oil drilling/by shorting the North Pole Ice market (global warming, you know). This all sounds tempting because "Even if I lose it all I still have $XX million left! Anyone could live on that comfortably for the rest of their life." Yeah, except for 33% of everyone who won the lottery.
You're not going to double your money, so cool it. Let me say that again. You're not going to double your money, so cool it. Right now, you'll get around 3.5% on the 10 year U.S. treasury. With $18.2 million (20% of $91.2 mil after your absurdly generous family gift) invested in those you will pull down $638,400 per year. If everything else blows up, you still have that, and you will be in the top 1% of income in the United States. So how about you not fuck with it. Eh? And that's income that is damn safe. If we get to the point where the United States defaults on those instruments, we are in far worse shape than worrying about money.
If you are really paranoid, you might consider picking another G7 or otherwise mainstream country other than the U.S. according to where you want to live if the United States dissolves into anarchy or Britney Spears is elected to the United States Senate. Put some fraction in something like Swiss Government Bonds at 3%. If the Swiss stop paying on their government debt, well, then you know money really means nothing anywhere on the globe anymore. I'd study small field sustainable agriculture if you think this is a possibility. You might have to start feedng yourself.
6. That leaves, say, 80% of $91.2 million or $72.9 million. Here is where things start to get less clear. Personally, I think you should dump half of this, or $36.4 million, into a boring S&P 500 index fund. Find something with low fees. You are going to be constantly tempted to retain "sophisticated" advisers who charge "nominal fees." Don't. Period. Even if you lose every other dime, you have $638,400 per year you didn't have before that will keep coming in until the United States falls into chaos. Fuck advisers and their fees. Instead, drop your $36.4 million in the market in a low fee vehicle. Unless we have an unprecedented downturn the likes of which the United States has never seen, should return around 7.00% or so over the next 10 years. You should expect to touch not even a dime of this money for 10 or 15 or even 20 years. In 20 years $36.4 million could easily become $115 million.
7. So you have put a safety net in place. You have provided for your family beyond your wildest dreams. And you still have $36.4 million in "cash." You know you will be getting $638,400 per year unless the capital building is burning, you don't ever need to give anyone you care about cash, since they are provided for generously and responsibly (and can't blow it in Vegas) and you have a HUGE nest egg that is growing at market rates. (Given the recent dip, you'll be buying in at great prices for the market). What now? Whatever you want. Go ahead and burn through $36.4 million in hookers and blow if you want. You've got more security than 99% of the country. A lot of it is in trusts so even if you are sued your family will live well, and progress across generations. If your lawyer is worth his salt (I bet he is) then you will be insulated from most lawsuits anyhow. Buy a nice house or two, make sure they aren't stupid investments though. Go ahead and be an angel investor and fund some startups, but REFUSE to do it for anyone you know. (Friends and money, oil and water - Michael Corleone) Play. Have fun. You earned it by putting together the shoe sizes of your whole family on one ticket and winning the jackpot.
You 'da Man (Woman).
As soon as I get a chance, I'm printin' that sumbitch out and saving it.....some GOOD info there. For that winning PBall ticket in my wallet that hasn't been checked yet, ya know.....
I bought two sets of numbers. I'll take my chances if I win. [Beer]
I would also take my chances.
Fentonite
11-27-2012, 13:57
Somebody told me that the lotto is a "tax on the mathematically challenged. I just see it as occasional entertainment, and consider it my contribution to the Open Space fund. I'm fine with that.
Run very fast..tell no one about winning...change my name,,set up a trust..
I don't usually play, but when I do, I know I am going to win!
ChunkyMonkey
11-27-2012, 14:24
Wait.. there can't be 2 winners.. So no, you cannot be the winner, Sniper
if someone wins, please pay off my mortgage...
I think I'll buy a few. Just to buy a few.
Rucker61
11-27-2012, 15:36
Wait.. there can't be 2 winners.. So no, you cannot be the winner, Sniper
Actually, there can be.
Zundfolge
11-27-2012, 15:41
The flaw in what Newracer posted is that it doesn't take into account what kind of people tend to win lotteries (it's not a straight cross-section of society ... which is a common problem with using narrow statistical information to make a statement about society at large).
Most people that win lotteries are people that play them regularly.
Most people that play the lottery regularly are people that have other bad financial habits and generally aren't smart with their money.
So they weren't screwed because they won the lottery, they were screwed because they were idiots that happened to win the lottery.
So if you're not an idiot and you win the lottery, most of those statistics won't apply to you.
Does anyone know when the next drawing is?
I've read the advice NewRacer posted before, and that is very good advice. I never play lotto, but if I did, and I happened to win, I would follow that advice pretty closely... of course my firearms collection would grow by about 900% after the first month after winning. [AR15]
Pay of all debt in rolls of pennies. After that, then I follow that printed advice.... HAHAHAHAHA
ChunkyMonkey
11-27-2012, 16:19
Actually, there can be.
Yes, but I have seen through my crystal ball. It's fact, there will be 1 winner.. and he is chunky primate. Not telling who - I ll let you all be surprise then.
ChunkyMonkey
11-27-2012, 16:20
if someone wins, please pay off my mortgage...
Gosh, paid off mortgage will be so nice. I got $29k to go... seems like still forever!!!
newracer
11-27-2012, 16:22
The flaw in what Newracer posted is that it doesn't take into account what kind of people tend to win lotteries (it's not a straight cross-section of society ... which is a common problem with using narrow statistical information to make a statement about society at large).
Most people that win lotteries are people that play them regularly.
Most people that play the lottery regularly are people that have other bad financial habits and generally aren't smart with their money.
So they weren't screwed because they won the lottery, they were screwed because they were idiots that happened to win the lottery.
So if you're not an idiot and you win the lottery, most of those statistics won't apply to you.
What I posted states exactly that.
You see, it's something of an open secret that winners of obnoxiously large jackpots tend to end up badly with alarming regularity. Not the $1 million dollar winners. But anyone in the nine-figure range is at high risk. Eight-figures? Pretty likely to be screwed. Seven-figures? Yep. Painful. Perhaps this is a consequence of the sample. The demographics of lottery players might be exactly the wrong people to win large sums of money. Or perhaps money is the root of all evil. Either way, you are going to have to be careful.
I don't see a flaw in what I posted, it is sound advice.
Yes, but I have seen through my crystal ball. It's fact, there will be 1 winner.. and he is chunky primate. Not telling who - I ll let you all be surprise then.
I am rather offended that you have referred to me as 'chunky' [handbags]
ChunkyMonkey
11-27-2012, 16:35
Are you a poo flinging primate though?
Kraven251
11-27-2012, 16:35
I would be willing to give newracer's plan a try. I just need to come into a ridiculously large sum of money in one shot. I will happily volunteer to test this hypothesis.
Though I am fairly certain I would start collecting tax stamps.
According to the t-shirt I have that says 'I fling poo' I meet that criteria
ChunkyMonkey
11-27-2012, 16:36
daddy??
Unless you were born after 1994 it is not possible.
PugnacAutMortem
11-27-2012, 16:42
Unless you were born after 1994 it is not possible.
Lol so that's when you hit puberty huh? [ROFL1]
I would be willing to give newracer's plan a try. I just need to come into a ridiculously large sum of money in one shot. I will happily volunteer to test this hypothesis.
Though I am fairly certain I would start collecting tax stamps.
My trust would be the stamp collector, one of them, anyway. And yes, pretty much all of the advice in the article is quite sound. i would try to take steps to ensure that my name was never released to the media. With any luck, I would be only identified as "a self employed man from Colorado" in the press. There is nothing in the disclaimer on the back of the ticket that compels you to consent to the loss of privacy, or to allow use of your name or image for advertising purposes.
My trust would be the stamp collector, one of them, anyway. And yes, pretty much all of the advice in the article is quite sound. i would try to take steps to ensure that my name was never released to the media. With any luck, I would be only identified as "a self employed man from Colorado" in the press. There is nothing in the disclaimer on the back of the ticket that compels you to consent to the loss of privacy, or to allow use of your name or image for advertising purposes.
Unfortunely you have to give them your name and such. This is off the Colorado Powerball site:
What you can expect when you win the jackpot.As part of the Open Records Act, we are required to release to the public your name, hometown, amount you won and the game you played. This information will be posted on coloradolottery.com and will be furnished to media upon request.
You will be interviewed by the Colorado Lottery Media Relations team and a press release will be distributed to local media outlets. You may also be asked to participate in a press conference to answer questions directly from reporters. Our Media Relations team will work closely with you to ensure your comfort with the process.
You’ll be asked to have your picture taken which will appear on our “Wall of Winners,” our website, and our Facebook and Twitter social media outlets.
But you can rest assure by the time I collected the money, the plane would be warming on the tarmac and as soon as that interview was done, I would be off to what ever island I put a small down payment on.
Inconel710
11-27-2012, 19:07
I plan on following as much of the advice in "How To Be Invisible" as I can if I win. The lawyer is good advice as well and will be a major part of my disappearing act. However, I disagree on the advice to NOT have a financial advisor - the key is find the right advisor and I've already decided who that would be as we'll.
Great-Kazoo
11-27-2012, 20:46
I figured it out based on the years i have purchased lottery tickets. IF (key word) I actually won at any lottery game, i would probably break even vs money spent buying tickets.
Now if one of you guys/ gals actually did win the big one. REMEMBER i will keep your pictures and negatives secure, in return for a modest gratuity.
Once I buy my new place in the mountains I will need a full-time, fully armed security detail. Now, if only I knew where to find a few people who would be willing to do that for a steady paycheck.
[Awesom]
I already know where to invest.
So, investment is not the concern I have.
I will be really busy talking to advisors, tax attorneys, setting up investment trust and LLC.
It is security that I am worried about.
I will be playing invisible as people posted earlier.
Change phone #, Move to a house where I can set up security.
Hire private security, and Executive security details.
Buy more vest? :D
I'll just be in my private ranch, only one way in, sealed, supplies brought in monthly be helicopter, plenty of deer, elk, cattle etc to live off of if needed!
AK47 Ranger
11-27-2012, 21:11
Keep buying tickets suckers!!!! All your doing is further investing into my retirement fund. Ive already got this bitch won!
DSB OUTDOORS
11-27-2012, 21:18
Hell, I'd keep my job. Let them borrow money from me rather than the bank at the lowest interest rate possible. You know, to keep the Family business going. Keep my current house. [ROFL2]
No FN way!!!
Few thousand acres in Montana, Idaho, Canada-A. And no one would see my sorry ass for a long time! But I would help out some folks here and donate to charities!!! [Coffee]
Just saw it is estimated at $500 mil now, cash at $327.4mil... $70.2 mil for hookers and blow!
Without having read the article yet, I'd take the cash settlement in my personal name, deposit all to my 0% interest checking account, then rear-end someone pulling out of the bank parking lot. Is that the right answer?
Bought 5 powerball tickets. today for the drawing tomorrow.
GilpinGuy
11-28-2012, 01:00
How's buying some and if you what are you doing with all that money?
Dude - I'm buying you some pork bellies and some spices so you can make your own bacon! You in town Wednesday mid-day? Making a bacon run.
yeah i bought 3 tickets what the hell its only money right, will i win probably not, But there is always a chance right? if i win i will pay off my school expenses debt and of course buy some new toys. and help my family out. i rarely buy these, but since its 500 million what the hell [Coffee]
GilpinGuy
11-28-2012, 01:17
Honestly, I'd have a remote home in the CO mountains and a home on the beach somewhere remote. Remote is the key word.
And with half a billion, I don't think it would be a problem to set up my immediate family and those that are very close to me with a nice nest egg. Those that come a calling get 86'ed immediately.
Read the long post. What I got from that is that I can be COMPLETELY financially irresponsible for near 20 years on only single digit billions and then declare bankruptcy with only hundreds of dollars of assets to my name. That's about where I was this time two years ago, and living quite comfortably. Not a bad shake.
JM Ver. 2.0
11-28-2012, 01:32
Read the long post. What I got from that is that I can be COMPLETELY financially irresponsible for near 20 years on only single digit billions and then declare bankruptcy with only hundreds of dollars of assets to my name. That's about where I was this time two years ago, and living quite comfortably. Not a bad shake.
You mean millions, right? Cuz if you blow BILLIONS.... Well, sir, you might have a hookers and blow problem.
Oh yes, single digit millions.
JM Ver. 2.0
11-28-2012, 01:36
If I happen to win with my one ticket....
The trading post will be "sold out" for the first time in history.
If I win, I will buy every good-standing member of ar-15.com a 1000 round case of ammo of their choice.[Beer]
Once I buy my new place in the mountains I will need a full-time, fully armed security detail. Now, if only I knew where to find a few people who would be willing to do that for a steady paycheck.
[Awesom]
[pick-me]But my services aren't cheap... at least after learning what my PSD instructor made in the civilian realm as opposed to being an E-8 in the Army... [Coffee]
Dude - I'm buying you some pork bellies and some spices so you can make your own bacon! You in town Wednesday mid-day? Making a bacon run.
We have to make our own now? that explains why I've never gotten mine..
I had a $10 bill in my wallet when i was filling up, so said wtf? and bought 5 powerball tickets. I picked the numbers on the first one and then just did QP for the rest. I figure if it's my turn, I'll win. I just wanted to be in the game for $500 million. I'll never miss the $10 (hopefully).
I never understood how HIGHER figures caused people to buy MORE tickets. $50mil or $500mil is a LOT Of damn money. More than any of us could spend in a life time. Yet people scurry to buy tickets when your odds are about 100x lower of winning. If you're going to buy tickets buy when the figure is low... not high. Derp.
I bought some. What will I do with the money when I win....EVERYTHING!!
I never understood how HIGHER figures caused people to buy MORE tickets. $50mil or $500mil is a LOT Of damn money. More than any of us could spend in a life time. Yet people scurry to buy tickets when your odds are about 100x lower of winning. If you're going to buy tickets buy when the figure is low... not high. Derp.
Speak for yourself. If there's one thing I know how to do is spend money.
I never understood how HIGHER figures caused people to buy MORE tickets. $50mil or $500mil is a LOT Of damn money. More than any of us could spend in a life time. Yet people scurry to buy tickets when your odds are about 100x lower of winning. If you're going to buy tickets buy when the figure is low... not high. Derp.
The odds of winning are not based on the amount of tickets sold - they are based on the amount of possible numeric combinations - 1 in 175,223,510 for Powerball.
Singlestack
11-28-2012, 13:53
^^ very true. What the higher jackpot also means is higher likelihood that there will be multiple winners.
up to $550 million now, and climbing. I figure it will be more by the time the drawing occurs tonight.
The odds of winning are not based on the amount of tickets sold - they are based on the amount of possible numeric combinations - 1 in 175,223,510 for Powerball.
In the words of one of my personal heroes, Han Solo "Never tell me the odds." [Coffee]
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