Posted on 01/08/2016 12:51:41 PM PST by NRx
“4. Change all of your phone numbers and email addresses before telling anyone.”
About 20 years ago, Rush got into lotteries and discussed them off and on for maybe a month. One day he talked with a caller who had won the lottery for about 20 minutes. This caller had won in a state that gave you a class in what to do next. Not only did they tell you to change those numbers, they also told you not to go home.
The class said that by the time you got home, the news would be out and you could expect to find up to 100 people waiting for you. Car salesmen, real estate people, investment counsellors, and various people looking for a handout. The class said if you go home to get a few things, they will follow you. The class said get someone you trust to get the things you have to have, the dog, family pictures, etc. The class said to donate the rest, after all you’re going to buy new.
The caller related that he often got duffle bags full of mail and suggested you contact those you need to (credit cards, etc) and send the mail to a post office drop box. The rest you just throw away.
BTW, the problem with most who win, isn’t over spending as much as over investing in their friends and families. Lot’s of friends who want you to give them two or three hundred thousand to start a business, etc.
The caller said he would, even after doing all these things, still get calls in the night. “Hey buddy, I know you never met me but your cousin Sybil was in the same class as my nephew Ronald in the third grade. My sister-in-law’s neighbor’s uncle was in a big wreck and we need $20,000 to pay the hospital bill. Can you help, please.” He said you have no choice but to hang up.
Don’t quit your job. Don’t buy anything. Pay off whatever bills you may have. Keep one million for your retirement and give the rest to St. Jude’s.
I love trannies.... preferably a 6speed automatic stuck on the back of an LS7.
Hookers & blow, baby!
Could I give you my credentials so you can get ahold of me so I can help you spend it, that is, if you win it since it sounds like you have everything you need in life.
“””Don’t quit your job. Don’t buy anything. Pay off whatever bills you may have. Keep one million for your retirement”””
hahaha such a cute kid.
You see that new Ford Torino GT?/concept/whatever it is?
Nope. Real redheads have fangs...
Nope, haven’t seen it, but I’ll take four.
Lenco?
I was married to one. Now you know why I am lie I am ;)
From the article: “Another thing to consider when trying to make the winnings last is to choose to receive the money over time instead of taking the lump-sum payout. The annuity would pay out the winnings over a 30-year period, which would keep some winners from blowing through the cash in a few years, says Andrew Stoltmann, a Chicago-based investment fraud lawyer who has represented lottery winners who sued their advisers.”
Of course that maybe sound advice but we’ve all seen the “It’s My Money and I want it Now!” commercials. A lot of folks blow through the annual allotment and then call JD Wentworth and wind up getting even less for their money.
Another problem with this strategy is this. Suppose your 60 years old and you sign up for the annual payout over 30 years. Most likely you’ll be dead before the end of the 30 years. You leave the remaining payout to your heirs. Guess what. Your heirs owe taxes to the feds on the proceeds. Taxes on the whole remaining amount.
For example. Suppose this jackpot hits $750M or $25M per year. Suppose you die with 20 years remaining. The feds want you to pay taxes on $500M immediately, that tax year. You’ll only be getting $25M that year but your heirs will still owe, maybe $150M in taxes. Call JD Wentworth, they need the money now. Between the federal and state taxes and what JD will hold out, they will wind up with very little. The only way around that is a very big life insurance policy which, if you’re fairly old, will be very expensive.
Me, I’ll take the lump sum and try to stretch it out. I’ll hire an assistant to open my mail and tell most everyone to buzz off.
The smart money is in playing Fan Duel/Draft King. /s
My husband might agree with you. :)
I did some simulated field testing on a dyno on some of their servos for their CS-2. Those things are bulletproof.
That is funny.
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