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RE: give some advise to power ball winner - 8/3/2013 8:00:47 AM

Zonie63

Posts: 2826
Joined: 4/25/2011
From: The Old Pueblo
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quote:

ORIGINAL: MasterCaneman

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: FrostedFlake

Leave town.

and go where??

Everywhere and nowhere at the same time. Keep moving, live in hotels or the investment properties you bought. Unless you build a walled compound with your own private security force, you'll be a target. I'd finish my flight training I started in high school, get multi and intrument-rated and buy my own plane. I always thought Lears looked sexier than sportscars, although it's a titch harder to use the drive-through with one.

I think there are some old missile silos for sale in different areas of the country. I imagine those would be pretty secure places to live. Here's one that seems kind of nice.

quote:

Adirondack Mountains, NY. 19 acres (or more). This is the most highly developed Atlas F site available today, and it is part of an exclusive airport subdivision on a (FAA approved) 2050' runway. (It is fully accessable by road too). It has beautiful manicured grounds in a forest setting within the Adirondack State Park. Breathtaking mountain views surround this lovely, secure home. It has a 2000 sq. ft., home on the surface with an open floor plan, a large garage and a wrap around porch which hides the underground structure entryway. The underground structure has been converted to a 2300 sq. ft. 2-story (3 bedroom, 2 bath) luxury home with fiber optic lighting and a contemporary finished interior. The silo tube has all floors, spiral stairs and steel super-structure. It includes a generator and new well. Low taxes. Privacy, security and unlimited possibilities. No other like it anywhere.

Drastic Price Reduction!

Price reduced from 4.6 million to $955,000.

Minimum Purchase: $995,000 Silo Complex with luxury log cabin.

Component Pricing Breakdown

• Silo & Cabin complex on 19 acres: $995,000 (minimum purchase)

• Log Home on 4 acres: $259,000

• 10-Acre runway lot with 42’x46’ hangar: $150,000

• All 7 lots (approx. 8 acres each): $476,000

• Phase II 125 undivided acres west of silo home: $150,000

Total Available Real Estate: $2,030,000.

Apparently, it doesn't come with a missile, though. Oh well.

(in reply to MasterCaneman)

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RE: give some advise to power ball winner - 8/3/2013 9:25:12 AM

TieMeInKnottss

Posts: 1944
Joined: 9/6/2012
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Set up a trust with either a financial advisor or estate lawyer as the trustee. Write out the terms so that only $X can be distributed quarterly, annually...whatever. Have contents of the trust invested in T-bills or mutual s...something low income but also low risk. Set up so that the trust payments are made into a bank account. Place the name of the winning ticket into the trust's name. Have the trustee claim the winnings as the trust representative and have it paid as a lump sum. By it publicly collecting the money and by have someone who is mandated to confidentiality being the trustee, you have limited the amount of personal information that is readily and legally available. lottery winners names and images are used for advertising and they are also revealed to the public which is how so many people, alumni associations, charities...get the info. By setting it up where the trust gives you an allowance you are effectively limiting your access to the money as well which makes great budgeting and prevents you from being able to give away large sums to every person with a good story.

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RE: give some advise to power ball winner - 8/3/2013 9:28:05 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

^ I like that idea.

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Post #: 23

RE: give some advise to power ball winner - 8/3/2013 9:54:22 AM

MasterCaneman

Posts: 3842
Joined: 3/21/2013
Status: offline

quote:

ORIGINAL: Zonie63

quote:

ORIGINAL: MasterCaneman

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: FrostedFlake

Leave town.

and go where??

Everywhere and nowhere at the same time. Keep moving, live in hotels or the investment properties you bought. Unless you build a walled compound with your own private security force, you'll be a target. I'd finish my flight training I started in high school, get multi and intrument-rated and buy my own plane. I always thought Lears looked sexier than sportscars, although it's a titch harder to use the drive-through with one.

I think there are some old missile silos for sale in different areas of the country. I imagine those would be pretty secure places to live. Here's one that seems kind of nice.

quote:

Adirondack Mountains, NY. 19 acres (or more). This is the most highly developed Atlas F site available today, and it is part of an exclusive airport subdivision on a (FAA approved) 2050' runway. (It is fully accessable by road too). It has beautiful manicured grounds in a forest setting within the Adirondack State Park. Breathtaking mountain views surround this lovely, secure home. It has a 2000 sq. ft., home on the surface with an open floor plan, a large garage and a wrap around porch which hides the underground structure entryway. The underground structure has been converted to a 2300 sq. ft. 2-story (3 bedroom, 2 bath) luxury home with fiber optic lighting and a contemporary finished interior. The silo tube has all floors, spiral stairs and steel super-structure. It includes a generator and new well. Low taxes. Privacy, security and unlimited possibilities. No other like it anywhere.

Drastic Price Reduction!

Price reduced from 4.6 million to $955,000.

Minimum Purchase: $995,000 Silo Complex with luxury log cabin.

Component Pricing Breakdown

• Silo & Cabin complex on 19 acres: $995,000 (minimum purchase)

• Log Home on 4 acres: $259,000

• 10-Acre runway lot with 42’x46’ hangar: $150,000

• All 7 lots (approx. 8 acres each): $476,000

• Phase II 125 undivided acres west of silo home: $150,000

Total Available Real Estate: $2,030,000.

Apparently, it doesn't come with a missile, though. Oh well.

Hmmm. That can be ameliorated. I've always wanted to have an escape rocket at the ready. I wonder how hard it would be to replicate a V-2? Or maybe buy an old Soviet FROG (which is essentially the same thing). MacGuyver up a capsule and a suit, and make sure you've got good parachutes and a heat shield...hmmmmm.

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler

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RE: give some advise to power ball winner - 8/3/2013 10:02:27 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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cool silo. I think I need a butler too.

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RE: give some advise to power ball winner - 8/3/2013 11:44:25 AM

Powergamz1

Posts: 1927
Joined: 9/3/2011
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Some states require the actual purchaser of the ticket to claim it in person.

quote:

ORIGINAL: TieMeInKnottss

Set up a trust with either a financial advisor or estate lawyer as the trustee. Write out the terms so that only $X can be distributed quarterly, annually...whatever. Have contents of the trust invested in T-bills or mutual s...something low income but also low risk. Set up so that the trust payments are made into a bank account. Place the name of the winning ticket into the trust's name. Have the trustee claim the winnings as the trust representative and have it paid as a lump sum. By it publicly collecting the money and by have someone who is mandated to confidentiality being the trustee, you have limited the amount of personal information that is readily and legally available. lottery winners names and images are used for advertising and they are also revealed to the public which is how so many people, alumni associations, charities...get the info. By setting it up where the trust gives you an allowance you are effectively limiting your access to the money as well which makes great budgeting and prevents you from being able to give away large sums to every person with a good story.

_____________________________

"DOMA is unconstitutional as a deprivation of the equal liberty of persons that is protected by the Fifth Amendment" Anthony McLeod Kennedy

" About damn time...wooot!!' Me

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RE: give some advise to power ball winner - 8/3/2013 12:39:35 PM

njlauren

Posts: 1577
Joined: 10/1/2011
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Other are right, it is always better to take the cash and invest it, while getting payments might help protect yourself from yourself, a lot of people still get fouled up, the run up debt because 'we have the cash to pay for it', and it ends up burying them.

-I agree, find a good investment advisor and lawyer. Be very careful with investment advisors, any jerk can hang out a shingle, and a lot of them are unscrupulous, just ask the people who lost their nest eggs when advisors funneled it to Bernie Madoff. Find one who is certified and has been in business a while, and if he promises you 20% a year returns, run the other way.

-With the cash winnings, set aside some of it as 'now' money, to pay off the house, to renovate it, to buy another one,etc,

-Set aside some as mad money, however you define that to be, probably shouldn't be a lot, but maybe 10,000 to go and play at vegas or something.

-If you think you want to have some money to help people with (charity, friends), have the investment advisor take some share of the winnings, and set up a trust, kind of like an endowment, and use the returns from that to help people. Try not to give away money directly from your winnings, at least after you go through the first wave, an endowment kind of thing allows you to give money away without wiping out your nest egg.

-Decide on the kind of lifestyle you want. Some people immediately think they want the big house and the big car, but one psychologist I know who actually had a patient who hit it big (10 million I think) said that often people feel more comfortable who maintain something of a similar lifestyle that they had, but had the comfort of knowing they wouldn't want for anything. Her patient for example, bought a nice apartment in NYC, but it wasn't crazy, and was able to do things like go to concerts and plays and such easier, but pretty much maintained the same lifestyle, but comfortably so and my friend said that often is the best way to go, because we tend to be most comfortable with what we know.

And yep, as far as friends and family go, it would be great if it could be anonymous, but of course they want to publicize it.

Funniest story was from years ago, I was working in the financial industry in the late 80's, at the time of the crash of 87 (technical, not business)..we had a lot of work to do at night, and had gone out to a local place to grab a beer and sandwiches. A friend of one of the guys there was a trader at one of the wall street firms, and he told the story of a coworker, guy was in his late 50's, kind of steady worker guy, kids were grown, guy never really speculated with his own money, real sedate guy....the Friday before the Monday crash, he put like 18 grand into the Amex market basket index put options, way out of the money, probably paid nothing for them because they were expiring the next week..and by end of day Monday, he had made 9 million dollars......and Tuesday, he showed up to work, and his coworkers asked why, and he said this is what he had done for 30+ years, and he enjoyed doing it.......

I think the biggest one is realizing that even the biggest windfall can melt like Jello under a blowtorch if you aren't careful.

Me, I think if I won it, didn't have to worry about work, retirement, and helping my kid get through college and establishing themselves, plastic surgeons and tattoo and body piercing places would make some nice money, as would certain custom shoe places and such *lol*..(hey, if I have to dream, wtf..my chances of winning lotteries are zero, I repel them,if they gave the prize to the person who bought 100 bucks of quick pick tickets and didn't get any numbers at all, I would be rich *lol*).

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RE: give some advise to power ball winner - 8/3/2013 4:27:21 PM

TheHeretic

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Joined: 3/25/2007
From: California, USA
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Buy or build a simple little house, in a modest location, create an account to maintain it and cover the insurance and taxes in perpetuity, then lock the whole package up in trust nobody can get at. If it all goes as wrong as it does for so many winners, at least you'll have a roof, when there is nothing else left.

_____________________________

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That's why people with no sense of humor have such an inflated sense of self-importance.

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RE: give some advise to power ball winner - 8/4/2013 1:58:45 PM

HarryVanWinkle

Posts: 1720
Joined: 5/8/2006
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quote:

If it all goes as wrong as it does for so many winners,

“I guess I think of lotteries as a tax on the mathematically challenged.”
― Roger Jones

"I made enough money to buy Miami but I pissed it away so fast."
- Jimmy Buffet

"What would I do with X million dollars? ANYthing I want!"

- My Mother

It all goes wrong for so many lottery winners because so many lottery winners are people who do not understand how money works. That's the largest part of why so many of them are poor. They get a few million and think, "Oh boy! I'm RICH! I can have anything I want. I can do anything I want."

What they don't understand is that there is no such thing as an amount of money that can't be pissed away. People who get rich through their own efforts do understand how money works. That's how they get rich. And how they stay that way.

Suddenly coming into a couple of million bucks or more does not mean you no longer have money worries. Only dying does that. It just ends your previous money worries and gives you new ones. Granted, the new ones are a much better kind to have, but if you ignore them, it won't take long before you're back to your old money worries, wondering "Where the hell did it all go?"

Suddenly coming into a large amount of money does not mean you no longer have to live within a budget. It simply means that your budget can be a good bit bigger. That's a good thing, but if you regularly overspend that budget you WILL end up poor again.

The first thing to do when you get a sudden influx of money is to figure out just what your budget will be. There are three factors in figuring that out: How much you've got, how much you'll earn from investing it and how long you expect to live. Unfortunately, you can't put solid numbers to those last two factors. How much it can earn depends on how much risk you're willing to take. The higher the return, the higher the risk.

Okay, let's try a solid hypothetical example: me and the current prize in the New Mexico Hot Lotto. Taking the cash payout would, after taxes, come a little under three and three quarter million dollars. I'm fifty eight years old. I'd go through probably less than $200000 pretty quickly on debts, a decent (but not high end) car and a place to live where nobody knows how much I won, or even that I did. So, how much risk am I willing to take with the remaining three and a half million? Very damned little. Figure it this way, if I were to put that 3.5 million in a proverbial mattress and spend 2000 bucks per week, It would last me well over thirty years. I doubt I'll last well over thirty years. But, while I doubt I'd spend 2000 per week, my tastes aren't that expensive, what I don't know is that there won't be some major inflation, that it won't become necessary to spend significantly more than 2K per week just to get by.

If I put that 3.5 M in some low return, pretty safe investments, earning 2%, I could spend just about $1500 per week forever. If a few years down the line, when I'm a few years closer to dying, inflation and medical bills make %1500 insufficient, well then, I can start dribbling out that 3.5 million, as slowly as possible.

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RE: give some advise to power ball winner - 8/4/2013 4:20:19 PM

slavekate80

Posts: 362
Joined: 7/4/2013
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My advice? Upgrade your life - don't overhaul it. If you're happy where you live, there's no need to rush out and buy a lavish mansion in another city. Just make some improvements to the home you've got, or sell it and pick out a nicer one nearby or build your own. Don't radically change your wardrobe if what you've got is working for you - buy better quality versions and splurge a little here and there, but keep your same style. Make lifestyle changes little by little. Instead of quitting my job, I'd probably cut my hours to part-time first and explore other options with my increased free time, and only quit when I was consistently busy enough with new things that I wouldn't be at a loss for what to do.

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