Big lotto's aren't all they are cracked up to be :-)

[jinjuku]

 

[Midwesthonky]

View attachment 23855

Ok, that's funny stuff!

I think if I did win, I'd do my best to stay anonymous. I can already name names of 'relatives' that would be coming out of the woodwork with great investment ideas or just looking for a plain hand out. I'd just want a place where I could have peace and quiet and be able to pee outside when I feel like it. Simple things in life. Maybe take up a hobby like juggling chainsaws or chainsaw carving.

 

[panteragstk]

Ok, that's funny stuff!

I think if I did win, I'd do my best to stay anonymous. I can already name names of 'relatives' that would be coming out of the woodwork with great investment ideas or just looking for a plain hand out. I'd just want a place where I could have peace and quiet and be able to pee outside when I feel like it. Simple things in life. Maybe take up a hobby like juggling chainsaws or chainsaw carving.

I think we all do. Luckily TX is one of the states that lets you remain anonymous.

Too lazy to look up, but if you don't take cash, what are the other options?

 

[BoredSysAdmin]

Seems like depressingly accurate situation regarding too many (over 30%) lottery winners:
https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb38xf/

Poster also gives lots of good tips on how to many your newfangled winnings. Not everything on his list is obvious.

 

[highfigh]

Ok, that's funny stuff!

I think if I did win, I'd do my best to stay anonymous. I can already name names of 'relatives' that would be coming out of the woodwork with great investment ideas or just looking for a plain hand out. I'd just want a place where I could have peace and quiet and be able to pee outside when I feel like it. Simple things in life. Maybe take up a hobby like juggling chainsaws or chainsaw carving.

Good luck with that- I know one winner who wanted to remain anonymous and continue working at his job because he really enjoyed it and he was good at it- personally, if he had been able to keep working, it would have been better for me and others who do what I do. He disappeared for a week and met with financial advisers who specialize in this kind of thing but the AP (yes, the ASSociated Press) did a FOIA request and got all of his info. They then proceeded to write an article about him, what he did and for whom, who he's married to, the names & ages of his kids, where he lived/the value of his house/how much property tax he paid, where his wife worked, where his kids went to school, they interviewed his siblings & parents.....

I told him it would be great if he could buy the AP just so he could fire the asshat who did the FOIA request and wrote the article.

It's a bit late for trying to be anonymous after winning unless you go completely off-grid and never use the internet.

 

[Irvrobinson]

Good luck with that- I know one winner who wanted to remain anonymous and continue working at his job because he really enjoyed it and he was good at it- personally, if he had been able to keep working, it would have been better for me and others who do what I do. He disappeared for a week and met with financial advisers who specialize in this kind of thing but the AP (yes, the ASSociated Press) did a FOIA request and got all of his info. They then proceeded to write an article about him, what he did and for whom, who he's married to, the names & ages of his kids, where he lived/the value of his house/how much property tax he paid, where his wife worked, where his kids went to school, they interviewed his siblings & parents.....

I told him it would be great if he could buy the AP just so he could fire the asshat who did the FOIA request and wrote the article.

It's a bit late for trying to be anonymous after winning unless you go completely off-grid and never use the internet.

Uh, how did a FOIA (Freedom of Information Act) request get information on a lottery winner? FOIA regards getting information from US federal government agencies. I don't see how lottery winners are involved. Finding out where someone is employed is easy for any moderately knowledgable private investigator, marriage records and birth certificates are easy too. (How do you think Ancestry.com works?) Property taxes are a matter of public record, once you know someone's address. (You can see them on Zillow.com.)

Personally, I think anyone who uses "financial advisors" and "wealth managers" are just fools paying someone else a fee to take advantage of them. It's good that electronic trading has eliminated most "stock brokers", most of whom used to fall into this notorious category. It never ceases to amaze me how many engineers with graduate degrees in the high tech industry I know pay financial advisors 1%+ fees to manage their accounts. It makes me roll my eyes, and think I'm in the wrong business.

 

[Midwesthonky]

I think we all do. Luckily TX is one of the states that lets you remain anonymous.

Too lazy to look up, but if you don't take cash, what are the other options?

You really have two options:
1. Cash option - you get the cash out value minus applicable taxes
2. Annuity - you get paid the pull amount but in 30 installments. Better if you struggle to create a budget/plan and stick to it. But the value and payments are only based on a lower rate of return. If you can do better than that rate of return, it's best to go with the cash option and invest it yourself.

Now, you can also claim it as an individual or you can set up a trust. The trust, if done right, helps isolate your name from the money. It creates another layer to keep people off your back. Won't help all of them, but it can help some.

 

[Midwesthonky]

Seems like depressingly accurate situation regarding too many (over 30%) lottery winners:
https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb38xf/

Poster also gives lots of good tips on how to many your newfangled winnings. Not everything on his list is obvious.

He gives great advice. I'd go with a trust to receive the money to create a layer between me and general information. Keep it the hell quiet until I can set up another trust to buy a piece of property to disappear to if needed (layers of LLC corps if needed). That way you can get out of dodge if people start camping on your doorstep.

My relatives wouldn't like my trust requirements. Yeah, I'll help with your college education. I'll cover 50% for a C, 80% for a B, 100% for an A. I will cover...not pay up front. Want me to invest in your guaranteed business idea? Where is your business plan? What is the collatoral for the loan?

 

[mtrycrafts]

.... I'd just want a place where I could have peace and quiet and be able to pee outside when I feel like it. ...

I would guess that would exclude winter times?

 

[highfigh]

Uh, how did a FOIA (Freedom of Information Act) request get information on a lottery winner? FOIA regards getting information from US federal government agencies. I don't see how lottery winners are involved. Finding out where someone is employed is easy for any moderately knowledgable private investigator, marriage records and birth certificates are easy too. (How do you think Ancestry.com works?) Property taxes are a matter of public record, once you know someone's address. (You can see them on Zillow.com.)

Personally, I think anyone who uses "financial advisors" and "wealth managers" are just fools paying someone else a fee to take advantage of them. It's good that electronic trading has eliminated most "stock brokers", most of whom used to fall into this notorious category. It never ceases to amaze me how many engineers with graduate degrees in the high tech industry I know pay financial advisors 1%+ fees to manage their accounts. It makes me roll my eyes, and think I'm in the wrong business.

I thought any FOIA was for government info, too- maybe I'm not remembering it correctly or the article was wrong, but they got info that should have been kept private.

Ancestry.com uses public info, it's run by the Mormons (who have had Family History Centers in their larger facilities for decades), it's not always accurate and it makes a lot of money for them. They (Mormans) originally did genealogical research to make sure their flock was who/what they wanted.

I was told by the manager of the office that they don't actually give advice, after one of the funds I was in tanked. It's probably a good thing for him that this was during a phone call, rather than in person. I stopped having ANY trust in the financial sector at that point.

 

[highfigh]

I would guess that would exclude winter times?

How would YOU write your name in the snow?

 

[highfigh]

I used to marvel at people who would come into a sum of money they had never seem before- the first thing they would do is go out and buy a car, usually something that would have far less value in five years than something off the lot. One of the worst investments EVER! Pretty soon, they have a POS used car and nothing else. One guy snorted his inheritance and lost his house, marriage, kids......ended up flipping burgers for quite a while.

I'd give it a shot, though- I'm approaching retirement and would start by finding some places to donate it to, then invest a good chunk. At this point, $500K would be enough for me to do a lot and have a great time without becoming some kind of weird hoarder.

I don't know if it's a matter of people never being taught about handling and investing money, but a lot of people seem to be completely clueless, as shown by all of the debt consolidation loan and credit card ads. One ad for a card shows a happy couple and the guy saying "We paid off our credit cards and bought a boat!". That's one of the worst things someone can buy if they can't manage their finances- boats are great and I enjoy boating a lot, but one thing makes it different for me- I know how to repair boats and if I can't do it, I know people who can, having done that kind of work for a living. If someone doesn't know which end of a screwdriver to pound on, owning a boat requires money- a lot of it.

I hate debt. I still owe a bit for my house, but that's all.

 

[Midwesthonky]

I would guess that would exclude winter times?

Direct quote from my wife: "I thought the dogs had peed on the snowbank, but then I realized I could read it."

 

[mtrycrafts]

Direct quote from my wife: "I thought the dogs had peed on the snowbank, but then I realized I could read it."

Smart dogs.