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Another thing I don't understand is why so many lottery winners start businesses. They were awful with money to begin with, but now all of a sudden they are money savvy entrepreneurs? Not to mention that over 2/3 of new businesses go under within five years. And the businesses they tend to start up are usually very questionable, if not downright foolish. Why take on that kind of unneccesary risk? Invest in low-cost, conservative financial instruments, heck even t-bills, and live comfortably off the returns. Easy-peasy.
In most situations you can form a trust and have the trust claim the ticket. Have an attorney represent the trust.
I'm foggy on whether and if any info about trustees can be made public.
There are several books and articles about how to be smart about claiming MEGA-jackpots. I'm surprised more people don't follow that advice. Oh well. I'm a researcher by trade so maybe that's why I've got a detailed, informed plan with advice from several sources -- on the one in a gazillion chance I'll win. (NOT there there may not be some flaws in it. But there's where waiting and being patient can come in, and having a team for VARIOUS opinions. ONE lawyer or CPA won't know all there is to know about what might be best.)
I personally think people are STUPID to claim the prize right away. Sure they might be 'afraid' they'd lose the ticket. But really what are the chances of that? Put it some where, and unless you FORGET where you put something worth 100 million dollars -- it will still be there two months later when you finally contact lottery officials. (In that two months time you can still have validated the ticket, and gotten your team together. You just haven't gone to the lottery office yet to CLAIM the prize.) Most winners are just ignorant about how to protect themselves -- and like I said THE INFORMATION IS OUT THERE.
It AMAZES ME that people who haven't had millions for 30 years, can't wait another 3 months to let the attention die down and get their act together. Sure I SUPPOSE you COULD have a heart attack in that time....but the chances of that aren't that great either. The SOONEST I'd claim the prize would be a month later.
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Another thing I don't understand is why so many lottery winners start businesses. They were awful with money to begin with, but now all of a sudden they are money savvy entrepreneurs? Not to mention that over 2/3 of new businesses go under within five years. And the businesses they tend to start up are usually very questionable, if not downright foolish. Why take on that kind of unneccesary risk? Invest in low-cost, conservative financial instruments, heck even t-bills, and live comfortably off the returns. Easy-peasy.
AMEN! Because people are gullible and ignorant (just uninformed).....and some are just plain stupid.
Why do southern states never win on a quick pick like Louisiana and why is it that when a winning number is played they pick another set after stalling on revealing the winning number
One of my favorite stories was the one of the 2 sisters who lived next door to each other. They both had families and seemed completely normal. And happy.
There was also the one of the young woman who was coaching figure skating. She may have also been the same person who lived in Colorado and opened up a restaurant in the mountains. She seemed pretty level-headed. I always wondered if the restaurant succeeded.
Another thing I don't understand is why so many lottery winners start businesses. They were awful with money to begin with, but now all of a sudden they are money savvy entrepreneurs? Not to mention that over 2/3 of new businesses go under within five years. And the businesses they tend to start up are usually very questionable, if not downright foolish. Why take on that kind of unneccesary risk? Invest in low-cost, conservative financial instruments, heck even t-bills, and live comfortably off the returns. Easy-peasy.
Good point !
A guy from Florida said when he won the lottery his friends urged him into raising race horses because he liked to watch horse racing.
He declined.
He echoed what you said. He said.............." the day after you win the lottery you are a whole lot richer than the day before , but not one bit smarter "
One of the women who was on that lottery winner show came to my wife's wake last month.
Her and her husband drove 20 miles to express their sympathy and the temp was -20 that night.
A wonderful person before winning................a wonderful person after winning.
People don't change when they hit the lottery or when they come into a substantial amount of money in some way. It only amplifies who they actually are. A wonderful person before will be a wonderful person after. A nasty person before? Nasty person after. Idiot before? Idiot after.
Winning or coming into a huge windfall also shows who your true friends are. Who is going to ask you for money and then get mad when you don't give in to all their requests. Who is going to come out of the woodwork after you haven't seen them in years? What relatives are going to demand money because "we're family", etc?
It changes EVERYTHING overnight. Even if you try to live a regular life, things change and people show their true colors.
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Why?
