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Old 10-02-2009, 09:27 PM
 
Location: Michigan
29,391 posts, read 55,680,070 times
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TAMPA - One person's blessing is another person's curse.

Most of us dream of winning the lottery; of days spent leisurely on the new boat, or jetting to sun-splashed beaches in southern France. For some, that sudden wealth is a burden; a constant struggle of having to say no to family and friends and yes, take what you want, to the government.

Winning Lotto numbers not always the ticket to dreams, success
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Old 10-02-2009, 10:26 PM
 
1,009 posts, read 4,043,987 times
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Doesn't have to be all that complicated . . one strategy:
1. Estimate Federal tax obligation.
2. Estimate State tax obligation.
3. For monthly income, invest balance in a High-Yield Corporate Bond Fund.
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Old 10-02-2009, 11:38 PM
 
Location: Portland, Oregon
7,085 posts, read 12,074,775 times
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I've always read terrible stories about sudden wealth. Spending goes into overdrive, deadbeat friends/relatives appear out of the woodwork, the suddenly wealthy are also the new fund of every dream everyone ever had, often times if people don't feel like they got enough or feel like they deserve part of it then the rest vaporizes into lawsuits.

The last thing I would ever do if I won anything is tell anyone. I would stuff it into different accounts and government securities after paying off any debts and not use it in any way to arose any suspicion.
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Old 10-02-2009, 11:56 PM
 
Location: Las Vegas
14,229 posts, read 30,088,309 times
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Oh what burden.......

I guess I would have to experience it for myself before I believed it.
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Old 10-03-2009, 08:48 AM
 
16,405 posts, read 30,359,049 times
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Quote:
Originally Posted by tortoise View Post
Doesn't have to be all that complicated . . one strategy:

3. For monthly income, invest balance in a High-Yield Corporate Bond Fund.
Why would anyone who wants to preserve a one-time lottery win want to invest in a high-risk junk bond fund with their full portfolio.

That is an irresponsible approach.
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Old 10-03-2009, 09:48 PM
 
Location: Arlington, VA
593 posts, read 2,442,738 times
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Like my grandfather always said,

"The Lottery is a tax on people who can't do math..."
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Old 10-04-2009, 02:36 PM
 
18,741 posts, read 33,468,225 times
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Hey, if winning all that money is so troublesome, then people can just give it away to some worthy cause and go back to work. Same with trust funds and other problems I won't have to consider.
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Old 10-07-2009, 07:36 PM
 
Location: Yucaipa, California
9,894 posts, read 22,062,279 times
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Yrs back my brothers friend won the lottery (6 million) & he said family, friends ,ex friends, former classmates & strangers came out of the woodwork asking for money.
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Old 10-07-2009, 07:48 PM
 
Location: Planet Eaarth
8,954 posts, read 20,713,875 times
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One could always put the lottery winnings in a self directed trust and yourself a salary to administer said trust to get a yearly income. That way you don't have gobs of money to "give" away.

http://www.buzzle.com/articles/how-d...fund-work.html
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Old 10-07-2009, 07:50 PM
 
Location: Yucaipa, California
9,894 posts, read 22,062,279 times
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Quote:
Originally Posted by Tightwad View Post
One could always put the lottery winnings in a self directed trust and yourself a salary to administer said trust to get a yearly income. That way you don't have gobs of money to "give" away.
Is that what a tightwad would do ?
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