Wealth accumulation

Reply #10

music* — Sun, 05 Apr 2015 22:05:02 GMT

I am just learning how to view my life in perspective by rewinding it from last day to the present. Of course I do not know the day or hour of my passing but with some medical advice and life expectancy tables I can guess closely. No one wants to run out of money before they pass.

So, Budget will be my key word. I will also include the words, Inheritance, Not anymore, daily average. I am studying a booklet by author Juan Truqui who wrote the Manual for surviving the Lottery curse.

Yes,

Reply #9

CDanaT — Sun, 05 Apr 2015 13:42:47 GMT

Great points Pia. While I am looking at something in the 5-6 million range( after buying house/vehicles/furnishings and paying all taxes for me would suffice ) I would have to re-evaluate my expenses for other family members/charities/vacations in the future. Even at 3-5% on the returns($150K - 300K estimated) per year. Good ooooollllllle Uncle Sugar is going to come calling with his hand out and take a huge chunk,no telling what the cost of living will create in 20+ years( food, insurance- medi... [ More ]

Reply #8

HoLeeKau — Sat, 04 Apr 2015 19:33:57 GMT

I do not understand big winners who buy a new house with a loan, then can't make the payments after they squander millions of dollars and end up foreclosed on with nowhere to live. If you win more than a million after taxes and can't afford to pay cash, then you can't afford the house.

I'm with the earlier poster who said buy your house and cars with cash. Put aside a few hundred grand for emergencies to be used ONLY for real emergencies - housing, taxes, medical. Hands off for any other pur... [ More ]

Reply #7

music* — Sat, 04 Apr 2015 17:26:33 GMT

Ditto Piaceri, I am reading Juan Truqui's booklet, Manual for surviving the Lottery Curse . Your course is set correctly. Juan quotes Edmund Burke, Those who don't know history are doomed to repeat it I will apply this wisdom to past Lottery winners and where,how, and why they lost it all.

Reply #6

Piaceri — Sat, 04 Apr 2015 15:12:16 GMT

Exactly.

Have that plan by the time you collect, made with the advice of financial experts. They can tell you how much to expect in earnings off your win and help with a budget. You have to determine your life expectancy and how much if any do you want to leave your family when you pass, along with what inheritance taxes will take from that or how to avoid inheritance taxes.

I've already decided that unless I have $10m in the bank after taxes, setting myself up with new house car, and gift... [ More ]

Reply #5

SoleWinner21 — Sat, 04 Apr 2015 01:45:29 GMT

Cocaine is helluva drug. What a waste.

Reply #4

bigbear29 — Sat, 04 Apr 2015 00:16:29 GMT

I would expect this guy to lose his lottery money, ex-con to lottery winner. He was not very bright, spend, spend, spend. I think this is the guy who also had an aid to follow him around. No brains and no budget.

Reply #3

noise-gate — Fri, 03 Apr 2015 23:45:10 GMT

Some Sage advice from the Past ...

Several days after his monumental win, Mr. Edwards and Maddux stood before television cameras at the Louisville Slugger Museum, where Mr. Edwards received a ceremonial check. Reporters grilled Edwards about his past, which included a stint behind bars for the armed robbery of a convenience store 20 years earlier and repeated parole violations that kept sending him back to prison.

Mr. Edwards acknowledged that he'd made some mistakes in his life, but he sa... [ More ]

Reply #2

music* — Fri, 03 Apr 2015 22:48:24 GMT

bigbear29, Thank You for your sage advice. I will go online and look at gated communities where I want to live. Setting up a budget is easy to say but I must be diligent with it . And I will live a normal and happy life.

Reply #1

bigbear29 — Fri, 03 Apr 2015 22:38:22 GMT

Have a plan in mind if you win. My plan is to buy a house in a gated community, set-up a budget, set aside property taxes for 41 years ( that is for me ), buy and pay-off all your cars and final, live a normal life.

Wealth accumulation

music* — Fri, 03 Apr 2015 22:24:31 GMT

For most of our lives we are in a wealth accumulation phase. Then we retire and are in a wealth management phase.

With a lottery win we will be in the highest tax bracket and annual tax audits by the IRS.

Personally I will be surprised and astounded when I win. I will not do a Press event. I will ask for minimal publicity here in California.

Because , I ask myself How would I like turning over my photo and personal information that can be found on the internet to a criminal. ?

Good... [ More ]