Debra Williams It is though. you have to be paranoid a bit to handle that amount of money "and another lawyer to watch all 3 of them!!!" It's effectively put a target on your back, because if you have to go the lengths to hire a watcher to watch the watcher it is paranoia. not saying that it's not a good of bad reason, but it comes with the territory of instant wealth. there was a statistic that says nearly half of lottery winners lose all their money in as little 3-4 years.
In Italy all winnings are "after tax" which means if a lottery advertises "1 million euro jackpot" it means that the 1 million is taxed and they have to budget more or less a 1.46 million prize, 460K will be paid in tax and 1 million handed to the winner. Of course any revenue generated by the lump sum the following years will be taxed normally.
@@chuylopez8793 too many rats in sheep's clothing will try to lure you in with the ultimate goal of taking your money , the same tactics the casino uses.
#8: No posses. Too many people who get rich quick surround themselves with a gang of people (often those old friends) who they keep around because they're fun and give them "jobs" to help them out. Life becomes one big party supporting and entertaining your friends and 3 years later, you're broke.
Thank you Mr. Flater for great advice. I already have a good CPA and Lawyer but they are in another State. When I win (lol), I will seek their advice. I understand that there are people out there wanting to get my winnings regardless of how they get it. I also know that depending on the amount it would be better to take the annuity. You have a better chance of doing smaller investments, instead of getting a large sum and worrying where to put it safely.
My Brother in Law is a CPA that's the only person I'll hire unless he recommends others, but I don't like any one to tell me what to do with my monies .....I didn't win money for someone to tell me what to do with it, lol
bn2mar2div2 Your right! Scenario :"I'm your brother in law, you can trust me. I'll just make a small invest and we'll, I mean, you'll be set for the future!" Money brings out the Evil in people, even relatives.
jeatig, yeah thank you. lawyers are professional thieves. they are the first to still your info and blackmail you. be your own lawyer. Anyone can study what lawyers have studied too!! without any college scam!
Most of the advices don't apply to us in Canada, we don't pay taxes on lottery wins and there no lawyer and stuff is needed. Walk in with your ticket walk out with your money
Joseph Maximus More like #1. Common sense. If you have it you don't need a professional to tell you how to spend your money like your parents did as a small child, you are an adult. You should be mature enough to know this and smart enough to know the 'professional' is just helping to get paid, not save your pay.
LeLe I have to agree with you for the most part. However, most people don't use good sense and need guidance to protect themselves from themselves. Did you know that 90% of lottery winners are broke within a year or so according to statistics.
Biggest mistake on winning the lottery is to go public. The less people that know about it, the safer you'll be. Just keep it to close family and friends and tell them not to spread it around.
jasonmoore1900 In most states they make you reveal your name when you win. You don't have to go on TV but have to list your name. The best thing to do when I win is set up an irrevocable trust where you get so much money per year and that's it. Then people can't beg you for money since you can't change the trust-ever.
kafrenchable Lottery in the US sucks, you HAVE to reveal yourself to the world and you lose a big chunk of it to the tax man. Here in the UK you're completely anonymous and it's tax free.
I have my own rules about the lotto. I don't tell anyone if I play or when I play and I am not going to tell anyone if I win. I won't even tell my kids. (we all know kids have big mouths) I won't quit my job because I know the money whatever I win won't last forever. I'm not going to go off and buy some 400 million dollar castle on a remote island along with a car for every day of the week. A nice simple four bedroom house will do and a new car. Hell the car doesn't even have to be the latest newest model and it doesn't have to be brand new I will gladly take a used 2005 vehicle. I will definitely pay off any bills (good thing i'm all caught up) and I will pay ahead on some bills. I will put aside for my kids college tuition. Right now I don't have any friends or family coming to see me. No one calls and I dam sure am not notified of any family reunions. So if anyone finds out if I win and decides to show up at my doorstep I will have no problems turning them away. I think I will be the cheapest millionaire in the world.
Most states require you to disclose your identity in order to claim it. If you BUY your ticket in Delaware, Maryland, South Carolina, Ohio, North Dakota, Kansas or Wyoming than your plan will work, anywhere else and you'll have 5 tubs of mail a day and you'll have to move from house to house with a bodyguard like what the Tennessee Billion dollar winners from January are doing.
You sound like me lol, however I would quit my current job and invest in real estate, I would not tell anyone and nobody would know because I would still be gone all day looking for investments.
+tina Roberts Arizona gives you 6 months of anonymity and then your name and other info MUST be released, so no. That's how we know that the Arizona Powerball winner was Matthew Good.
+Short Names thank you I just looked it up it would have helped if I read the whole page lol. I'm from Michigan an just moved to Arizona so when I win at least I have 90 days to move away lol
Thanks for the advice my friend, I just dropped $500 on Powerballs for the coming weekend. I'll be sure to send something your way after I get my prize . Many peeps think I'm crazy spending that much but "scared money don't make money" and probably a quarter of my lifetime income has gone into gambling, giving up now would be a very dumb move .
Close down all your current credit and bank accounts, once your name goes public there's going to be alot of potential hackers &thieves targeting you. You can also change your name and move
Thank you, sir for the great advice. I wish to win the lottery like everyone else, but I do agree that if I won, I would hire an attorney or two and a CPA and a Financial Planner. The one thing I would not do, if I can help it, is not to go public. Another thing is to move to another city or town in another state where I can live and enjoy my newfound wealth anonymously.
Yes. You need an attorney that knows a lot about taxes, because there may be some things you can do to reduce your tax burden. It's going to be helpful to have one who knows about trusts, other legal entities, and estates if you're going to try and claim a prize anonymously (which is probably a really good idea if it's a huge win), and to manage how things are going to be transferred to the next generation without Uncle Sam taking a huge bite when you pass on. Finally, some major lottery winners have been sued dozens or even hundreds of times, so it's helpful to have someone (which may be a different attorney) to represent you in such situations.
i keep my bills low and have £1000 to spend every month. i wouldn't have any problems with the lottery because i dont need to announce it to the world nor do i need to buy loads of crap it can sit in my account and i will look at a small nice house to buy for me and another for my parents
can someone explain how people get ripped off when their relatives ask for money? i seen in few videos that it involves going to court and all that court fees will drain ur lottery winning. However, what i do not get is, y would u be obligated to give ur money to ur relatives or pushed to go to court? If lets say, i win, i am not obligated to give it to my uncle or aunt or my parents or siblings. I did not sign any contract that states that any property of mine or winning will be shared. So how can they force u to give money or go to the court
Before some one can take you to court their should be some sort of pre court process in place for them to have to go through first to even be able to do so.If I’m rich or hit for 30million, someone shouldn’t be able to just claim I owe them something with out a written agreement, or solid evidence before me having to waste money hiring a lawyer to prove I don’t.
#1 In Australia we don't pay tax on lottery winnings either, what you win is what you get. Granted, not the ridiculously high prizes as offered in the US but seriously, who really needs HUNDREDS of millions? #2 Surround yourself with advisers and lawyers! Are you serious? There's your money drain right there. Just stick it all in the bank, because do you really want to earn MORE money in schemes and scams up until now you'd never even heard of ?
Whatever you do with your money is your own business, but if you win millions, don't you ever do what Curt Schilling did with his money. He had a couple of million dollars in his bank account and he allowed a couple of so called financial advisers to convincing to borrow another couple of millions from a bank and invest it all in a business venture that failed. Curt filed for Chapter 7 and had to sell his beautiful house in Massachusetts along with some personal belongings in order pay the bank some of the money he borrowed.
Here's what I'd do Disappear and buy a home that says "I'm just an average joe" that happens to own a Tesla S P90D. Oh hers's another tip: If your financial adviser suggests you take out 3-5 years of your annual winning for an investment, fire that financial adviser, and get a new one. And then use your lawyer so that your now former financial adviser can't sue you.
It sounds like sound advice. But, in all seriousness...how do you find the professionals you mentioned, who actually have experience in handling large amounts of money and who aren't going to try to rip you off????
you may need a lawyer for a few things. a few hundred dollars or thousand for their bill. financial planner to go over what you can do with your money and the advantages and disadvantages (this actually does help you. they will help you set up your funds so that it can grow money). they help people see how much money they have vs. how long they will likely be alive. what dreams they have for their family or themselves (college funds ect). a few hundred dollars can be spent on that because let's face it, there are people that can't handle money and sudden wealth at that. CPA just to at least handle the first IRS bill and make sure they don't get more than they should. you want to make sure that's handled well. a few hundred spend on that. make sure you stay on top of your money. sign checks yourself and mail it yourself or if you do it thru your bank make sure you personally do it yourself (don't give out your pin or anything like that to anyone. you don't want to get ripped off and still owe irs like willie nelson).
lily blossom Yeah but what if I'm/we are good with my/our own money? I hate spending money as it is, even if and when I have it. I If won I might just end up dong what I do now and that not spend much at all. A for Taxes Yeah Id get people to do for me, to make sure its sine right and such.
maybe you haven 't won the lottery,but your advices are right! i hope you to win the lottery! you will definatelly use much better than a lot of people that have won it! :)
6 ปีที่แล้ว +1
The biggest mistake is to announce it to a friend or relative, when you should be silent & spend the next year gaining breathing space from shock & stress while you learn how to escape the previous life covertly. Simply divide what total you have...by the remaining years you imagine you'll have to live, that becomes the highest limit you can spend in a year, with strict adherence to that rule. Unless you've won the Powerball or something massive. Be prudent, judge any purchases by how long it used to take you to earn the price of the item in the previous life...if it seems excessive, walk on by, you don't need to spend big just because you have the means. The world's best bargain hunters are some of the wealthiest people in society, as they know the value of money. Take a leaf from their book & simply enjoy the golden years in abject luxury...with peace of mind at your beck & call. The ultimate wealth.
+Boris Terekidi (Xi Digital) the 50% is the sum of Federal AND State taxes. As he said, not all states tax lottery winnings. But the government really shouldn't tax ANY of it at the Federal level because governments keep 50% of all ticket sales anyway. They have their cut up front. The insult of it all is the government confiscates most of the money from the Lottery here.50% of sales +40% of pay out (20%) +7% sales tax on everything you buy and/or 45% of anything left after you die. Almost 75% of the Lottery goes to the government without 1 ounce of risk on their part. The Government wins the Lottery 100% of the time.
Gary, I couldn't agree with you more. Absolutely! Before I even think about claiming those millions, you better believe I'm gone have the financial planner, the cpa and lawyers on standby! I wouldn't want to claim that kind of money or be on tv with a huge dummy check like that! I'm not trying to get robbed or kidnapped! NO SIRRRRR!!! Because I've know in Georgia they can announce lottery winner names. If you claim the money thru blind trust, they wouldn't know correct?
When getting a lot of money get clear on what you won't spend your money on even if you can afford it. You can waste a lot of money on stuff you don't need if you don't do this.
People are just stupid. If you win 100mill, Just buy treasury bills and put the rest in the bank. I never understood why people who suddenly get millions are trying to invest. There is no need to invest and no need to attempt to start lame businesses that you know nothign about. I wouldn't even trust an accountant. It's not like you forgot how to do basic math. Example, My account has 30mill in it. I bought a 100000 dollar car, 3mil minus 100k equals 2.9mil. Very simple. I think the biggest mistake lotto winners make is telling people they won. I would only hire a lawyer to hide my identity. He doesn't need to see or deal with my money. After he does his job I just cut him a check and that's the last time we see each other. If you flip burgers for a living and you win. Do not continue to work if you win. You can pay somebody to build an identical work space in your garage and commute from one house to the fake job and pretend you are working. hahah
lineartechbd1600 lol. yes! i never understood those that win huge and yet want to work. i think a lot of people that win suck at math and have no concept of money. i can understand a splurge or two but damn. a lot of winners are damn fools with their money.
You said that you have 30 mill in. 3mill- 100k is 2.9 mill thats True But yet you would have 29.9 mill in your account. Did you missed to type a 0 or what?
People who play the lottery aren’t financially responsible in the first place, which is why so many go broke. Invest it, spend a fraction of the interest and NOT the capital, and you will be set for life.
Avoid flaunting your wealth. Live comfortably, Not excessively. Simple. Definitely hire a Team: CPA, Lawyer, Financial Advisor. (First Team) Hire another Team to Audit the First Team. *Hire all as Fiduciary.
When people win the PowerBall or Mega Millions they receive about 40% of the advertised Jackpot. The 60% goes to the organization, the state, local and federal tax. It's a fact.
When you win millions, friends and family have entitlement syndrome. You have to set boundaries and learn to say no. Making bad decisions and not being safe is the true curse.
#1: in Europe you do get the whole thing in most countries #2: a team?! to start blowing my money? Nope. I'll keep that money on savings. It won't double but it's safe and I wouldn't need to double it anyway. Prizes are anonymous here as well, so unless I start bragging no one will know. #3: I wouldn't change my current life, but would like to buy myself a house instead of living in a rented studio apartment. And some nice vacation. #4: I wouldn't be able to blow millions, so the money would do forever. I am a rational person. #5: Popular? Not in Europe unless you want to. I wouldn't. #6: as mentioned: no investments: SAVINGS, that's all, or anything that is 100% risk free. Financial adviser? No thank you. Met a few people who lost it all because the adviser was an idiot but still charged. So you are basically paying to lose everything and the adviser to become rich. Nope. #7: Abandon common-sense: I hope to win a few millions to show you that I didn't do any of the mistakes you listed. But thanks for the advise anyway :)
That was pretty good advice I would have to say and I would definitely be interested in tax breaks and all that and make sure the government doesn’t get more than they deserve they’re already taking enough and I don’t want to be like a meal or some thing Saying no took a lot of practice and I have definitely become proficient so that I don’t think it’s gonna be a problem I am a generous person by default however instead of having someone else invest my money I actually have investment ideas already which means I’d be investing in myself and my future the first thing I wanna do is put my money to work. And not all of it of course. But it will take a nice chunk of change to get what I’m trying to achieve off the ground. That would be my first venture and then I have a few other smaller ones and some ideas for charitable contributions I would like to make but rather than giving them to organizations that already exist and tend to squander the money on administrative salaries which is not what the money was donated for in the first place I would much rather create a place my own And so then the main business venture I’m interested in investing in for myself and my family as well as the collective would be able to fund some of that I believe I would have to definitely check with financial advisor and a legal advisor to make sure that I can move the monies around that way but I know there’s so many states where you can’t remain anonymous however some people are not actually creating trust so that when you claim the prize it’s not in your personal name but I have a couple of thoughts on that… What if an individual doesn’t want to be found and that individual decides to change their name legally I think that’s a very good idea I’ve not heard other people talking about it and I would definitely change addresses I know some people really want to stay grounded and like they’ve always known but you can still be grounded without having to stay in my life that you’re now outgrowing Family is forever and you have to be very discerning to know who is your true friend and who is not I personally don’t have any close friends but that’s been years and years of filtering. My main friends are my family but there’s less and less of them as the years go by there is just some things I cannot cope with and knowing myself really well has been instrumental in carving the fat so to speak Honest people don’t usually have a lot of friends and they have fever and less family because people expect you to conduct your self according to social conditioning I’m not the type of individual that goes by societal rules and regulations I have my own code of conduct in my own creed that I follow I’m also a 53-year-old woman so I’ve had lots of practice with that as well I think it would be amazing I already know exactly where I would invest my money and how I would secure and stabilize my life but it wouldn’t be anything fancy like people might imagine just the basic needs and living a life that is very grounded in reality into nature I’m not interested in all the bells and whistle‘s although I wouldn’t mind paying a little bit of money for some extraordinary experiences that I may never have been able to afford previous to that moment but I wouldn’t want to live that way. Or attempt to change who I really a.m. to fit my bank account. I’ve heard some pretty gnarly stories about people being killed by a family members or loved ones family members and people who’ve been robbed repeatedly and things like that but I just think those are people that are foolish and they have patterns they didn’t stop feeding they also trusted the wrong people. I think you have to exercise some caution and try to hone in on your intuition and let that be your guide One of the stories that I had heard was this lovely and generous African-American man he’ll was in a relationship I don’t think he was married and his sister-in-law and her boyfriend actually killed him after trying to force him to fork over all of his money I can’t even imagine what his spouse felt after that had happened but they buried him under concrete. It’s just awful how some people can be I personally don’t think that I would ever have those types of issues and I’m definitely not the kind of person who could be violently persuaded to do anything but I also don’t keep that tech company All in all I think you’ll be a very happy and healthy experience without many snags or issues but I do appreciate the advice because I think in the beginning would be really really important and I know at some point I’m gonna need to have certain teams of individuals for consulting purposes but I don’t plan on having anybody on a regular payroll either just as needed
Is common sense guys let me give you an advice. if winning the lottery do not even consider asking for any help i guarantee you.. Rule number 1 Y DO U NEED TO INVEST WHEN God has blessed u with so much money? 2: Keep ur money into your savings and just live a normal life and spoil ur self and family once in a while 3: To remain financial stable dont invest or listen to anyone or even bother starting a business. if u couldnt afford to start a business at first why think about starting now because u have the oportunity. The best investment is to keep ur money into your savings and have 100 K in ur current account which should make ur self last with that least 70 years of ur life time and when you die make sure that money goes to your siblings and not the banks
I do not need someone to tell me on how to use my money, I smart enough to know how to use the money. I planning to buy two laptop one for vide editing and the other for Internet exploration and to make my setup and make TH-cam videos. The rest of the money I will use it to help my mother with the economic.
You'll be able to recoup 80% of your winnings if you put your money into a c-corp taxation quandron. This allows you to protect your winnings while paying (your fair share of taxes). Financial education is everything!!!!!😊
if you aint good with money take the investment plan. You get more eventually and smaller amounts are easier to manage. Plus if you blow all one year all you have to do is wait till next year. don't invest in chowchilla farms
Keep your money in either banks, or invested and out of the actual hands of those advisors, and have surprise audits on all of the books managing your accounts by unaffiliated with any advisors, periodically.
This video just made me think twice in buying a lottery ticket. i dont have a clue what to do. with all that money IRS state taxes accepting advice from professionals i would be untrustfull. as soon these people see my ignorance
+Tyron Zepol thats why you got to be smart enough to hold your own fuck an advisor i say go to a trusted law firm and get an attorney claiming via ticket and have a contact to use one. I would get a personal mentor if anything
So you know how to handle lawsuits, manage taxes on millions of dollars and how to properly invest your money and move it around so you don't get hit with larger taxes than you need to be? I don't think so. A group of professionals would definitely help. Of course common sense will be one of the best thing to have, but having people who know what they're doing along with your common sense will get you a lot further.
lily blossom I am with you!! I have so many stories about how these "professionals" take all of your money. But I do agree with him.....Use common sense.
Richard Baker what part of this doesnt this guy get ? Unscrupulous people INCLUDE financial advisors and lawyers......ummm lets see you buy a real nice house paid in full....you buy some physical gold.....you buy BLUE CHIP stocks (no margin) and when you blow the rest you will always have at least that THIS ISNT ROCKET SCIENCE
Really late reply, but I got a notification just now for my post(don't know why). Anyways; That's why you hire the right planners and lawyers. You don't go get your uncle Frank who used to own a used car lot to do your finances, and you don't hire a mesothelioma lawsuit lawyer. There are many companies that specialize in financial planning for people with hundreds of millions/billions of dollars. There are also many law firms that specialize in handling the issues that come with the territory of having a lot of money. These companies have a reputation to keep, lest they lose out on millions/billions of $ if they screw someone over. But I do agree with you that there are many ways to not go broke, and that common sense will almost guarantee you a full life with no financial woes. But people suing you for dumb things is a harsh reality, and getting a respected lawyer/firm is just good for covering your back. Better to have one when you need one, than to not have one and possibly end up paying out the wazoo over lawsuits that you're unprepared for. Financial planning doesn't just need to be "how to not spend more that you have", it can also be used to help grow your money, so that you can have even more to pass down to future generations of your family. Lots of people have gone broke because they didn't have someone there to say "no, don't go into business with your brother Ed, his business model sucks" etc etc
Put the money in the bank.....don't flash the cash....trust yourself.....if you start talking to big knobs for advice. ..they will talk....and it will carry with the wind ...to unknown people to you...
Well I don't have a family and I don't have any friends so I wouldn't be buying anything for anyone. I haven't had a relationship in a very long time so I don't have to worry about that. I haven't slept with anyone in years and I don't do drugs or alcohol so I'm also good on that and if I were to win I'd basically tell everyone not to waste their time sending me letters and if they do, well it looks like I'll be able to keep the bonfires going lol. I'd honestly probably leave the US and never return.
If I win the lottery, I will share it with my close family, close friends, and my girlfriend and buy a nice house in Georgia or North Carolina! I know who my close family and friends are! Not gonna be suckered by gold diggers!
Can't trust the majority of finance advisors! Don't agree with # 3,too many family members. # 5, move away with no return address. Get a P.O Box address.
The problem is if you don't know how to make a million dollars you don't know how to keep a million dollars. Seriously, if you never earned the connections how would you know which lawyer is worth his salt, which c.p.a. is worth his salt, whether a financial advisor is a big idiot. Here's what I would do: 1. Get a lawyer with my own money and establish a trust to keep identity secret. 2. Keep your job. Your family deserves to have a normal life. 3. Other peoples' problems aren't your problem. Help people out within your real means not your lottery means. 4. Buy a home you could only afford with your job. Don't be rich, be happy instead.
I won 5.8 million Canadian dollars last year..I've spent about 1.7 million so far like nothing.I agree with the video coach..get financial advisor(s) to help manage your money.I used to live on 2400 a month..now approaching 50thousand a month...Get Financial Advisor to help you manage money or it goes quickly.
Hire a lawyer, a CPA, a financial adviser, and another lawyer to watch all 3 of them!!!
sounds like a life of paranoia.LOL
mo' money, mo' problems.
Duane Locsin
That is not being paranoid!!! That is common sense!! That way, you don't end up being broke in 10yrs!!!
Debra Williams It is though. you have to be paranoid a bit to handle that amount of money "and another lawyer to watch all 3 of them!!!"
It's effectively put a target on your back, because if you have to go the lengths to hire a watcher to watch the watcher it is paranoia. not saying that it's not a good of bad reason, but it comes with the territory of instant wealth.
there was a statistic that says nearly half of lottery winners lose all their money in as little 3-4 years.
Nevertheless, you still can't be too careful; I'd rather have money and be paranoid than be broke and trusting!!!
Debra Williams exactly. you have to have a fair degree of paranoia and to expect problems with that amount of money.
In Italy all winnings are "after tax" which means if a lottery advertises "1 million euro jackpot" it means that the 1 million is taxed and they have to budget more or less a 1.46 million prize, 460K will be paid in tax and 1 million handed to the winner.
Of course any revenue generated by the lump sum the following years will be taxed normally.
..thank God im a loner..with not many friends..so i know who to trust..plus i learned to save
+james williams "Hey, James, remember me? We were best buddies in third grade. How ya been, pal?!"
believe when you win money you go looking for people. being lonely is not a good thing
@@chuylopez8793 too many rats in sheep's clothing will try to lure you in with the ultimate goal of taking your money , the same tactics the casino uses.
james williams the question to you, are you happy?
Til you fall in love without a prenup.😒😒😒 But...but...if you loved me you'd let me run through your money!!!😒😒😒😒
#8: No posses. Too many people who get rich quick surround themselves with a gang of people (often those old friends) who they keep around because they're fun and give them "jobs" to help them out. Life becomes one big party supporting and entertaining your friends and 3 years later, you're broke.
Thank you Mr. Flater for great advice. I already have a good CPA and Lawyer but they are in another State. When I win (lol), I will seek their advice. I understand that there are people out there wanting to get my winnings regardless of how they get it. I also know that depending on the amount it would be better to take the annuity. You have a better chance of doing smaller investments, instead of getting a large sum and worrying where to put it safely.
My Brother in Law is a CPA that's the only person I'll hire unless he recommends others, but I don't like any one to tell me what to do with my monies .....I didn't win money for someone to tell me what to do with it, lol
bn2mar2div2 Your right! Scenario :"I'm your brother in law, you can trust me. I'll just make a small invest and we'll, I mean, you'll be set for the future!" Money brings out the Evil in people, even relatives.
How I wish I had the dilemma of these problems..
Better be CAREFUL of those CPA's, financial advisors, lawyers, etc. Do they charge periodic and expensive fees??
jeatig, yeah thank you.
lawyers are professional thieves. they are the first to still your info and blackmail you.
be your own lawyer. Anyone can study what lawyers have studied too!! without any college scam!
@@shdwolf1 EXACTLY, BRIAN! And that is why these lotto winners become broke within 5-7 years.
Thanks for the intel, hopefully i will have to follow your advice one day!
Good advice. I'll be doing exactly that and not spending anything except on my health and would invest the rest until I decide what to do.
Here in Canada we don't have any deductions on lottery winnings.
Nice
And it's paid out in one lump sumwith no deductions unless it's a game that specifically only pays out in payments.
mack cummy greedy American gov. huh?
yup
Most of the advices don't apply to us in Canada, we don't pay taxes on lottery wins and there no lawyer and stuff is needed. Walk in with your ticket walk out with your money
#2. Blow all the money 3. because" lack of professional advice.
Joseph Maximus More like #1. Common sense. If you have it you don't need a professional to tell you how to spend your money like your parents did as a small child, you are an adult. You should be mature enough to know this and smart enough to know the 'professional' is just helping to get paid, not save your pay.
LeLe I have to agree with you for the most part. However, most people don't use good sense and need guidance to protect themselves from themselves.
Did you know that 90% of lottery winners are broke within a year or so according to statistics.
diiyer thats cuz cananda has taken all the tax from you guys before you win any lottery , lololol free healthcare HAHAHA!!!
fuck you
Actually it's because we can't claim our gambling losses like in the US on our income tax
Biggest mistake on winning the lottery is to go public. The less people that know about it, the safer you'll be. Just keep it to close family and friends and tell them not to spread it around.
Better yet, tell NOBODY.
jasonmoore1900 In most states they make you reveal your name when you win. You don't have to go on TV but have to list your name. The best thing to do when I win is set up an irrevocable trust where you get so much money per year and that's it. Then people can't beg you for money since you can't change the trust-ever.
kafrenchable
Lottery in the US sucks, you HAVE to reveal yourself to the world and you lose a big chunk of it to the tax man. Here in the UK you're completely anonymous and it's tax free.
Very good advice!!!
Andy Holmes
Unless you're a dumb fuck like Michael Carroll and decide to go public!
Fortunately, most people are smarter than that!
I have my own rules about the lotto. I don't tell anyone if I play or when I play and I am not going to tell anyone if I win. I won't even tell my kids. (we all know kids have big mouths) I won't quit my job because I know the money whatever I win won't last forever. I'm not going to go off and buy some 400 million dollar castle on a remote island along with a car for every day of the week. A nice simple four bedroom house will do and a new car. Hell the car doesn't even have to be the latest newest model and it doesn't have to be brand new I will gladly take a used 2005 vehicle. I will definitely pay off any bills (good thing i'm all caught up) and I will pay ahead on some bills. I will put aside for my kids college tuition. Right now I don't have any friends or family coming to see me. No one calls and I dam sure am not notified of any family reunions. So if anyone finds out if I win and decides to show up at my doorstep I will have no problems turning them away. I think I will be the cheapest millionaire in the world.
Most states require you to disclose your identity in order to claim it. If you BUY your ticket in Delaware, Maryland, South Carolina, Ohio, North Dakota, Kansas or Wyoming than your plan will work, anywhere else and you'll have 5 tubs of mail a day and you'll have to move from house to house with a bodyguard like what the Tennessee Billion dollar winners from January are doing.
You sound like me lol, however I would quit my current job and invest in real estate, I would not tell anyone and nobody would know because I would still be gone all day looking for investments.
+Short Names add Arizona
+tina Roberts Arizona gives you 6 months of anonymity and then your name and other info MUST be released, so no. That's how we know that the Arizona Powerball winner was Matthew Good.
+Short Names thank you I just looked it up it would have helped if I read the whole page lol. I'm from Michigan an just moved to Arizona so when I win at least I have 90 days to move away lol
Thanks for the advice my friend, I just dropped $500 on Powerballs for the coming weekend. I'll be sure to send something your way after I get my prize . Many peeps think I'm crazy spending that much but "scared money don't make money" and probably a quarter of my lifetime income has gone into gambling, giving up now would be a very dumb move .
Have u won big yet?
Great advice. Thank you and God bless.
can you explain your final quote?
The FIRST thing people should do is hire security for protection AND privacy.
Close down all your current credit and bank accounts, once your name goes public there's going to be alot of potential hackers &thieves targeting you. You can also change your name and move
Hire Blackwater as your security
Thank you, sir for the great advice. I wish to win the lottery like everyone else, but I do agree that if I won, I would hire an attorney or two and a CPA and a Financial Planner. The one thing I would not do, if I can help it, is not to go public. Another thing is to move to another city or town in another state where I can live and enjoy my newfound wealth anonymously.
Advisors, lawyers are crooks!!
Is there a particular type of attorney a winner needs to retain?
Yes. You need an attorney that knows a lot about taxes, because there may be some things you can do to reduce your tax burden. It's going to be helpful to have one who knows about trusts, other legal entities, and estates if you're going to try and claim a prize anonymously (which is probably a really good idea if it's a huge win), and to manage how things are going to be transferred to the next generation without Uncle Sam taking a huge bite when you pass on. Finally, some major lottery winners have been sued dozens or even hundreds of times, so it's helpful to have someone (which may be a different attorney) to represent you in such situations.
How many times are you going to say "with that"?
Lol
i keep my bills low and have £1000 to spend every month. i wouldn't have any problems with the lottery because i dont need to announce it to the world nor do i need to buy loads of crap it can sit in my account and i will look at a small nice house to buy for me and another for my parents
YES INDEED THANK YOU 😊
Thanks for the advice.
In canada we get the whole check
can someone explain how people get ripped off when their relatives ask for money? i seen in few videos that it involves going to court and all that court fees will drain ur lottery winning. However, what i do not get is, y would u be obligated to give ur money to ur relatives or pushed to go to court? If lets say, i win, i am not obligated to give it to my uncle or aunt or my parents or siblings. I did not sign any contract that states that any property of mine or winning will be shared. So how can they force u to give money or go to the court
***** shut the fuck up. he asked a question
Before some one can take you to court their should be some sort of pre court process in place for them to have to go through first to even be able to do so.If I’m rich or hit for 30million, someone shouldn’t be able to just claim I owe them something with out a written agreement, or solid evidence before me having to waste money hiring a lawyer to prove I don’t.
#1 In Australia we don't pay tax on lottery winnings either, what you win is what you get. Granted, not the ridiculously high prizes as offered in the US but seriously, who really needs HUNDREDS of millions?
#2 Surround yourself with advisers and lawyers! Are you serious? There's your money drain right there. Just stick it all in the bank, because do you really want to earn MORE money in schemes and scams up until now you'd never even heard of ?
If you won a lottery, you should definitely do the following:
1. Don't tell anyone
2. Become Republican
3. Invest
WHAT 🤠
2. Not necessary.
You obviously don't need to become a republican if there are rich Democrats. How about become a Moderate.
Wait....the 7 BIGGEST mistakes lottery winners make? So why wasn't coke even on the list?
Or hookers ?
Marrying without a prenup.
Whatever you do with your money is your own business, but if you win millions, don't you ever do what Curt Schilling did with his money. He had a couple of million dollars in his bank account and he allowed a couple of so called financial advisers to convincing to borrow another couple of millions from a bank and invest it all in a business venture that failed. Curt filed for Chapter 7 and had to sell his beautiful house in Massachusetts along with some personal belongings in order pay the bank some of the money he borrowed.
Here's what I'd do Disappear and buy a home that says "I'm just an average joe" that happens to own a Tesla S P90D.
Oh hers's another tip: If your financial adviser suggests you take out 3-5 years of your annual winning for an investment, fire that financial adviser, and get a new one. And then use your lawyer so that your now former financial adviser can't sue you.
Positive words and actions attract good luck.
Thnks for thm tips won 2 lottery's today :D 100millon each
Whats a CPA
Rogelio Regalado Certified public accountant.
Excellent sir, COMMON SENSE is not COMMON is so true
It sounds like sound advice. But, in all seriousness...how do you find the professionals you mentioned, who actually have experience in handling large amounts of money and who aren't going to try to rip you off????
RacinGIRL911. I wouldn't hire a professional thief( lawyer/ advisor) if I won.
TtHANKS FOR THIS INFORMATION.....IT IS really important.
you may need a lawyer for a few things. a few hundred dollars or thousand for their bill.
financial planner to go over what you can do with your money and the advantages and disadvantages (this actually does help you. they will help you set up your funds so that it can grow money). they help people see how much money they have vs. how long they will likely be alive. what dreams they have for their family or themselves (college funds ect). a few hundred dollars can be spent on that because let's face it, there are people that can't handle money and sudden wealth at that.
CPA just to at least handle the first IRS bill and make sure they don't get more than they should. you want to make sure that's handled well. a few hundred spend on that.
make sure you stay on top of your money. sign checks yourself and mail it yourself or if you do it thru your bank make sure you personally do it yourself (don't give out your pin or anything like that to anyone. you don't want to get ripped off and still owe irs like willie nelson).
lily blossom Yeah but what if I'm/we are good with my/our own money? I hate spending money as it is, even if and when I have it. I If won I might just end up dong what I do now and that not spend much at all.
A for Taxes Yeah Id get people to do for me, to make sure its sine right and such.
Good advice. thanks
Thanks Gary. Good journey. :)
I don't always play Lotto, but when I do, I prefer Power Ball. Stay thirsty my friends (Of course for millions)
maybe you haven 't won the lottery,but your advices are right!
i hope you to win the lottery! you will definatelly use much better than a lot of people that have won it! :)
The biggest mistake is to announce it to a friend or relative, when you should be silent & spend the next year gaining breathing space from shock & stress while you learn how to escape the previous life covertly. Simply divide what total you have...by the remaining years you imagine you'll have to live, that becomes the highest limit you can spend in a year, with strict adherence to that rule. Unless you've won the Powerball or something massive. Be prudent, judge any purchases by how long it used to take you to earn the price of the item in the previous life...if it seems excessive, walk on by, you don't need to spend big just because you have the means. The world's best bargain hunters are some of the wealthiest people in society, as they know the value of money. Take a leaf from their book & simply enjoy the golden years in abject luxury...with peace of mind at your beck & call. The ultimate wealth.
50% tax on winnings? Is that what "land of the free" is all about? We have 0% tax on winnings in Canada :)
***** Actually, he's wrong about that. Typically the IRS takes about 40%
+Boris Terekidi (Xi Digital) the 50% is the sum of Federal AND State taxes. As he said, not all states tax lottery winnings. But the government really shouldn't tax ANY of it at the Federal level because governments keep 50% of all ticket sales anyway. They have their cut up front.
The insult of it all is the government confiscates most of the money from the Lottery here.50% of sales +40% of pay out (20%) +7% sales tax on everything you buy and/or 45% of anything left after you die. Almost 75% of the Lottery goes to the government without 1 ounce of risk on their part.
The Government wins the Lottery 100% of the time.
Now that's badass!
+Morgan Johnson Your right!
Oh I know, and ur government compensates well for that difference in several other lower-key revenue streams.
Saying no to family & friends is harder then saying no to drugs
Gary, I couldn't agree with you more. Absolutely! Before I even think about claiming those millions, you better believe I'm gone have the financial planner, the cpa and lawyers on standby! I wouldn't want to claim that kind of money or be on tv with a huge dummy check like that! I'm not trying to get robbed or kidnapped! NO SIRRRRR!!! Because I've know in Georgia they can announce lottery winner names. If you claim the money thru blind trust, they wouldn't know correct?
The problem is finding CPA's and lawyers themselves that will not screw you.
I just won 30 million dollars. Your video helped me a lot.
+Site Bene nice
+Site Bene i just won that 440 million your a light wight lol and i just bought sears and ai'm going to be trumps running mate
yeah right
Great advice, so true :)
albrenza He's probably a CPA also. Use your own common sense and you should be fine. It's your money that the Advisors are working with.
number 4 would not work with my parents they would try anyway to take all the money for themselfs
Check your ticket online & don't trust the clerk at the store is the 1st thing.
When getting a lot of money get clear on what you won't spend your money on even if you can afford it. You can waste a lot of money on stuff you don't need if you don't do this.
People are just stupid. If you win 100mill, Just buy treasury bills and put the rest in the bank. I never understood why people who suddenly get millions are trying to invest. There is no need to invest and no need to attempt to start lame businesses that you know nothign about. I wouldn't even trust an accountant. It's not like you forgot how to do basic math. Example, My account has 30mill in it. I bought a 100000 dollar car, 3mil minus 100k equals 2.9mil. Very simple. I think the biggest mistake lotto winners make is telling people they won. I would only hire a lawyer to hide my identity. He doesn't need to see or deal with my money. After he does his job I just cut him a check and that's the last time we see each other.
If you flip burgers for a living and you win. Do not continue to work if you win. You can pay somebody to build an identical work space in your garage and commute from one house to the fake job and pretend you are working. hahah
I love it
Dude this is hilarious.
lineartechbd1600 lol. yes! i never understood those that win huge and yet want to work.
i think a lot of people that win suck at math and have no concept of money. i can understand a splurge or two but damn. a lot of winners are damn fools with their money.
lineartechbd1600 true!! i agree with you
You said that you have 30 mill in. 3mill- 100k is 2.9 mill thats True But yet you would have 29.9 mill in your account. Did you missed to type a 0 or what?
Good advice.
People who play the lottery aren’t financially responsible in the first place, which is why so many go broke. Invest it, spend a fraction of the interest and NOT the capital, and you will be set for life.
keep your friends close , your enemies closer .. HAD to say that
I would open various small businesses and use that income as my net spending.
Avoid flaunting your wealth.
Live comfortably,
Not excessively.
Simple.
Definitely hire a Team:
CPA, Lawyer, Financial Advisor. (First Team)
Hire another Team to
Audit the First Team.
*Hire all as Fiduciary.
good advice !!
Please please Sir tall to and halp me think you
You are very welcome!
I want to ask lottery company's ,,, can cheating results numbers ,? they can fixing setting numbers????
When people win the PowerBall or Mega Millions they receive about 40% of the advertised Jackpot. The 60% goes to the organization, the state, local and federal tax. It's a fact.
but like this guy is saying, if you hire a good lawyer you can work that stat down. most peoplke just dont realize it.
When you win millions, friends and family have entitlement syndrome. You have to set boundaries and learn to say no. Making bad decisions and not being safe is the true curse.
#1: in Europe you do get the whole thing in most countries
#2: a team?! to start blowing my money? Nope. I'll keep that money on savings. It won't double but it's safe and I wouldn't need to double it anyway. Prizes are anonymous here as well, so unless I start bragging no one will know.
#3: I wouldn't change my current life, but would like to buy myself a house instead of living in a rented studio apartment. And some nice vacation.
#4: I wouldn't be able to blow millions, so the money would do forever. I am a rational person.
#5: Popular? Not in Europe unless you want to. I wouldn't.
#6: as mentioned: no investments: SAVINGS, that's all, or anything that is 100% risk free. Financial adviser? No thank you. Met a few people who lost it all because the adviser was an idiot but still charged. So you are basically paying to lose everything and the adviser to become rich. Nope.
#7: Abandon common-sense: I hope to win a few millions to show you that I didn't do any of the mistakes you listed. But thanks for the advise anyway :)
You sir are wise. thanks. I will follow your advices if I ever win haha..
Biggest mistake: Buying more lottery tickets.
Tha I you sir .
That was pretty good advice I would have to say and I would definitely be interested in tax breaks and all that and make sure the government doesn’t get more than they deserve they’re already taking enough and I don’t want to be like a meal or some thing
Saying no took a lot of practice and I have definitely become proficient so that I don’t think it’s gonna be a problem I am a generous person by default however instead of having someone else invest my money I actually have investment ideas already which means I’d be investing in myself and my future the first thing I wanna do is put my money to work. And not all of it of course. But it will take a nice chunk of change to get what I’m trying to achieve off the ground. That would be my first venture and then I have a few other smaller ones and some ideas for charitable contributions I would like to make but rather than giving them to organizations that already exist and tend to squander the money on administrative salaries which is not what the money was donated for in the first place I would much rather create a place my own
And so then the main business venture I’m interested in investing in for myself and my family as well as the collective would be able to fund some of that I believe I would have to definitely check with financial advisor and a legal advisor to make sure that I can move the monies around that way but I know there’s so many states where you can’t remain anonymous however some people are not actually creating trust so that when you claim the prize it’s not in your personal name but I have a couple of thoughts on that… What if an individual doesn’t want to be found and that individual decides to change their name legally I think that’s a very good idea I’ve not heard other people talking about it and I would definitely change addresses I know some people really want to stay grounded and like they’ve always known but you can still be grounded without having to stay in my life that you’re now outgrowing
Family is forever and you have to be very discerning to know who is your true friend and who is not I personally don’t have any close friends but that’s been years and years of filtering. My main friends are my family but there’s less and less of them as the years go by there is just some things I cannot cope with and knowing myself really well has been instrumental in carving the fat so to speak
Honest people don’t usually have a lot of friends and they have fever and less family because people expect you to conduct your self according to social conditioning
I’m not the type of individual that goes by societal rules and regulations I have my own code of conduct in my own creed that I follow
I’m also a 53-year-old woman so I’ve had lots of practice with that as well
I think it would be amazing I already know exactly where I would invest my money and how I would secure and stabilize my life but it wouldn’t be anything fancy like people might imagine just the basic needs and living a life that is very grounded in reality into nature I’m not interested in all the bells and whistle‘s although I wouldn’t mind paying a little bit of money for some extraordinary experiences that I may never have been able to afford previous to that moment but I wouldn’t want to live that way. Or attempt to change who I really a.m. to fit my bank account.
I’ve heard some pretty gnarly stories about people being killed by a family members or loved ones family members and people who’ve been robbed repeatedly and things like that but I just think those are people that are foolish and they have patterns they didn’t stop feeding they also trusted the wrong people. I think you have to exercise some caution and try to hone in on your intuition and let that be your guide
One of the stories that I had heard was this lovely and generous African-American man he’ll was in a relationship I don’t think he was married and his sister-in-law and her boyfriend actually killed him after trying to force him to fork over all of his money I can’t even imagine what his spouse felt after that had happened but they buried him under concrete. It’s just awful how some people can be I personally don’t think that I would ever have those types of issues and I’m definitely not the kind of person who could be violently persuaded to do anything but I also don’t keep that tech company
All in all I think you’ll be a very happy and healthy experience without many snags or issues but I do appreciate the advice because I think in the beginning would be really really important and I know at some point I’m gonna need to have certain teams of individuals for consulting purposes but I don’t plan on having anybody on a regular payroll either just as needed
Maybe there should be a test you have to take before your allowed to play the lottery.
Is common sense guys let me give you an advice. if winning the lottery do not even consider asking for any help i guarantee you..
Rule number 1 Y DO U NEED TO INVEST WHEN God has blessed u with so much money?
2: Keep ur money into your savings and just live a normal life and spoil ur self and family once in a while
3: To remain financial stable dont invest or listen to anyone or even bother starting a business. if u couldnt afford to start a business at first why think about starting now because u have the oportunity.
The best investment is to keep ur money into your savings and have 100 K in ur current account which should make ur self last with that least 70 years of ur life time and when you die make sure that money goes to your siblings and not the banks
I do not need someone to tell me on how to use my money, I smart enough to know how to use the money. I planning to buy two laptop one for vide editing and the other for Internet exploration and to make my setup and make TH-cam videos. The rest of the money I will use it to help my mother with the economic.
😑
Astraalz - Free Agent! From the way you are acting, you are not even old enough to be in the Internet :p
You'll be able to recoup 80% of your winnings if you put your money into a c-corp taxation quandron. This allows you to protect your winnings while paying (your fair share of taxes). Financial education is everything!!!!!😊
The biggest mistakes is trusting people
You got to trust somebody
Please Sir halp me think you
My retiring plan on wining the lottery, hence why I am watching, I will OWN you all when the Powerball hits 1 Billion!
It's at 1.5 billion now. How did you know?
It's most likely going to go up one more time!
I want it bigger when I win!
JUSTIN BEAVER
if you aint good with money take the investment plan. You get more eventually and smaller amounts are easier to manage. Plus if you blow all one year all you have to do is wait till next year. don't invest in chowchilla farms
Wise man... Wise words.
here in the UK gambling money is tax free, can not believe USA tax is 50% from what you said! wow
jay2431 Its more on the grounds of 40% but yeah its bullshit. IRS just see it as "You own them money because you have money."
All my family members don’t talk to me and my so called friends barely know my phone number unless they need a ride somewhere.
Keep your money in either banks, or invested and out of the actual hands of those advisors, and have surprise audits on all of the books managing your accounts by unaffiliated with any advisors, periodically.
when I win I'll just call you Mr. Flater
It's a mistake to play. Most people lose.
This video just made me think twice in buying a lottery ticket. i dont have a clue what to do. with all that money IRS state taxes accepting advice from professionals i would be untrustfull. as soon these people see my ignorance
+Tyron Zepol thats why you got to be smart enough to hold your own fuck an advisor i say go to a trusted law firm and get an attorney claiming via ticket and have a contact to use one. I would get a personal mentor if anything
Any one else see the dollar bill in the back.
Now I did xD
A CPA is who or what ?
Certified Public Accountant
Be smart listen to the guy
Proper planning and common sense got it sir!
If i win I'll give you a kiss :P
I don't agree on paying less taxes, there is no such thing but pay the correct amount of tax.
LMFAO, first thing you do is surround yourself with a bunch of money hungry "legal" thieves.......You betcha!
So you know how to handle lawsuits, manage taxes on millions of dollars and how to properly invest your money and move it around so you don't get hit with larger taxes than you need to be? I don't think so. A group of professionals would definitely help. Of course common sense will be one of the best thing to have, but having people who know what they're doing along with your common sense will get you a lot further.
TheStarvingSamurai yes, you need legal thieves/financial planner. the winners that didn't have those went broke.
lily blossom I am with you!! I have so many stories about how these "professionals" take all of your money. But I do agree with him.....Use common sense.
Richard Baker what part of this doesnt this guy get ? Unscrupulous people INCLUDE financial advisors and lawyers......ummm lets see you buy a real nice house paid in full....you buy some physical gold.....you buy BLUE CHIP stocks (no margin) and when you blow the rest you will always have at least that THIS ISNT ROCKET SCIENCE
Really late reply, but I got a notification just now for my post(don't know why). Anyways; That's why you hire the right planners and lawyers. You don't go get your uncle Frank who used to own a used car lot to do your finances, and you don't hire a mesothelioma lawsuit lawyer. There are many companies that specialize in financial planning for people with hundreds of millions/billions of dollars. There are also many law firms that specialize in handling the issues that come with the territory of having a lot of money. These companies have a reputation to keep, lest they lose out on millions/billions of $ if they screw someone over.
But I do agree with you that there are many ways to not go broke, and that common sense will almost guarantee you a full life with no financial woes. But people suing you for dumb things is a harsh reality, and getting a respected lawyer/firm is just good for covering your back. Better to have one when you need one, than to not have one and possibly end up paying out the wazoo over lawsuits that you're unprepared for. Financial planning doesn't just need to be "how to not spend more that you have", it can also be used to help grow your money, so that you can have even more to pass down to future generations of your family. Lots of people have gone broke because they didn't have someone there to say "no, don't go into business with your brother Ed, his business model sucks" etc etc
Put the money in the bank.....don't flash the cash....trust yourself.....if you start talking to big knobs for advice. ..they will talk....and it will carry with the wind ...to unknown people to you...
No one should ever have to pay taxes on their winnings.
watch out for theives and robbers too.....people take!!!
Well I don't have a family and I don't have any friends so I wouldn't be buying anything for anyone. I haven't had a relationship in a very long time so I don't have to worry about that. I haven't slept with anyone in years and I don't do drugs or alcohol so I'm also good on that and if I were to win I'd basically tell everyone not to waste their time sending me letters and if they do, well it looks like I'll be able to keep the bonfires going lol. I'd honestly probably leave the US and never return.
Every rich man needs a girl. They make you feel even richer💯
My question is ,is it real?
If I win the lottery, I will share it with my close family, close friends, and my girlfriend and buy a nice house in Georgia or North Carolina! I know who my close family and friends are! Not gonna be suckered by gold diggers!
Can't trust the majority of finance advisors! Don't agree with # 3,too many family members. # 5, move away with no return address. Get a P.O Box address.
The problem is if you don't know how to make a million dollars you don't know how to keep a million dollars.
Seriously, if you never earned the connections how would you know which lawyer is worth his salt, which c.p.a. is worth his salt, whether a financial advisor is a big idiot.
Here's what I would do:
1. Get a lawyer with my own money and establish a trust to keep identity secret.
2. Keep your job. Your family deserves to have a normal life.
3. Other peoples' problems aren't your problem. Help people out within your real means not your lottery means.
4. Buy a home you could only afford with your job.
Don't be rich, be happy instead.
I won 5.8 million Canadian dollars last year..I've spent about 1.7 million so far like nothing.I agree with the video coach..get financial advisor(s) to help manage your money.I used to live on 2400 a month..now approaching 50thousand a month...Get Financial Advisor to help you manage money or it goes quickly.
Troll or ??
Really?
Good for you Terris Young, just remember to tithe because ten percent is Gods, I currently live on $2400 a month too so I know how you felt.
Watch Forrest Gump ~ watch it again. "So I didn't have to worry about money anymore, that's good, one less thing"