What To Do If You Win The Powerball Jackpot | Live Q&A
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
- Tonight we'll start by discussing what to do if you win the Powerball jackpot. Then I'll answer your questions.
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0:00 - Welcome to the Financial Freedom Show!
0:22 - What To Do If You Win The Powerball Jackpot
12:52 - Using 2 IRA admins
15:20 - JEPI vs BND
24:14 - SCHD & JQUA for equity asset allocation
28:55 - Empower
34:14 - Grant Williams
35:40 - Where to invest $50K for less than a year
38:13 - Favorite TH-cam channels
40:43 - Backdoor Roth IRA
42:31 - ETFs paying qualifying dividends
45:09 - Fans of the show
48:43 - Buying an ETF with $25 million
49:55 - Solo 401k
53:09 - Making a tax payment in December
53:59 - Japanese economy
1:04:57 - Mutual funds vs ETFs
1:06:28 - Maxing out Mega Backdoor Roth
1:09:55 - Bonds in a portfolio
1:11:56 - Big ERN
1:13:52 - USBLX
1:16:15 - NSGRX
1:18:01 - iShares 20-Year Bond fund
1:24:26 - Paul Merriman
1:27:17 - Google Adsense for funding an IRA
1:28:56 - Monte Carlo simulations
1:34:18 - Announcements
1:34:45 - Financial Freedom
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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A good thought process and analysis of the big “what if”. I think a lot of people spend too much time thinking about this scenario, seeing it is statistically improbable that we would ever have to really deal with it. For me, I would put it into interest bearing government secured bonds and live off the interest. At that point, I’d be done. No market risk, just send me a check every month.
I've thought about that seriously and I thought the same way- I don't think it would be a blessing actually.
26:30 "Don't read into the stars." I've never been much for Vanguard astrology. ;)
A worker at the lottery once told me You need to get a Trust setup to remain annonynoums.. I didnt win but I asked what if...
The state of Florida allows a winner 90 days of anonymity, then the name and city of the winner is made public.
On lottery winnings, why not Munis, seemed like you won the game, no need to keep playing.
I think 350 million would be a good entry position into TSLA. Think about how much entertainment value there would be in watching your fortune skyrocket and plummet, over and over.
Investing indirectly thru mining stocks/funds maybe better bet. ALL tech (still) relies heavily on it incl NEVs. SpaceX and or starlink thru pre ipo indirect means incl banks invested (Fidelity and BOA?) Space mineral mining w/asteroids quietly growing over yrs and set to be worth mult trillions over decades. Good doc videos on YT. PS: you’re actual lump sum payout minus taxes woukd be less then half but still a lot.
And use leverage too....for extra fun.
I think you would be a great guest for odd lots
53:12 Instead of doing a tax payment in December, just wait until you prepare your taxes in Feb.-Apr. or whatever to see where you stand. Then you can get an extension and make a payment with the extension, enough to guaranty a $5,000 refund. You don't have to use the extension, just file when you would anyway.
A large market drops happen and due. Can you handle 100% equities? If you lose 30% to 50% in a month, week or day? Are you:
A) calm/ish? See a sale?
B) panicked/living in bathroom?
Know your limits. Can you afford large losses esp if over months or years? Hope for the best and prepare for the worst.
PS: Rob why do prefer holding mutual funds vs index or ETFs?
Put winnings on bonds in a brokerage acct. No state or local tax. 😂
Love powerball
I'd be concerned about jealousy from others. They might think that's my money that I spent on those tickets.
I don’t know what I would do, but I do know what I would not do.
This is not connected to the dough roller podcast correct?
Other financial channels mine are Joseph Carlson & Dave Ramsey
Having mulitple IRA accounts sounds like a lot of work keeping track of how much to invest in each without going over and getting penalized.
I’d pay off my families mortgages anonymously. I would give $500 tips to deserving people, randomly. I don’t like charities. Usually the fat cats at the top keep more than they give out. I would create a my own charity that helps people in need. I would put my family members ( all college graduates/professionals) on the board and all would be able to make plans and decisions as to who they would award the $$$$. Of course I would pay them great salaries. I would pay people to read important books.
If you win $500M what will be your asset allocation?
80/20 because, what the hell... i can lose half of my money and still be rich?
or maybe will do a 50/50 because, i don't need the extra risk?
will you change your answer if it will be $5M?
to answer your question of what other finance channels I watch it, it would be: Jarrad Morrow, Ben Felix, and Kostadin Ristovski, ACCA
I would eliminate the mortgage for 4 kids, provide them each a small gift, and sit on the rest. I would become one of those people that sits on a pile of “cash” liquidity and whinges about all their problems. 😂. I would not drastically change my lifestyle, I do not aspire to be a risk star.
Buy the Bums and move them back to Brooklyn. Go Angels!
I’d make my family all millionaires.
Cannot agree more >__< Just sit on it for a while
I would review my trust/will and increase the amount being donated or given at my death in case something happened before I figured out what to do with it.
I would NEVER give any money to "Charity." That is nothing more than handing it over to another CORPORATION where the fat cats get the money. People are better off going to the grocery store and paying peoples groceries as they stand in line. Pay attention to the person who is pushing their cart with a note paper in hand and calculating the cost of each thing they put in their cart. Go to your local power company and ask them for a list of people that are delinquent on their bill and PAY IT. Start a "charity" yourself and go to the local vets office and create a fund to pay for people that have pets that need surgery and they can't afford to pay. Many times pets are put down for this exact scenario.