I think the concept of his advice is spot on. The idea of waiting is it gives you time to make good decisions and not just emotional ones that you are likely to make at the start. Most lottery winners are broke in a few years and this is what he is trying to avoid.
Alot can happen to someone in a year. Don't think I'd wait that long. But first thing I'd do is not tell anyone, get a lawyer and an accountant, and take a holiday.
I believe that his advice would be good for someone who is already financially secure. However if you are broke as a joke then you shouldn't listen to this guy at all. Take the money right away and use it wisely.
Yeah this guy's crazy. Be broke win the lottery and not touch it for a year. Nobody is gonna do that. And I'd venture to say this guy has probably never spent a day broke.
I would do almost exactly what he is saying if I ever won the lottery. 1st I would pay off all debt. The 2nd thing I'd do is take a small percent "just enough to not be financially struggling as much for 6 months or so". For example, if I made $1,000 per pay period, I would make it $1,500. Then proceed to his advice. Sit on it for that 1st 6 months, let it sink in, plan your future and what you are/should spend it on. Vs letting the excitement make you broke in a few years.
@@ToniWz Going from broke to having a substantial amount of money overnight, would be extremely tough to not spend it. Once you start, it will be hard to stop! I would definitely sit on it for a while and plan accordingly, while the excitement wore off and you began to think logically. At the same time, this is easy for me to say not having a bunch of money in my bank to go spend on things I've always wanted. 🤔👍
At first I was thinking, this is BS. But it really is great advice. Except I would take 5-10% of the winning to have fun, then lock the rest of it up in investments.
What about putting some of the money in an account where it would grow interest and just live off of the interest that your money makes. What type of account is that called is that a trust fund?
If you inest the rest then you'll go broke. If you're not a savvy investor already, which is extremely difficult go be, then you'll definitely lose it all. This man's advice is spot on.
I am from England where i work as a journalist until i met Expert Mrs AVA. Mrs AVA is legit and her method works like magic. I keep earning every single week with her new strategy.
No hes talking about not being stupid with your money. He mentioned zero about food. Horrible analogy. Listen to the man & maybe just maybe you stop behaving broke!
I would move out of town into a place where no one knows me. I would get a new car and a new place to live then do nothing. Just a practical car not flashy.
I'm moving to the other hemisphere! I'd still buy a nice home and car but nothing too extravagant, and I have no need to show off. The money would mostly be to buy freedom away from having to have a job.
Amanda Anderson I think you meant to tell the others this bc I never mentioned anything about a car. I was talking about marriage and living happily ever after! But if you must include me in that convo, I have a car since 2015 & I have 8,000 miles on it bc I live in NYC & there no need to drive it to far distances & bc we have the best public transportation in the world. It's pretty much a brand new car! Lmao.
Pay off all debts first. If you win all that money don't wait another minute to pay off all debt. After that, get your head on straight, get your money team (financial advisors, attorneys, etc) together and go from there.
I agree, but, if you've got a bank account with over a 100 million dollars in it I would agree to pay off my debt, if you don't have a decent car at least get you a decent car maybe buy a few clothes and stuff and go from there, also with the physical issues I've got going on I'm pretty sure I would quit working so I can start working on them to extend my life.
The advice is solid. This allows you to build a dynasty for your family for generations, instead of blowing it all straightaway. Waiting keeps you from spending on stupid shit that’ll depreciate. Waiting gives you perspective on what is really important and what you need vs what you want. Waiting for a year is extreme. I’d say don’t touch it for at least six months while you do your homework on the housing market, really think about what charities you’d like to donate to, who in your life can be trusted, and what you realistically want the rest of your life to look like. You should take a class on finance and investing so you are armed with information before you start spending. Everyone else spends right away, and everyone else goes broke, gets taken advantage of, and dies. Don’t be everyone else.
If you won 420m+ (after 40% taxes) like the most recent powerball, you could invest 400 of it in US treasury bonds alone at a yield of 1.22% annually which would be roughly 3.2 million/annually in income after capital gains tax. Im not saying to put all your investments in such a low return, but if you can't live on 3.2m a year then you have problems.
This is my strategy: 1. Put 89% of your net winnings or large inheritance into long-term investments 2. Put 10% of the above into short-term investments 3. Reserve 1% of the above to spend on your wants Get yourself a good attorney, preferably with a large, well-known Law firm, hire a Certified Financial Planner and Accountant who will work together with you and who you can trust to look after your interests. Keep your mouth shut! Take time to get all things in order, don't be in a rush to get at the money.
I don't know that this is such great advice. Because first of all where are you going to let your money sit for that year? In the bank? Really? And you're just going to continue to go to your job for that year while people know that you've won the lottery that doesn't seem very safe. I'm sure it depends on how much money you win in the lottery if it's a couple million dollars versus hundreds of millions of dollars. I do agree with the advice to not make any large purchases especially in that first year.
First move i did was pay off my debt and not tell anyone. Max out my 401K, not quit my job the first year and whenever i make financial moves or real estate investing I get professional advice
Dividend paying stocks - Coca Cola for example. Has raised its dividend payment for the past 50 years. 4 million dollars gets you 100,000 shares of coke, at 1.12 dollars per share - 100k+ a year. Not a massive yield sock but steady and dependable.
When this video popped out my clock was showing 13:31, I'm now certain I will win the jackpot. I'm taking all the the lessons and preparing for that day when the big win happens.
I heard that you may avoid a LOT of taxes by legally starting a business . First I'd get a tax lawyer , fiduciary and listen to them . Also municipal bonds are tax free with all earnings gained from it . I definitely wouldn't splurge too much but I'd get a car . At my age ( 53 ) I'd just be happy to retire somewhat comfortably at say $60,000 a year . So following this man's advice I'd set aside in MM about $100-150,000 to live comfortably for two years and the rest invest
If i won, i would pay off my student loans, get a car, help my family pay off their student loans, probably buy a house, get a swimming pool installed, build a recording studio in the basement of the house, maybe put some money away into a college fund if i ever have a family of my own and probably go to as many concerts as possible
I believe most of this advice is really solid but I swear I just don't see me continuing to work with the physical issues I've got going on. I would quit work, definitely pay off my debt, begin working on the physical issues I've already mentioned and see where I go from there.
It's a horrible advice. I want to quit my job, that's the reason I'm buying lottery tickets. Certainly I would ask a financial advisor to help me invest my millions, and consider the different scenarios, but I can do it in a month, not in a year. I wouldn't buy cars and expensive mansions, but I would enjoy my money and the freedom of choice.
You are rights, the first thing I would do after I won a big lottery jackpot is to quit my job, who wants to work after millions of dollars are coming your way. If I am afraid of bankrupt within a few years, then I would take the annuity payments instead of lump sum. However, I am very frugal and careful with my money, I am certainly taken lump sum payment.
You just gave yourself the worst broke person advice to yourself & hence why you are broke in the first place. This man just gave you the best advice. For some reason people think more money is going to somehow make them magically smarter about money. Your windfall of money required zero discipline & effort & knowledge. A fool & her money shall soon part.
I totally disagree with this advice! One shouldn't wait a year and hold off after they win the lottery, especially a huge jack pot. I suggest you make financial plans immediately after you WIN. Please seek the advice of a CERTIFIED PUBLIC ACCOUNT, A TAX ATTORNEY and if needed a financial planner to give you clear precise financial planning that will help you save money for the rest of your LIFE. My personal advice to you is: if you INVEST your money wisely, please look into a DIVERSIFIED portfolio. It is wise not to put all your eggs into one basket...
Hence why most people lose all of their Lottery winnings. "INVEST your money wisely, please look into a DIVERSIFIED portfolio" is such a vague statement. I highly suggest that you listen to Mark Cuban on RUclips on what to do if you won the lottery. He basically say's the same thing this guy is saying. Do NOTHING. Get use to the money. Think things through, etc.
I love it all except for waiting a year. No way. Invest like he said and enjoy yourself, help others and the community, but do it all within your new means. My brother asked me if I won the lottery if I'd quit my job same day. I told him no, I would put in my two weeks notice at least. He said I was crazy. "You drive for a living. What if you were killed in an accident in those two weeks and you never got to enjoy your winnings." Normally that might sound like he's being paranoid, but my brother said that to me from his wheelchair with two broken legs and multiple broken ribs after surviving a freak job site accident where he was buried alive inside a collapsed pipe just months ago. Life is short and unexpected and can change in an instint. Be wise and enjoy yourself if you're lucky enough to win the lottery imo
I am a truck driver and I'm sorry but quitting work is gonna be one of the 1st things I do. Pay off my debt and try to keep my head screwed on straight beyond that is the best advice I can live by and give somebody.
I'd take a month vacation to a remote island, away from friends and family. I won't tell anyone where I'm going, I would just tell them that I'm going away. I won't answer any phone calls or emails. I would just relax enjoy the beach and plan my future.
Um the first thing you do is make sure you sign your ticket then take pictures of it. Keep it secure in ziplock bag inside a safe. Assemble your team of lawyer, tax advisor, and accountant. Take a close and trusted friend or family member with you to videotape yourself turning it in to the lottery office to collect your winnings. Then pay the taxes. Local Banks only insure up to $250,000. So you got to put the money into another type of financial institution that will grow the money so you can live off the money your winnings make.
I disagree with the starter statement. One just sitting on it is gonna lose you 5% or more from inflation for that first year. Throwing it in a saving wont change that because savings accounts are generally only 0.5%. First step is to get a accountant lawyer and investment advisor. Then do everything to lower your current costs such as say buying a house if you're renting. Paying off your house if you have a loan etc. Then invest, be it a good wide spread stock portfolio or hard assets such as rental properties. Don't spend cash on anything that cannot make more money for awhile. And absolutely whatever you do don't go full out hookers and blow mode while flexing your wealth, you will go broke.
How about telling us HOW to go about claiming it.. Everyone can tell you what not to do, but what about DOing? Do we just put it in our local town bank? (I live in a very small town) Do we put it all in the same bank? (FDIC only insures up to 100k?)
But yeah I'd put a few years wages into a rock solid safe place like CDs / money market account and the rest maybe into municipal ( tax free returns ) bonds maybe corporate bands too though I don't think that's tax free
I get what he's saying, but I do feel a year is a bit long to ask someone not to spend millions of dollars. I mean, let's be real. What you could do is meet with all your financial advisors, and lawyers n such before you claim your winnings so that you have a pre set plan in place....but wait a year?....nah
I think his idea was great, but One year is too long to keep money to without using any thing from your millions. Take sometime to think and plan will be great and safe, but you should not take too long to use it. I mean, take some bills from those millions to enjoy and happy with that money, but try your best to use your wisdom and knowledge to spent and invest wisely. Thank you so much for your advise because you remind me something that is very important. Thank you gain.
+christal htoo every situation is different if your some broke dude with lots of bills to pay and no job things might be different but the advice is sound basically don't overspend don't lend too much don't give away too much. A large amount of money dropped in someone's lap can really make them do some crazy crap. Nothing wrong with paying bills imo
Invest in stocks but you need to learn first and start slow if you don't trade already, you can make 5% on dividends or 50% trading if you're lucky. Choice is yours.
take two year salary off the top, invest in interest bearing, low risk stuff. Let the government pay for everything that you buy. That's called living off the interest!!
I think he is talking about people that win just 1million or 2million or less.... That's not a lot of money and you could finish it in a couple of years... But if you won 50millions or more then I think you can do whatever you want. I don't think you would finish it quickly unless you are a maniac.
It’s actually a good method if u already had a job and could live off your job money for a year but one thing to do is quit ur job and leave the location and let things calm down like just go on a vacation for a year and calm your mind down
I would do as this gentleman says and take out 2-3 years of money, then I would just invest the rest in a government bond and let the government pay out until the bond matures. Then on maturity I would get another government bond, adding some of the interest paid to the principal amount of the bond. This way the bond amount will always increase and you can be guaranteed a significant sum every year i.e. perhaps in the range of 100k-200k or more, depending on how much you invest. I don't you know about you, but that guaranteed income each year for me and my kids and their kids and so on is worth more than the hassle and the fights that will inevitably happen if you radically change your lifestyle and buy luxury villas, luxury cars and so on. I can only dream . . . . .
I think you should be careful with your new found wealth absolutely. However doing nothing isn't wise at all. There are many things to consider like spreading your wealth across multiple financial institutions for insurance purposes. I would advise that your first order of business should be securing your money not investing it. Then once the money was safe and secure and you were safe and sound I would ask you what your goals are beyond that. Advisors are only advisors. We are not all knowing financial guru's and so while I could assist you absolutely it is ultimately up to you to make the decisions. You should consider building a team of advisors in multiple area's, law, accounting, estate planning and so on. No one person can advise you on everything. Trust your gut, use common sense, be nice not a push over and you'll be ok. Lastly have fun, spend time being with the people you love and doing the thing's you love to do. Life is short and time is something money can't buy.
Your Advice is exactly what I have thought of , example : 2 yrs - 5 years .......... 6years - 9 yrs ...........10 years - 15 yrs .......20years - 30 years .......where this money will last along time ........for generations .......that's if I won over $100 million dollars ......Live with in my means , not go out and buy "nonsense " stuff ......
win lottery "do nothing" not even claim prize? is it within 180 days prize has to be claimed? if I do where do I park my money for a year for safe keeping ... more info please!
When this video was put out 8 years ago, I might’ve agreed, or at least partially. Now in my 60’s and having 5 stents put in in the last few years, I’m not interested. A percentage would go to St. Jude’s & Shriners children’s hospital as well as animal shelters. I quit drinking years ago and I’m not in to girly bars or gold diggin ho’s so good there. I’d also buy every law enforcement officer in my community a new firearm. I like walking around with folding money in my pocket so I’d carry a bit more so I can help others. Good luck folks!
You want to take time to assemble your financial team before you even claim your lottery win because you don't just want to toss something like 50m into your bank account, because only 100k-250k, depending where you are, will be insured. It isn't quite so simple a life after a win lol
People always talk about the same stupidity: "If you put your money in a bank account, You are only insured for 250k". That is true, but what kind of idiot is going to place millions of dollars in the 'F.....BANK THAT NOBODY KNOWS'. If you win the lottery, you put your money in a bank like Chase that traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799. That is 217 years of experience managing money. Chase will never go bankrupt because JP Morgan-Chase currently has assets of approximately US$2.6 trillion and $50, $100, $200, or even 1 billion dollars is irrelevant for such a giant like chase. Also, a person has to be a complete moron to ignore the signs when a bank is going belly up. Any body with minimum knowledge in finance andt by watching the news, will realized with one year of anticipation when a bank is going down.
@@attorney1100 You sound like you need a massage on a vacation in Jamaica with a happy ending! Calm your tits attorney. You sound so mad and miserable. The world needs you to be happy.
Small town banks a no no, gotta go to Chi Town or facsimile...Citi, Gldsachs, etc..big Houses can insure funds more than 250k, muni's, AAA Corp Bnds....Ice Cream and Champagne, Top Ten Stocks with some of your assets as well....imo.
If you continue your work and do not spend nothing, you just procrastinate the real win - no sense. The best advice for a lottery winner: Use math for every spending and keep high amount of money for your family's future. That is it.
I have not met any real life lottery winner that has actually won millions to say this advise is even valid...til I win the jackpot that is...:-) Make me a believer. lol.
I understand the waiting part, it's not bad advice, but a lot of people can't afford to do that. I'd say use the amount you need to pay off debt and live on then wait on the rest. The rest of his advice is fine.
Theirs two lottery winners , I would follow their route , would be Mr. Brad Duke and Mr.Butler , these 2 men are doing the right thing with there money . Much planning . Both has a wealthy Management ...
First thing to do is immediately pay off all of your debt. Credit cards, car payments, mortgage etc. THEN come up with a financial plan to invest and increase your capital to sustain your living and choice of lifestyle. I guarantee most people who win the lottery are not financially secure prior to their win. Pay off all your debt first, then invest!!!
Buy RealEstate Rent it out. Buy apartment complexes, buy storage units, buy some small single family homes. Depersonalization of the properties helps with taxes. Rents going up will keep up with inflation.
Well Do nothing seems unreasonable if you have bills to pay and such. I don't think my life would change dramatically overnight but the security of not being worried about where you will get your next meal or if you can afford to pay rent etc. Does he only give advice for well to do people?
Joe Visman I have to agree with him. What he basically is saying is have a very solid plan before spending. One year of interest wouldn't kill you. Chances are you will only win lottery once in a lifetime if you do. So it;s one chance to invest your money right.
+Joe Visman If you just won the lottery, the price you pay in interest would be very small and totally worth not overextending yourself right from the get go. Let your emotions cool off, then make planned decisions. Sounds like good advice to me.
I would start flipping houses and cars or maybe buy some apartments the rest would go into savings, cd, bonds, gold and silver....im a realtor i wouldnt recommend flipping houses unless u spend a year studying real estate.
I think the concept of his advice is spot on. The idea of waiting is it gives you time to make good decisions and not just emotional ones that you are likely to make at the start. Most lottery winners are broke in a few years and this is what he is trying to avoid.
Alot can happen to someone in a year. Don't think I'd wait that long. But first thing I'd do is not tell anyone, get a lawyer and an accountant, and take a holiday.
I give my self a thirty day..rest period before I spend then game is on..lol
I believe that his advice would be good for someone who is already financially secure. However if you are broke as a joke then you shouldn't listen to this guy at all. Take the money right away and use it wisely.
I would pay off all my debt if I chose to not touch the money for this period of time.
Yeah this guy's crazy. Be broke win the lottery and not touch it for a year. Nobody is gonna do that. And I'd venture to say this guy has probably never spent a day broke.
I would do almost exactly what he is saying if I ever won the lottery. 1st I would pay off all debt.
The 2nd thing I'd do is take a small percent "just enough to not be financially struggling as much for 6 months or so". For example, if I made $1,000 per pay period, I would make it $1,500. Then proceed to his advice.
Sit on it for that 1st 6 months, let it sink in, plan your future and what you are/should spend it on. Vs letting the excitement make you broke in a few years.
I’ve done exactly what he said about going a year without spending a dime, and I was pretty broke. I was just way too scared to even make a move.
@@ToniWz Going from broke to having a substantial amount of money overnight, would be extremely tough to not spend it. Once you start, it will be hard to stop! I would definitely sit on it for a while and plan accordingly, while the excitement wore off and you began to think logically. At the same time, this is easy for me to say not having a bunch of money in my bank to go spend on things I've always wanted. 🤔👍
At first I was thinking, this is BS. But it really is great advice. Except I would take 5-10% of the winning to have fun, then lock the rest of it up in investments.
I might wait 3-6 months but not a year. I’ll pay off my mortgage and other debt And invest the rest.
battambelly - if I win lottery must
I can wait maximum 2 Years . Then I'm Done ✅
What about putting some of the money in an account where it would grow interest and just live off of the interest that your money makes. What type of account is that called is that a trust fund?
Pimpishone savings account
@@Pimpishone interest rates are so low at the moment that you would need an incredible amount to be able to live off of the interest.
If you inest the rest then you'll go broke. If you're not a savvy investor already, which is extremely difficult go be, then you'll definitely lose it all. This man's advice is spot on.
I am from England where i work as a journalist until i met Expert Mrs AVA. Mrs AVA is legit and her method works like magic. I keep earning every single week with her new strategy.
WHEN YOU INVEST, YOU'RE BUYING A DAY YOU DON'T HAVE TO WORK..
You're right Sir, it's obvious a lot of people remain poor due to ignorance, it's better to take risks and make sacrifices than to remain poor.
@Alabi Oyindamola It's not ignorance but due to some unprofessional broker in the market
Learn and trade under a guide i do the same and i hardly make losses in the market
@John Eneyoho Obviously trading in Bitcoin is very volatile and risky to trade that's the reason most traders trade with a company.
Wait one year , really. Your life in this planet can end any moment. Now you got money , enjoy it.
Money =/= happiness it’s pretty simple
If I won I would get a garage and put book shelves in it w/ books and hire Tia Lopez to read'em to me. LOL
"Hey... I'm here in my garage....". Lmao!
i just bought this new lamborghini here
Never laugh after your joke. Comedy rules 101.
This gentleman is who I want as my Financial advisor
So you are hungry and your telling us not to eat the BBQ chicken in your plate
No hes talking about not being stupid with your money. He mentioned zero about food. Horrible analogy. Listen to the man & maybe just maybe you stop behaving broke!
I would move out of town into a place where no one knows me. I would get a new car and a new place to live then do nothing. Just a practical car not flashy.
Mary Allen Then contact me and I'll marry you and we can live happily ever after!
;-)
Who ever know you can still locate you. Lol.
I'm moving to the other hemisphere! I'd still buy a nice home and car but nothing too extravagant, and I have no need to show off. The money would mostly be to buy freedom away from having to have a job.
Amanda Anderson I think you meant to tell the others this bc I never mentioned anything about a car. I was talking about marriage and living happily ever after! But if you must include me in that convo, I have a car since 2015 & I have 8,000 miles on it bc I live in NYC & there no need to drive it to far distances & bc we have the best public transportation in the world. It's pretty much a brand new car! Lmao.
Pay off all debts first. If you win all that money don't wait another minute to pay off all debt. After that, get your head on straight, get your money team (financial advisors, attorneys, etc) together and go from there.
I agree, but, if you've got a bank account with over a 100 million dollars in it I would agree to pay off my debt, if you don't have a decent car at least get you a decent car maybe buy a few clothes and stuff and go from there, also with the physical issues I've got going on I'm pretty sure I would quit working so I can start working on them to extend my life.
Is just me or this video has "The Office" vibe to it?
REKCEP I was waiting for him to rip the face off a first aid dummy and wear it
REKCEP If someone would get me a white GT350 that would be great!! 🤣
Love the advice. I hope I win so that I could put it to use :)
Good luck 🤞
Tomorrow is not promised. Don't go buckwild but enjoy blessing. You deserve it.
I think he is saying to wait a year because this is the time it takes to grow the world's biggest middle finger.
Dee Matt LOL
LOlz
2019😂😂
😂😂😂😂😂
@Carmine Dingle I don’t have a problem saying no either especially since I wouldn’t tell anyone 😆
The advice is solid. This allows you to build a dynasty for your family for generations, instead of blowing it all straightaway. Waiting keeps you from spending on stupid shit that’ll depreciate. Waiting gives you perspective on what is really important and what you need vs what you want.
Waiting for a year is extreme. I’d say don’t touch it for at least six months while you do your homework on the housing market, really think about what charities you’d like to donate to, who in your life can be trusted, and what you realistically want the rest of your life to look like. You should take a class on finance and investing so you are armed with information before you start spending.
Everyone else spends right away, and everyone else goes broke, gets taken advantage of, and dies. Don’t be everyone else.
If you won 420m+ (after 40% taxes) like the most recent powerball, you could invest 400 of it in US treasury bonds alone at a yield of 1.22% annually which would be roughly 3.2 million/annually in income after capital gains tax. Im not saying to put all your investments in such a low return, but if you can't live on 3.2m a year then you have problems.
But when you have inflation like we've had this year you would have lost money by putting your 400 million in treasury bonds.
This is my strategy:
1. Put 89% of your net winnings or large inheritance into long-term investments
2. Put 10% of the above into short-term investments
3. Reserve 1% of the above to spend on your wants
Get yourself a good attorney, preferably with a large, well-known Law firm, hire a Certified Financial Planner and Accountant who will work together with you and who you can trust to look after your interests.
Keep your mouth shut!
Take time to get all things in order, don't be in a rush to get at the money.
SOOLIN S way better advice than this financial planner !
Thanks for the wisdom-of-Solomon's advice. More Grease to your elbows - love your post.
Cooling off period, I been cooling for 30 years!!
I don't know that this is such great advice. Because first of all where are you going to let your money sit for that year? In the bank? Really? And you're just going to continue to go to your job for that year while people know that you've won the lottery that doesn't seem very safe. I'm sure it depends on how much money you win in the lottery if it's a couple million dollars versus hundreds of millions of dollars. I do agree with the advice to not make any large purchases especially in that first year.
First move i did was pay off my debt and not tell anyone. Max out my 401K, not quit my job the first year and whenever i make financial moves or real estate investing I get professional advice
Dividend paying stocks - Coca Cola for example. Has raised its dividend payment for the past 50 years. 4 million dollars gets you 100,000 shares of coke, at 1.12 dollars per share - 100k+ a year. Not a massive yield sock but steady and dependable.
When this video popped out my clock was showing 13:31, I'm now certain I will win the jackpot. I'm taking all the the lessons and preparing for that day when the big win happens.
Great advice Kev, but that why you do the lotto to finish the 9 to 5. cannot image having that money and getting up for work on a Monday morning 😎
I heard that you may avoid a LOT of taxes by legally starting a business . First I'd get a tax lawyer , fiduciary and listen to them . Also municipal bonds are tax free with all earnings gained from it . I definitely wouldn't splurge too much but I'd get a car . At my age ( 53 ) I'd just be happy to retire somewhat comfortably at say $60,000 a year . So following this man's advice I'd set aside in MM about $100-150,000 to live comfortably for two years and the rest invest
The best advice ever.....so far.
If i won, i would pay off my student loans, get a car, help my family pay off their student loans, probably buy a house, get a swimming pool installed, build a recording studio in the basement of the house, maybe put some money away into a college fund if i ever have a family of my own and probably go to as many concerts as possible
I believe most of this advice is really solid but I swear I just don't see me continuing to work with the physical issues I've got going on. I would quit work, definitely pay off my debt, begin working on the physical issues I've already mentioned and see where I go from there.
Great advice. It will HELP those who could really use it...
It's a horrible advice. I want to quit my job, that's the reason I'm buying lottery tickets. Certainly I would ask a financial advisor to help me invest my millions, and consider the different scenarios, but I can do it in a month, not in a year. I wouldn't buy cars and expensive mansions, but I would enjoy my money and the freedom of choice.
You are rights, the first thing I would do after I won a big lottery jackpot is to quit my job, who wants to work after millions of dollars are coming your way. If I am afraid of bankrupt within a few years, then I would take the annuity payments instead of lump sum. However, I am very frugal and careful with my money, I am certainly taken lump sum payment.
How could you work every day when everybody knows you won it'll be an uncomfortable situation
Have you won yet?
You just gave yourself the worst broke person advice to yourself & hence why you are broke in the first place. This man just gave you the best advice. For some reason people think more money is going to somehow make them magically smarter about money. Your windfall of money required zero discipline & effort & knowledge. A fool & her money shall soon part.
I totally disagree with this advice! One shouldn't wait a year and hold off after they win the lottery, especially a huge jack pot. I suggest you make financial plans immediately after you WIN. Please seek the advice of a CERTIFIED PUBLIC ACCOUNT, A TAX ATTORNEY and if needed a financial planner to give you clear precise financial planning that will help you save money for the rest of your LIFE. My personal advice to you is: if you INVEST your money wisely, please look into a DIVERSIFIED portfolio. It is wise not to put all your eggs into one basket...
Hence why most people lose all of their Lottery winnings. "INVEST your money wisely, please look into a DIVERSIFIED portfolio" is such a vague statement.
I highly suggest that you listen to Mark Cuban on RUclips on what to do if you won the lottery. He basically say's the same thing this guy is saying. Do NOTHING. Get use to the money. Think things through, etc.
RUclips cut your comment short :(
I love it all except for waiting a year. No way. Invest like he said and enjoy yourself, help others and the community, but do it all within your new means. My brother asked me if I won the lottery if I'd quit my job same day. I told him no, I would put in my two weeks notice at least. He said I was crazy. "You drive for a living. What if you were killed in an accident in those two weeks and you never got to enjoy your winnings." Normally that might sound like he's being paranoid, but my brother said that to me from his wheelchair with two broken legs and multiple broken ribs after surviving a freak job site accident where he was buried alive inside a collapsed pipe just months ago. Life is short and unexpected and can change in an instint. Be wise and enjoy yourself if you're lucky enough to win the lottery imo
I am a truck driver and I'm sorry but quitting work is gonna be one of the 1st things I do. Pay off my debt and try to keep my head screwed on straight beyond that is the best advice I can live by and give somebody.
I'd take a month vacation to a remote island, away from friends and family. I won't tell anyone where I'm going, I would just tell them that I'm going away. I won't answer any phone calls or emails. I would just relax enjoy the beach and plan my future.
Thank you Kevin. I will apply this advice.
Um the first thing you do is make sure you sign your ticket then take pictures of it. Keep it secure in ziplock bag inside a safe. Assemble your team of lawyer, tax advisor, and accountant. Take a close and trusted friend or family member with you to videotape yourself turning it in to the lottery office to collect your winnings. Then pay the taxes. Local Banks only insure up to $250,000. So you got to put the money into another type of financial institution that will grow the money so you can live off the money your winnings make.
by signing the ticket, you give up the right to remain anonymous
I disagree with the starter statement. One just sitting on it is gonna lose you 5% or more from inflation for that first year. Throwing it in a saving wont change that because savings accounts are generally only 0.5%. First step is to get a accountant lawyer and investment advisor. Then do everything to lower your current costs such as say buying a house if you're renting. Paying off your house if you have a loan etc. Then invest, be it a good wide spread stock portfolio or hard assets such as rental properties. Don't spend cash on anything that cannot make more money for awhile. And absolutely whatever you do don't go full out hookers and blow mode while flexing your wealth, you will go broke.
It’s lottery money , u didn’t work for it .. Take ur time to have a vivid plan
People don’t hate money people just want and like nice things
How about telling us HOW to go about claiming it..
Everyone can tell you what not to do, but what about DOing?
Do we just put it in our local town bank? (I live in a very small town)
Do we put it all in the same bank? (FDIC only insures up to 100k?)
Annuities!
i wonder how many people he has caused to die from jittery impatience??
Don't blame him for their stupidity. Sounds like you don't like the truth.
But yeah I'd put a few years wages into a rock solid safe place like CDs / money market account and the rest maybe into municipal ( tax free returns ) bonds maybe corporate bands too though I don't think that's tax free
Great advice I really needed help with what to do with all my winnings, I will invest it properly and not fall under that 70 percent (:
I get what he's saying, but I do feel a year is a bit long to ask someone not to spend millions of dollars. I mean, let's be real. What you could do is meet with all your financial advisors, and lawyers n such before you claim your winnings so that you have a pre set plan in place....but wait a year?....nah
You nailed it, "spend millions" & hence why you're currently broke. No doubt about it. Typical response from average people.
I think his idea was great, but One year is too long to keep money to without using any thing from your millions. Take sometime to think and plan will be great and safe, but you should not take too long to use it. I mean, take some bills from those millions to enjoy and happy with that money, but try your best to use your wisdom and knowledge to spent and invest wisely. Thank you so much for your advise because you remind me something that is very important. Thank you gain.
+christal htoo every situation is different if your some broke dude with lots of bills to pay and no job things might be different but the advice is sound basically don't overspend don't lend too much don't give away too much. A large amount of money dropped in someone's lap can really make them do some crazy crap. Nothing wrong with paying bills imo
I will take as.adviser
Smart minded advice
Great advice
depends on how much was won. if it's in the millions most people could quite happily survive on the intrest alone.
From the moment he said "do nothing" I knew he was a real deal
Agreed
I think i'm going to wait 2 months before I spend any of this lottery jackpot money. I will make sure this money lasts for many generations to come 💪✌
Wins $13 from lottery, watches this video.
I like your advise be blessed
Lol, I won $4. Watching video…..
Invest in stocks but you need to learn first and start slow if you don't trade already, you can make 5% on dividends or 50% trading if you're lucky. Choice is yours.
take two year salary off the top, invest in interest bearing, low risk stuff. Let the government pay for everything that you buy. That's called living off the interest!!
I quit watching after he said "nothing" for a year. I have no idea what this video is all about.
I think he is talking about people that win just 1million or 2million or less.... That's not a lot of money and you could finish it in a couple of years... But if you won 50millions or more then I think you can do whatever you want. I don't think you would finish it quickly unless you are a maniac.
HAHAHA
bighum70 and he also want us to go to work that's crazy
What kind of advice is that
😂😂😂😂😂
It’s actually a good method if u already had a job and could live off your job money for a year but one thing to do is quit ur job and leave the location and let things calm down like just go on a vacation for a year and calm your mind down
why am i watching these like i’ll ever actually win the lottery lol
I would do as this gentleman says and take out 2-3 years of money, then I would just invest the rest in a government bond and let the government pay out until the bond matures. Then on maturity I would get another government bond, adding some of the interest paid to the principal amount of the bond. This way the bond amount will always increase and you can be guaranteed a significant sum every year i.e. perhaps in the range of 100k-200k or more, depending on how much you invest. I don't you know about you, but that guaranteed income each year for me and my kids and their kids and so on is worth more than the hassle and the fights that will inevitably happen if you radically change your lifestyle and buy luxury villas, luxury cars and so on. I can only dream . . . . .
I think you should be careful with your new found wealth absolutely. However doing nothing isn't wise at all. There are many things to consider like spreading your wealth across multiple financial institutions for insurance purposes. I would advise that your first order of business should be securing your money not investing it. Then once the money was safe and secure and you were safe and sound I would ask you what your goals are beyond that. Advisors are only advisors. We are not all knowing financial guru's and so while I could assist you absolutely it is ultimately up to you to make the decisions. You should consider building a team of advisors in multiple area's, law, accounting, estate planning and so on. No one person can advise you on everything. Trust your gut, use common sense, be nice not a push over and you'll be ok. Lastly have fun, spend time being with the people you love and doing the thing's you love to do. Life is short and time is something money can't buy.
A fool & his money shall soon part!
Same way I thought. I would deposit a part for 10 year term too, as fixed deposit rates may go down in coming years
Your Advice is exactly what I have thought of , example : 2 yrs - 5 years ..........
6years - 9 yrs ...........10 years - 15 yrs .......20years - 30 years .......where this money will last along time ........for generations .......that's if I won over $100 million dollars ......Live with in my means , not go out and buy "nonsense " stuff ......
Yes am on ur team ur got the future
True, i win €140M this Friday, will go working next Monday for 600/week....
win lottery "do nothing" not even claim prize? is it within 180 days prize has to be claimed? if I do where do I park my money for a year for safe keeping ... more info please!
Fantastic
Thank you 😊
When this video was put out 8 years ago, I might’ve agreed, or at least partially. Now in my 60’s and having 5 stents put in in the last few years, I’m not interested.
A percentage would go to St. Jude’s & Shriners children’s hospital as well as animal shelters. I quit drinking years ago and I’m not in to girly bars or gold diggin ho’s so good there. I’d also buy every law enforcement officer in my community a new firearm.
I like walking around with folding money in my pocket so I’d carry a bit more so I can help others.
Good luck folks!
You want to take time to assemble your financial team before you even claim your lottery win because you don't just want to toss something like 50m into your bank account, because only 100k-250k, depending where you are, will be insured. It isn't quite so simple a life after a win lol
People always talk about the same stupidity: "If you put your money in a bank account, You are only insured for 250k". That is true, but what kind of idiot is going to place millions of dollars in the 'F.....BANK THAT NOBODY KNOWS'. If you win the lottery, you put your money in a bank like Chase that traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799. That is 217 years of experience managing money. Chase will never go bankrupt because JP Morgan-Chase currently has assets of approximately US$2.6 trillion and $50, $100, $200, or even 1 billion dollars is irrelevant for such a giant like chase. Also, a person has to be a complete moron to ignore the signs when a bank is going belly up. Any body with minimum knowledge in finance andt by watching the news, will realized with one year of anticipation when a bank is going down.
@@attorney1100 You sound like you need a massage on a vacation in Jamaica with a happy ending! Calm your tits attorney. You sound so mad and miserable. The world needs you to be happy.
Thank you for your advises
Small town banks a no no, gotta go to Chi Town or facsimile...Citi, Gldsachs, etc..big Houses can insure funds more than 250k, muni's, AAA Corp Bnds....Ice Cream and Champagne, Top Ten Stocks with some of your assets as well....imo.
What do you say about paying all debts and then let the rest of the money sit?
If you continue your work and do not spend nothing, you just procrastinate the real win - no sense.
The best advice for a lottery winner: Use math for every spending and keep high amount of money for your family's future. That is it.
I have not met any real life lottery winner that has actually won millions to say this advise is even valid...til I win the jackpot that is...:-) Make me a believer. lol.
When you used the word spend, I knew you were doomed. A fool & his money shall soon part!
makes a lot of sense, hope i have patience when the time comes!
Am going give you a short answer you Not going sit on Millions for a year without spending some of it
Thank you so very very much years later 👌🤗🤣🤑🤑🤑
Yeahhhhhh righttttt sirrrr I would quit my job the day I know I won, but not spend it like crazy, 2 years still working ohhhh hell no
What a nice guy
the fact that he said don’t quit your job lol
THANK YOU👍🍀
I understand the waiting part, it's not bad advice, but a lot of people can't afford to do that. I'd say use the amount you need to pay off debt and live on then wait on the rest. The rest of his advice is fine.
Theirs two lottery winners , I would follow their route , would be Mr. Brad Duke and
Mr.Butler , these 2 men are doing the right thing with there money . Much planning .
Both has a wealthy Management ...
Sounds good
This is agood advise
Great Advice
I can not wait for a year! 😜
First thing to do is immediately pay off all of your debt. Credit cards, car payments, mortgage etc. THEN come up with a financial plan to invest and increase your capital to sustain your living and choice of lifestyle. I guarantee most people who win the lottery are not financially secure prior to their win. Pay off all your debt first, then invest!!!
Buy RealEstate Rent it out. Buy apartment complexes, buy storage units, buy some small single family homes. Depersonalization of the properties helps with taxes. Rents going up will keep up with inflation.
Well Do nothing seems unreasonable if you have bills to pay and such. I don't think my life would change dramatically overnight but the security of not being worried about where you will get your next meal or if you can afford to pay rent etc. Does he only give advice for well to do people?
"don't quit your job" ooouuufff.. that's a hard one!
Nice Advice THANK YOU SIR ♥️
Thank you now I know what to do after I win The Lottery
I thought this was a skit from the office
This is the BEST advise from all the other garbage so called 'advise', Thanks.
I'll help you, get the installments instead of the lump sum. Less tax that way
Sounds like a plan. But, what if you have some AGGRESSIVE debt ; how does one sit on the money ANONYMOUSLY?
Soooo, don't pay off your loans right away to avoid interest rates. Got it.
Joe Visman I have to agree with him. What he basically is saying is have a very solid plan before spending. One year of interest wouldn't kill you. Chances are you will only win lottery once in a lifetime if you do. So it;s one chance to invest your money right.
+Joe Visman
If you just won the lottery, the price you pay in interest would be very small and totally worth not overextending yourself right from the get go.
Let your emotions cool off, then make planned decisions. Sounds like good advice to me.
the purpose of having a lot of money is to spent it
I could understand not going crazy, I’m not spending a lot but you better believe I’m quitting my job.
I would start flipping houses and cars or maybe buy some apartments the rest would go into savings, cd, bonds, gold and silver....im a realtor i wouldnt recommend flipping houses unless u spend a year studying real estate.
I didn't win lottery yet even though I've played this game for about near over some months,but if I win jackpot I know how to deal with it.
A year? No... three months to six months maybe...
I am not working my current job another year after a major win.
Is there any prequel to this video about how to win a lottery?