I won the lotto now I have all these people Family and friends I havent seen or talked to in years all of a sudden try to be close again and asking for money. Even some people I dont even know are doing the same. What should I do?
2006-06-18 20:14:36 · 6 answers · asked by Anonymous in Family & Relationships ➔ Other - Family & Relationships
1. Stick with the people that you knew and loved before winning.
2. It's your money, not theirs
3. take a small amount to spoil yourself with
4. Put the rest in the bank where it's tied up for at LEAST 6 months (and don't use credit)
5. Start learning about money and investing.
Here's the stark reality...if you win $20 million in the lottery and you take the cash you're down to about $15Million. After taxes you're at about $9 Million...maybe less.
If you spend $300,000 per year (sounds like a lot, but it's not hard to do) your money is gone in 30 years. For most lottery winners it doesn't last nearly that long because the spend it like there is no tomorrow....then tomorrow comes.
The other advantage to tying it up is that you can honestly tell people that it's in an investment that you can't access. Sorry. You might even consider creating a charitable trust, putting $10K in it and having it managed by a trustee. Make people fill out lengthy applications for a charitable contribution. That way you can tell people that you've allocated a portion of your winnings to go to charitable causes, and you want to make sure it goes to the best ones.
Start learning about Venture Capital, hard money lending, bridge financing, and real estate. There's no reason why you can't make at LEAST a 20% return per year. I do more like 40%.
Good luck.
2006-06-30 04:54:43 · answer #1 · answered by Ender 6 · 0⤊ 0⤋
I easily have a lengthy lost niece who i'm particular will be in contact in a heartbeat - yet to be instantly ahead, i would like that and that i'd be overjoyed if i ought to help her and her young ones. As for 'associates' - i'm in contact with all of those that remember and in a Lottery syndicate with the nearest so no concerns there both!
2016-11-14 23:21:48 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I think you shouldn't give them any. It's obvious they are only using you for your money.. And it's pretty selfish of them to do that.. maybe just ignore them and tell them your not gonna give them any.
2006-06-18 20:22:54 · answer #3 · answered by #.::PenguiN::.# 2 · 0⤊ 0⤋
tell them sorry i made plans for this money and i don't want to be rude but i didn't in clued you in on it thanks for stopping in and have a nice life ....there only using you so depends on much you let them do
2006-06-18 20:27:06 · answer #4 · answered by trouble 4 · 0⤊ 0⤋
tell them to go buy there own lottery ticket
2006-06-18 20:18:48 · answer #5 · answered by Neil G 6 · 0⤊ 0⤋
give them a penny n tell them to get lost or tell them u spent it
2006-07-01 10:12:01 · answer #6 · answered by LaLo 3 · 0⤊ 0⤋