I would check to see if my favorite NHL team was for sale.
The people who actually need this advice never heard of Mark Cuban, and never will.
I’d challenge the Donald to a game of high stakes poker :-)
Any list of TODO’s should include checking the current status of the FReepathon.
” If you weren’t happy yesterday, you won’t be happy tomorrow. It’s money. It’s not happiness. If you were happy yesterday, you are going to be a lot happier tomorrow. It’s money.”
Love this quote!
Take the lump sum.
“And you can’t buy the Cleveland Cavaliers.”
Whoever wins will likely never be able to escape the limelight, so there’s a downside we can all take comfort in escaping when we lose. :)
Hire Obama to clean my toilets.
“Anyone who asks is not your friend.”
True. I decided a long time ago if I won a lot of money that I would never give a penny to anyone that asks me for money. I know which of my family and friends is in need and rest assured, I will take care of them. But, if they ask me for money, they will be taken off the list. I would search for my own charities, for people that really need the help.
As long as people are giving out free advice with a money back guarantee ....
If you expect to live more than 30 years - take the annual payments. In the first year, move to a state that does not tax income. Pay your taxes, tithe, pay off your debts. Set aside $120,000 ($10,000) per month to live on for the next year. DO NOT SPEND ANY MORE. Get a certified financial planner and put a financial lawyer on retainer. With the rest of the first years money, set up a retirement plan that provides tax free income for the rest of your life. Learn to live within that amount.
Establish a family trust that will 1) pay for a $100K whole life policy for your children/decendance. 2) pay for tuition for college, 3) return a portion back to the principle 4) split the remaining annual revenue between those that are 21+. You may want to put some provisions in the trust with regards to how votes will be taken with regards to the ongoing maintenance of the trust. Consider increasing the number of votes for those that have a bachelors degree in accounting.
If you feel you have less than 30 years to live. Take the cash out. Otherwise, same as above
Idiot. Stopped reading right there. NO WAY IN HELL I would trust the government or an insurance company to fulfill their obligation/contract/promise.
TAKE THE LUMP SUM After
1) Call trust attorney that has experience WINNING IRS court battles.
2) Call Tax Attorney that has experience winning IRS Court battles,
3) Then call me for tax free munis and general securities.
930mm cash payment=
403mm Fed 39%+ Obamacare tax
69mm average state 7.5% state income tax
Net After tax winnings = approx. $450mm
Unless you live in 0% state income tax state (TX, NV, FL,etc) = $525mm after tax winnings.
Take 25mm and pay off all your debts, and those you love/trust. The remainder is cash/wants such as new home, car, land, guns, jewlrey, etc.
Then the rest, 500mm, you invest in tax free muni bonds. Even at 3.5% yield, that's still a staggerting $17mm tax free income a year.....and when the bonds mature, you still have 500mm.
Make sure your bonds are at least AA or higher rated with UPDATED credit report, preferably with AGM, BAM, or NAT RE insurance.
Then change your phone number ;) Gift to charities from your $17mm/yr income. (you can gift $14,000.00/yr tax free gift exclusion to anyone, or a x1 lifetime tax free gift exclusion of $5,450,000.00 for 2016).
I think I might disagree with Mr. Cuban.
If you win the lottery big tomorrow night... sure, give some money to your family members. Find that one family member you really don’t like and give them 10 million dollars.
Then, tell the rest of the family that you gave them 10 million dollars.
Then hide.
Mark, if I win, could I buy the Carolina Hurricanes and move it back home?