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To: Jack Hydrazine
She needs a reputable financial advisor.

Most likely. But even a modicum of common sense would be better than what happens to oh, so many lottery winners who go on spending binges and develop lifestyle habits that lead to bankruptcy.

I don't typically play the lottery, but I will when the jackpot gets high enough. For me, the entertainment value of imagining what I'd do with that kind of money is worth the $1 or $2 I spend on the ticket. But I've also "game planned" how to take care of that kind of money, too. It really just boils down to "invest the bulk of it and live off the proceeds", though in my particular case, having two autistic children makes setting things up a little trickier in terms of inheritance, to ensure they're taken care of and not taken advantage of.

Of course, if push ever came to shove, I'm fortunate that I have a father-in-law who's a (retired) financial planner and on the other side of the family, a brother-in-law who's an accountant. So I won't have to search hard for specific advice I can trust.

38 posted on 08/01/2014 5:33:37 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: kevkrom

I’d add a third professional to financial planner and accountant, too - get a good lawyer to help you get things set up the way you want or need them.


42 posted on 08/01/2014 5:36:14 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: kevkrom

Saw a show once about a guy who won a big lottery and did things right. He took the lump sum and hired financial planners to help him invest most of it. After everything was said and done, including blowing a few million for fun, he arrived at the point where after taxes he was earning $3000 a day for the rest of his life. That was his rule: Don’t spend more than $3000 a day.
Think about that- every day you wake up with $3000 added to your bank account. Any you have left over at the end of the day is added to tomorrow’s $3000 and it never stops.
I think I could live like that.


54 posted on 08/01/2014 5:48:01 AM PDT by servo1969
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