People make it look like they are going to be some King or God when they win the lottery. Look at the celebrities and famous people with a 30 million net worth, they still working their ass off. Unless you are going to be a bum with that 30 million dollars, you are going to lose a lot if you don’t find a source of income that matches the amount in your bank.
I’m 18 and I know if I win 30 million dollars now and all I do is spend it on stuff without any money going in, I know that by the time I’m 30, I’ll be broke and be filing for bankruptcy.

I’d like to stand at an airport with solid silver coins with ‘Thankyou’ printed on them and hand them out to all incoming military to show we are not the vietnam haters or ignorers, wether we agree with the war or not, they risked their lives and deserve thanks, with a handshake and something that means something.

Then I would payoff the debts that keep me under stress wondering how I’m going to pay them month to month including my power and utilities bills so they don’t get shut off again when my check isn’t enought to cover the full amount. Then I’d buy a comfortable house for my family and I to live in Most likley in a place where there are 4 real season’s not just heat as in the desert. And best of all I’m going to play secret santa year around as some really great people have done and do helping others.

Stealthy wealthy that you are..lol

Cheers.
DL

of course i would buy assests for my self, but id give some to the poor as well.

Youd end up with about 1/3rd unless your state really gouges winners

If you invested half minus $1M which you spend buying your toys and things (hopefully not high cost to maintain, houses have taxes to pay utilities etc)

So after divorce youd be looking at about $3m which if you invested at 7% return and reinvested 3% and lived on 4% youd be getting $120k a year but would have to pay maybe 30% as child support so youd be looking at about $80k a year with nothing put adise for your kids education, although your ex would have to pay half of the costs so you could put away $10k a year and youd have $70k a year to pay taxes on so look at $50k a year from a win of $24m….some shock huh?

1. Pay my wife off half/get divorce from the evil Witch
2. File for joint custody of our kids
3. Buy a house out right for about $220,000
4. Pay my car off keep it for the snow and buy a spare car a use camry throw rims and a nice head unit inside touch screen navagation sony.
5. I’m 28 so, I will set my bank account up so I can get paid $700-$1000 for the next 70 yrs.
6. Find a job when my two young sons turn old enough to watch them selves.

2) give money to yours and your husbands parents – watch out, you can incure what could be 50% gift taxes on gifts

3) Buying a house for your brother in your name, the tax man isnt altogether stupid and unless you are officially living in the home for more then 6 months a year they will assume it was a tax dodge and not only come after the gift taxes but also may send you to the tax section for investigation..which is a world of hurt

4) get your friend to give you a dollar and then sell them your car for a dollar might also not fly depending on how much the cars assessed value is but you have a limit for how much you can give anyone you feel like per year without incuring taxes so as your married you and your husband could give your friend say $10,000 each and then take that money back (or part of for a lower ball price) in exchange for your car, that avoids taxes legally

5) pay off friends students loan, you can do the same thing, if their student loan is less then say your $10k allotment each so less then $20k you and your husband can pay it off tax free, or make payments of $20k a year until it is paid off.

7) Now when you invest money think about the general returns your personal financial manager can get you…and then take only half of it and reinvest the rest so your lump sum grows perhaps not inline with inflation but better then having it shrink to nothing in 30 years, especially if you intend on having it linked to inheritance for your kids

10) Put $1m in trust for the kids, you can give yourkids a certain amount per year tax free, if they are young you can do it per year and gradually fund their trust without incurring costs, setting some into a college fund and more into an age release fund which can release at verious times in their life to stop the buy a ferrari on their 18th and having nothing left by the time they are 21, it also keeps their ambitions for careers intact instead of that ‘why learn or study if iom goping to be a millionaire in 10 years anyway’ senario.

11) You can have a set charity trust made for you that you can load up with $10k a year and it will grow tax free and you can donate as much or little when you see fit as its a charity trust, it has no limit on how much and by a certain date and all tax free, infact it might be tax deductable to a certainpoint depending on your situation and country, state, province laws.

Just thought this might halp..have been studying lotteries and sudden wins/wealth for more then 20 years.

The best course is to get a financial advisor, accountant, estate lawyer, make sure all of them are on fee basis from you and not on commision from what they tell you to do with your money, and if you dont understand what they say then keep asking, if they dont want to explain it, find another, always interview three people at least for each post…and the golden rule is spend 1/3rd, invest 2/3rd. so all your gifts and presents should never total more then 1/3 and that also includes your house, cars, furniture, second home, and goodies….follow those rules and never take more then half your interest each year as living expenses, while getting a hobby, working volunteer or part time and you should be set for life…really set and not just a 10 year spend the lot plan.

Hope you win though

That’s my dream! Thanks for giving me a place to post it!

The hatred of comments have been showing up already, they are fat, or they dont work, its nothing to do with them but when meanness starts this early you just know others will think worse.

The irish woman who won 70m pounds had someone planning to kidnap her kids, and this is more then double, they are going to need security even if only for safetys sake, it might sound like nothing because they can afford it but it means loss of privacy, something money can normally buy, now the only way to live without worry is to move into an area, gated community of similar wealthy people and they can be just an snippy and jealous and not feel like they belong because they didnt earn their money.

This might be a great win as some are and the winners believe its going to be like the ending of the movie where everyone lives happily ever after but its by far more likely that they will have to deny their wealth, hide who they are, fend off begging letters, cold callers, people coming up to their face and asking for money, threats, attacks, etc.

it there such a thing as too much money, yes and as with trying to guess who will win we can never be sure of how much we can win, maybe better to only enter lotteries that dont stand a chance of the hundred plus million win then to have to deal with too much money, too much fame, too much fear

Education:

Degree in Business Administration

Law School

MBA

Continue to take random classes that I have interest for
____________________

Travel:

Hawaii

Mexico

Australia

England

France

Italy

Germany

Egypt

New York City

California
_____________________

Property:

Apartment in Manhatten

Apartment in Vancouver

Huge acreage where my brothers and I could have fun on (Race track, zip lines, hiking, biking)

A high school in Africa – Free tuition
_______________________________

Business/Job :

Invest

Work as a lawyer
_____________________________

Family:

Pay for my grandparents and my family to travel to England

Pay off any debt

Help launch their career or family life

Host an annual family reunion on my acreage in BC
______________________

Giving Back:

I would have my African High School

Donate to my:

Elementary school
High school
and Universities
_____________________

This would not be all at once, i would live off the return of my investments and my job. :D

Whatever you buy such as a house and car and boat, etc require on average 10% of their cost to run/maintain, so if you spent $3.5M you’d have a running cost of $350k a year to run and pay the taxes on.

You should always take half your returns from investments and roll them over, this covers the cost of inflation, to a degree.

Security is i big cost too..it cant be taken lightly, not everyone who has money needs security but your face on the front of a story of someone having $30m in cash can bring out the worst of the worms from under the stones they live.

Rental property is a tricky investment, i know, I’m a landlord, it can cost you more then you receive in rent, if you have utilities included the 6 months of cold can cost more then you benefit from the 6 months of warm/hot, the real money is the value of the property growing over time as the mortgages are paid of, right now the value of property could take 20 years to be worth anything more if you bought it in the last 5 years(only the lowering of the mortgage will make your returns), rental agents can cost 1 months rent per year, insurance, condo fees (can also cost up to 3 months rent equivalent per year), that’s just 8 months rent a year to cover the bills, and you get taxed on any profits (if your lucky enough to make any), your more likely to make your money from your tax back every April.

Buying your parents homes for 10% over their value sounds good but the tax man didn’t just fall out of the crib, if they notice anything that looks even slightly dodgy they will give you a tax audit and you don’t want to be watching every dime you have tied up in a government account while you prove you bought their homes for the real value and then let them rent that back for a $1 a year cost, utilities included…if you have the money keep it legal, its not worth the trouble of being caught and then you think the winning stories were bad..the lottery rat isn’t the name you want forever.

A good thing to do with your time after winning is to learn some money management, not so you can take direct control over your money (that’s like the lawyer defending himself) but so you can understand your PFA (personal financial advisor) when they’re talking about investments, taxes, fee’s over commission, returns, p/e, stocks/shares/futures, etc, etc, etc.

Placing your money into one account, even for a month or three months is presently a risk in itself, the recession is knocking banks off like dominoes, split the money into 6Th’s and place inside 6 main banks for the same period, better safe then sorry.

Remember when giving money to your family and friends they might not be able to handle the money as well as you believe you are going to, you could cause them to become the bankrupts of tomorrow, better to have them take some classes with you, possibly even hire a money management professional to come around to your home and teach you all before you cut the checks, if they then screw up they cant blame you for not helping, you tried to and you don’t want to become the family ATM for the rest of your life.

Just some other things to think about should that lottery strike hit you

I don’t know what I’d do and can’t spend a lot of time on imagining something with such poor odds. However, the really high level is get rid of everything I have and move to the United States.

Here’s the question: a highly unlikely source told me that the money is not taxable in Canada to Canadians, but if you move away, then it becomes taxable. I was talking about the winnings, not the interest etc.

Anyone know the real story? And if the last paragraph is true, how does Canada Revenue accomplish this “grab”?