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| How the rich stay that way; words to live by. | |
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| Tweet Topic Started: Mar 5 2013, 12:15 AM (377 Views) | |
| Pat | Mar 5 2013, 03:14 AM Post #11 |
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Fire & Ice Senior Diplomat
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Spend a month in seclusion, and while there line up an accountant, attorney, and investment adviser. all with good references. Secondly, from day one tell all relatives that you don't mean to be rude and appreciate their cheers, but that you have turned the management of the funds over to professionals and are unable to lend out or give any away. On advice from your team. More than one step, but preservation would be first priority. I would not accept a check from lottery before discussing tax issues and setting in place a plan. That to me is job one out of the starting gate. |
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| Neutral | Mar 5 2013, 03:22 AM Post #12 |
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Fire & Ice Senior Diplomat
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I have someone who is very close to me about to receive millions, I told them the exact thing. |
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| tomdrobin | Mar 5 2013, 01:22 PM Post #13 |
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Fire & Ice Senior Diplomat
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If I got a windfall like the lottery, I would try and keep it anonymous. Giving money to your kids could be a curse. Give them a free ride and you corrupt them. Attach a lot of strings to the money and they hate you for being controlling. I watched the show about the lottery winners too. The big mansion in Florida the one couple looked at was definitely too much. Even if you got it for a low price, what about insurance and upkeep? You would have to have a full time crew to clean and maintain it. Trump had the right idea with the mansion he bought. He turned it into an exclusive resort that would produce income. It was clear the lady with the shoe idea didn't have any business savvy. And, I also wonder how much of her money that boyfriend sucked up with his toys. I like to watch the show called "Shark Tank". Some people have grandiose dreams of success, but their enthusiasm blinds them to the reality. One woman had an idea for a high heeled shoe with interchangeable parts. She wanted to sell it for $200. One of the sharks commented that anyone wealthy enough to buy $200 shoes wouldn't have a problem with buying several styles of regular shoes. Edited by tomdrobin, Mar 5 2013, 01:24 PM.
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