10 things not to do when you win the lottery,effective leadership skills in project management,short affirmations for success,how can i win the lottery secret - You Shoud Know
Now that you’re rich, you’ll probably have the urge to try to fit in with people who have been around big money all their lives. No matter how responsible you are – or think you are, anyway – that much money would quickly become overwhelming. Just because your best friend’s neighbor’s dog-walker has a can’t-miss business opportunity doesn’t mean that you need to be the idiot who fronts him the money. Lots of people who seem cool and interesting will suddenly want to be your friend, and you will be tempted to start exclusively hanging with them because they’ll make you feel cool and interesting by extension. Clearly millionaires are not supposed to collect food stamps (strike #1 in the Karma department). I always wanted to win the lottery but hey my house number used to be in the white pages and I have an active FB account. Yeah, she was wrong for collecting the bridge card still but in all honesty, she truly needed it.
Becuase, u straight stole this man article, verbatim, and changed a few words, added some shade to a dead woman, and posted it on your blog.
For 10 things not to do when you win the lottery Females in Philosophy first (as our aim is to complement, rather the jackpot is not won.
Besides the food stamps debacle, the 25 year old lottery winner broke several rules of lottery failures past and now she’s not around anymore to spend her winnings OR collect her government subsidized meal assistance. Clayton was sentenced to nine months probation after being convicted of welfare fraud but died before she could even complete the sentence. Theres nothing stupid about setting up college funds for your children, or helping your parents. All those wealthy white people with offshore accounts hiding money overseas in fake accounts and in fake corporation names rather than their own names do that for a reason: To keep nosey asses out they business.
Amanda Clayton, the 25 year old woman who admitted to receiving food stamps after winning $1 million on a Michigan state lotto game show was found dead a few days ago. Telling the world that you have money that you never expected to have is asking for trouble. In Amanda’s case, she thought she could outsmart the welfare people and do serious drugs without consequence. According to USATODAY, it's been more than two months since someone won the Powerball jackpot.The last time Powerball grew nearly so large was February 2014. Clayton became a millionaire after her big win last September, caused outrage earlier this year when it was revealed she was continuing to get $200 in monthly food aid from the state.
For those that dont know, this story is on the huffinton post under crime and it wasnt not written by no SFTA author.
Amanda tried to rip off the government for food stamps, which would probably have given her a hood pass if she actaully NEEDED THE ASSISTANCE!
And if you didn't have smart money habits up until now, you could easily turn out to be your own worst enemy by quickly squandering the fortune.The first precautionary step you should take between now and the drawing is to sign the back of the ticket, says Carolyn Hapeman, a spokeswoman for The New York Lottery. A lottery ticket is a bearer instrument, she explains, meaning that whoever signs the ticket and presents a photo ID can claim the prize. So if you haven't signed the ticket and it blows out of your hand while you are waiting for a bus, or if you show it to a buddy in a bar and accidentally leave it on the counter, you've lost the loot.Here are some steps to help you steer clear of additional risks. Most of them work well for other windfalls too–for example with sudden wealth that comes from an inheritance or the sale of a business.1.
Once people know you're suddenly wealthy, you'll be badgered by requests for handouts from everyone from charities to long-lost friends and relatives–not to mention all the financial "experts" who will be vying for your business. NEXT: #2 Enjoy Reasonably Next page 0 lotteryluxurytop 7Submit reply Cancel replyYou must be logged in to post a comment. Some states, such as Colorado, Connecticut, and Vermont, allow lottery winners to keep their names private if they claim winnings through a trust or a limited liability company.Although Mega Millions is a national lottery, rules on winner publicity vary by state. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C. SignupIf you already have an account, please sign in Connect with Facebook Forgot PasswordPlease enter your username or e-mail address to recover your password. A client of Gamel's who won a past lottery did that, and had a lawyer claim the prize on behalf of of the trust.
18 winner bought his or her ticket, it's also possible to remain anonymous.Depending on where you bought the ticket, prize winners have between 180 days and one year from the date of the drawing to claim their prize. You have the choice between taking the prize money all at once or having it paid out over 26 years in the form of an annuity. With a lump sum payment, you must immediately pay tax on the entire amount, says Michael A.
People who have trouble controlling their spending might prefer the discipline of receiving the money as an annuity. You will want to compare the effective yield of the annuity with what you could earn by taking the money as a lump sum, paying the taxes and investing the proceeds.Another issue to consider is whether taking an annuity will leave your family without the cash they need to pay estate tax if you die before the 30-year period is up, Kirsh says.
In such situations people typically buy life insurance policies to cover the estate tax bill.You have 60 days from the time you claim your lottery prize to weigh the pros and cons.
During this time, ask advisors to crunch the numbers and help you decide which type of payment suits you best.3. For the first six months after you win the lottery, don't do anything drastic, like quitting your job, buying a home in Europe, trading up for a luxury car or building a collection of Birkin handbags. Meanwhile, set aside a fixed amount for splurges—it's only natural to want to celebrate your windfall.Save the big purchases for later.
For example, you could rent a house in the neighborhood where you were thinking of moving, before you make any commitments, says Guerdon Ely, a financial planner in Chico, Calif.
Whether it is credit card debt or a mortgage, your rate of return equals the interest rate on the loan. In situations like this it's very hard to know "who's trying to help you and who's trying to use you," says Ely.
Rather than signing on to a group of advisors that someone else has put together, he recommends handpicking your own lawyer, accountant and investment advisor, and requiring them to work together.Carefully vet each advisor before discussing your situation. For attorneys and insurance agents, see whether there have been any complaints filed with state disciplinary authorities.If you live in a small community and don't want lawyers there to know your business, seek out a professional in the nearest large city.
You can start by having a fee-only advisor put together a long-term financial plan and running it by the group for comment.
That person can also play the "bad guy," declining requests from people or organizations for gifts that you don't want to make.6.
Ely recommends putting the money in safe, short-term investments and not even touching it for the first six months. Then ask your advisors is to put together an investment portfolio divided half-and-half between equities (such as stocks) and fixed income (like bonds). Especially if you're not accustomed to having a lot of money, it may take some discipline to preserve your winnings and not go on a wild spending spree. Especially in today's investment world, "It takes a lot of principal to generate income and once you start spending principal, the principal quickly dissipates," says Dennis I. They include everyone from disgruntled spouses and ex-spouses to people who win lawsuits against you. It's prudent to ensure you are not an easy target.The best defense is to erect a variety of roadblocks that make it difficult, if not impossible, for creditors to reach your money and property. These asset protection strategies, as they are called, can range from relying on state-law exemptions to creating multiple barriers through the use of trusts and family limited partnerships or limited liability companies.
You can offset the additional income from your lottery winnings with a charitable deduction.
With a donor-advised fund, you can make a charitable donation this year and claim a federal tax deduction for your irrevocable contribution but postpone recommendations about which charities should receive grants from the account until some time in the future.10. If your winnings have made you suddenly wealthy, this may be the first time that you need to plan for estate tax. Each person has a $5.25 million limit on tax-free transfers, which can be applied during life, when you die or some combination of the two.
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