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If I were Filthy Rich
By Nervous_Impact3637
+82 What should you do if you win the lottery?

What is the ultimate roadmap or gameplan someone should embark on if they win the lottery? So I don't end up being killed by someone, going broke, or other things that have happened to lottery winners. What is a step-by-step guide on what you would to be safe, make smart financial decisions, and preserve your private life if you won? I need some advice because I'm going to win the lottery in 10 years, and I need to know what to do then.

Edit: I live in America so the lottery winners are publicized, what do you do in that scenario

Recent responses

+71 @KrAff2010 I am in no way an expert, just someone who has too much time on his hands. Ticket Security & Proof - Secure ticket - Lock box or fireproof safe - Put in a secure location - Take video of me holding the ticket - Make a copy of the ticket - Rent an Airbnb or hotel under someone else’s name and stay there for a while after the winning is announced Legal Representation & Claim Structure - Flat fee only - Trust and estate from large national firm Financial Advisory & Banking - Charles Schwab or JPMorgan first choices - Fidelity or Vanguard as backups CPA - Someone with experience dealing with HNW clients. Gifting Strategy - 15% after taxes & 1st years withholding divided between specific family & friends. Investing - Discuss investment opportunities with Advisor. Aim to live off returns on total investment. Withhold first years spending from invested amount. - Long term withdraws only to avoid high tax rate Spending & Cash Flow Structure - Put 10% of money withdrawn back into investments - 90% of interest as spending money - I’d put half of the this money into a joint spending account for household finances then divide a quarter into my wife and I’s individual accounts. Real Estate – Primary Residence - Begin construction on main home - Buy a temporary home until construction is complete on primary residence depending on construction timeline Staffing Start hiring of any necessary full time staff, including but not limited to: - House Manager - Chef - Maintenance - Cleaning Part time, including: - Chef - Masseuse - Nutritionist - Cleaning - Personal shopper At this point it’s pretty much up to you to do whatever you want. You have a pretty decent foundation to start from. As long as you don’t unnecessarily dip into your original winnings your great great grandchildren will be set for life. If the amount you win is insane, like say over $250 million you’ll probably want to start your own family office to handle financial and legal matters.

+39 @macetheface old school copypasta https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb4v05/?context=3

+24 @Stldjw Get a lawyer and an accountant.

+22 @bugabooandtwo First of all...most lotto winners turn out fine. The few that make the news aren't typical of what happens. But like everyone says, keep your mouth shut. Don't tell anyone. Hire the best professionals you can, both layers and fiduciary. Then plan out what kind of life you want within the limitations of your winnings. The key is to put most of the winning into safe investments - not shit like bitcoin or your second cousins new business or the hot tip of the week from a place like wallstreetbets. Government bonds, RRSPs, GICs, etc....lower dividends, but they are guaranteed. A bad stock market turn isn't going to kill your investment. Only thing that wipes out your money would be WWIII.

+19 @Cheap-Bathroom-4426 The most obvious one is don’t tell anyone, it also doesn’t hurt to educate yourself about finances since you got 10 years to do so 😅

+17 @bahamapapa817 The best thing is the most boring thing. Don’t tell anyone. Get a money team lawyer, accountant, fiduciary financial person and a therapist to help you navigate. Don’t tell anyone. If you can wait at least a couple months to claim. After claiming take a non ty long trip somewhere. Shut down your social media. In fact hire a cyber security expert to wipe you from the interwebs as much as possible. Change your number. Don’t tell anyone. Try to live as close to your original life as possible. If you had a Toyota get a Lexus or a mid range Mercedes. Stuff like that. Try a gated community or one with a guard or a high rise with a doorman or a secluded wooded area and get some guns.

+11 @Beginning_Lifeguard7 There’s an attorney on YouTube that claims to be a lottery winner specialist. I like watching him and his suggestions. If I had a winning ticket I’d check out his claims and if he’s legit give him a call. I have some experience with getting a windfall of money from a legal issue. To be honest it’s not that hard to keep your mouth shut. Family and friends have no idea how much it was (life changing). All they know is there was a settlement.