i won

[gonfishn]

Re: i won

It sure would be nice if Uncle Sam would let you keep his share. Congrats. and have a good time as I'm sure you will.

 

[495v]

Re: i won

Congrat's Wayne. Even though we all know each other on this board just from chatting and most of us have never met, I consider all of you friends and it's good to see friends having a change of luck....Way to go. I word of advice....My uncle won 5 mill in the lotto in 91' and is almost broke. It's a true fact that most lotto winners end up broke. Make sure you change that streak. Sloopy had some good ideas and there are many other's out there. Real estate is alway's a good investment. Just remember, enjoy but make it last! Congrat's again.

 

[Knoxes]

Re: i won

Congrats Way. I would strongly suggest you go and immediately interview several good, reputable investment firms and make an educated decision. Hire a trained professional with a proven track record. Find one that will accomodate your interests (which obviously includes buying a new boat). There's a lot to know about investing this money properly and 99% of the general public (myself included) are not qualified to be making those decisions - and yet most think they are in that 1%. Depending on how old you are, this is likely not enough to retire on permanently, especially if you have "found money-itis". It can, however, be made to last a very long time as a healthy supplement to regular income. Enjoy!!

 

[bKelly]

Re: i won

Congratulations Way577,<br />You can buy the HideOut II (the island from another post). Everyone can celebrate at JB's. Rumor has it he can throw one great party <br /><br />Sloopy has a point. Managed right you could live off that for the rest of your life. No More Boss Send him a picture of the boat and private island and tell him thanks.

 

[dutch135]

Re: i won

Way to go WAY!!!!!!!!!!!<br />sounds like a trip to the coonrod is in order!<br />Congratulations! Where did you buy the ticket? <br /><br />if you need a chauffer,,i'll volunteer for the job! (am close too )<br /><br />and my searay just blew it's engine,, so,,, if you are looking to sell the other boat let me know!! <br /><br />whatever you do,,, HAVE FUN!<br /><br />

 

[Admin5]

Re: i won

Congrats! I think that the good carma that you built up by helping others around here with their boat questions is now paying off! I am sure that your financial adviser will have you diversify your portfolio into low risk/high risk investments. Consider iboats for the latter!

 

[495v]

Re: i won

Admin, did I just detect a bit of SPAM there?

 

[Admin5]

Re: i won

495v,<br />May I correct your statement. "Shameless SPAM" would actually be a better description.

 

[sloopy]

Re: i won

OK WAY heres the deel:<br />after taxes your going to have about 1.2 million, invest that 1 million into a Money Market account at 4% interest (spelling) that will give you a 40 thousand a year, minus taxes and insurance your at 30 thousand minus food andliving your at 10 to 20 thousand to fool around with then you also have that 200 thousand tofirst pay off any depts, then you should have 150 thousand left, take 75 thousand of that and put it into a trust fund (stock market) for 10 years by the biggest boat with the other 75 thousand sorry about the spelling

 

[Fishbusters]

Re: i won

Sloopy is not as dumb as he seems. He has a good idea about how to do things. First I would make sure all debts were paid in full then I would work out the details on the money. Most likely after the paid in full and things were fixed up here I could then invest and have enough to live off of but I would still work just not have any worries.

 

[495v]

Re: i won

Money markets don't pay 4% interest, I believe last time I checked they were 1.5%. My opinion, form a company and have the company claim the check. Corporations only pay up to 19% tax and you could run everything you want to do out of the company. You are now an employee for your company and pay personal taxes only on your salary. Homes and cars and boats are owned by the company and are write-offs. Look into it, talk to your lawyer or accountant.

 

[SoulWinner]

Re: i won

Sloopy, Very well said.. Wish I knew as much about long term capital investment as you. I need to start putting something away for growth that I can live on some day, but I am so risk-averse that bonds are about the only thing that looks attractive. Any ideas/suggestions? <br /><br />BTW, I have met a couple of Florida Lotto winners up here in NW FL. Hitting it big one can sure be a big blessing, or a curse. I have seen both. Way577, Sloopy has some sound ideas here. I hope this is a blessing for you and your family.<br /><br />Good boating and God Bless,<br />SoulWinner

 

[sloopy]

Re: i won

I believe there are also someother acounts that give you 6% but you can not touch that million for something like 30 years

 

[CalicoKid]

Re: i won

Congratulations!<br /><br />Get a lawyer. <br /><br />Take him fishing. <br /><br />Use him for bait.

 

[Knoxes]

Re: i won

It's not hard (even for an amatuer like myself) to point out where Sloopy's plan fails, altho I applaud the effort. Money markets don't return anything close to 4%. 40K after taxes and insurance is going to be more like 24K. 10-20K for living expenses? The poverty level is 13K. Completely overlooked inflation. 75K in a trust fund? Why? This is just the kind of advice you should be wary of. Consider the source. Unless he has a CFA after his name, he's not qualified (not to mention licensed) to offer that kind of advice. Get a professional. You'll be glad you did. Enjoy it, and make it last.

 

[sloopy]

Re: i won

dude knoxes chill out! I am not telling him what to do, I am jsut givin him ideas! my dad 300,000.00 in taxes last year I paid 1 thousand I think at 16 I know I thing or two about investing my dad telles me alot of stuff and I try to follow it. you can get money market accounts in the 4% range my dad has some. I am not certified to tell him what too do, if he is smart he would also hire a tax atturny or specialest! I am only 16 I have alot more to learn thanks for making me feel stubid again Knoxes

 

[Knoxes]

Re: i won

"is this true? don't waist it away, but some of it in a trust fund and retirement plan (not the stock market you would be back like you were last week in NO time )<br /><br />Put it in a Money Market account around percent interest, that would be 80,000 a year givin to you without would be around 20 thousandd (house state and insurance) and that would leave you 60 thousand a year to play with, plus food and nececesities you will be at 30 thousand a year, to do anything you want plus you would still have that 2 million in the bank <br /><br />Good luck" <br /><br />Sloopy - It's entirely your choice to feel stupid or not, and I won't be held responsible for that. The fact is, by your own admission, you're not qualified to make investment advice and you did, in fact, tell him what to do. That constitutes investment advice and you are required to be licensed to do that. Again, I applaud your effort, but offering advice, especially with regard to money (and in this case, lots of it), but in any situation, requires discretion and responsibility. It's in your best interest (and others')to defer to those qualified in situations where you have no direct experience or expertise.

 

[Capt. Bob]

Re: i won

If that was a spoof Wayne...it was a great one!!<br />LOL LOL If not, I am sorry to hear about the reduction. WHAT HAPPENED?? (See his edited first post)<br />Capt. Bob

 

[Ross J]

Re: i won

I'm only sorry that it wasn't the whole lot sport!<br />I don't think there's any risk of you ceasing fishing though and staying on this board. <br />Thanks for being so honest and letting us know. It takes a big man to be honest!!<br />Ross

 

[one more cast]

Re: i won

what a bummer, Wayne,<br /> does this mean that you will have to work all week so you won't be able to be my new fishin' buddy?