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Let's say you win the Lotto or inherited a large sum of money. Do you feel confident in making your own financial decisions or would you seek out advice? Who & why?

Lon;680116 wrote: Let's say you win the Lotto or inherited a large sum of money. Do you feel confident in making your own financial decisions or would you seek out advice? Who & why?




Well I can tell you what I wouldnt do. I wouldnt stand there holding a check the size of a VW letting someone take my picture then go on the 10 o clock news. Id hibernate for awhile. Lay low.

I have a friend who works in the city of London, in finance, I would go ask her.

My family swears by Merrill Lynch....Another well known Financial adviser company rents from my boss (office space in our building) and I would NEVER go to them to finance my piggy bank!!

But I would like to think I could do it myself, but I would need assistanceadvice with investing...

Alright, a few questions for you:

A) How much did you win or inherit?

B) Are you intending on sharing with all your buddies on FG? :wah:

Considering what I know of the stats here in the US, that well over 90% of lottery winners end up becoming worse off than before they won multiple millions in the lottery. If you are not used to having that kind of money, then... you'll most certainly want to speak with a professional. A million dollars isn't as much as you think it is, and the bigger the house you have, the more it costs to heat it... plus there's taxes... The intelligent thing to do is invest it and not change your lifestyle too much from what it was previously.

I used to work as a financial advisor for one large organisation and was a head for several years for another large organisation... but I won't name them. The best thing to do is look around and find what's best for you. Some companies are better than others, but you generally want someone that is big on keeping in contact with you and doesn't move stuff around continually just in an attempt to take a larger percentage for themselves. There are a number of things to consider on an individual basis, but... if it's a lot of money... take the conservative road.

G-man;680272 wrote: Alright, a few questions for you:

A) How much did you win or inherit?

B) Are you intending on sharing with all your buddies on FG? :wah:

Considering what I know of the stats here in the US, that well over 90% of lottery winners end up becoming worse off than before they won multiple millions in the lottery. If you are not used to having that kind of money, then... you'll most certainly want to speak with a professional. A million dollars isn't as much as you think it is, and the bigger the house you have, the more it costs to heat it... plus there's taxes... The intelligent thing to do is invest it and not change your lifestyle too much from what it was previously.

I used to work as a financial advisor for one large organisation and was a head for several years for another large organisation... but I won't name them. The best thing to do is look around and find what's best for you. Some companies are better than others, but you generally want someone that is big on keeping in contact with you and doesn't move stuff around continually just in an attempt to take a larger percentage for themselves. There are a number of things to consider on an individual basis, but... if it's a lot of money... take the conservative road.


Ha-------No inheritance or lottery winnings for me

I met a guy in Bakersfield, Ca. a few years back that had won several millions in a midwest lottery. He was a bachelor and an attorney. He wisely left the midwest right after getting the money, changed his name and went into private practice after passing the California Bar.

If I had won a large sum, my prior career experience would enable me to handle it without difficulty.

I would speak to my independent financial advisor who has already given us excellent advice. Ultimately though the decisions would be mulled over and decided by hubby and myself.

we would do our own thing like we always have but if we were talking about amounts in the millions or multi-millions then I would seek an experts advice just for investment purposes.

plus I'd throw one heck of a FG get together and make you all come to the great state of Texas! :wah:

I am with Nomad, I would keep it private. I would then go to my father who has always been into accounting and finance "things" and work with him. I am sure he would have the best investing ideas for me.

I would not do it on my own because I am rather clueless when it comes to investing. I hate to part with my money what little I have so it sits in a bank account whoop dee doooo.

I agree with Minks. My dad has been an accountant for many years and I would go to him. I would gladly pay him for his services too.

If I were to come into a large sum of money, I would like to pay off all my bills, buy my own home and property. I would not like to go public at all. I would like that to be my husband's and my own "Happy Dance".

I would ask my Dad, he has been trading for years and he is a real smart cookie. I would love to keep something like a lottery win quiet, but I am under no illusions that as soon as I threw a few Jack Daniels down my throat it would work like a truth serum