If one won $50 million in the lottery, what would be the proper/smart way to handle the money?
Answers:
I've thought about this same thing if ever this luck falls on my lap, as well. Here's what I plan to do:
1. Keep the matter only to myself. Why? Money can be a source of problem, later - brought about by close relatives, friends-in-need, and especially the criminal elements. How you do it something you have to consider well.
2. Do not flaunt your wealth by 'sudden acquisitions' of expensive stuffs - like expensive cars, jewelry, etc. Be patient and plan your purchases. Be modest and keep your shopping to a minimum -as if there was no significant change in your life. People will do notice a major change - especially in your lifestyle and will begin to be curious.
3. Consult a reliable and well-endorsed 'wealth manager'. Ask some people you know in the banking sector. Usually people who work with big companies will know some people with credible reputation who can take care of your 'portfolio'.
Again, be very discreet about this matter and not just ask any 'Tom, Dick and Harry.
4. Carry only enough cash each time - preferably one good credit card that you can monitor your purchases well. Keep the bulk of the money stashed in the bank or investment house.
5. You must consider moving to another residential location or, preferably, another state, where nobody knows you or your family. This will make your life safer since nobody will notice any lifestyle shift, in the long run. Since you can afford hiring an expert, consider choosing a well-protected and good neighborhood.
6. Consider saying your thanksgiving for having been so blessed.
Keep dreaming. It is good for your soul.
Put in the bank, invest in long term stuff, and donate some to charities?
Worry about it when it happens , because you know what it probably wont .
Give it to me and I'll invest it for you!
Invest the money in a Bank term deposit. For example: If you had $50 Million at a rate of 6%p.a and you invest the money for 1 year, the interest payment would be =>
(50000000*6*1)/100 = 3 Million dollars per year!!
No wonder Millionaires are such smart people
Invest it for world's good work.
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