And buy a lottery ticket with the GPS coordinates and put it on the fridge where no one will throw it out even when the ticket didn’t win.
Give the money to the charity and let them invest it if they want.
I heard an interview with this lady from the Sudden Money Institute. She had some interesting advice.
Don’t tell anyone.
Sign the ticket and put it in a safe deposit box for a couple of weeks just to get used to the idea of it.
Move to a gated community or someplace with security.
Mostly things that people who were raised with money learned along the way.
First of all, there is no rush to cash in your ticket. You have 180 days (basically six months).
Plenty of time to hire a financial advisor and lawyer and set up a corporation to claim the prize in a way that keeps you anonymous.
The woman who won has already proved that she has no clue. Going public is just asking for trouble and from what I’ve read, she’s already having trouble with people showing up at her house.
As much as it may be good advice to not turn in the winning ticket immediately, I could never have any peace of mind knowing that that ticket could be stolen, destroyed, lost, etc. as long as it is in my possession. Knowing me, I wouldn’t have a minute of peace in my head until I had *officially *been certified as the winner by lottery officials, etc. So I’d take it to them ASAP, probably the very following day…
And then, of course, it would be time for another worry, the time for scammers, criminals and stalkers to hound me.
At the very least, I expect you’re going to be asked for money by many people (family, friends and strangers). Some of these people will even be telling true stories of desperation and need, while others will just be lying. And I would not be surprised if a lottery winner, particularly someone who won a lot of money, is approached by con artists and people who attempt to intimidate you into giving them money.
So I really think one of the first things to do would be to change your phone numbers to unpublished ones and then to quietly move out of your house. My parents, for instance, have had the same phone number for almost fifty years and the number is known by people all over the world. So it would be a shame to have to give up that number, but it might be necessary.
You’re not “investing” you are parking for long enough for your advisors to figure out where to put in.
Exactly. Drop out of sight, make all the necessary arrangements with financial advisors, then hire some people whose sole job is to tell people to FOAD. It would of course require moving to a much more secure domicile, as Kelevra noted above.
If i win 300 million AFTER taxes, i dont want any interest.
Here is your share IRS, mkay?thanks,GaBye.
What will i do with interest except pay more taxes?
I dont need the damned interest, i wont be able to get rid of the base funds fast enough
Why do i want more?
Take ticket, drive immediately to main state lotto office, turn in ticket, do all happy paperwork, sign for the IRS to get their half off the top, and direct deposit the lump sum into this simple NON INTEREST BEARING checking account.
only 250k FDIC?
Well if BOA or similar goes under, the deposit insurance is way way the least of anyone’s worries.
Now i have the money, i can move it to what ever places i deem necessary and the IRS does not get any more.
300 million?
I sure as hell dont need any more
I sure as hell dont want to pay any more taxes than the 300m i just gave the IRS
I am among those who are concerned about lost interest. I have a lot of charities that I’d love to endow, and even small amounts can be a windfall to them.
$300,000,000 in a measly 1% savings account is $3,000,000 per year, or almost $10,000 per day! No way am I gonna let that go to waste.
:eek: :eek: six months! :eek: :eek:
So the consensus from the ignorance-fighting crowd in this thread seems to be:
(1) Put all the money on deposit at a bank. Because, although a depost account will not pay me anything to take the bank’s credit risk, there’s not much chance a big bank will go bust. And I’ll probably get 70c on the dollar back a few years later even if it does, no harm done! And, most important, never having handled more than a few thousand dollars, that’s the only thing that I know how to do, and I’m determined not to learn anything new here.
(2) Be extremely careful never to earn any interest on the money. Taxes are complicated, and since I don’t understand them, it seems highly unlikely that anyone else does either. The IRS sends people to jail!
I insist on filling a Scrooge McDuckian swimming-pool with it first.
In large stacked bills, it wouldn’t fill a swimming pool, more like a jacuzzi.
I guess it would work pretty well if you scrunched them up one by one, then you could “swim” in them.
You might be wiser than the charity. Or the charity may change in your rank of spending preferences in the future. The point is that even with a trillion dollars you can find uses for more therefore taking the effort to learn how to grow that money can help you achieve what you want to achieve.
Now, people are willing to work 30-60 hrs a week for a thousand dollars? Spending 100 or so hours of study to earn a few extra percents on 100s of millions is an excellent ROI.
Exactly, with that much money there is no need to leverage is to get more money out of it. Because whatever safe investment it is put in, you will more than be able to live off the interest alone. 1% a year is still $3M. The biggest peace of mind from a huge winnings like that is to not be concerned about the stock market and the economy.
You donate money to the charity now and let them manage how they invest the money. They have investing experts who did that for charities and other non-profits. No reason to take on a burden yourself that you aren’t up to handling unless you are already in the business. It is arrogant to assume you can do better than the experts that manage the funds for the charities.
I would just put the check under my mattress and forget about it for a while. The problem solves itself! 
P.S.- no offense to the other OP – we all do this sort of thing on occasion! 
There is no reason for the delay. You make a phone call to your accountant and attorney, and have them accompany you to claim the winnings. If you won $300M, if your regular accountant and attorney aren’t available on short-notice (very unlikely) then you can quickly find good ones that are or someone else from their firm.
Sitting on the ticket for weeks is bad planning and just stupid, because you didn’t win anything until they certify it. For all you know, it could be a mistake, so no sense wasting weeks on it.
Then maybe you can afford to get you caps key fixed too.
Can you take a tax deduction for the repair fee?