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Hello everyone,
Imagine that you win a little under €10,000,000 on the lottery. That's after taxes. What would you do?
A stupid question, i know. But what would you advise someone, who has no experience with this kind of amounts at all? We are talking about a serious plan, not all the lottery winners would order a new Lamborghini and ten houses there and then. There are financial planners out there, but is it really to trust someone just like that, especially when he knows that you have a lot of money, but not a lot of knowledge - even though he is independent and is being paid by fee's only?
How does it sound, to put everything on a bank for two or three years, so you can get a little knowledge and clear your head in the meantime? I assume that a good financial plan for the future could be put together in that time, with the help of financial planner? Bank interest must be quite high for that kind of amounts too, so i don't think that there is any need for taking anything away from the original amount. But what bank to put it in? I keep reading about financial crisis, about banks going in bankruptcy or for example recent events in Cyprus, where a bank was apparently taking huge amounts of money away, from the deposits. Which are better to trust, private or state banks? How - if at all - can you secure your money? In my country amounts up to €100,000 are secured, but if nearly ten millions goes down the drain, that is nothing.
Let's say that works. What comes after, where would you place the money? I realize that ten millions from the lottery is nowhere near enough to live a life of the millionare, at least not until a person can make that money himself. I know that "winning the lottery" is not something to be known for, i'd much rather be known for running a successful bussines myself, so opening a company and starting out slow and smart is probably the best idea? Especially since your main focus would not be the money, at least not until you became successful, so you could really focus on working good and gaining good reputation - of course that does not mean throwing all the money just in there, more like giving everything that comes from the company back into it and keeping your personal money for yourself.
Most of people will probably say "i'd spread it around", but that sounds terrifying. At least for the first year or two, when it's probably the best to just clear your head and let it sink in, before you make any major decisions.
Just so there won't be any misunderstanding, i haven't won the lottery myself. I'm just wondering and would appreciate good answers. I accept private messages too.
I will appreciate your help very much.
Thank you!
Imagine that you win a little under €10,000,000 on the lottery. That's after taxes. What would you do?
A stupid question, i know. But what would you advise someone, who has no experience with this kind of amounts at all? We are talking about a serious plan, not all the lottery winners would order a new Lamborghini and ten houses there and then. There are financial planners out there, but is it really to trust someone just like that, especially when he knows that you have a lot of money, but not a lot of knowledge - even though he is independent and is being paid by fee's only?
How does it sound, to put everything on a bank for two or three years, so you can get a little knowledge and clear your head in the meantime? I assume that a good financial plan for the future could be put together in that time, with the help of financial planner? Bank interest must be quite high for that kind of amounts too, so i don't think that there is any need for taking anything away from the original amount. But what bank to put it in? I keep reading about financial crisis, about banks going in bankruptcy or for example recent events in Cyprus, where a bank was apparently taking huge amounts of money away, from the deposits. Which are better to trust, private or state banks? How - if at all - can you secure your money? In my country amounts up to €100,000 are secured, but if nearly ten millions goes down the drain, that is nothing.
Let's say that works. What comes after, where would you place the money? I realize that ten millions from the lottery is nowhere near enough to live a life of the millionare, at least not until a person can make that money himself. I know that "winning the lottery" is not something to be known for, i'd much rather be known for running a successful bussines myself, so opening a company and starting out slow and smart is probably the best idea? Especially since your main focus would not be the money, at least not until you became successful, so you could really focus on working good and gaining good reputation - of course that does not mean throwing all the money just in there, more like giving everything that comes from the company back into it and keeping your personal money for yourself.
Most of people will probably say "i'd spread it around", but that sounds terrifying. At least for the first year or two, when it's probably the best to just clear your head and let it sink in, before you make any major decisions.
Just so there won't be any misunderstanding, i haven't won the lottery myself. I'm just wondering and would appreciate good answers. I accept private messages too.
I will appreciate your help very much.
Thank you!
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