Would hire a financial advisor if you won the $1 billion Mega Millions?

[rennigade]

I wouldn't hire a financial advisor. Lawyer would be my first stop.

I'm just hoping someone actually wins. I'm not a fan of spending $4/week for this but I feel like it's the right thing to do.

[LivingAlmostLarge]

I think a CPA and Attorney would be more necessary.

The CPA and attorney yes needed but an investment person will also help with more unusual investments that aren't normally used or available except to HNW individuals or familites to preserve their investments. Probably anything over $50m where you are into the estate tax. Simple things like gifting stock at $15k or making a stock donation that is expected to grow.

[Petunia 100]

Not me but I would hire an attorney to put the winnings in a trust, divided amongst my family and charities. Off the top 37% goes to the Feds, & 11% goes to California. That's a big chunk. But nope I would not hire a financial advisor, would you?

No.

[Petunia 100]

Another issue is: family and friends asking you for money. Supposedly once the word gets out, lottery winners are inundated with requests.

Giving it away would be one of the best parts about winning a huge sum of money.

[kork13]

But in general, I'd tell most windfall recipients to sit on it a while & seek out some quality advice. That could be a financial advisor, lawyer, accountant, or a combination of the above. The focus should be on preservation & responsible application of the windfall. Most people can't do that well without an outside advisor.

I would have someone getting me into private equity, angel investing HNW, and probably purely commercial RE. I'd also use them to put everything possible into trusts. I would also be gifting the maximum stock of $15k to my family and letting it appreciate.

I'm going to update my answer and agree 100% with LAL. I would LOVE to get into angel investing with small businesses, if I had the wealth to do so. I'm not an entrepreneur or business person myself, but my passion in life is finding ways to help other people succeed. So I would probably go to business school, and find a partner or two who could help me to responsibly leverage that kind of mind-boggling wealth into supporting & building up small businesses. I think that would be a blast.

[scfr]

Bought 1 ticket today. My first in about 10 years. In fact, IIRC I've averaged about 1 every 10 years of my adult life. So I'm down to probably only 2 more. Ever. After that, I don't think I'll be driving if I'm still alive. Wow.
If that weren't depressing enough, the poor clerk at the gas station where I bought mine looked kind of worn out from the constant sales. And the guy in front of me whose clothes and car were falling apart bought 7. That made me sad. He looked like a fancy, healthy $14 salad or bowl would have done him a lot more good. In the past I've stated that the lottery seems like the most regressive tax we have, and now I'm more convinced of that. Geez. This was supposed to be fun. Sincerely, Debbie Downer

[Like2Plan]

Good luck everyone!

[james.hendrickson]

All - I hate to be the guy who is raining on everyone's parade. The chances of winning the lottery are very, very, very small. So, instant wealth isn't going to happen - you need to work for it.

[disneysteve]

All - I hate to be the guy who is raining on everyone's parade. The chances of winning the lottery are very, very, very small. So, instant wealth isn't going to happen - you need to work for it.

Of course. We all know that. But we also know that somebody is going to win. It may or may not be tonight but eventually the jackpot will be paid out. Nothing wrong with dreaming about it. We've got our tickets.

[kork13]

I've literally never in my life bought a lottery ticket.... And I see no reason to start wasting my money now. I'd rather buy a pint of Tonight Dough and actually get some enjoyment from my $5.

..... Actually, I don't even know -- how much do these lottery tickets cost? And do folks normally only buy 1 ticket? Or a fistful?

[disneysteve]

I've literally never in my life bought a lottery ticket.... And I see no reason to start wasting my money now. I'd rather buy a pint of Tonight Dough and actually get some enjoyment from my $5.

..... Actually, I don't even know -- how much do these lottery tickets cost? And do folks normally only buy 1 ticket? Or a fistful?

Mega Millions tickets are $2. You can buy as many as you'd like. I bought 10.

[ua_guy]

All - I hate to be the guy who is raining on everyone's parade. The chances of winning the lottery are very, very, very small. So, instant wealth isn't going to happen - you need to work for it.

Shhh. Yes, the chances of getting struck by a train while stepping out of my shower at my home are greater than winning Mega Millions, I realize. But at this late stage of capitalism, even with good savings and a plan to retire, it's a glimmer of hope that I may not have to trade the best of my time on this earth for a paycheck.

[QuarterMillionMan]

If it doesn't hit tonight let's just say for me it'll start to get expensive. Actually I hope someone wins tonight so I don't have to keep throwing money at it. But either way is fine with me.

[QuarterMillionMan]

James it would be a good problem to have.

[disneysteve]

James it would be a good problem to have.

I'm not sure it would be. As we've said, winning a huge amount like that can actually lead to all sorts of problems. I'd much rather win a lesser prize than the jackpot. A million or two would be just fine with me and wouldn't bring with it all of the issues of a billion.