How to spend your lotto jackpot winnings
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- Опубліковано 15 сер 2017
- Real estate mogul and Shark Tank investor Barbara Corcoran has tips on how to responsibly spend your lotto winnings.
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Live off the interest, live below your means, and stay debt free. You’ll never go broke, never stress over a bill again, and nosy people will never know how much you really have.
Makes sense to me☺
That's wild how you can just live off the interest and that amount in a month, I feel like you can't even spend that amount in a month.
You don’t need to spend it all every month. Take a fraction of the interest for your essential living expenses, take a little for fun money so you don’t feel like you’re depriving yourself, and re-invest the rest into your portfolio. That is how you build net worth. You can live a GREAT life if you have self-control, discipline, and take advice from professionals instead of your friends and family. You can easily get by without even spending 1% of your total net worth annually.
NEVER tell anyone but your financial team that you won, don’t live so high that you can’t maintain your lifestyle, don’t draw attention to yourself. Don’t act the way you think that rich people are supposed to act. RICH people flash their stuff. WEALTHY people zip it. You need to zip it!
@@hothotheat3000 Well spoken👏👏👏
You should also donate some to charitable organizations in order to get the donations deducted come tax time.
It’s not hard to keep your money. The problem is that most people who play the lottery have no idea how to balance a checkbook, much less handle a massive amount of money. They don’t seek out the right help, they tell everyone, they invest in shady businesses and shadier people, their families look at them as a human ATM, etc. It can ruin you if you’re the wrong type of person.
If you can say NO and mean it, if you can resist the urge to brag on social media, if you can pace your spending, if you are ok with looking like a normal person so that you don’t attract gold diggers and scumbags, if you are willing to move to another location but still stay close enough that you can hop on a plane and be back with loved ones in a few hours, you can do this. Move to Canada, where the US dollar is stronger than their currency, and you can make your money go even farther. One US dollar is currently 78 cents Canadian. You can get into real estate up there and kill it if you invest smartly.
Love the advice about having the accountant handle requests for money
AND YOU PAY the fees for each call. 🙂
"$10,000 problems" - funny !
Congratulations to anyone who wins
WTH??? Why would ANYONE want or need a $350 million home? You'll have to pay taxes, clean it, take care of the yard, etc is out of the world. Disgusting!
I will assure you nobody In the world will buy that house
Guy H. If you are single when you win the lottery, there’s no point in buying a 13k sq ft home
The Green Lantern house
Imagine if she bought a 100 million dollar handbag🤦♂️
exactly! plus it will only attract robbers..if i win, I will buy a simple house maximum will be 3 bedrooms and 2 baths so I can clean it myself and not have a big yard coz im lazy cutting my lawn lol that way I can just enjoy the money and doesnt have to work anymore well I can still work but only part time so I will still have my paid time off and medical insurance coz I dont wanna pay for it haha
If I ever won, I am sure my neighbors would know. They say, wow, he got grass planted around his trailer and I think the wheels on his pinto matched.
SAME! New potted plants on the ditch out front...WOW! Just never tell how much. Show ppl excitement over your newly purchased shovel nd garden hose. Meanwhile, hand them a can of that same cheap beer.
😂🤣😂🤣😂
Barbra is right. You should living humbly after winning the lottery. You should save more money than you spend when you win. You must invest the money smart and grow the money yearly.
But putting it in the bank? Bank only protects up to 250K.
$350,000,000 for that house and your neighbours can still see you xD
I’ve always believed that if you can’t wake up in the morning and take a piss off your balcony without your neighbours seeing, then they are way too close. 🤣🤣🤣🤣
That house is on the same property. lol
They have no neighbors
JOSE ARNOLDO FLORES TRETEJO 2:42
RULE #1 Never lose money
RULE #2 Never forget RULE #1
#WarrenBuffet
I’m focused on being organized. Set aside money I’m willing to spend for land, house, car. I stick to that
Ahh, they all say the same and then squander it all. Stop it, Jim. 🙂
You can get a house like that in Texas for $3 Million. 😂😂
But Texas has all of those conservatives and hot weather.
NC Styles or almost anywhere in the dirty south lol....
Nc Styles Facts!
@@evilgary747 Better than the democrat-run state of California with a growing homeless rate, high taxes, illegal immigrant crisis, and lazy politicians on it's hands. Democrats bring nothing but bad history behind them.
Forreal bro lmaooo, thats another reason i love it here.
If you must by lottery tickets (and you never MUST buy lottery tickets), don't do the multi-state ones. Buy tickets whose jackpot odds are less than 5m to 1 per dollar (taking into account whether they're $1 or $2 tickets) and only buy those tickets when the jackpot is higher than the odds. If you're talking about the Match 6 in PA, $2.3m is a tremendous amount of money, and you'll fly way under the radar compared to MegaMillions or Powerball winners. Obviously, tell as few people as humanly possible.
$2.3M is not even $2.3M after all of the grubby hands get their share. it's also not a tremendous amount of money.
@@toddinthemiddle😂that is a lot of money bro
I think 2 to 3 million doller house is more than enough with 2 cars and rest can be saved or invest.
I would buy a house for no more than $350,000 and a car for $20,000 and invest the rest ❤️
sure ya would.
Thank you so much for your invaluable information, highly appreciate it, keep it up the outstanding job, have a great day.
Clerisson dear if you win big lottery jackpot then please kindly give me 1 million us dollars. Please.
@@jameskyle476 Sure, would you happen to have some predictions/luck numbers for tomorrow's Mega Millions draw? If so, you can count on 1 million dollars, thank you, Best of luck to us.
@@clerissonmesquita how can I personally get in touch with you. I want to tell you a secret.
It's perceived to be LOGICAL to go into debt for 30+ years for a house, and risk the possibility of losing your job or career (happens more often than not unfortunately). Yet, if you win $100M in the lottery, THAT'S when you should be hesitant to buy what you can actually afford at that point? 😂😂😂 I get it, don't be an idiot and blow all of your money on stupid things, but by that same LOGIC, shouldn't it be just as STUPID to finance anything while broke???
When your broke you have to take your chances, but what she is saying is that if you win that amount of money you can just invest and never go broke again. But I understand your logic.
Learn how to play your money get your credit up that’s what I’m trying to do talking 30 yr loans you and turn into house investments and basically get free houses I just told you something a lot of people won’t look into it bro I wish I had a mentor but I had to learn on my own and you
Can too
Good stuff.
As far as house is concerned...I’m calling Jonathan/Drew from HGTV,find me a cheap fixer upper,spend no more than 500k to renovate..
Me too the property brothers
I'll laugh at any person in my life with their hand out. How dare you😂
With a 1/2 million I got I bought a four bedroom two bath typical house one Ferrari and tied up the rest in stock I still have it 10 years later
If i had alot of money i will use it for a youtube channel and make the world a better place by helping ppl in need :)
No sense in buying a huge home larger taxes maintenance etc. I personally would like a good solid house and perhaps some property to cultivate with gardens perhaps a hobby farm. Just how I was raised I guess I would be frugal but not cheap maybe have a place or two to rent out also and I would learn the stock market too.
Don't3 4 get irs they gonna get theirs!
The difference between Jay Z and someone who wins the lottery is that Jay Z is earning close to a lottery sized income every year. The lottery winner only gets it once and then can't afford to make a significant mistake.
What investment gets u that 3.5%???
Real estate
Index funds, SP 500. Even if you scale it down to 2.5%, you can still get a excellent return
I'd just by a hotel and live one of the suites.
lmao stupid idea but you do you
@@chileeeeee why you say its stupid?
@@manlyman0623 maintenance on hotel, insurance, staff to operate hotel, taxes.. should I go on.
@@garystinten9339 no I get it now. Thanks bby😍😍🥰🥰❤❤🤩🤩😘😘😋😋🤦♂️🤦♂️😥😥😎😎😂😏🤩🔥🔥
@@garystinten9339 profits from guest staying
I love respectfully,Joy and Be U.
Yes I'm trying to get my annuity
smartest way is spending it all before anyone notice you have it!
Lol
No.. don't tell anyone you have it.
The Key is the money management.
Everybody thinks they’re going to WIN BIG when they don’t even have a ticket in hand. ❌
Prayers to God for the miracle 🙏 to happen soon 🙏
I'd rather have the greedy government owe me the entire $500 million dollars over 30 years...
Samuel Bustos rite but they still gonna rob you in taxes every year on the annuity payment 🤦🏾♂️ it’s like they saying pussy u better give me that money
True..there is no running away from the Taxman, especially the richer you get...
Samuel Bustos well you can lower your taxes. If you know how work the system.
Get the lump sum..
Open LLC and high interest savings account in a blind trust.
Pay yourself a cool couple of K a month and stay under the tax brackets.
I would buy a house and a car
@It's a me Mario tbh if I were to win dat kind of money the house would be at least 1 million and the car will be 500k or 700k
Shane Mosley's tweet said it all.
Barbara: If you live off the money the principal generates, you'll be rich forever.
Dumb new anchor lady: Sooooo, live off the principal..?
Barbara takes mic off and walks off the set
Good thing the woman corrected her..
😆
If i have 260 million,I will still go to Mcdonald for lunch...
Warren buffet is worth 85 billion and eat McDonalds for breakfast everyday...
@@Mmikeyyyy does he really?🤔
@@DevilFruit2000 Yes realy. No fancy house or car either!
How did she calculate the principal for $750 million? Where is the $750,000 from? How did they calculate 9%, from what?
If you win 260m and invest it into something with an annual interest rate of 3.5%, you are essentially making $9,000,000 a year
Which means $750,000 a month for the rest of you life
750k * 12 is 9m
You could make more than 9m a yr technical if you re-invest some of the income made each month
Lmao
Hopefully this helped you
Who do I call about my Lottery Annuity
Welcome
Where do you put the money if you have $200 million?
I would marry barbara asap hahahahaha.....
Live off the interest from a term deposit account, don't put a cent in the stock market as it's no better than gambling...
It's been good to me over the years.
Invest? You're kidding. All that money isn't enough for you, you need *_more_* money to sit on? How unimaginative. Spend wisely, spend generously, but spend it. Spend your last dime on your coffin. You can't take it with you.
yes Yes BLAME the ACCOUNTANT.. best advice ever
I’ll do whatever I want to do with my money because I have only one life to live!
I’m not “ rehearsing “ for another life; and that is why I’ll do whatever I want to with my money!
What banks give you 3.5% interest on your money?
They would not be as rich as those you mentioned because they will not be taking home the full amount, having the tax man taking is share of 37% of the winnings plus state tax coming out as well
🤔I do
And the people who always say there’s a 00000000.00.0 chance of winning that’s why it doesn’t come to them! Stop focusing on the odds just focus on what’s possible like she said Jim Carey said🎉❤
Honestly would it be so bad to just live large for a couple years? I mean the interest literally gives you an insane amount of money. Imagine helping a crap ton of ppl, and saving like 5 million away for retirement and you’re probably good.
Sheesh, my “dream house” is simply paying off my mortgage, even if I hit the jackpot 😅
Seems like everybody keeps saying live off the interest generated do not spend the principle. It would sure seem to me that if you pocketed 260 million dollars after all taxes and everything's done, You should be able to take a million or 2 out of that 260 million and And THEN invest the rest of the principle and don't spend that.
As a young folk, I'd much rather live in a big enough house but all the lastest technology than a villa with little conveniences.
I like plumbing and electricity, too.
I wanna win the lottery before Christmas
Why am I watching this like I won the lottery
They always say live off the interest. is that investment generated? I thought the FDIC only allows $250k to be recovered if something bad happens. Or, are there special bank accounts for the rich folks?
Invest in the stock market (SP500) or govt bonds. Get 3% or better per year.
@@sirebumf I think in that case...I might take the annuity payments.
Im watching this just in case
This Lady attempting to give sound advice then boom! they show you a house worth half the jackpot. Sheesh
Actually this is old but if in today's standards. It would actually be $458,000 a month. Her calculations is not counting taxes. Or she's calculating 7% gross minus federal tax.so It may be even less.. I'm counting fed with Nevada and Texas..who doesn't have state tax. Still nice..lol plus that house is beautiful. I wonder if everyone noticed that..that's the Beverly hills Billy's house....
I would buy best modern house and modern car in America
$700,000 a year?? What if I die? If I win I’m taking the whole thing 😂
Not per year its per month.
@@koushinproductions 9mill a year
If you die your family , and especially a beloved one, can inherites the rest of the win.
Well , who s gonna pay 3% interest with zero risk on the principal
Why would anyone pay 350 million for a house is beyond me haha
Amanda Campcell har jag vinet en lott
god.ok
ME GUSTARIA UN PREMIO😃
Who are thee two beautiful looking people doing this interview ?About time there were new young faces on screen.She's lovely but he is a dream.
If I won it, I would invest in property and a start my own clothing company.( everyone needs clothes)
And continue my life as if I didn't win it, until my company and investments are stable as hell.
No tengo ordenador no tocarlo soy analfabeta no entiendo de letras no veo lla
Me I would buy a house for less then 6 million
Save half of the money
Give some to family
Massive shopping spree for family less then 100,000
Pretty sure I can find a nice house under$400,000.
If I won 250 million dollars.. I would buy a 4 million dollar house. And Lamborghini that's it.... 5 million total....
lmao why 4 mill when you can get a huge house for 1mill now thats even more cars u can buy plus u have to furnish the house maybe some uprades
in my country there a saying that roughly translates to " he who licks a bottle of honey, won't do it once."
Im buying a tiny house.. one day.. im poor.. why not...
Learn how to play your money get your credit up that’s what I’m trying to do talking 30 yr loans you and turn into house investments and basically get free houses I just told you something a lot of people won’t look into it bro I wish I had a mentor but I had to learn on my own and you
Can too
yes inlove when people steal my winnjngs
Rental property, investment property
Pay all my debt.
I'm very frugal, so I'm splurging first on a cup of⭐💲. Then I'm going to🗼.
After that, I'm good. No need to spend on anything else extravagant. Just life as usual. Just work and pay bills like anyone else.
You could still easily live off just below the interest amount, even while giving generous donations to charity. I think my new job/hobby wd be a dog rescue.
Me2
Chand Khan
I don’t see the issue.
Pay your taxes, take 5% and put it on a solid investment.
Take 85% put it in the highest yield CD’S you can find. Live off the rest. Done.
350 million home for what
Who the heck would live on 750.000 when you have over 200 million get real
750k a month. If you lived like that without it being passive earnings the lotto only lasts you 29 years...
I want to become a millionaire
PCH maga Millions 2019and2018
Hi am the winnerfromThailand
People are greedy. You should be capable of living off of $500k a year if you’re surviving making $60k a year.
I will Bill Gates, and Amazon!😁
U
Somaliamugadiahu welcome
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Veena
🙏🇱🇷🇭🇳😁
Dear lottery winner kindly give me 1 million us dollars please.
Waste of a story for less than one percent
The guy is' WAY' off. It's more like 302.5+ million. The guy was off by hundreds of billions/trillions.