If you won the Lottery Jackpot, how long would you wait to claim your prize?
- Thread starter probyn
- Start date
I have nobody to worry about and I can tell people to fuck right off. Claim the prize, ASAP, get it out of the country, get myself out of the country and chill for a month or so and I'd be fine.
Also no matter when you claim it, people gonna know. I could see the point if it was some record breaking powerball win, but the 6/49 and the lottomax have already hit their limits, so nobody really cares much anymore.
If you did get a record breaking American lotto win I could see some point to waiting a month or so for the press to find something else new and shiny.
Also no matter when you claim it, people gonna know. I could see the point if it was some record breaking powerball win, but the 6/49 and the lottomax have already hit their limits, so nobody really cares much anymore.
If you did get a record breaking American lotto win I could see some point to waiting a month or so for the press to find something else new and shiny.
Depends really.
First thing is making sure the ticket is signed and then put in a safe place. Hopefully I don't forget where I put it.
Then consult a tax specialist on best way to either hide it off shore or max returns while paying the least amount of tax.
Change phone number. Then cash the ticket and get out of dodge for a few weeks.
First thing is making sure the ticket is signed and then put in a safe place. Hopefully I don't forget where I put it.
Then consult a tax specialist on best way to either hide it off shore or max returns while paying the least amount of tax.
Change phone number. Then cash the ticket and get out of dodge for a few weeks.
Lottery wins are tax free in canada.Depends really.
First thing is making sure the ticket is signed and then put in a safe place. Hopefully I don't forget where I put it.
Then consult a tax specialist on best way to either hide it off shore or max returns while paying the least amount of tax.
Change phone number. Then cash the ticket and get out of dodge for a few weeks.
For now. I'm sure taxing lottery winnings will help fight climate change.
LOL, but the money you earn off of it isn't. Things like interest, dividends, capital gains.
I think you need some financial education.
Still better to have lots of money without having to have worked for it. Better to be taxed for a lot of money then not being taxed for not having enough of it.
I clearly didn't mention anything about general interest. That's taxable regardless of where the principal is from. Save your passive aggressive advice buddy.
I'd like to think I'd be calm and collected, but I always think about how terrifying guraded I would be of that ticket. Like, one time I had 10 grand in the house, to buy a car, and all I could think was what if the house burns down, what if it gets broken into, so I kept it in my pocket and thought, what if I get robbed, what if I lose it.
I can't imagine just holding onto a winning ticket and not taking it in. At the least, if I was worried about it corrupting me to have the money, I'd put it in a trust that can't be accessed for a few months.
I can't imagine just holding onto a winning ticket and not taking it in. At the least, if I was worried about it corrupting me to have the money, I'd put it in a trust that can't be accessed for a few months.
Man, you are a cheapo!
If you win a large jackpot, say 30M plus and it's tax-free, why would you care about paying taxes on the interest it generates? The interest alone will earn more than you make in one year now is my bet.When your interest is being taxed at 50% cap gains and dividends at over 30%, with 30 mill plus invested it ends up being a pretty penny. Make more trying to avoid taxes than by trying to boost your investing game. Monaco starts looking pretty good at that point.Man, you are a cheapo!
Also 1: You can always spend or save more and 2: If the markets go completely fubared you will wish you saved more from a lower tax bill in the past.
That being said, I don't get why someone would move to a sauna like Dubai to save taxes, there are more pleasant options.
Even if you do stay in Canada, only a fool wouldn't try to maximize them gainz though whatever combo of investing and tax avoidance works best. Why the hell should those fuckers get they money, if you really don't want it, give it away to causes that you support like treats for kitties or free medical prostitution for fat guys, or financing an attempt to kill history's greatest monster Justin Beiber.
I think the first thing you do, even before claiming the prize, is contact a lawyer to help you with the planning. That could take a few weeks to a few months. I'd also do what @NotADcotor said, and get the fuck out of Toronto/Canada for at least a month the day I claimed the prize. Maybe go to the Maldives and relax, tour Europe, or go to Japan. It would probably be a good idea to bring any relatives (that you like) who have the same name. You know that scam artists are going to try and contact you, begging for money. There could also be bullshit lawsuits from anyone you might have had a disagreement with over the past 20+ years.
Anecdotally, winning the money makes your life significantly different. You likely can no longer work (if you wanted to), and a shocking number of acquaintances will come out of the woodwork with great investment opportunities or sob stories about why they need some cash. I recall a story about a dude who lived in Little Portugal about a decade ago. He worked as a butcher in a small shop. Won something like $15M, but wanted to keep working. Everyday, people would come in and pester him for money, customers, folks off the street, co-workers. There was also a lot of jealousy, and the expectation that he would cover bills or buy drinks/gifts. He had to leave.
Now, for how to look after the money...that's a better question. Would you take the opportunity to buy something like an annuity, to guarantee you got a certain amount of money every year, so you technically couldn't easily go broke? Would you pump a ton into dividend stocks and try to live off of that revenue?
Anecdotally, winning the money makes your life significantly different. You likely can no longer work (if you wanted to), and a shocking number of acquaintances will come out of the woodwork with great investment opportunities or sob stories about why they need some cash. I recall a story about a dude who lived in Little Portugal about a decade ago. He worked as a butcher in a small shop. Won something like $15M, but wanted to keep working. Everyday, people would come in and pester him for money, customers, folks off the street, co-workers. There was also a lot of jealousy, and the expectation that he would cover bills or buy drinks/gifts. He had to leave.
Now, for how to look after the money...that's a better question. Would you take the opportunity to buy something like an annuity, to guarantee you got a certain amount of money every year, so you technically couldn't easily go broke? Would you pump a ton into dividend stocks and try to live off of that revenue?
If you're 50 plus and can't live like a King for the remainder of your life after winning 30M tax-free or more even with the tax man's filthy little hand in your back pocket then you deserve to be locked up in a small 6 by 6 ft. room with Justin Beiber for a week.
Man, you are a cheapo!
Why pay taxes if I don't have to?
Just like paying contractors under the table.
Not really the point is it. I could finance a life of whoring in perpetuity for 20 mill as long as the risk doesn't bite me in the ass.
But maybe, and here is a crazy idea.. but maybe it's my money and I'd like to spend it how I want as much as possible. ALso maybe just maybe, markets go bad, we get hyper inflation, Justin Beiber fills his evil plans, that 20 mill doesn't look so good anymore.
Or suppose they start bringing in wealth taxes and keep increasing it and lowering the threshold to the point where it's impossible to avoid capital loss in real or nominal terms, because remember much like how taxes are always too high, the "fair share" that the rich should be paying is always more, to be called upon if you have new spending you need to finance. Always more.
Then there is the interest in making sure you are covered if there is some sort of massive live extension breakthrough, or if you have kids or again, you want to leave something behind for some worthy cause.
Then there is always the possibility of spending more. 2 hours a day of whoring is nice, but add a couple of full time live in sugar babies [I mean real sugar babies not amateur hookers/pros marketing themselves as amateur. Suppose you develop the travel bug, that expense can rip through 30 mil no problem, hell a 70 mill budget really can't afford a private plan for cross ocean travel staffed up plus other stuff. Car collections.
I could do what I want with the dividends of 20 million and if I had more I'd use it for diversification and just in case [not quite like the permanent portfolio ideas of Harry Browne but as least somewhat inspired to be partly covered by any event]
A proper estate they say should have 20 servants, that used to be a mill a year, probably more now. Not my bag, but I'd rather have that than give it to the tax man.
Also plenty of mofos win very big lottos and end up on the dole, celebs go broke, etc. WIth your lax attitude towards capital preservation, you seem like the sort who could very easily go down that road.
Shit happens, and desires for many are infinate. Not me, I really can't see going beyond 700K a year, although if I wanted say a 4 girl full time harem, I'd need I'd guess twice as much and if I did want to do that on after tax dividends and not count on capital gains, well I couldn't on 30 mil. 40 yeah but again I'd be spending every dime of my dividend income on it. But hey dividends of bank stocks never ever go down. National Bank circa 1980s enters the chat, BMO great depression and again WWII enters the chat. Manulife very recently enters the chat.
If I had lotto money the biggest thing for me is not the chance to blow everything and die broke, it's to be able to finance a good stream of income, but one that is resisitant if not proof vs any economic outcome, and quite frankly 70 mill isn't enough because you want at the very least stocks for the good times, an annuity for a base, bonds for a deflationary crash and gold for the old hyper inflation... and hope you don't get a strink of them back to back. Add to that some asshat hate monger like Bernie Sanders getting in control in Canada and I'd need a lot more, or have to cut back on my dream lifestyle.
Hell I wouldn't mind bringing home after tax 600 mill cash value, I can diversify on asset class and geographically on a major scale.
Again I wouldn't live in some humid arm pit bleak desert like Dubai but it sure would be a consideration. Plenty of options of places to live and money can take care of many issues of many locations.
Wow, you have given this a lot of thought. Now you just need the winning ticket to put all your planning to the test.
It's a hobby I have. I like to plan.
Also as I pointed out to my father and he lay suffering and dying, when you are in a world of shit, tis often better to escape to a fantasy land.
You would be taxable on your global income unless you either leave Canada and sever ties or you need financial education about how to commit a financial crime