Lesson learned (twice): fulltime girlfriend (bought or not) is meant to go downhill. I prefer the fantasy and mystery associated with SPs. The moment that illusion is gone is the moment I look for other SPs.
If You Won the Lottery Jackpot, How Would You invest the Money?
- Thread starter probyn
- Start date
First, I would ask to remain anonymous. I have family who I strongly suspect would immediately come to me with a hand outstretched.
I can tell you at least one thing I would do, rent a private island for a week, get a few of my favorite ladies together and it would become a "clothing optional" resort for the duration of our stay!
I can tell you at least one thing I would do, rent a private island for a week, get a few of my favorite ladies together and it would become a "clothing optional" resort for the duration of our stay!
Hate to disappoint you but once you buy an OLG ticket, you surrender the right remain anonymous if you win the jackpot or any other amount of money.First, I would ask to remain anonymous. I have family who I strongly suspect would immediately come to me with a hand outstretched.
I can tell you at least one thing I would do, rent a private island for a week, get a few of my favorite ladies together and it would become a "clothing optional" resort for the duration of our stay!
In a few unusual cases, you can be anonymous. One woman got to be anonymous because she claimed to have an ex-boyfriend who was stalking her. Another anonymous winner claimed to be an undercover police officer. Maybe hire a public relations firm to see if they can help you be anonymous?
I'd like to think that having a family member who thinks that just because we're related, that would mean I would owe him something would be grounds for anonymity.
Thought I would take no small amount of pleasure from telling him to go fuck himself.
I feel sorry for you. Your blood relative must be a real piece of work.
I have two brothers who have watched out for me and have helped me in numerous ways. I would gladly give them half of my lottery winnings..
Yup -- and it's amazing how many people don't know this. I don't agree with this policy, but they use your jackpot-winning as a means of advertising. It is what it is.
Another thing I didn't know until recently is that you need to remember where you bought your ticket if you won a sizeable prize. A guy in Markham won $1,100 on the 6/49, but he couldn't remember where he bought the ticket, so OLG refused to give him the cash.
I've read other stories like that. The store where I buy mine always gives the customers the receipt. If they don't just ask, especially if you don't buy your ticket at the same place all the time.
That's a very good policy to have.
Ever since I heard that story, I've made a point of buying all my tickets at the same place so I don't forget. Imagine winning a $70-million windfall but not remembering where you bought the ticket and OLG saying, sorry, no prize for you?
I'd put at least half in the bank, invested in bonds and GICs. Max out my yearly TFSA and RSP. I have two people who'd get looked after but that's it.
I'd get a nicer home, and someplace near the subway, preferably on the Path system too. I'd like to dabble in business, get a nice car and eventually take a vacation.
I'd have a string of ladies to be sure.
I'd get a nicer home, and someplace near the subway, preferably on the Path system too. I'd like to dabble in business, get a nice car and eventually take a vacation.
I'd have a string of ladies to be sure.
There are mental health issues with him but like a lot of people who suffer from them, he thinks once he feels "normal" that means he's "cured" and he doesn't need to take his meds any more.
There was one time he came to the GTA to try to mooch off family from where he lives in southwestern Ontario and took a VIA train, which likely ran him at least $100. The kicker? He has a wife and kid and blew money on a train ticket that could have gone towards groceries, bills etc. for what, as far as I can tell, proved to be a fruitless quest for money.
I would immediatly
1 Pay off my debts
2 Invest in S&P and Nasdaq and TSX index funds while maximizing my RRSP and TFSA depending on size of monies left after paying off debts and how much short term -IE 5 years from now- monies do I need as 5 years allows for a market downturn and rebound
No financial advisors needed or tax lawyer
Having got my financial future in order I would consider moving to another country where living is cheaper and weather is beautiful with beaches and there is an English speaking community where I could make friends but first I have to travel to find perfect location to move to
If I stay here I go to a nicer rental as money to buy a house goes into stock market as that keeps life simple
I would not blow money like some winners do
The OP did not mention how much you won. A million sounds nice but is not enough to quit job as you could lose it fast in a depression so I would need 2 million (after taxes if there are taxes on a Canadian government run lottery) to quit my job and consider moving to another country
1 Pay off my debts
2 Invest in S&P and Nasdaq and TSX index funds while maximizing my RRSP and TFSA depending on size of monies left after paying off debts and how much short term -IE 5 years from now- monies do I need as 5 years allows for a market downturn and rebound
No financial advisors needed or tax lawyer
Having got my financial future in order I would consider moving to another country where living is cheaper and weather is beautiful with beaches and there is an English speaking community where I could make friends but first I have to travel to find perfect location to move to
If I stay here I go to a nicer rental as money to buy a house goes into stock market as that keeps life simple
I would not blow money like some winners do
The OP did not mention how much you won. A million sounds nice but is not enough to quit job as you could lose it fast in a depression so I would need 2 million (after taxes if there are taxes on a Canadian government run lottery) to quit my job and consider moving to another country
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If you have self-control and discipline and you won a jackpot similar to the LottoMax, all you need to do is trust it, and live off the interest. Even a standard high interest account would produce a very comfortable lifestyle, leaving you with 2.4 million a year, off of a 60 million jackpot. That's a budget of $6'500 a day, or $200'000 a month.
Currently make about 200k a year, and feel good about life. A month? I'd hire some professionals to manage my financial life, and retire stress free with this kind of windfall.
It really says a lot about the average person when there are people who manage to burn through millions of a windfall and end up broke again, when just leaving it alone in even a standard savings account would often produce a dream life for any average person.
Currently make about 200k a year, and feel good about life. A month? I'd hire some professionals to manage my financial life, and retire stress free with this kind of windfall.
It really says a lot about the average person when there are people who manage to burn through millions of a windfall and end up broke again, when just leaving it alone in even a standard savings account would often produce a dream life for any average person.
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Owning a resto is waaaay too much workMaybe I'll buy a restaurant and make weird food for everyone.
FIRST thing I'd do IS hire a tax lawyer! Especially if you planning on becoming non-resident of Canada. There are huge tax banana peels that you WILL step on, even if you have a tax lawyer. A tax LAWYER is critical to any high net worth people and an excellent investment for this who have any sort of complexity in their tax situation.
And here, I'll give you one examle of why I thihnk you in particular Mandala should get one according to your plan. Sounds like you are an American citizen as you weren't aware that in Canada, lottery winnings are not taxed, unlike the US. However, if you decide to move to somewhere cheaper, are you aware that citizens of the United States are taxed on worldwide income, not residency. As a US citizen, you absolutely have to file annual tax returns and pay taxes to the USA on your global income. Even if you are in a tax haven.
Good lawyers don't cost, they pay.
I am Canadian.
I see your point, but if you are just gonna win and hold I do not see the point of a tax lawyer . If you are doing complex stuff like moving to another country or making complex investments or worried about setting a will then for sure
But, if there are no taxes to be paid on winnings and you decide to wisely put monies into the stock market that is all tax free until you sell so why would you need a tax lawyer ?
Now, if you want to dodge taxes on your investments getting a tax lawyer at the beginning so you do it right seems solid
Now that you got me thinking about it, stuff like off shore accounts can be tax free. Becoming a permanent non resident would need a tax lawyer. Which countries are best for taxes? Living on cheap rent but paying a lot of taxes makes no sense
How to choose one? I would want one that charges by hour
not handle my investments. How do tax lawyers charge and how to choose one seems like the big question
Getting a tax lawyer that specializes in becoming a non resident could means he could also give advice on where his clients are happiest
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