Entry Submitted by Man of Service at 1:51 AM EST on February 17, 2017
Here are a couple of short clips on what to do and not do if you are a Lottery Winner. As this is a very similar 'Sudden Wealth' event, I think these are highly relevant.
https://youtu.be/PQu1x8Y6sz8
https://youtu.be/4cRNWf1-AmY
You can also watch other documentaries on YouTube about Lottery Winners and how it affected their lives.
Someone just posted they want to give their Mother one billion dollars, and what should they do? To be frank, this is the last thing you should do. Is your Mother qualified (emotionally, spiritually and technically) to handle this much money?
Hopefully your Bankers will advise you on a strategy. What I am doing with my Mother and other family members is putting a lump sum into separate trusts for each of them, which they can draw out a set amount (the interest/rate of return) every month. Thus, the lump sum is protected regardless. Further large purchases like houses can be considered on a case by case basis, but not out of the lump sum. This is wealth preservation in its simplest form.
I am also setting up a family office to manage my portfolio. Again there are books on Amazon and videos on YouTube about this if you want to know more.
Remember, a fool and his/her money is easily parted. You should of done your homework by now but it's not too late to learn or learn some more. Your redeemable rates may, to a certain extent, depend on it.
Man of Service
