Money: Mark Cuban advice for whoever wins the $1.4 billion Powerball lottery

[jagu]

Fuck Mark Cuban

And fuck anyone who says money ain't happiness bitch it would be for me cuz I'm quitting my job on the spot and would never have to do shit ever again but what I wanted to do

That's happiness

Money will not make you happy unless you already have everything to make you happy. If you have a bad illness , money won't fix it. If you are a social outcast, money will make it worse. If you have no happy family life, money won't fix it and if you can't think on your own, money will ruin your life.

Trust me, there are times when the money just becomes a number and you thank God for your good health, etc.
Now, as I said, money will make things easier and sweeter if you have a happy life anyway.

 

[TooTrilla]

Nothing to lose? You would have just lost 10 million

Man please. Out of like 900 Mil????? Like I said, nothing to loose.

 

[D-TOWN REP]

Money will not make you happy unless you already have everything to make you happy. If you have a bad illness , money won't fix it. If you are a social outcast, money will make it worse. If you have no happy family life, money won't fix it and if you can't think on your own, money will ruin your life.

Trust me, there are times when the money just becomes a number and you thank God for your good health, etc.
Now, as I said, money will make things easier and sweeter if you have a happy life anyway.

Well I already have all that

 

[keone]

Fuck Mark Cuban

And fuck anyone who says money ain't happiness bitch it would be for me cuz I'm quitting my job on the spot and would never have to do shit ever again but what I wanted to do

That's happiness

i always said the person who came up with that was born rich. aint no way a broke ass mofo came up with that and didnt slap himself for saying it

 

[Mixd]

Whether you take the lump some or annuity inflation will be the same. When you take the lump sum you are leaving about 400 million on the table.

Also if you were never into investing why would you? There would be no need to buy businesses.

Do many of you know, which Cuban is leaving out is the fact that with this amount of money, you will have wealth management teams? There will be scores of companies coming at you like Abbott Downing and the many others that will strive to keep you in their portfolio? Only a fool would keep their money in a traditional bank acct earning the current less than one percent. These firms will strive to get you 10-20% a year on your money or even more. There are many investments we are not privy to, and I don't mean the IPO's or things you hear of in the media.

Even putting your money in banks of other countries, which is why the US is cracking down hard at it, look at central bank rates from around the world http://www.cbrates.com/
Some countries, the bank rates will pay you over 10% just for parking it there. Central Banks, just like our Fed, offer to investors to buy into investments that return money in short terms like a week. ie: http://www.federalreserve.gov/newsevents/press/monetary/20151202a.htm

Also when you get this kind of money, you should only be living thru "trusts" or some type of entity, not keeping any funds in your own name. You could even set up a Private Interest Foundation and diversify your money anywhere in the world, own any business anywhere and not pay taxes if the foundation was based out of Panama. If a business was in Panama, then you have to pay taxes to them, but any business operating outside, Panama requires no taxes.

How do you think people with wealth operate and no one knows their true net worth. Cause nothing is in their name. Or what they'd like you to see. I hope and pray the person who hits the lotto gains the knowledge.

Personally, I wouldn't be paying taxes, because I already donated my ticket to my trust which is not tax free, but tax exempt.

::two cents::

 

[dHustla]

what will you study?

History/African Studies
Become fluent in Spanish, and maybe 1 African language
Visit every credible museum dealing with the African Diaspora... IN THE WORLD.

AND OF COURSE BUY THAT ISLAND I TALKED ABOUT IN THE OTHER THREAD.

 

[playahaitian]

Do many of you know, which Cuban is leaving out is the fact that with this amount of money, you will have wealth management teams? There will be scores of companies coming at you like Abbott Downing and the many others that will strive to keep you in their portfolio? Only a fool would keep their money in a traditional bank acct earning the current less than one percent. These firms will strive to get you 10-20% a year on your money or even more. There are many investments we are not privy to, and I don't mean the IPO's or things you hear of in the media.

Even putting your money in banks of other countries, which is why the US is cracking down hard at it, look at central bank rates from around the world http://www.cbrates.com/
Some countries, the bank rates will pay you over 10% just for parking it there. Central Banks, just like our Fed, offer to investors to buy into investments that return money in short terms like a week. ie: http://www.federalreserve.gov/newsevents/press/monetary/20151202a.htm

Also when you get this kind of money, you should only be living thru "trusts" or some type of entity, not keeping any funds in your own name. You could even set up a Private Interest Foundation and diversify your money anywhere in the world, own any business anywhere and not pay taxes if the foundation was based out of Panama. If a business was in Panama, then you have to pay taxes to them, but any business operating outside, Panama requires no taxes.

How do you think people with wealth operate and no one knows their true net worth. Cause nothing is in their name. Or what they'd like you to see. I hope and pray the person who hits the lotto gains the knowledge.

Personally, I wouldn't be paying taxes, because I already donated my ticket to my trust which is not tax free, but tax exempt.

::two cents::

WE need to archive this post...

Jewels were dropped

 

[dHustla]

Fuck Mark Cuban

And fuck anyone who says money ain't happiness bitch it would be for me cuz I'm quitting my job on the spot and would never have to do shit ever again but what I wanted to do

That's happiness

Honestly, D-Town.... you can do that right now.

The money is just an excuse.

 

[Mixd]

This is the annuity payout. If I paid no taxes, would be lump sum 930m or annuity 1.5b.
If I paid taxes would be 697.5m vs the 1.125b, as I have no state taxes where I am.

Hmm... I think I'd take my chances rather than someone making money off that for the duration of the annuity. I have wiser things to do with it along with helping many around me. I don't plan to hoard or spend out my money lavishly. I plan to help many who are in arm's reach of me. I am fine with a few mil a year to live off of. I want to empower many around me and lift up all friends and family so I have no one left behind and can't be in my new circle. I have too many good hearted people I know that can't leave them behind that I would want to help.

Many will get into circles of people who are not your friends because they like you, only because you have money. I have friends I have been close with for over some 20 years, they won't be left behind. If I'm foolish for helping them with a financial team overlooking any endeavors then so be it. At least I helped another family eat. I don't need all that loot to blow like a fool. I will be living very modest, helping many in need.​

 

[Naha-Nago]

Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

this

Yep.

*two cents *

 

[D-TOWN REP]

Honestly, D-Town.... you can do that right now.

The money is just an excuse.

Yes yes I know I can quit today and start my own business

Just jump out there headfirst fuck the mortgage fuck the car note fuck my family

 

[godofwine]

If you're not doing everything to do that now, what makes you think you'll have the drive to do so when you're rich and got many more things to do. One thing that you guys fail to realize is that it takes personal attention for businesses to succeed. You just can't pay managers to do it for you and hope all goes well, unless it's a well known franchise.
As a rich man You may run your little start up business for 2 months and then the frustration will make you stop. Understand that, You will have a low tolerance for bullshit , as a rich man.

I'm doing it because it needs to be done. I have thought long and hard about this, starting about 2 years ago. The business plan is largely comprised on not only starting businesses in the black community, but having a symbiotic relationship with the community that funds the store.

It's going to take a shitload of money and get going, but I would be more than willing to put the money into a project that could mean a rebirth of Black Wall Street in a way, and I fully intend to put my money where my mouth is.

I moved out of the hood to the suburbs of Medina, but I didn't forget where I came from. Born and raised in Cleveland & East Cleveland, I want to give back. In fact, the depth of my plan is not only to help the community, but help the people who live there as well as other small black businesses within the community.

I don't do this for selfish reasons, but I laid out my business plan to several professionals and was told that though ambitious, but it could work. Funding and investors would be my biggest hurdle, and with this kind of coup, that would no longer be an issue.

You don't see black or white owned businesses in Chinatown. You don't see hardly any black owned businesses in a white neighborhoods. Yet in black neighborhoods all you see are Arab, Indian, and Asian owned stores and barely any black on the stores in our own neighborhoods. That... Most certainly will change

 

[BlkStrength]

​

This is the annuity payout. If I paid no taxes, would be lump sum 930m or annuity 1.5b.
If I paid taxes would be 697.5m vs the 1.125b, as I have no state taxes where I am.

Hmm... I think I'd take my chances rather than someone making money off that for the duration of the annuity. I have wiser things to do with it along with helping many around me. I don't plan to hoard or spend out my money lavishly. I plan to help many who are in arm's reach of me. I am fine with a few mil a year to live off of. I want to empower many around me and lift up all friends and family so I have no one left behind and can't be in my new circle. I have too many good hearted people I know that can't leave them behind that I would want to help.

Many will get into circles of people who are not your friends because they like you, only because you have money. I have friends I have been close with for over some 20 years, they won't be left behind. If I'm foolish for helping them with a financial team overlooking any endeavors then so be it. At least I helped another family eat. I don't need all that loot to blow like a fool. I will be living very modest, helping many in need.​

So question, Are annuity payments based on today's tax rates or the tax rates of the year they are paid out on? If it's the former, it's no guarantee that there will not be more taken out in taxes over the years than initially anticipated. That along with the cost of inflation over that time...forget that...gimme my loot now and I'll work it out.

Plus my closest family and friends coming with me. Hell, I wouldn't be here if not for some of my peeps. They gonna get a one time come up with stipulations that once its gone, its gone so spend wisely.

 

[Mixd]

So question, Are annuity payments based on today's tax rates or the tax rates of the year they are paid out on? If it's the former, it's no guarantee that there will not be more taken out in taxes over the years than initially anticipated. That along with the cost of inflation over that time...forget that...gimme my loot now and I'll work it out.

Plus my closest family and friends coming with me. Hell, I wouldn't be here if not for some of my peeps. They gonna get a one time come up with stipulations that once its gone, its gone so spend wisely.

Think they are guesstimating the taxes held back. Everyone's liability is possibly different according to state and how taxable you are. Like in Puerto Rico, there are no Fed or State taxes on gambling winnings http://time.com/money/4177517/powerball-jackpot-taxes/

But can check the chart here https://www.usamega.com/powerball-jackpot-annuity.asp?state=PR&d= and your states here https://www.usamega.com/powerball-jackpot.asp

 

[BrownTurd]

Exactly, I don't trust the lottery to keep their word that long. Financial shit happens and they can't pay you back, have to reduce your payments, etc etc. I want all my money up front and I'll invest it/save it how I want and make the money back I lost knowing I got money in my hand. Cuban was wrong on that. What if somebody told him part of his deal was that he'd get a little bit of his shares/money over time and he'd have to trust the company to keep paying him.... Bet he wouldn't like that.

A bird in the hand is worth two in the bush...

Residual money is what keeps people wealthy so Cuban was 1000% correct.

 

[BlkStrength]

Think they are guesstimating the taxes held back. Everyone's liability is possibly different according to state and how taxable you are. Like in Puerto Rico, there are no Fed or State taxes on gambling winnings http://time.com/money/4177517/powerball-jackpot-taxes/

But can check the chart here https://www.usamega.com/powerball-jackpot-annuity.asp?state=PR&d= and your states here https://www.usamega.com/powerball-jackpot.asp

Cool...thanks

 

[BrownTurd]

Do many of you know, which Cuban is leaving out is the fact that with this amount of money, you will have wealth management teams? There will be scores of companies coming at you like Abbott Downing and the many others that will strive to keep you in their portfolio? Only a fool would keep their money in a traditional bank acct earning the current less than one percent. These firms will strive to get you 10-20% a year on your money or even more. There are many investments we are not privy to, and I don't mean the IPO's or things you hear of in the media.

Even putting your money in banks of other countries, which is why the US is cracking down hard at it, look at central bank rates from around the world http://www.cbrates.com/
Some countries, the bank rates will pay you over 10% just for parking it there. Central Banks, just like our Fed, offer to investors to buy into investments that return money in short terms like a week. ie: http://www.federalreserve.gov/newsevents/press/monetary/20151202a.htm

Also when you get this kind of money, you should only be living thru "trusts" or some type of entity, not keeping any funds in your own name. You could even set up a Private Interest Foundation and diversify your money anywhere in the world, own any business anywhere and not pay taxes if the foundation was based out of Panama. If a business was in Panama, then you have to pay taxes to them, but any business operating outside, Panama requires no taxes.

How do you think people with wealth operate and no one knows their true net worth. Cause nothing is in their name. Or what they'd like you to see. I hope and pray the person who hits the lotto gains the knowledge.

Personally, I wouldn't be paying taxes, because I already donated my ticket to my trust which is not tax free, but tax exempt.

::two cents::

For the average person which is us here on bgol, with a billion dollars would there be any need to invest? Cuban was correct. If you are not an investor and never have been what sense does it make to risk losing money when you already have a billion dollars. Why would the average Joe need more than a billion dollars

 

[jagu]

No probe

I'm doing it because it needs to be done. I have thought long and hard about this, starting about 2 years ago. The business plan is largely comprised on not only starting businesses in the black community, but having a symbiotic relationship with the community that funds the store.

It's going to take a shitload of money and get going, but I would be more than willing to put the money into a project that could mean a rebirth of Black Wall Street in a way, and I fully intend to put my money where my mouth is.

I moved out of the hood to the suburbs of Medina, but I didn't forget where I came from. Born and raised in Cleveland & East Cleveland, I want to give back. In fact, the depth of my plan is not only to help the community, but help the people who live there as well as other small black businesses within the community.

I don't do this for selfish reasons, but I laid out my business plan to several professionals and was told that though ambitious, but it could work. Funding and investors would be my biggest hurdle, and with this kind of coup, that would no longer be an issue.

You don't see black or white owned businesses in Chinatown. You don't see hardly any black owned businesses in a white neighborhoods. Yet in black neighborhoods all you see are Arab, Indian, and Asian owned stores and barely any black on the stores in our own neighborhoods. That... Most certainly will change

No problem, I was just pointing out the obvious and I do own a black business in a very white neighborhood.

The reason that you see Arab businesses in black neighborhoods is because Blacks prefer to deal with them, if we trusted ourselves they would not prosper in black communities.

 

[Mixd]

For the average person which is us here on bgol, with a billion dollars would there be any need to invest? Cuban was correct. If you are not an investor and never have been what sense does it make to risk losing money when you already have a billion dollars. Why would the average Joe need more than a billion dollars

Think that's a completely selfish thought. I'm not thinking about me, but a legacy after me, my kids kids and their kids way down the line. Will build wealth for generations. Oprah worth 3b, what happens to that when she's gone. Being that she has no children. Her other immediate family? Gayle? Lol

 

[Darrkman]

Except if you die early your family gets none of it.
I'd rather take it all in case something happens to me.

Even if you die your estate will continue to get the money. You can deem who get what in your will.

 

[BrownTurd]

Think that's a completely selfish thought. I'm not thinking about me, but a legacy after me, my kids kids and their kids way down the line. Will build wealth for generations. Oprah worth 3b, what happens to that when she's gone. Being that she has no children. Her other immediate family? Gayle? Lol

If you can't take of your family with a billion dollars then o don't know what to tell you fam...lol

 

[jagu]

Think that's a completely selfish thought. I'm not thinking about me, but a legacy after me, my kids kids and their kids way down the line. Will build wealth for generations. Oprah worth 3b, what happens to that when she's gone. Being that she has no children. Her other immediate family? Gayle? Lol

Oprah will give that money to whoever she wants to give it to and to a worthy cause. Trust me, Oprah has a will and a solid estate management. She does not play ball for the NBA, MLB or NFL.

 

[playahaitian]

No probe


No problem, I was just pointing out the obvious and I do own a black business in a very white neighborhood.

The reason that you see Arab businesses in black neighborhoods is because Blacks prefer to deal with them, if we trusted ourselves they would not prosper in black communities.

They don't hear u.

 

[Mixd]

If you can't take of your family with a billion dollars then o don't know what to tell you fam...lol

Of course I can, but am talking about creating businesses and wealth for fam and many other families as well. Think of it as seed money to "water" new growth.
I said I have no need to live lavish and attract attention to myself. I'm not buying a Bugatti or a Rolls. I can't do that knowing people suffering. But that's just me. I'll be comfy, but with more money, can help others and those after I'm long gone.

 

[playahaitian]

Think they are guesstimating the taxes held back. Everyone's liability is possibly different according to state and how taxable you are. Like in Puerto Rico, there are no Fed or State taxes on gambling winnings http://time.com/money/4177517/powerball-jackpot-taxes/

But can check the chart here https://www.usamega.com/powerball-jackpot-annuity.asp?state=PR&d= and your states here https://www.usamega.com/powerball-jackpot.asp

What!?! Ricans gonna get to keep all that money?

Is it based on where u purchased the ticket or where u reside?

 

[shaddyvillethug]

I ain't got 30 years left

FUCK that

 

[COINTELPRO]

Hire security, every fool in town will start following you around plotting weird shit against you. It is frustrating not being able to go up the street without somebody doing some weird, delusional shit. Move away and keep your anonymity.

Live in a gated community or build a house with all the amenities in it so you don't have to go out.

Spend some time learning about money, don't just hire an accountant. The best person to manage your money is you.

 

[cincitystudios]

When I win this, it's gonna be at least 10-20 New black millionaires. An I'm gonna have a 20 car garage built

 

[Coldchi]

Im gonna rent Maliah pussy and phat ass for a month everything goes!!!!

no need to rent shit.......if a nigga hit the lotto for $1.5 billion.....any and every bitch will let u fuck for free.

 

[Flawless]

fuck all that, you could budget a million dollars a month to spend on bullshit for the rest of your life and invest the rest. Don't need any advice

 

[GAMBINO]

I could imagine all the folks who bought tickets sitting around talking about what they gonna do if they win not knowing that they chances of winning is zero to none!

 

[phanatic]

This is the number one reason athletes end up in an ESPN "I'm Broke" story.

Won't say no.

Supporting the whole goddamn entourage of relatives and you're one bad dunk away from a destroyed acl. My circle is so tight, we know who needs what and who deserves what. I'd set up college funds for my sister's kids and my best friend's kid, get mom and dad a small house in the burbs(my parents are minimalist. They don't like flashy shit or fancy shit) and get that young brother with the PhD at 22 to oversee STEAM is at full force in philly schools. I'd never hand over a check to the school district because they managed to fuck up every single dollar they have been in charge of.

 

[phanatic]

You don’t become a smart investor when you win the lottery. Don’t make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won’t lose money.

This is the most important. I hear people talk about opening businesses when they win the lottery. That's one of the most stupid things you can ever do, unless you win very little money and you still need to make a living.

I watch Bar Rescue and you always see people that think because they go to Schmidttys Taphousr every weekend, they know how to successfully run a bar. I know I'd run all those Chinese corner spots and sneaker stores out of the hood and replace them with black businesses that focus on healthy affordable food and job training. Every cement place is owned by italians...black people can learn to pour cement and build shit. I'd get corner boys making their little $100 a day and offer them paid training and community college classes.

 

[godofwine]

No probe


No problem, I was just pointing out the obvious and I do own a black business in a very white neighborhood.

The reason that you see Arab businesses in black neighborhoods is because Blacks prefer to deal with them, if we trusted ourselves they would not prosper in black communities.

In this I don't... yes, I do understand and I don't like it. We are conditioned to believe that black businesses are inferior barrier we are conditioned to believe that black people are lazy. Though many people personify disbelief, it is not an indictment to every black person or every black business.

I'm glad that your business is thriving in a white neighborhood. I may have spoke in absolutes, but I know that there are black businesses in white neighborhoods. However, they are not as prevalent as the Arab businesses are in ours, which was my point

 

[jagu]

I'd just go buy my residence in a high security high rise condo, where you need a special access to the elevator and not just anybody can get in and make sure i take care of security guard every quarter.