I heard one of the thing that the Singapore Pools who operate the lottery do to the big jackpot winner is there is some counseling. I guess it's true many people who are suddenly rich don't know how to deal with it. After all, I read in a book somewhere. Money is relative. The more money you have, the more relatives you have :-)
You are viewing a single comment's thread from:
Wow, they provide counseling!? That does NOT happen in the USA. Interesting.
When I lived in the USA, I remember something I heard from the radio.
Some guy say the first thing you should do when you win is inform your bank and make them believe you. It's about getting the credit limit to spend immediately.
WTF? The first thing you should do is get a top lawyer and financial planner.
Exactly! Get a lawyer, set up a company (an LLC that you own outright), sign the winning ticket over to the LLC, then collect the winnings. Taxation and liability protection make that the smart play..... increasing your credit limit.... for what? That radio show host sounds like a tool....
I guess so. Protect and extend the wealth.