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Old 03-23-2007, 08:11 AM   #6
AnimeSpirit
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Quote:
Originally Posted by Isabella
You are very wise for your age.
Thanks! I've never hit the jackpot myself yet, but I know pretty well how to manage money. I went into debt while I was in the military and after thorough reflection and a serious change in strategy, I learned how to better manage my finances. I wrote my own budgeting system on my computer about 2 years ago and it hasn't failed me yet. I am slowly repairing my credit, I'm hoping to be completely out of debt by the end of this year.

I have spoken to my sister before what I would do if I ever won the lottery. What I would do is just about everything I discussed above, except for buying a boat (not really interested in that). I'd pay off all of my debts, but I probably wouldn't get an expensive sports car, just one that looks nice and runs efficiently. I'd definitely buy a house because I'm renting right now.

However, I'm a fairly experiences investor. Show $50,000 of spare cash lying around and I'll show you the nearest mutual fund. I know about mutual funds because I once worked for an insurance firm that also dealt with mutual fund accounts. I also play the Foreign Currency Exchange. Given the extra funds, I'd probably play the stock market too. Also, CDs (certificates of deposit) can be very profitable if you know how to deal with them. I've also had college training in business management and would start a business here in Shreveport in a heartbeat given the funds to do so.

It's a funny thing too. Most people don't know that you can hire an attorney and give him an "allowance" and he will invest that allowance for you in any way you request him to. This is the best route for people who know nothing about investing. For them, I'd highly advise screening your attorneys BEFORE you committ to hiring one for this purpose. Soem of them should not be trusted with so much of your money, so take care here! After you hire one, don't let him do ALL of the work. Have him walk you through everything he is doing with your money.

By investing a fraction of your winnings, you stand a far better chance of having money for the rest of your life than if you just go out and spend it all.
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