Tonight we’ll start by discussing what to do if you win the Powerball jackpot. Then I’ll answer your questions.
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0:00 – Welcome to the Financial Freedom Show!
0:22 – What To Do If You Win The Powerball Jackpot
12:52 – Using 2 IRA admins
15:20 – JEPI vs BND
24:14 – SCHD & JQUA for equity asset allocation
28:55 – Empower
34:14 – Grant Williams
35:40 – Where to invest $50K for less than a year
38:13 – Favorite YouTube channels
40:43 – Backdoor Roth IRA
42:31 – ETFs paying qualifying dividends
45:09 – Fans of the show
48:43 – Buying an ETF with $25 million
49:55 – Solo 401k
53:09 – Making a tax payment in December
53:59 – Japanese economy
1:04:57 – Mutual funds vs ETFs
1:06:28 – Maxing out Mega Backdoor Roth
1:09:55 – Bonds in a portfolio
1:11:56 – Big ERN
1:13:52 – USBLX
1:16:15 – NSGRX
1:18:01 – iShares 20-Year Bond fund
1:24:26 – Paul Merriman
1:27:17 – Google Adsense for funding an IRA
1:28:56 – Monte Carlo simulations
1:34:18 – Announcements
1:34:45 – Financial Freedom
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While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I’m the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I’m also the author of Retire Before Mom and Dad–The Simple Numbers Behind a Lifetime of Financial Freedom (
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If you happen to be one of the lucky few to win the Powerball jackpot, congratulations are definitely in order. Winning such a monumental amount of money can be life-changing and provide you with a new level of financial freedom. However, it’s essential to approach such a windfall with caution and ensure that you make wise decisions moving forward.
One of the first things you should do after winning the Powerball jackpot is to remain calm and keep the news to yourself. Sharing your good fortune with everyone you know might seem tempting, but doing so could bring unwanted attention and potentially complicate your life. Instead, seek professional advice before making any major financial decisions.
Consulting with a team of experts, including a lawyer, financial advisor, and accountant, is crucial. They will help you navigate the legal and financial complexities associated with such a significant win. These professionals will guide you through the process of claiming your winnings, protecting your assets, and creating a long-term financial plan.
Another essential step to take is understanding the various options you have for receiving your winnings. The Powerball jackpot can be paid either as a lump sum or in annual installments over several years. Each option has its pros and cons, and your financial advisor can guide you in choosing the most suitable route based on your circumstances.
It is crucial to develop a plan for managing your newfound wealth prudently. Often, winners rush into spending their winnings frivolously, which can lead to poor financial choices and long-term regret. Resist the urge to make impulsive purchases and instead, focus on securing your financial future. Consider paying off debts, investing wisely, and creating a diversified portfolio that will generate long-term income.
One crucial aspect that should not be overlooked is taxes. Winning the Powerball jackpot also means a significant tax liability. Consult with your accountant to understand the tax implications and to develop effective tax strategies. They will help you minimize your tax obligations while ensuring your compliance with all tax laws.
To maintain your privacy and protect yourself from potential scams and solicitors, it may be wise to establish a trust or set up a limited liability company (LLC) to claim your winnings. This way, your identity can be shielded from the public, giving you the peace of mind and security you deserve.
Lastly, it is essential to remember that even with substantial wealth, there are limitations. Set boundaries for yourself and establish a reasonable budget. Engage in charitable giving and discover fulfillment in helping others, but ensure it is within your financial means. Remember to take time for yourself and your loved ones while managing your newfound wealth responsibly.
In conclusion, winning the Powerball jackpot is a momentous occasion that should be approached with caution and careful planning. Seek the advice of professionals, make informed decisions, and take proactive steps to protect your wealth and privacy. With proper guidance and a sensible approach, your Powerball jackpot win can truly be a life-changing event for the better.
This is not connected to the dough roller podcast correct?
I would review my trust/will and increase the amount being donated or given at my death in case something happened before I figured out what to do with it.
The state of Florida allows a winner 90 days of anonymity, then the name and city of the winner is made public.
If you win $500M what will be your asset allocation?
80/20 because, what the hell… i can lose half of my money and still be rich?
or maybe will do a 50/50 because, i don't need the extra risk?
will you change your answer if it will be $5M?
Other financial channels mine are Joseph Carlson & Dave Ramsey
There was a question during the live stream asking what financial channels that the viewers watch aside from this one. I didn't have the chance to answer. I personally watch Axul Wells, a CFP whose channel is only about 1 year old but has grown fast in viewers.Another one is Joe Kuhn who is a retired engineer for 5 years and has had obsession over the process of retirement. He was even coaching viewer clients for a while and having retired at 54 he really makes some very good points. James Canole has a podcast aside from his YT channel and has a business in managing money for people. It's a bit shocking to see someone who looks so young to be so knowledgeable! Half of his video's are sound only which I don't listen to. Holy Schmidt is a channel that has about a video per week and is very thorough.. Geoff used to be in banking but has a couple of investment certifications now. I used to watch Josh Scadalen/Heritage Wealth (2 channels, same guy) but found that he gets too far off track and seems to be cranking out as many video's as possible even reading articles for content. He still has some good video's sometime and is a CFP having worked for a few of the major Brokerage's including Vanguard.. There's usually suggestions on the right when you watch related content and can find some other good channels that way!Some I'll watch 1 or 2 while others have turned out to be good! I think that's how I started watching this channel!
I think you would be a great guest for odd lots
I’d make my family all millionaires.
Having mulitple IRA accounts sounds like a lot of work keeping track of how much to invest in each without going over and getting penalized.
On lottery winnings, why not Munis, seemed like you won the game, no need to keep playing.
A good thought process and analysis of the big “what if”. I think a lot of people spend too much time thinking about this scenario, seeing it is statistically improbable that we would ever have to really deal with it. For me, I would put it into interest bearing government secured bonds and live off the interest. At that point, I’d be done. No market risk, just send me a check every month.
A large market drops happen and due. Can you handle 100% equities? If you lose 30% to 50% in a month, week or day? Are you:
A) calm/ish? See a sale?
B) panicked/living in bathroom?
Know your limits. Can you afford large losses esp if over months or years? Hope for the best and prepare for the worst.
PS: Rob why do prefer holding mutual funds vs index or ETFs?
26:30 "Don't read into the stars." I've never been much for Vanguard astrology. 😉
Buy the Bums and move them back to Brooklyn. Go Angels!
Cannot agree more >__< Just sit on it for a while
I’d pay off my families mortgages anonymously. I would give $500 tips to deserving people, randomly. I don’t like charities. Usually the fat cats at the top keep more than they give out. I would create a my own charity that helps people in need. I would put my family members ( all college graduates/professionals) on the board and all would be able to make plans and decisions as to who they would award the $$$$. Of course I would pay them great salaries. I would pay people to read important books.
53:12 Instead of doing a tax payment in December, just wait until you prepare your taxes in Feb.-Apr. or whatever to see where you stand. Then you can get an extension and make a payment with the extension, enough to guaranty a $5,000 refund. You don't have to use the extension, just file when you would anyway.
I think 350 million would be a good entry position into TSLA. Think about how much entertainment value there would be in watching your fortune skyrocket and plummet, over and over.
Love powerball
I'd be concerned about jealousy from others. They might think that's my money that I spent on those tickets.
Hide. Get an attorney. Prepare a trust. Buy a new home in a trust, and then go directly with your attorney to cash in the ticket. Spend only cash.
to answer your question of what other finance channels I watch it, it would be: Jarrad Morrow, Ben Felix, and Kostadin Ristovski, ACCA