An average person wins the lottery for a lump sum of 100 million, where does he/she put the money?

Does the lottery commission just hand you a check and send you on your way (Keep in mind I am referring to a one time lump sum payment)? If so, would they just deposit that check in their normal bank account? Could you cash the check?|||Yes the lottery does hand you a check, minus Federal and State taxes. Anyone winning a lump sum that large, waits to collect. They first contact a financial advisor who opens an account with a financial Establishment such as Fidelity or Vanguard. The money is spread out by purchasing bonds, stocks, mutual funds and such.|||I would assume they'd just deposit it, unless you belong to some huge big city bank I somehow doubt most banks have 100 million in cash laying around...|||In the UK, the lottery organisers sit down with you to talk about how you want the money distributed and invested. If you win 拢10million. I think it is unlikely you'd get a cheque for any more than about 拢500,000. The rest would be tucked away safely.





Unless your name is Michael Carroll.|||You collect the money from the state (less taxes). What you do with it is your own business. You can cash the check and stuff all the money in a mattress at home if you want to. If you know nothing about handling that kind of money, you could get a financial advisor and an accountant to manage your affairs. But if you are savvy enough in the way of the dollar, then take it upon yourself to watch where it goes. Be careful of people telling you that you absolutely need to hire a financial advisor. Dont forget, you have to pay them too. Its not necessary if you know what you are doing. Its your money, do with it what you want. Just make sure you dont go broke before you know its all gone. Oh yeah.. watch out for scam artists like telling you you can make so much money like I did on a certain website. Invest wisely, not foolishly and the money can last you a lifetime.|||I strongly suggest the average joe to open many multiple accounts for that total sum and split it into $100,000.00 pieces in each account for liquid accounts.





Then the rest should be split equally between bonds (municipal, state and federal), CDs a little stock.





The key is to mix the money well and ensure adequate investment %26amp; liquidity and a little mad money for the impulsive buys to all be available.





And dont' forget to update or create a will. Some charity would be wonderful as well. There are homeless people and people from mental institutions that are being turned away from homeless shelters right now in portland. Have some pity for such unfortunate people as well.





Remember what you sow now is what you reap later a 1000 fold.|||It depends on the person. You would not be able to cash out that large sum of money, nor would you want to. 100 million dollars would one million hundred dollar bills. Although putting the money in mutual funds and stocks are great, it runs a risk. If the person was to put the money in a simple certificate of deposit he or she would be able to live off of the interest from that account assuming a bank lets the person open accounts of that large of a sum. (Most of the times a bank loses money every time it opens a CD. They only have them to get consumers to bank with the institution.) You can structure these accounts to reach full potential of FDIC insurance.|||Contact a financial advisor... Savings bonds are not worth your time you might as well open a CD at a credit union. Best advise is open an account at a local credit union and they will have a contracted advisor that works for another company but works with the CU. If your young go aggressive with investments, the older you are the less aggressive.|||will no the check goes in to a spacial account were you can put more money that you don't normal have. I know because my mother when see got her ascent money she was told that she had to open a spacial bank account. were lot of many can be use by her and the bank. The lottery commission give you two ways to get the cash one all at once. or by payments once of year.|||"(Most of the times a bank loses money every time it opens a CD. They only have them to get consumers to bank with the institution.)"





LOLOLOLOLOL





Banks love to make money on your worst investment---a CD.