Saturday, February 14, 2009

If I were to win a large some of money what financial steps would I take

Ive wondered what exactly you would do in this case. Its not like you just go to your local bank and say deposit this. I know that you would seek an adviser but how would you get access to this money. How would you go about giving money to say a family member. Not like they can go cash a million dollar check. Just curious and hoping Ill have to do this one day.....lol.
      Answer1:You would have to win a sum
      Answer2:It really depends what you are planning on doing with th emoney. Lets say you win $10M, after tax. You are going to invest the money then it is in a brokerage account, maybe in multiple accounts. If you wanted to withdraw some of the money, your broker transfer the money into an account you can access. If it is a large sum, like you are paying 500,000 to buy a house, then you would notify the bank of the withdrawal and get a cashiers check (and possibly a security guard) or you could arrange a wire transfer for a small fee.

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