Question from a sudden millionaire!

[pipeguy]

I'm wondering if it's $15M before or after taxes, because if you have to pay taxes you'll end up with $7-$8M which is still nice, but a whole lot less. If its a "gift" rather than unearned income you are still going to get hit up with taxes due to the lifetime taxfree tax limit.

My point is that if you pay off your debts, make a nice deposit with a "personal banker account" and subsquently are issued a bank card for say $20k which is NOT out of reason saying you have a good amount of funds on deposit and then buy a house, cars, etc you are not going to have $15M to last you the rest of your life, you might have 50% of that number. and soon much less if you follow the example of most  "sudden millionaires". 

[Anonymous]

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@pipeguy wrote:

I'm wondering if it's $15M before or after taxes, because if you have to pay taxes you'll end up with $7-$8M which is still nice, but a whole lot less. If its a "gift" rather than unearned income you are still going to get hit up with taxes due to the lifetime taxfree tax limit.

My point is that if you pay off your debts, make a nice deposit with a "personal banker account" and subsquently are issued a bank card for say $20k which is NOT out of reason saying you have a good amount of funds on deposit and then buy a house, cars, etc you are not going to have $15M to last you the rest of your life, you might have 50% of that number. and soon much less if you follow the example of most  "sudden millionaires". 

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+1!

Financial Advisor.  Living Will.  10% to play, 90% in a bank. Bank funds into CD's, 401k and IRA. 

Live like you make $50,000/yr and always be stress free!  A budget is still your best friend.  $50k a yr? Really?  Yes. Because now you don't have to work full time nor stress about building a retirement fund, most of the work is done for you, NOT ALL. You still have to plan ahead, you just got a big leap start!

Go go search the Internet on Lottery Winners/Football Players/Musicans/etc who've gone BK.  Chapter 7 escapes NO ONE. 

Gl! 

[SouthJamaica]

Excuse me but why would a person with $15 million have the slightest concern about which credit cards he can get?

[Creditaddict]

I would be concerned about a credit card too. I'm sure you can find a bank that will give you debit card exceptions but travel and security and all that I would just want a credit card!
But that could be solved with a $10k secured card.

[creditguy]

If I was coming into $15 million, the last thing I'd be doing is posting here asking for advice about getting back in with a bank. Seems rather trivial at this point. The thing about credit is no amount of money can erase the truth. Plenty of people with money have blemishes, it's life and life goes on. Pay your bills to either the OC or collections and live your life. The big banks could probably care less how much money you have if your reports are garbage, but a smaller bank will probably be generous with a large deposit parked there. If not get a couple secured cards and eventually you'll get whatever you want I'm sure. Get some real financial advice and make the money last, Good Luck.

[bourgogne]

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@Anonymous wrote:

I've been reading these forums for a couple of years, and always enjoyed them. They helped me get my credit report cleared, and a nice portfolio of cards a couple of years ago. I had Chase, AmEx, Citi, Navy Federal, Discover, Bank of America and a host of other cards with around 85,000 total credit limits. I lost my job a year ago, and my credit went to the dogs again. I couldn't pay my bills, and now I have charge offs and a host of 120+ day lates on my credit report, that will obviously stay around for years.

So, I am related to someone that won a huge sum in the lottery...and no, I'm not messing with you. In a few days I will get my share and have over 15 million in my account. I plan to pay off all collections and whatever else the card companies will accept. I'm hoping they'll all let me pay them directly, in full. With my horrid credit rating right now, but considering my rather large assets, what are the chances Chase, AmEx, Navy Federal, Bank of America, and Discover let me back in? If they do, will they give me a good limit? I don't know if I should even bring it up to them until I pay everything I owe.

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congratulations, that is really terrific. go into First Republic which is one of the top private banks, park a million there and there will give you whatever cards to desire. its that easy. oh, and don't buy a yacht.

[Anonymous]

If somebody handed me $15 million, you people would never hear from me again. I would be too busy lounging around with a bevy of floozies on the tropical island I would buy. 

[CreditMagic7]

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@Anonymous wrote:

If somebody handed me $15 million, you people would never hear from me again. I would be too busy lounging around with a bevy of floozies on the tropical island I would buy. 

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[Anonymous]

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@CreditMagic7 wrote:

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@Anonymous wrote:

If somebody handed me $15 million, you people would never hear from me again. I would be too busy lounging around with a bevy of floozies on the tropical island I would buy. 

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+1

[baller4life]

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@Anonymous wrote:

If somebody handed me $15 million, you people would never hear from me again. I would be too busy lounging around with a bevy of floozies on the tropical island I would buy. 

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Rock on!