CELEBRITY AUTOBIOGRAPHY Begins Monday, Digital Lottery Announced

Celebrity Autobiography, the award-winning hit comedy show in which celebrities act out other celebrities’ jaw-dropping memoirs verbatim, begins its extremely limited holiday run next Monday at Broadway’s Marquis Theatre 210 West 46th Street. After a decade of playing Off-Broadway and across the globe, the show conquers Broadway on Monday, November 26 with a company including Lewis Black, Mario Cantone, Rachel Dratch, Susan Lucci, Eugene Pack, Dayle Reyfel and Cecily Strong and more Click herefor photos.
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5 Things to Immediately Do If You Win The Mega Millions Lottery

Mega Millions fever is here. A record jackpot of $ 1.6 billion is waiting for some lucky gambler on Tuesday’s Mega Millions lottery drawing.

There’s nothing like the feeling of getting an unexpected sum of money. Of course, every coin has two sides and, typically, the greater the amount you receive, the greater your stress. In fact, there is even a stress-related disorder called Sudden Wealth Syndrome. That pressure can lead the “recently rich” to make decisions that ultimately threaten their good fortune and may leave them worse off than before they received their windfall. We’ve all heard stories about the lottery winners who went broke or the former professional athletes or entertainers who struggle to pay rent.

Whether you’ve just signed a multi-million dollar contract, won the lottery, or inherited property from a wealthy relative, here are some tips that will help you keep–and grow–your wealth responsibly.

1. Count the money. Take the time to add up the money for yourself. Sit down and carefully read every piece of paper associated with the windfall. There will be lots of legal gobbledegook and fine print. Read through it all. Highlight areas you don’t understand. Use the Internet to research terms and entire phrases. By doing this homework, you will be better prepared for the next step.
2. Assemble your team of professionals. You can start your search for competent professionals in a number of places, including asking friends for referrals or asking other professionals like your accountant or tax preparer–or even family members. However, you should vet all of these individuals by understanding their professional and disciplinary backgrounds, get to know something about their practice (i.e. wealth and complexity of current clients) and ask for references to similar clients or cases they have dealt with. Next, you must check their background. There is no reason to leave out this important step since it is free and easy. Your state bar association can provide disciplinary information on attorneys, the state board of accountancy can provide information on accountants, the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) can offer any disciplinary information on investment professionals.
You can also search the professional’s name on your state’s financial and insurance regulator’s website. Combine this with research on the websites of their professional organization like the CFP Board for financial planners and the AICPA for CPAs where you can learn about violations of each organizations standards of conduct. Also, research their name and corporate identifier at the county clerk’s website to learn about liens, foreclosures or judgments. Last but not least, a Google (or other search engine) search of their name and business name and name of partners can help give you a picture of this person as a professional. Be sure to review any papers you sign with accountants, and be very clear on fees. It’s best that everyone be paid on a project or hourly rate in the initial stages when plans are being crafted. If someone tells you the work is free, you can be sure that it is not free, and that they are getting paid some other way which they are not disclosing.
3. Develop a comprehensive financial and life plan. Many organizations talk about their ability to do this. They show nice pictures of couples walking in the sand or smiling in a hammock. It certainly sets the right tone for the conversation. Despite this, their plans may be cookie-cutter solutions. In the end, some standardization is good. Years of research has taught the financial industry important lessons about investing, for example, and those lessons can yield low-cost, highly efficient portfolios that meet an investor’s risk tolerance and long term needs. However, don’t forget that your needs come first. To formulate a your plan, you will need to be clear on the amount of income you would like but also the type of life you would like. You’ll need to consult your financial team to discuss issues such as asset protection, trusts, life insurance and other topics of estate planning. The American College of Trusts and Estates Council (ACTEC) can be a great resource for competent counsel in these areas.
4. Be very careful of friends and family. Unfortunately, your new wealth may attract new friends and estranged family members popping out of nowhere. Athletes and lottery winners experience this frequently. In fact, it’s quite common for advisors of professional athletes to put the athlete on a salary and advise the athlete to direct requests for money to the advisor. This can be a good idea and it puts some distance between you and unscrupulous friends and relatives. Also, depending on the amount of your new wealth, you may find yourself exposed to frivolous lawsuits and threats.
5. Don’t make big expenditures until you are comfortable with your new financial position. Don’t get sucked into the exaggerated scale of your financial windfall. Take care of taxes on your new money, pay down debts, take a small vacation but don’t make too many changes at once. Consult with your professional team. If the amount you have received is substantial relative to your prior situation (i.e. invested at 3% per year the annual return covers your dream standard of living and then some), take the time to consider your good fortune and your position as a steward of the wealth. Be mindful of your responsibility to pass some wealth to the next generation, and give to charity.
Written by: Robert J. Gordon, MBA, CFP, AIFA, Senior Financial Adviser with Investor Solutions in Miami, Florida

The post 5 Things to Immediately Do If You Win The Mega Millions Lottery appeared first on Black Enterprise.

Money | Black Enterprise

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5 Things to Immediately Do If You Win The Mega Millions Lottery

Mega Millions fever is here. A record jackpot of $ 1.6 billion is waiting for some lucky gambler on Tuesday’s Mega Millions lottery drawing.

There’s nothing like the feeling of getting an unexpected sum of money. Of course, every coin has two sides and, typically, the greater the amount you receive, the greater your stress. In fact, there is even a stress-related disorder called Sudden Wealth Syndrome. That pressure can lead the “recently rich” to make decisions that ultimately threaten their good fortune and may leave them worse off than before they received their windfall. We’ve all heard stories about the lottery winners who went broke or the former professional athletes or entertainers who struggle to pay rent.

Whether you’ve just signed a multi-million dollar contract, won the lottery, or inherited property from a wealthy relative, here are some tips that will help you keep–and grow–your wealth responsibly.

1. Count the money. Take the time to add up the money for yourself. Sit down and carefully read every piece of paper associated with the windfall. There will be lots of legal gobbledegook and fine print. Read through it all. Highlight areas you don’t understand. Use the Internet to research terms and entire phrases. By doing this homework, you will be better prepared for the next step.
2. Assemble your team of professionals. You can start your search for competent professionals in a number of places, including asking friends for referrals or asking other professionals like your accountant or tax preparer–or even family members. However, you should vet all of these individuals by understanding their professional and disciplinary backgrounds, get to know something about their practice (i.e. wealth and complexity of current clients) and ask for references to similar clients or cases they have dealt with. Next, you must check their background. There is no reason to leave out this important step since it is free and easy. Your state bar association can provide disciplinary information on attorneys, the state board of accountancy can provide information on accountants, the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) can offer any disciplinary information on investment professionals.
You can also search the professional’s name on your state’s financial and insurance regulator’s website. Combine this with research on the websites of their professional organization like the CFP Board for financial planners and the AICPA for CPAs where you can learn about violations of each organizations standards of conduct. Also, research their name and corporate identifier at the county clerk’s website to learn about liens, foreclosures or judgments. Last but not least, a Google (or other search engine) search of their name and business name and name of partners can help give you a picture of this person as a professional. Be sure to review any papers you sign with accountants, and be very clear on fees. It’s best that everyone be paid on a project or hourly rate in the initial stages when plans are being crafted. If someone tells you the work is free, you can be sure that it is not free, and that they are getting paid some other way which they are not disclosing.
3. Develop a comprehensive financial and life plan. Many organizations talk about their ability to do this. They show nice pictures of couples walking in the sand or smiling in a hammock. It certainly sets the right tone for the conversation. Despite this, their plans may be cookie-cutter solutions. In the end, some standardization is good. Years of research has taught the financial industry important lessons about investing, for example, and those lessons can yield low-cost, highly efficient portfolios that meet an investor’s risk tolerance and long term needs. However, don’t forget that your needs come first. To formulate a your plan, you will need to be clear on the amount of income you would like but also the type of life you would like. You’ll need to consult your financial team to discuss issues such as asset protection, trusts, life insurance and other topics of estate planning. The American College of Trusts and Estates Council (ACTEC) can be a great resource for competent counsel in these areas.
4. Be very careful of friends and family. Unfortunately, your new wealth may attract new friends and estranged family members popping out of nowhere. Athletes and lottery winners experience this frequently. In fact, it’s quite common for advisors of professional athletes to put the athlete on a salary and advise the athlete to direct requests for money to the advisor. This can be a good idea and it puts some distance between you and unscrupulous friends and relatives. Also, depending on the amount of your new wealth, you may find yourself exposed to frivolous lawsuits and threats.
5. Don’t make big expenditures until you are comfortable with your new financial position. Don’t get sucked into the exaggerated scale of your financial windfall. Take care of taxes on your new money, pay down debts, take a small vacation but don’t make too many changes at once. Consult with your professional team. If the amount you have received is substantial relative to your prior situation (i.e. invested at 3% per year the annual return covers your dream standard of living and then some), take the time to consider your good fortune and your position as a steward of the wealth. Be mindful of your responsibility to pass some wealth to the next generation, and give to charity.
Written by: Robert J. Gordon, MBA, CFP, AIFA, Senior Financial Adviser with Investor Solutions in Miami, Florida

The post 5 Things to Immediately Do If You Win The Mega Millions Lottery appeared first on Black Enterprise.

Money | Black Enterprise

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Shop select Free People sale and clearance items at Bloomingdales.com!

Biggest lottery jackpot ever in US up for grabs

Associated Press

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Why hitting the lottery could leave you broke

How could you possibly go broke after winning hundreds of million of dollars? It’s a lot easier than you may think…

With Thursday’s Mega Millions jackpot sitting at around $ 900 million ($ 513 million if you take the lump sum), many people are wondering what life would be like with all that money.

How you could hit the Mega Millions jackpot and still end up broke

But really, what if money suddenly fell out of the sky and into your life? Maybe you win the lottery, or you get an injury settlement or maybe an inheritance. And while a $ 900 million jackpot is rare, there are all kinds of different situations in which you could be left with a lot more money than you’re used to.

When money shows up out of thin air, most of us have no clue how to handle it. And very often, it quickly burns a hole in our pocket.

Now the odds of winning big money have gotten even worse as lottery officials not long ago tweaked the Mega Millions and Powerball formulas so that customers have a greater chance to win smaller prizes instead of tens of millions of dollars, according to the Washington Post.

Be careful how you spend all that money!

Remember the so-called “Ocean’s 16” from Ocean County, New Jersey, who each won $ 3.8 million (after taxes) in an August 2013 PowerBall jackpot that grabbed everybody’s attention?

Well, that’s a huge amount of money. If it’s well-managed, it can provide comfort to you for the rest of your life. But therein lies the rub.

Read more: 19 ways to cut costs and save more each month

For most people who come into big money — like athletes or lottery winners — all of a sudden their wants instantly skyrocket. If those lottery winners back in 2013 gave into those wants, research shows they’ll blow through $ 3.8 million in just six years!

If you ever come into a large inheritance or sell a business and get a pile of money, restraint is key. I’ve long told people in this situation to blow 10% of it however you want. But the other 90% you treat as a nest egg to nurture.

History (and science) show money doesn’t equal happiness

Jack Whittaker, a millionaire from West Virginia, became a much bigger millionaire when he won a $ 315 million lottery in 2002. After four years, Whittaker was broke and had lost both his daughter and granddaughter to drug overdoses (which he blamed on the lottery winnings). In addition to all that, Whittaker was robbed of $ 545,000 in CASH, as he sat in the parking lot of a strip club. Whittaker said, in hindsight, “I wish we had torn the ticket up.”

According to NBC News, a 2008 University of California study that measured people’s happiness six months after winning a relatively modest lottery prize didn’t exactly produce the results you may have imagined. The study looked at those who won an amount equivalent to about eight months’ worth of income. The winners had taken the money in a lump sum. The study found that winning the money, “had zero detectable effect on happiness,” according to Peter Kuhn, one of the study’s authors.

Read more: Skip the lottery: Why you should be on yourself instead!

It’s easy to say, but so hard for people to do. As for me, if I won that kind of money, I would change nothing. I would still get up and come to work every day. I would just think about what charity I could give it to! But that’s just me.

A final word of advice for future lottery winners!

Never take the lump sum payout. You’re better off taking the payout over years as a method of forced budgeting. If you worry your heirs won’t get all the money you have coming to you, buy a term life insurance policy that would pay them for what you would not receive if you die prematurely.

Remember, most of us do better with basic allowances than a huge sum of money right then and there!

Meanwhile, you don’t have to win the lottery or get an inheritance to come into extra cash. See some free and easy ways to search for missing money in your name.

Read more: Beware of this lottery scam on Facebook!

Want more money-saving advice? See our Money section.

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