Dec 17, 2013|
Tommy talks to Certified Financial Planner Roland Doubleday about what to do if you win the lottery and how to plan for such a sudden influx of money.
Tommy talks to Kevin in Metairie about his wife's need for medication to cope with constant, chronic pain.
Tommy talks to WWL-TV reporter Meg Farris about a new report that New Orleans had more drug-related deaths than homicides.
Tommy talks to State Representative Cameron Henry about the current state and the future of TOPS.
Tommy talks to David Howard, Professor in the Dept. of Health Policy and Management at Emory University, about the state of Obamacare going forward.
Automatically Generated Transcript (may not be 100% accurate)
745 -- LA -- Mega Millions drawing -- night in the 600. Million dollar range so. Night it's our owners to -- rather talk about real money but what if the numbers were economy and and Jiri initially just as happy as happy can be. And you wake up tomorrow morning news and women well assuming you'd sleep. He's in Atlanta and what -- money into here lately and I countless money coming elements those -- deal with it. Rolen doubled they joins us right now certified financial planner president of financial planners of greater new long -- -- in morning Roland you do one. Good morning comic great thank you thanks for taking the time. Sort of update that record and the president a pass press yes well you know it's currently being the president of the United States went to the president yet the president for life. So when you don't need all of a sudden and I guess it doesn't always happen with the lottery but occasionally -- staging at this big windfall of money. What are some of the common mistakes that that people make. Well one of the first things is to sign the ticket and and probably to hide out may be be a good time to implement the the hurricane evacuation and get out of town so your. So you're first in Lowe's second cousin doesn't start coming up that would work and and -- You don't have their hands. Let's see that's why the generous person in me says you know want. I -- hard feelings here nobody gets anything. Well that makes -- Seattle are pretty important cops pull Arnie this Marco yeah. I'd Tommy Ronald is there Ronald Roland Roland I'm sorry again Ronald up on screen here -- -- -- your college by the right name. So let's presume that you assigned to take it and you and you go hide out what would you do who do you call a financial planner and and got suddenly you take a one time -- idea 350 million dollars of cash. Where a lady apart debt but he built. Built this thing do would be to assemble a team Oakland -- CPA and attorney and a financial planner. And determined. What is in that the lottery winners best interest. Four instances there -- special -- member to the family that maybe especially each truck should be set up or. Or whether at the the winner -- search and -- -- -- might be better off taking the annuity even if it. Does that sound like a better option depending upon what. How disciplined they are with money. But -- in terms of this Jewish gives you one shot you ship finally came in -- take that. Annuity paying a blank cards over and it. Parents in general elect a new idea so now there's -- your annuity but but predictably you take the lumps on. And do you invest it wisely. You become a good Steward of the money in the and I think a lot of it has to do with these individuals appreciation of -- if if someone just so it's foreign money and they may go through -- very quickly. But if someone who has a greater appreciation -- they may actually have feel more of a sense of responsibility for the money. So we'll would you put it into a man thanks undertake 300 million is no. -- the thing to do would be to. -- go through become an investment Stewart and to go through an investment process where you organize formalize implement and monitor these investments on an on going basis. And so first pitch first step would be to assemble a team a financial planner CPA in an attorney. And then to sort of organized determine. -- -- that person is and life possibly bring in some additional specialist may be like platter to determine. What he is it that is going to make these people happy because it's not money sometimes it's the way they use the money. Other times where the use of money will -- in reverse effect. So I think it's important to him to have an outlook in terms of how they're going to spend the rest of their lives and that they really don't have. A a good sense of that and we could bring -- specialist to help them find that once they determine what is they would do with the money then. And it's as simple process of what's a little bit complicated but organizing and making sure that. That they have all the but he. Trust documents or whatever whatever type movement of entities that ultimately decide to put in place. -- so there you go you go from being happy Andy initially with the ticket suddenly -- high note. You're trying to assemble a team you have -- big high level meeting and a board room somewhere. To figure out what happens from here where. Maybe I want to do is sit home watch a movie -- your day off them and I'm not saying that it wouldn't be a good thing and to -- your life gets a lot more complicated very quickly. That's correct yup it is it is -- it is a big responsibility. And which some people will do -- it was basically. Past that responsibility off of someone else but. How would you know who to trust -- for example you know we all heard of athletes -- celebrities that trust of their money to somebody else and all of a sudden gonna sign on and only they broke the -- they owe the IRS a ton of money you go about pagan somebody you can trust. I think it's -- combination of finding someone who's reliable you can interview financial advisors attorneys and CPAs. You can ask for there referrals in and checked the background to see how long they've been around. And then you put basically a check and balance system in place where where they are working as a team and not any one person news or making the the decisions in terms of the disbursement of funds. And in that. That team would help protect the lottery winner from the get squandering money or from request people asking for money because then it would have to go through this committee. And -- In setting up that is is that organization most stage of the of the investment process where you determine. All the money is going to work who's going to have more responsibilities. What are their contractual obligations. Once that occurs and you formal laws you'd just begin to determine. What will the money be used for the first pockets of money. But what is the risk tolerance for those burst pockets money meaning that. If they're going to you know you know build they build an island in the middle -- -- trains fifty years from now that's a lot more speculative and they could probably be. A little bit more -- aggressive what goes on because that ultimately. It may not it may not occur but. If it's something we're gonna -- just sort of you know pay for the day. Pay for the operating expenses of orphanage for both local orphanage for twenty years then that would keep that money safe. And so each popular money's gonna have a certain risk tolerance in the time horizon it would be invested very differently. The next step is to implement the investment strategy to do the due diligence of the individual. Investment managers that will be selected. And then to monitor. Those investment managers as time goes on to bring balance and make changes as so. You know circumstances would then require. And that's this is an ongoing process that. Whether it's a lottery winner or someone who has. Saved up their life savings it's a process that everyone should really go through. So of people who are almost out of time Roland for people that. Think that after there. And their lottery ticket comes -- they're gonna not working not retire you're talking about monitoring risk in making changes investment strategy risk tolerance. It kind of have a new job and that's watching out for your money. That's correct yup that's you know there's certainly. Could put -- some went to help them with that but ultimately. If you're the owner European investment Stewart and if you have a -- -- responsibility you're more likely to hold onto that money. Thank you role and appreciate your time or court have a great day out at Roland double date past president. Of the financial planners of greater new Hollins and he's a certified financial planners see de -- Is on the giving the other side of it that. -- you win the lottery and all of a sudden you think as it -- over. Work is over no then all of a sudden you're Europe their financial manager. And get a text that comes in and this is. I think met with a sense of irony the team that Rowland talking about has already taken a quarter of your money. While maybe --