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Mega Millions Lotto Jackpot: $640 MILLION (Drawing on 3/30/12) (2, 4, 23, 38, 46, MB:23)

Ellis

By Ellis
in The Tailgate

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Stophovr6

Stophovr6

Posted
Posted
$500,000,000/9=happiness for 9

For sure. I bought 2, one for me and one for the wife. I only buy when it gets this big.

---------- Post added March-29th-2012 at 12:52 PM ----------

http://www.usamega.com/mega-millions-jackpot.asp

This site shows you the payout after taxes if you take lump sum or yearly.

Sweet, living in Washington State means no state tax.

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DarrellsMyHero28

DarrellsMyHero28

Posted
Posted
http://www.usamega.com/mega-millions-jackpot.asp

This site shows you the payout after taxes if you take lump sum or yearly.

Unless you're older, gotta go with payments.

A) Harder to blow the money

B) You get more money overall

----------

Also, what would everyone do with that kind of money? First purchase?

I'd pay off my loans, buy a Lexus ISF and buy up some property and businesses in Blacksburg so that I'd have a place to stay for games.

Then I'd go get Caps/Skins box seats. Anyone want to come with?

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TD_washingtonredskins

TD_washingtonredskins

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Believe me, I'd sign up for this type of stress any day of the week...but assuming you were to win that much money and have hundreds of millions of dollars after you made some cool purchases, how do you invest/save that money? I was under the impression that only a certain amount of money is FDIC insured for an individual. So, can you even realistically put, say $35M into a savings account or something like that? Would you have to let someone split it up over 1,000 different banks/accounts/investments?

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Stophovr6

Stophovr6

Posted
Posted
Unless you're older, gotta go with payments.

A) Harder to blow the money

B) You get more money overall

----------

Also, what would everyone do with that kind of money? First purchase?

I'd pay off my loans, buy a Lexus ISF and buy up some property and businesses in Blacksburg so that I'd have a place to stay for games.

Then I'd go get Caps/Skins box seats. Anyone want to come with?

It's such a huge amount. I'd buy a house here in Seattle, one back in DC I'd start investing heavily and then go on a trip around the world to start.

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spjunkies

spjunkies

Posted
Posted
Unless you're older, gotta go with payments.

A) Harder to blow the money

B) You get more money overall

----------

Also, what would everyone do with that kind of money? First purchase?

I'd pay off my loans, buy a Lexus ISF and buy up some property and businesses in Blacksburg so that I'd have a place to stay for games.

Then I'd go get Caps/Skins box seats. Anyone want to come with?

First thing I'd do is buy some crazy condo in Hawaii..... knowing my luck my first night there some tsunami would come in and wipe me and my kick ass condo out.

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Bliz

Bliz

Posted
Posted
Why should anyone have to hire a financial advisor? Get your money and put it in the banks with the best interest rates and enjoy life.

That was a joke, right?

You don't need a financial adviser. You need a team of financial advisers, accountants, tax experts and lawyers to manage a sum like that.

Dumping that much money into regular bank accounts would be insane.

I'd buy an estate in St Barts with a private beach and a badass boat.

But what to do with the other 98% of my winnings???

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DarrellsMyHero28

DarrellsMyHero28

Posted
Posted
Believe me, I'd sign up for this type of stress any day of the week...but assuming you were to win that much money and have hundreds of millions of dollars after you made some cool purchases, how do you invest/save that money? I was under the impression that only a certain amount of money is FDIC insured for an individual. So, can you even realistically put, say $35M into a savings account or something like that? Would you have to let someone split it up over 1,000 different banks/accounts/investments?

I don't know this, but I think that other countries bank accounts (like the Swiss?) would be better at handling all that money?

Though I was just watching the Bourne Identity. Maybe I have no idea what I'm talking about. Actually I don't have a clue.

That was a joke, right?

You don't need a financial adviser. You need a team of financial advisers, accountants, tax experts and lawyers to manage a sum like that.

Dumping that much money into regular bank accounts would be insane.

I'd definitely need help :ols:

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DM72

DM72

Posted
Posted
That was a joke, right?

You don't need a financial adviser. You need a team of financial advisers, accountants, tax experts and lawyers to manage a sum like that.

Dumping that much money into regular bank accounts would be insane.

I understand the accountants and tax experts, but financial advisors? I'm too sure about that. Many people have went broke listening to them. As for lawyers, I'm no sure about that either. I think some makes this way more difficult than it has to be.

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Skinz4Life12

Skinz4Life12

Posted
Posted
That was a joke, right?

You don't need a financial adviser. You need a team of financial advisers, accountants, tax experts and lawyers to manage a sum like that.

Dumping that much money into regular bank accounts would be insane.

I think his point was that you just need to put the money in very low risk, low return investments and your golden. On an amount that large, you could live off interest at a 2% return

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DarrellsMyHero28

DarrellsMyHero28

Posted
Posted
I understand the accountants and tax expers, but financial advisors? I'm too sure about that. Many people have went broke listening to them.

True, but if you have THAT much money hopefully you'd be smart enough to not get into risky investments. Go conservative and buy bonds and such. In that situation you don't need to MAKE more money really, just make sure you don't manage to lose it.

---------- Post added March-29th-2012 at 01:19 PM ----------

If I win I will give myself the "Howard Stern" work schedule

Work about 5 or 6 days per month :ols:

You'd work? Why?

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DM72

DM72

Posted
Posted
I think his point was that you just need to put the money in very low risk, low return investments and your golden. On an amount that large, you could live off interest at a 2% return

That's exactly what I was saying.

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Bliz

Bliz

Posted
Posted
I think his point was that you just need to put the money in very low risk, low return investments and your golden. On an amount that large, you could live off interest at a 2% return

With that much money, someone who knows what they're doing can generate 7-10% return on very safe investments. That's the bare minimum of what a financial adviser's role would be.

The problem is the "permanent vacation" scenario is just not realistic, imo. Could you do that for 10 years without getting bored? How about 50 years? Could you do it without turning your kids into entitled jerks?

I would travel a lot and enjoy myself immensely, but I'd also want to give a lot to charity, get on a couple boards, and invest in my community. I'd have a very healthy amount somewhere safe, but I would also have some play money to invest in promising start-ups. There are a lot of companies out there with great ideas that can do a lot to benefit whatever causes interest you most. If you're just stashing the money and living off the interest to be on vacation forever, you're not doing much good for society.

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TD_washingtonredskins

TD_washingtonredskins

Posted
Posted
The problem is the "permanent vacation" scenario is just not realistic, imo. Could you do that for 10 years without getting bored? How about 50 years? Could you do it without turning your kids into entitled jerks?

I would travel a lot and enjoy myself immensely, but I'd also want to give a lot to charity, get on a couple boards, and invest in my community. I'd have a very healthy amount somewhere safe, but I would also have some play money to invest in promising start-ups. There are a lot of companies out there with great ideas that can do a lot to benefit whatever causes interest you most. If you're just stashing the money and living off the interest to be on vacation forever, you're not doing much good for society.

Yep...I think I'd keep myself busy buying a minor league sports team or something. Maybe a local one. It would be cool to have that type of experience without it coming with the pressure of owning a team you've been a fan of your entire life or something.

You can run a team, make it a charitable one, etc. so that you're doing something regularly, involved in the community, and doing things you enjoy.

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Skinz4Life12

Skinz4Life12

Posted
Posted
With that much money, someone who knows what they're doing can generate 7-10% return on very safe investments. That's the bare minimum of what a financial adviser's role would be.

The problem is the "permanent vacation" scenario is just not realistic, imo. Could you do that for 10 years without getting bored? How about 50 years? Could you do it without turning your kids into entitled jerks?

I would travel a lot and enjoy myself immensely, but I'd also want to give a lot to charity, get on a couple boards, and invest in my community. I'd have a very healthy amount somewhere safe, but I would also have some play money to invest in promising start-ups. There are a lot of companies out there with great ideas that can do a lot to benefit whatever causes interest you most. If you're just stashing the money and living off the interest to be on vacation forever, you're not doing much good for society.

that's all good and all, but your missing the point he was making. the point was to put your money in safe investments (the amount of return is totally irrelevant) and you can live off the interest forever. you'd be an idiot to blow that amount of money if you put it in safe, low return investments. no financial advisers required.

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