zoony Posted January 11, 2016 Share Posted January 11, 2016 And actually, I would be somewhat conservative with the money. At least as conservative as you can be with that much money Think about building your dream house, buying a vacation home, buying a few boats, buying 5 dream cars and a barn to stable them, giving a million to your parents and siblings, taking a few lavish vacations on a chartered jet... Now consider you probably haven't even spent $20 million wait lowes is cheaper? No They both pretty much suck. Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 11, 2016 Share Posted January 11, 2016 I always think about that. It would be a full time job just trying to line up enough financial institutions to take that much money. And then trying to stay on top of it I would probably take the allowance option. I think there would be plenty of banks would be willing to take your money... what would be the downside for them? If I won, I would probably seek out the biggest hotshot (someone on the level of Gates, Zuckerberg, Tim Cook, etc.) would be willing to give me a few minutes of their time to give me some advice ... for the ones involved in charities a substantial donation to their cause might get theri attention Link to comment Share on other sites More sharing options...
DM72 Posted January 11, 2016 Author Share Posted January 11, 2016 Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow. Exactly. Hiring this guy and that guy is just letting people you don't know into your pockets. Find some banks with the best interest rates and you'll be fine. Link to comment Share on other sites More sharing options...
Kilmer17 Posted January 12, 2016 Share Posted January 12, 2016 Guy bursts through his front doors and starts screaming for his wife. "Honey ! You won't believe this, I won the lottery!!" He pulls out suitcases and starts packing. The wife says "Oh my god! That's fantastic! Where are we going"? Husband replies. "I don't care, just get the eff out!" Link to comment Share on other sites More sharing options...
zoony Posted January 12, 2016 Share Posted January 12, 2016 I think there would be plenty of banks would be willing to take your money... what would be the downside for them? If I won, I would probably seek out the biggest hotshot (someone on the level of Gates, Zuckerberg, Tim Cook, etc.) would be willing to give me a few minutes of their time to give me some advice ... for the ones involved in charities a substantial donation to their cause might get theri attention I remember reading an interview with Survivor winners... They all said finding a bank that would accept $1 million was the most difficult part of managing the money. I haven't had that problem though so who knows A guy walks into a bank and says to the teller "I want to open a ****ing account. Snap to" The teller smiles awkwardly and says "okay sure I just need your drivers license and another form of id" "**** you lady, my drivers license is good enough" "I really don't care for the way you're speaking to me" she says, and calls her manager over "What seems to be the problem?" Says the manager The man says "I have a cashiers check for $10 million dollars and I'd like to open an account" "And this **** is giving you a hard time, is she?" Says the manager... Link to comment Share on other sites More sharing options...
Renegade7 Posted January 12, 2016 Share Posted January 12, 2016 I couldn't imagine having that much money and not trying to put as much of it back into the community as I could. I'd be investing in real estate and starting my own non-profits. Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 12, 2016 Share Posted January 12, 2016 I remember reading an interview with Survivor winners... They all said finding a bank that would accept $1 million was the most difficult part of managing the money. I haven't had that problem though so who knows A guy walks into a bank and says to the teller "I want to open a ****ing account. Snap to" The teller smiles awkwardly and says "okay sure I just need your drivers license and another form of id" "**** you lady, my drivers license is good enough" "I really don't care for the way you're speaking to me" she says, and calls her manager over "What seems to be the problem?" Says the manager The man says "I have a cashiers check for $10 million dollars and I'd like to open an account" "And this **** is giving you a hard time, is she?" Says the manager... The only thing I can think of that might make them reluctant is believing the funds are legitimate ... banks can get really nailed to the wall if people use them to launder money .. even if the bank can't know what the funds are being used for ... I couldn't imagine having that much money and not trying to put as much of it back into the community as I could. I know taxes an all that, but if you divided $1.3Billion to every person in the country, that's close to $4million a person. I'd be investing in real estate and starting my own non-profits. Might want to check your math ... $1.3 billion for every person in the US (~ 300 million people) is like $4 ... Link to comment Share on other sites More sharing options...
Renegade7 Posted January 12, 2016 Share Posted January 12, 2016 I know, I already edited it out soon as I typed it. Link to comment Share on other sites More sharing options...
skinfan2k Posted January 12, 2016 Share Posted January 12, 2016 that joke is floating around fb a lot. Link to comment Share on other sites More sharing options...
balki1867 Posted January 12, 2016 Share Posted January 12, 2016 If I got that kind of windfall, I'd do everything in my power to make sure nobody ever found out (i.e. anonymous trusts, etc). I remember reading an article a while back about people who win the lottery and why they go broke. Most of the reasons are exactly what you think-- people who buy lottery tickets aren't exactly known for smart financial decisions to begin with. But outside of that, there were some horror stories about getting sued over trivial things, getting robbed multiple times, having family members kidnapped for ransom, or having family members put a hit on you on the off chance there's some money for them in your will. I can't imagine living the rest of my life having to cautious about this stuff, or having to keep a security entourage just to live a normal life. There's a reason they tell you that the first thing to do if you win is to put the ticket in a safety deposit box. Your life is about change drastically, and you need to know exactly how you're going to live the rest of your life, because the second your name gets attached to that jackpot, there will be an onslaught of people coming for your money. Link to comment Share on other sites More sharing options...
chipwhich Posted January 12, 2016 Share Posted January 12, 2016 That billion dollar payout represents about 3 billion dollars worth of losing tickets, the overwhelming majority of which are bought by those in lower income brackets. Would those lower income brackets be based on Hillary's scale or Bernie's scale? Link to comment Share on other sites More sharing options...
88Comrade2000 Posted January 12, 2016 Share Posted January 12, 2016 I'm buying a 67 Impala and a Tesla X (as a carbon offset), if I win. I'll buy all the tailgate regulars season tickets, too. Assuming you can track me down. Well, my address is .... Link to comment Share on other sites More sharing options...
ixcuincle Posted January 12, 2016 Share Posted January 12, 2016 One billion might actually be enough to buy the redskins and get rid of Snyder Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted January 12, 2016 Share Posted January 12, 2016 I told my wife if I won that I'd blow it all on coke and hookers. She would be welcome to stay with me or not. Thank god I have a comfortable couch. Link to comment Share on other sites More sharing options...
dfitzo53 Posted January 12, 2016 Share Posted January 12, 2016 Edit: NM, I think I did that wrong. Edit 2: I'm not so sure, it might have been right actually. Link to comment Share on other sites More sharing options...
TheDoyler23 Posted January 12, 2016 Share Posted January 12, 2016 One billion might actually be enough to buy the redskins and get rid of Snyder A billion may buy some of the 35% he doesn't own assuming the real estate guy or the FedEx guy wants to sell. Team was valued by Forbes around 3 billion last year. Yowza! Link to comment Share on other sites More sharing options...
mcsluggo Posted January 12, 2016 Share Posted January 12, 2016 I don;t understand why State lottery winnings aren't exempt from Fed taxes like state and muni bonds are.... doesn't this qualify as the one branch of govt interfering with a different branch's revenue gathering in the same way that taxing bonds would? Link to comment Share on other sites More sharing options...
The Evil Genius Posted January 12, 2016 Share Posted January 12, 2016 I suspect since it is gambling, all winnings are federally taxable. Link to comment Share on other sites More sharing options...
Koolblue13 Posted January 12, 2016 Share Posted January 12, 2016 Damn I want that money. Link to comment Share on other sites More sharing options...
zoony Posted January 12, 2016 Share Posted January 12, 2016 What a windfall for government. They collect all the money up front and then tax the hell out of the winnings on the back end I remember reading that rule of thumb was you'd get about 45% of the jackpot when it's all said and done... Seems like that's still true Edit: NM, I think I did that wrong. Edit 2: I'm not so sure, it might have been right actually. Who are you talking to? Link to comment Share on other sites More sharing options...
jpage520 Posted January 12, 2016 Share Posted January 12, 2016 I was always curious about the anonymity factor. I don't play the lottery often so I'm not 100% up on all the rules and stuff. But do you have the option to remain anonymous? Or does it become some kind of public record that you won? I find it hard to believe there wouldn't be TV crews around the lotto offices or something as soon it was established there was a winner. Link to comment Share on other sites More sharing options...
The Evil Genius Posted January 12, 2016 Share Posted January 12, 2016 Anonymity depends on the state. However, I believe the majority of the Powerball 44 states do not allow for it. There is a good reason for them not too. Anonymous winners promote an image of fraud (that's the argument at least). Link to comment Share on other sites More sharing options...
jpage520 Posted January 12, 2016 Share Posted January 12, 2016 Anonymity depends on the state. However, I believe the majority of the Powerball 44 states do not allow for it. There is a good reason for them not too. Anonymous winners promote an image of fraud (that's the argument at least). That honestly concerns me more than anything else. Like, I get it. But the thought of being plastered all over every news outlet in the country after winning is a bit scary. Link to comment Share on other sites More sharing options...
tshile Posted January 12, 2016 Share Posted January 12, 2016 What a windfall for government. They collect all the money up front and then tax the hell out of the winnings on the back end I remember reading that rule of thumb was you'd get about 45% of the jackpot when it's all said and done... Seems like that's still true There's a reason why the joke is that the lottery is a way to tax poor people. And yeah, you only get 50% of the prize if you want the lump sum. Then you're going to pay a huge tax bill on that, i think it's like 40%? So you're looking at collecting just over 25% of the total when all is said and done. Which... is still a lot of money. I'll take 25% of over a billion. Hell I'd take 25% of a million... Article I read this morning said you have a better chance of your name being picked out of a hat that contained the name of every person in the country Link to comment Share on other sites More sharing options...
endzone_dave Posted January 12, 2016 Share Posted January 12, 2016 I'm going to make a guess that most people who win the lottery aren't any happier than they were before they won it. I bet they are constantly pestered for money, everything from Aunt Ethel wanting money to repair her roof to your deadbeat nephew wanting money to open a bar to your church wanting money to put in a new parking lot - and if you ever say no, they hate your guts. Plus, now you never work, that's fine. But then your kids expect to never work. How well is that going to work out. Plus if you make them work to build character, do you think they won't resent you completely. Plus you have every Nigerian in the world pestering you for your bank account number. Total strangers with cancer are begging you for money for the operation that's going to save their life. Maybe it's all worth it if you don't have to go to work and you drive a Ford GT and you have season tickets at center ice. As I think the whole thing through, it doesn't sound as fun as I used to think it would be. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.