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If you won the lottery, what would you do?

Spaceman Spiff

By Spaceman Spiff
in The Tailgate

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Dan T.

Dan T.

Posted
Posted
1 hour ago, Ball Security said:

I would never wear the same pair of socks or underwear twice.

 

 

I read that about Jerry Lewis. Once he became wealthy, he never wore the same pair of socks twice.  Bought 'em retail in bulk, wore them once, donated them to orphanages.

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DCSaints_fan

DCSaints_fan

Posted
Posted

I would start a research institute specializing in the field of sensorineural disease (particularly sight and hearing) and possible treatments.   Our treatments for loss of sight and hearing are rather primitive.  Possibly I would also look into starting a space company or research institute that investigated non-rocket launch options which reduced the $/kg to order of magnitude improvements, maybe even down to $100/kg, over rocket launches.  This include electromagnetic launches like StarTram and space elevators.  Those have very high capital costs, however, so would probably have to funded by government(s).  The first country to successfully do it though gets a massive first-mover advantage.  With something like that the a wide variety of options for space exploration become possible.  Such as continuously supplying off-world outposts on e.g, the Moon and Mars, and not just having to send everything in one go in a huge rocket.  Also opens the door to megaprojects in orbit or on the surface of moons/planets, like say a huge space telescope that could be assembled in orbit with multiple rendevous.   With this maybe you can direct image nearby extrasolar planets to some degree - like maybe about as good as a hobbyist can get of Uranus/Neptune.

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Jumbo

Jumbo

Posted
Posted

 

i would buy lots in well-traveled and well-populated areas all around the country and erect statues of myself on them

 

i'm a little resentful that this is apparently something i'd have to make happen on my own and even have to pay for it myself 😠

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DCSaints_fan

DCSaints_fan

Posted
Posted (edited)
44 minutes ago, No Nonsense said:

Once they cut you a check, where exactly do you put it? Your standard bank account until you figure everything out? 

Yes, I believe so.  But they're not your typical "consumer" banks - there are places like JP Morgan and Goldman Sachs which deal almost exclusively with high roller types.  Also makes sense to spread things out a bit to reduce risk.   But those big banks are also bonded way more than the $250k FDIC limit through private insurance.

 

Ultimately, when your account gets that large, you won't be storing your wealth as hard cash and seeing it slowly lose value through inflation.   It will be diversified in a portfolio such as real estate, stocks, bonds, etc. Which is why having it in the investment banks also makes sense.

Edited by DCSaints_fan
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skinsmarydu

skinsmarydu

Posted
Posted
1 hour ago, No Nonsense said:

Once they cut you a check, where exactly do you put it? Your standard bank account until you figure everything out? 

Open a money market account...earns just a tad more interest in the short term. 

Then get a couple of attorneys, call Fisher Investments (fiduciary), put your money where you want it, and relax. 

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Corcaigh

Corcaigh

Posted
Posted (edited)
49 minutes ago, DCSaints_fan said:

  But those big banks are also bonded way more than the $250k FDIC limit through private insurance.


If you wanted it in a bank account with immediate access there is InterFi, formerly CDARS, which is a network of banks so that the money is spread around many accounts each covered by the FDIC limit.
 

But you might as well just buy short term treasuries while you think about next steps. For a large sum of money that can happen instantaneously for wired funds.

 

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Corcaigh

Corcaigh

Posted
Posted (edited)
13 minutes ago, skinsmarydu said:

Open a money market account...earns just a tad more interest in the short term. 

Then get a couple of attorneys, call Fisher Investments (fiduciary), put your money where you want it, and relax. 


Short term attorneys and tax accountants yes, but best to stay away from people like Fisher who will gouge with AUM fees. For big lottery winner amount of money you would be best served by a family office and there are firms that provide this as a service along with all the legal and accounting services you need.

Edited by Corcaigh
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CousinsCowgirl84

CousinsCowgirl84

Posted
Posted
1 hour ago, ixcuincle said:

https://www.msn.com/en-us/news/us/mega-millions-jackpot-swells-to-24790-million-after-no-lottery-ticket-drew-all-6-winning-numbers/ar-AAZSSx0

 

I'm out man. I've played the last two lotteries and haven't won a cent. I can't do it anymore

It only costs 2 bucks…. I hope you ain’t putting 50 in. Or more? So you’re odds increase from 1 in 302.6 million to 1 in 302.599 million?
 

also, it only when up by less than 200 million???  
 

tightwads.

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ixcuincle

ixcuincle

Posted
Posted
57 minutes ago, CousinsCowgirl84 said:

It only costs 2 bucks…. I hope you ain’t putting 50 in. Or more? So you’re odds increase from 1 in 302.6 million to 1 in 302.599 million?
 

also, it only when up by less than 200 million???  
 

tightwads.

it costs 3 dollars with the multiplier ball.

 

i've puchased 2 tickets, total of 6 dollars. I haven't won a thing

 

I'm out

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Larry

Larry

Posted
Posted
3 hours ago, CousinsCowgirl84 said:

It only costs 2 bucks…. I hope you ain’t putting 50 in. Or more? So you’re odds increase from 1 in 302.6 million to 1 in 302.599 million?

 

Not endorsing lottery tickets as an investment option.  But you do realize that's not how the math works?  

 

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Larry

Larry

Posted
Posted
8 minutes ago, CousinsCowgirl84 said:

Why don’t you take me through the math.

 

Here's a simplistic analogy.  

 

You're buying a ticket to predict what the roll of a 6-sixed die will be.  

 

Odds of winning:  1 in 6.  

 

If you buy a second ticket (with a different number), your odds do not change to 1 in 5.  Your odds become 2 in 6, or 1 in 3.  

 

----------

 

If the odds of winning the lottery are 1 in 302.6 million (I assume you looked up that number.  I haven't checked), then buying a second ticket makes your odds of winning 2 in 302.6 million.  

 

Unless you buy two tickets with the same numbers on them, in which case you're even dumber than the typical lottery player.  

 

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Corcaigh

Corcaigh

Posted
Posted
2 minutes ago, Larry said:

Unless you buy two tickets with the same numbers on them, in which case you're even dumber than the typical lottery player.  

 


Not so. If you are delusional enough to think you can pick the winning numbers then by buying multiple tickets with the same numbers you want to increase your share in case someone else picked the same winning numbers. 🤓

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CousinsCowgirl84

CousinsCowgirl84

Posted
Posted
4 minutes ago, Larry said:

 

Here's a simplistic analogy.  

 

You're buying a ticket to predict what the roll of a 6-sixed die will be.  

 

Odds of winning:  1 in 6.  

 

If you buy a second ticket (with a different number), your odds do not change to 1 in 5.  Your odds become 2 in 6, or 1 in 3.  

 

----------

 

If the odds of winning the lottery are 1 in 302.6 million (I assume you looked up that number.  I haven't checked), then buying a second ticket makes your odds of winning 2 in 302.6 million.  

 

Unless you buy two tickets with the same numbers on them, in which case you're even dumber than the typical lottery player.  

 


which is a small number. So I guess I’m right?

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ixcuincle

ixcuincle

Posted
Posted (edited)

https://www.cbsnews.com/news/mega-millions-810-million-worth-2/

 

To start with, your chance of winning the grand prize is minuscule, at one in 302.5 million. You have better odds of a smaller payoff, such as winning $1 million for matching five regular numbers but missing the Mega Ball. But even that is one in 12.6 million. To put that in perspective, your chance of dying in a car crash - something to consider as you drive to the mini-mart for a lottery ticket - is around one in 101 over a lifetime, according to the nonprofit National Safety Council.

As lottery officials note, players should think of their $2 bet as a chance to dream while accepting the reality they likely won't be entering a new income tax bracket Tuesday night.

Edited by ixcuincle
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