If you won the lottery, what would you do?

[NoCalMike]

If I won that jackpot, I'd immediately pay off any debt of my immediate family (including my sibling & parents).  I'd probably help out a few close friends as well in that same way.   

 

Then I am hiring a solid financial advisor to help me invest a good amount of the money. 

 

After that.....I am looking at different countries to move to and applying for at least dual citizenship. 

 

I am also stashing at least a few million somewhere, where it can't be lost in a stock market crash or anything out of my control. 

 

After that, hard to say.....I have never yearned for a lifestyle of the "finer things" but it's also silly to suggest I wouldn't do some self-indulgent shopping.   I'd love to have a movie theater caliber entertainment room.  

 

Probably look into a handful of charities as well.

Edited July 27, 2022 by NoCalMike

[The Evil Genius]

Also take home on that billion dollar pot is about 40% after taxes, slightly higher in some states. 

 

Lump sum cash option (assuming you go that route) is about 600 million before fed (24%) and state taxes bring it down further..

 

According to this, actual net results is about 380mil.

 

https://www.cnbc.com/2022/07/27/the-mega-millions-jackpot-is-now-1point02-billion-heres-the-tax-bill.html

Edited July 27, 2022 by The Evil Genius

[Dan T.]

14 minutes ago, Spaceman Spiff said:

 

I think billionaires are living rent free in your head, bro.  

 

 

If a billionaire was living in my head, I would charge them out the ass for rent.

[Corcaigh]

42 minutes ago, The Evil Genius said:

Also take home on that billion dollar pot is about half after taxes, slightly higher in some states. 

 

Lump sum (assuming you glo that route) is about 775 million before fed (24%) and state taxes bring itbdown further..

You’ll be paying 37% Fed on almost all of it.

 

I’m not buying a ticket so the odds of me winning are not great, but statistically no different from people who do play.

 

That said, with >$400M, aside from good deeds, and with pandemic and political lunacy in mind I think I might buy an island in the Caribbean or Bahamas. $5-$10M will get you one plenty big enough for a landing strip and then about $30-$50M for a nice house. Or if you wanted to be closer to ‘civilization’ then there is a 26 acre Florida Key for sale only 10 minutes by helicopter from Miami, but the cost goes up.

Or if I didn’t want to go through the hassle and time of building, something like this property in the Berry Islands for only $35M list would do at the low end.

 

As for investing and future income … history suggests that a  safe withdrawal rate from investments for perpetuity is 3-4% even in the very worst of times. $50M means you can spend $1.5M - $2M per year and never run out.

 

 

 

Edited July 27, 2022 by Corcaigh

[No Nonsense]

I’d take others advice by getting a tax accountant, financial planner (with a good reputation), an attorney. But one thing that’s important to me is that I have an account that I will have 24/7 access to my money. 

[Corcaigh]

1 minute ago, No Nonsense said:

 24/7 access to my money. 

That’s called cash in the mattress. Nothing else is accessible outside of trading/business hours.
 

[No Nonsense]

5 minutes ago, Corcaigh said:

That’s called cash in the mattress. Nothing else is accessible outside of trading/business hours.
 

I wouldn’t have every penny tied up in investments. 

[Corcaigh]

11 minutes ago, No Nonsense said:

I wouldn’t have every penny tied up in investments. 

No-one should. Having enough in cash, short-term CDs or similar, makes sense, whether “enough” is six months or several years of living expenses.

 

The thing is, with even a $50M stock and bond portfolio paying out 1-2% in dividends monthly or quarterly, your cash supply gets refreshed to the sum of $500k - $1M every year without selling investments.
 

 

Edited July 27, 2022 by Corcaigh

[Dan T.]

Has anybody quoted "I'd spend as much as I could on booze, drugs, and hookers.  The rest I would just waste."

[Redskins Diehard]

If I had that kind of money I'd probably buy a jet boat. I hear lake life is the ****.  And maybe even an airplane.  Wouldn't even have to worry about borrowing from my 401k

[China]

3 hours ago, Corcaigh said:

You’ll be paying 37% Fed on almost all of it.

 

I’m not buying a ticket so the odds of me winning are not great, but statistically no different from people who do play.

 

That said, with >$400M, aside from good deeds, and with pandemic and political lunacy in mind I think I might buy an island in the Caribbean or Bahamas. $5-$10M will get you one plenty big enough for a landing strip and then about $30-$50M for a nice house. Or if you wanted to be closer to ‘civilization’ then there is a 26 acre Florida Key for sale only 10 minutes by helicopter from Miami, but the cost goes up.

Or if I didn’t want to go through the hassle and time of building, something like this property in the Berry Islands for only $35M list would do at the low end.

 

As for investing and future income … history suggests that a  safe withdrawal rate from investments for perpetuity is 3-4% even in the very worst of times. $50M means you can spend $1.5M - $2M per year and never run out.

 

 

 

 

Looks like one good wave and that whole island is under water.  Key West is already disappearing due to rising sea levels, how long before that whole island is gone?

[abdcskins]

5 hours ago, The Evil Genius said:

I won $2 on $4 of tickets. Time to reinvest.

 

4, 8, 15, 16, 23, 42

 

 

The only problem with these numbers is that 42 is not a Mega number. 1-25. 

 

I recommend 16, 38, 41, 45, 67 Mega 4

[The Evil Genius]

53 minutes ago, abdcskins said:

 

The only problem with these numbers is that 42 is not a Mega number. 1-25. 

 

I recommend 16, 38, 41, 45, 67 Mega 4

 

 

I chose 23 for the mega BTW. 

[Corcaigh]

1 hour ago, China said:

 

Looks like one good wave and that whole island is under water.  Key West is already disappearing due to rising sea levels, how long before that whole island is gone?

It looks like they’ve built a pretty decent seawall but of course the clock is ticking. Maybe an extinct volcanic island instead will buy more time.

[Corcaigh]

1 hour ago, Dan T. said:

Has anybody quoted "I'd spend as much as I could on booze, drugs, and hookers.  The rest I would just waste."

It was, but unfortunately misquoted.

 

George Best, legendary Northern Ireland and Manchester United player, said about the money he made while playing:

“I spent a lot of money on booze, birds, and fast cars. The rest I just squandered.“

 

[DCSaints_fan]

6 hours ago, CousinsCowgirl84 said:

Yea,  but if you have to split the jackpot you loose money.

 

right now you’d have to spend about 600 million to be guaranteed to win that much, unless you had to split it. Not exactly exciting.

Back in the early to mid 2000s something similar was done with the Massachussets State Lottery https://www.theatlantic.com/business/archive/2016/02/how-mit-students-gamed-the-lottery/470349/

 

I've also wondering if drug cartels haven't figured out this would be an easy way to launder money.  OTOH, pretty high publicity though, so the winners are likely to be under close scrutiny - maybe better to stick with the smaller prizes like scratch offs which wouldn't draw much attention.
 

Edited July 27, 2022 by DCSaints_fan

[CousinsCowgirl84]

1 hour ago, DCSaints_fan said:

Back in the early to mid 2000s something similar was done with the Massachussets State Lottery https://www.theatlantic.com/business/archive/2016/02/how-mit-students-gamed-the-lottery/470349/

 

I've also wondering if drug cartels haven't figured out this would be an easy way to launder money.  OTOH, pretty high publicity though, so the winners are likely to be under close scrutiny - maybe better to stick with the smaller prizes like scratch offs which wouldn't draw much attention.
 

Some states allow jackpot winners to remain anonymous except to the IRS of course….0 

[Larry]

Used to be, I would fantasize about the money  And my fantasies revolved around how I could give Disney vacations to strangers.  

 

In fact, I spent time trying to imagine how I could give free Disney vacation, to people with kids, and not have them think I'm trying to invite their kids to the Neverland Ranch.  

 

Now days?  The way society is now, and is moving?  And the way Disney is changing?  I'd be trying to figure out how to keep it all for myself, and GTFO of the country.  I've got a feeling we're about to become Russia, or Nazi Germany, within 10 years.  

[Dan T.]

3 hours ago, Corcaigh said:

It was, but unfortunately misquoted.

 

George Best, legendary Northern Ireland and Manchester United player, said about the money he made while playing:

“I spent a lot of money on booze, birds, and fast cars. The rest I just squandered.“

 

Of course it was an Irishman. 

[Corcaigh]

32 minutes ago, Dan T. said:

Of course it was an Irishman. 

They usually have the correct perspective.

[China]

1 hour ago, Corcaigh said:

They usually have the correct perspective.

 

The Irish Perspective

 

[LD0506]

Funny, the very first thing I would do, before even turning in the ticket, would be to get with a lawyer and set up a couple three stacked LLCs as opaque as possible to claim it so my name never appeared in connection with it anywhere.

 

That much money is a blessing and a curse and would be a threat to anyone you knew or cared about. Wealth could become a huge burden if you were not free to use it. 

[The Evil Genius]

Fwiw and probably an unpopular opinion here, I think States that allow anonymous winning ticket claims hurt the lottery.

 

No actual proof of a winner for the public to latch on to hurts sales. 

[TheGreatBuzz]

16 minutes ago, The Evil Genius said:

Fwiw and probably an unpopular opinion here, I think States that allow anonymous winning ticket claims hurt the lottery.

 

No actual proof of a winner for the public to latch on to hurts sales. 

 

Any sources to back up that it hurts the lottery sales?

[The Evil Genius]

10 minutes ago, The Almighty Buzz said:

 

Any sources to back up that it hurts the lottery sales?

 

No.