Putting most of jackpot prize in investment?Prev Topic Next Topic

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ambelamba

Entertaiment Capital
United States
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April 19, 2006
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Jul 6, 2007, 3:30 am

Say I won 20millions as a lumpsum prize after tax and everything. I put 80% of it (16 millions) in various investments, incluing annuity and income properties that give me steady flow of income. (well, I don't think I can buy a lot of income properties because buildings are mighty expensive in Los Angeles County.) 20% of money goes into my housing (2.5 millions because that's the average price of 4 bedroom house in Santa Monica) and 1.5 million into money market, an emergency cash reserve.
I will donate 15% of monthly income to Disabled American Veterans because I myself a disabled vet (not physically, but I have a mild psychosis). But I can't pledge for anything.

Sounds selfish to you guys?
DoubleDown

Coastal Georgia
United States
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October 30, 2003
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Jul 6, 2007, 11:18 am

Does not sound selfish to me. Sounds prudent.
BTW, Thank you for your service. God Bless our Vets.....
justxploring

Wandering Aimlessly
United States
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November 5, 2005
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Jul 6, 2007, 11:29 am

Nobody can judge what is selfish for someone else. I agree with DD that your plan sounds very practical. If you invest your money wisely, you can always decide to help others in need when you feel it's appropriate. I wouldn't just give away all my money either. I probably wouldn't spend that much for a house, but if you want to live in certain areas of CA, that's not an astronomical amount of money. In many coastal communities of FL, you can spend $2 million easily. I'm one of these "the smaller the better" people as long as it has lots of privacy, all the amenities, some toys, and I never have to lift another finger to clean it as long as I live!
I wish you a lot of luck.
ambelamba

Entertaiment Capital
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Jul 6, 2007, 6:20 pm

Well, if I win...my one big indulgence might be a silver Aston Martin DB9. Perhaps I can fetch a used one for a low price...
justxploring

Wandering Aimlessly
United States
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Jul 6, 2007, 6:29 pm

Quote: Originally posted by ambelamba on Jul 6, 2007
Well, if I win...my one big indulgence might be a silver Aston Martin DB9. Perhaps I can fetch a used one for a low price...

Nice - there's a dealership down the road a bit that sells them. I was in their showroom last year and I believe that's the model they had for about $178,000 but I could be mistaken.
MIlottoplayer

Grand Rapids, Michigan
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June 19, 2007
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Jul 6, 2007, 8:29 pm

Quote: Originally posted by justxploring on Jul 6, 2007
Nice - there's a dealership down the road a bit that sells them. I was in their showroom last year and I believe that's the model they had for about $178,000 but I could be mistaken.

I've always loved the look of Lamborginis/Ferraris but where I live there are no dealerships around. The only real "sports car" dealearship is Porche. I've always wondered how I'd go about checking out fancy/real sports cars from where I'm at? I mean would I have to fly out to a dealership in Los Angeles and just buy one there and have them truck it to my state? It's just one of those things I've always wondered about just in case I won and had the money to do something crazy like that.
JackpotWanna

United States
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March 23, 2004
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Jul 6, 2007, 10:36 pm

Quote: Originally posted by ambelamba on Jul 6, 2007
Say I won 20millions as a lumpsum prize after tax and everything. I put 80% of it (16 millions) in various investments, incluing annuity and income properties that give me steady flow of income. (well, I don't think I can buy a lot of income properties because buildings are mighty expensive in Los Angeles County.) 20% of money goes into my housing (2.5 millions because that's the average price of 4 bedroom house in Santa Monica) and 1.5 million into money market, an emergency cash reserve.
I will donate 15% of monthly income to Disabled American Veterans because I myself a disabled vet (not physically, but I have a mild psychosis). But I can't pledge for anything.

Sounds selfish to you guys?

Sounds like a good plan.
mylollipop

United States
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October 21, 2005
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Jul 7, 2007, 3:46 am

Very, very, practical.
justxploring

Wandering Aimlessly
United States
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November 5, 2005
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Jul 7, 2007, 4:35 am

Quote: Originally posted by MIlottoplayer on Jul 6, 2007
I've always loved the look of Lamborginis/Ferraris but where I live there are no dealerships around. The only real "sports car" dealearship is Porche. I've always wondered how I'd go about checking out fancy/real sports cars from where I'm at? I mean would I have to fly out to a dealership in Los Angeles and just buy one there and have them truck it to my state? It's just one of those things I've always wondered about just in case I won and had the money to do something crazy like that.

It would be a personal choice. If you didn't need to test drive it, you could buy it over the net. Once I worked for a loan company (so obviously these buyers weren't millionaires) and it's not uncommon these days for people to buy without seeing the car if they know the dealer is reputable. One client bought a BMW. I don't know if I'd do it however, but it's getting more and more common. I know CA has its own emission controls laws, but I haven't sold cars in over 10 years, so I don't keep up with the laws. FL doesn't have vehicle inspections anyway. You can buy a Flintstone car here and register it!
BTW, there are a lot of used Aston Martins listed on Yahoo, but they're not cheap! The local dealer I mentioned probably has a web site. I'm sure if you Google Naples Aston Martin you can find it. I think FL is closer to you than CA. If you want to find a dealer in your area for any car you can go to Edmunds.com and type in your zip code and it will tell you if there's one within 200 miles. There's also a Ferrari Club of America and there should be a chapter in MI. If you like reading about luxury cars you might enjoy this article from a local magazine. Boy this man has lots of money, but he didn't get it winning the lottery. Many multi-millionaires made their fortunes in real estate.
http://www.gulfshorelife.com/Articles/Gulfshore-Life/2007/04/Wheeling-Healing.asp
manzplan

Westerose
Canada
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June 15, 2007
189 Posts
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Jul 7, 2007, 8:09 am

Quote: Originally posted by ambelamba on Jul 6, 2007
Say I won 20millions as a lumpsum prize after tax and everything. I put 80% of it (16 millions) in various investments, incluing annuity and income properties that give me steady flow of income. (well, I don't think I can buy a lot of income properties because buildings are mighty expensive in Los Angeles County.) 20% of money goes into my housing (2.5 millions because that's the average price of 4 bedroom house in Santa Monica) and 1.5 million into money market, an emergency cash reserve.
I will donate 15% of monthly income to Disabled American Veterans because I myself a disabled vet (not physically, but I have a mild psychosis). But I can't pledge for anything.

Sounds selfish to you guys?

It's too generous lol .... but watch out a couple on here will say you are greedy no matter what you say.
pssssst just tell those ones you'll buy a lot of 300k cars with the money to p*ss them off lol

You live a life of abundance! You have won the lottery! Belief creates reality! Believe!
PrisonerSix

Baton Rouge, LA
United States
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May 7, 2004
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Jul 7, 2007, 8:46 am

Sounds like a good plan to me. If I were in your shoes, I'd probably move to a lower cost more tax advantageous area than California, but if you like the area, why not stay? In a lower cost area though, the money will go alot further.
The first thing I'd do is get out of debt. Both of our cars are fairly new and in good shape, so we'd stick with them for a while. If I were to get a new car, it would be something like a Hyundai Sonata, a nice car, but not as obvious as a Mercedes or a Ferrari. For the most part, I'd like to lay low and just enjoy life, not having to worry about all the scammers who'll want some of the money.
Just my opinion.

Prisoner Six

"I am not a number, I am a free man!"
manzplan

Westerose
Canada
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June 15, 2007
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Jul 8, 2007, 2:40 am

Quote: Originally posted by PrisonerSix on Jul 7, 2007
Sounds like a good plan to me. If I were in your shoes, I'd probably move to a lower cost more tax advantageous area than California, but if you like the area, why not stay? In a lower cost area though, the money will go alot further.
The first thing I'd do is get out of debt. Both of our cars are fairly new and in good shape, so we'd stick with them for a while. If I were to get a new car, it would be something like a Hyundai Sonata, a nice car, but not as obvious as a Mercedes or a Ferrari. For the most part, I'd like to lay low and just enjoy life, not having to worry about all the scammers who'll want some of the money.
Just my opinion.

I am going for the new Lexus Hybred.... looks smart and plus I want to support the only luxury car hybred out there.
Other than that it's a prius and a hybred truck

However I do have to use a heavy duty truck for the horse trailers... but then again that isn't every day driving.

I use to want an Aston Martin Logonda and a Lamborgini Contach .... but not anymore.

You live a life of abundance! You have won the lottery! Belief creates reality! Believe!
guesser

United States
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June 16, 2006
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Jul 8, 2007, 5:33 am

You do NOT want to buy a Ferrari from anywhere in Los Angeles, especially the dealer there. PM me and I will tell you where, but absolutely not in LA/Hollywood. Most anywhere else, but not in LA - or Phoenix/Scottsdale.
Me ?
I'd buy a Ford Fusion or something like that, or maybe a Honda, and then I'd be looking for a Ferrari F50.
A Prious is worse on the environment than a Hummer, if you do some research you will see why.
As far as being selfish with 'money', I would not profess to tell anyone what to do with THEIR money, because it's none of my business, just as I'm sure none of you would appreciate anyone telling you what you should do with your money...... That said, feel free to buy a Ferrari in LA or AZ, but I wouldn't.
KY Floyd

NY
United States
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October 16, 2005
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Jul 10, 2007, 2:33 am

You're planning on keeping 88% for yourself? That's the definition of selfish.
pumpi76

Honduras
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August 29, 2005
4,715 Posts
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Jul 11, 2007, 4:02 pm

That's what i'd have done too; put it on investment...And i probably have different houses in different Latin American countries including Brazil...They will be 150-200K houses and of course they will be in subdivisions...

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