At what jackpot amount would you consider "sharing" the wealth?

Reply #36

LOTTOMIKE — Fri, 30 Mar 2007 05:00:05 GMT

talking to his mom about his birthday party later that day and the soon-coming move to a new house. After playing with Woody, Andy starts helping his mom by carrying his baby sister to her. While he is gone, all the toys come to life and Woody tells everyone that Andy's birthday party has been moved to today, instead of later. This makes all the toys extremely nervous, wondering if Andy will get a toy that will replace them. Woody sends the small green soldiers downstairs to spy on the party. At... [ More ]

Reply #35

LottoHackJack — Fri, 30 Mar 2007 04:42:54 GMT

The debate is not silly at all, since many have had to deal with the reality of the situation in the past, and it's good to guage the results against your personality type to see what might possibly become of you under different circumstances that you may find yourself in, or may exercise to follow.

If the winner is traditionally greedy, selfish, ignorant, stupid, adulterous, murderous or demonstrates addictive or compulsive/impulsive behaviour...Then that winner will aspire and simply gra... [ More ]

Reply #34

MegaWinner — Wed, 07 Mar 2007 02:12:57 GMT

I like that idea lol! And Justxploring, if a family member or close friend (one of my 12 that I will share with anyway) went through a natural disaster, I would help them out as best as I could. Maybe let them stay with me rent/bill free till they got back on their feet (if I only won a $4.5 mill jackpot), I just wouldn't give them any money. Now if something happened to one of my 12 after today, of course I would help them a little more than I already planned.

I plan on keeping $90 mill... [ More ]

Reply #33

JAP69 — Wed, 07 Mar 2007 00:27:30 GMT

There is a post somewhere here on lottery post. It goes some what like this.

The guy won a bunch of money in the lottery. He called all the friends or people he could think of. He told them he needed a couple thou real quick for an emergency of some sort.

Only one person came thru with the couple thou.

That is who he shared some of his wealth with.

I think I would do the same.

Reply #32

ridewithjim — Wed, 07 Mar 2007 00:17:48 GMT

When i win tonights Mega Millions, I plan on using twenty million to satisfy everyone in my family handsomely. Then I plan on spending about 15 million helping out several prepicked charities, and good causes. Finally I wil let my wife lay claim to 50% of what is left. and definately put enough in investments to secure generational wealth.

I have many friends I will also surprise with an auto, or payoff of their mortgage something real cool. (Major Lacey)

Hope I win to end my physical st... [ More ]

Reply #31

fbird — Wed, 07 Mar 2007 00:13:16 GMT

i have always had a figure in my head. I know it is dreaming, but the question was asked and this is what i have always said to my wife ( even tho she would want to keep it all..LOL ). That if the jacpot were to exceed $200M, we would keep half and give the rest to be split between family and friends. At first she questioned me about this, and I said well, if we have all this money and no one to party with....what good is it!! And besides we would be able to enrich other people lives ....even t... [ More ]

Reply #30

justxploring — Tue, 06 Mar 2007 23:15:10 GMT

You can search all over LP for them. Someone doesn't have to specifically say I won't help people in times of illness and disaster but saying I'm not helping people until I have $XX or I don't plan to tell my family I won or I'll never give one dime to my family sounds like the same thing to me. Someone is either a generous person or he isn't.

I was going to answer Guesser's last comment and respond to MegaWinner's Ferrari Money comment but I've already written way too much. I d... [ More ]

Reply #29

guesser — Tue, 06 Mar 2007 22:01:19 GMT

To make my stance perfectly clear: I have no problems helping out family and closest friends - those that have stayed in touch all through the years - in a time of need, but I don't feel compelled that I MUST give to people for no other reason than I have more than they do, or that they are simply expecting me to gift them because I have more than they do.

I keep putting the show on the other foot - if they won would I expect anything from them ? My answer always comes back to 'no'. That do... [ More ]

Reply #28

LuckyLilly — Tue, 06 Mar 2007 21:48:21 GMT

I must have missed the posts where people were saying they wouldn't help their family in time of disaster. That would be incredibly small and mean. Can you point me to those posts

Reply #27

justxploring — Tue, 06 Mar 2007 21:33:31 GMT

Great post, RJOh. Sorry I must have skipped right over it. Very true about the taxes. Also, that's what I was saying about giving. If you give your 10% or whatever you can afford now, you would continue to give it and not worry about what is tax free or what you need to have put away to make $10 million more, etc. If you don't give anything now, maybe you wouldn't if you were wealthy.

Reply #26

justxploring — Tue, 06 Mar 2007 21:27:26 GMT

Yes, LuckyLilly. I totally agree that you can't give someone money if you don't have the rent or enough to eat. You missed my point. The posts I referred to were talking about putting millions and millions in investments and waiting for it to grow. Hunger, disease and disaster don't always have schedules.

Sue wins $10 million (not even close to the jackpot amounts people on this board are usually talking about) In all her excitement she hasn't read the news or called her family for... [ More ]

Reply #25

guesser — Tue, 06 Mar 2007 19:34:50 GMT

Your last line is exactly where I was coming from, thank you.

I'd rather had a mid 1960's 250 or 330 myself.

Reply #24

guesser — Tue, 06 Mar 2007 19:32:12 GMT

No, you don't. I NEVER said I'd get a NEW Ferrari - I'd look around for a good 1995 348TS - maybe $60-65K, and I MIGHT look around for a lowlty 355 Spyder for 100K or so, or a decent late-model 512 or TR - maybe $125K. Then a decent PPI is around $3K each, and a Major is between 10-20K each.

The going rate for an Enzo right now is about 1.2 mill, I would never buy one even if I was a billionaire.

The NEW 599 is going for (now) around 350K, but I doubt I would buy one.

400K may be nothin... [ More ]

Reply #23

RJOh — Tue, 06 Mar 2007 19:28:04 GMT

Where does the idea that lottery winnings has to be treated differently than earned income come from?

The government thinks it should be treated the same and taxes it the same way. I've never spent time thinking about how much of the the money I've earned should be given away and I wouldn't if I won some. I would pay the taxes and handle it as I would had I earned it but like a person who earns several million dollars a year.

Reply #22

LuckyLilly — Tue, 06 Mar 2007 17:55:08 GMT

What I was saying is that you really can't put an amount you need to have in the bank before you begin helping others

Can you give someone water if the bucket is dry? No. So I think you can and you should put the amount you need to have in the bank before helping others. It's not selfish to make sure you have what you need, cuz you gotta have what you need before you can have anything to give.

Reply #21

LottoHackJack — Tue, 06 Mar 2007 16:59:06 GMT

I agree...It's probably best to simply come down to Earth after a win, learn to invest the windfall properly as risk-free as possible for a good return to both preserve the capital, and hopefully make it increase appreciably before deciding to give any dividends away for truly worthy causes.

Efforts at bettering yourself, your immediate family, and parents, all on a controlled level, is probably a good idea only if the recipients are truly noble and worthy to receive it. If your kids or s... [ More ]

Reply #20

Coin Toss — Tue, 06 Mar 2007 15:11:06 GMT

Since we're talking making a score and Italian vehicles...

I'd get a Ducati, a Moto Guzzi, and a Benelli (motorcycles). Then I'd take the fastest parts off of all three, and turn them into one really fast hybrid of a bike- called of course, a Benoto Guzzalini!

(Just wanted to lighten things up

Reply #19

MegaWinner — Tue, 06 Mar 2007 14:26:13 GMT

Actually the really expesive Ferrari is the ENZO which costs about $1,000,000. The F430 comes in several models and the one you priced is the manual gearbox version of that car. They also have a flappy paddle F1 style trans that costs about $19,000 more and then the Challenger model that costs about $220,000. So really if you get the manual gearbox version for $170,000, it doesn't necessarily mean you got the cheaper version. It means you prefer the traditional stick shift over the F1 s... [ More ]

Reply #18

justxploring — Tue, 06 Mar 2007 08:23:15 GMT

Time to go to bed. Actually, maybe it's time to stop posting altogether. People around here are very nasty lately. What do you mean I don't know Ferraris? I've driven in a few and I know for sure the last model I drove in cost over $250,000. In the 90s I dated someone with a Testarossa and even back then I remember it cost around $200,000. So that means 2 of them would cost between $450 and $500,000 unless I can't add. Please don't tell me I don't know what I'm talking about. I'm quite fa... [ More ]

Reply #17

JimmySand9 — Tue, 06 Mar 2007 08:03:06 GMT

I don't know. I would have to have an amount well over the amount I need to live on for a lifetime in order for me to share.

Reply #16

guesser — Tue, 06 Mar 2007 07:41:05 GMT

It IS possible to do all - pay off mortgages, fund relatives' college expenses, send appointed folks on nice vacations AND still hide most of your winnings, you just have to be reasonable with who you decide to fund: realize you cannot and must not fund everybody and everything.

I keep saying, I'm not going to blow all of my money, but I'm not going to penny-pinch all of it, either, I am going to do what is called LIVING.

Reply #15

four4me — Tue, 06 Mar 2007 07:34:38 GMT

because Jack was already a millionaire when he won i think he thought o what the heck I'll just do like i always did, he was supposedly a pretty good fellow before he won. And circumstance around his town just escalated. his preachers turned him down when he initially offered them money for their Church. he build a church that no one goes too. his wife wouldn't even make him a cup of coffee in the morning. Stuff like that led him away from his old self and the new unimproved Jack emerged. A Jack... [ More ]

Reply #14

guesser — Tue, 06 Mar 2007 07:33:14 GMT

1) You don't know Ferrari's, do you ? (The correct answer is no, apparently you don't. Research it and get back to me). I would NEVER tell you that you are nuts for 'moving to the mountains' - if that's what trips your trigger - go for it - far be it for me to criticize.

2) Still, you can't take it with you. I won the lottery, I can do what I want, and if I choose to buy a few items of my choice, I will.

Anybody that wins - they can do what they dang well please, but don't try to tell me... [ More ]

Reply #13

Coin Toss — Tue, 06 Mar 2007 07:25:35 GMT

The truly rich wear common clothes and carry their treasure in their hearts

-Tao Te Ching

Reply #12

MegaWinner — Tue, 06 Mar 2007 07:18:33 GMT

I think it is more of people not wanting to Whittaker their newfound wealth away. To be honest, all the negative stories that I have read have taught me a lot about what NOT to do incase I win the jackpot. People just don't want to be like Jack. And on top of that, that 46% gift tax is UGLY. That alone makes me not want to give anything away. I refuse to give uncle sam more money than I have to.

Reply #11

four4me — Tue, 06 Mar 2007 07:09:06 GMT

there are lots of neat ways to put money into someones lives without them even knowing about it. After an initial giving i would buy some bonds in certain people names and not even tell them until they mature or should i pass they will be in my safety deposit box along with my will. I will also secure a bond to cover any bonds i might make for them. so as to get a return from those.

I would deposit money in various banks all over the world.

I think it's everyones dream to win millions an... [ More ]

Reply #10

justxploring — Tue, 06 Mar 2007 06:52:30 GMT

I agree with your plan, four4me. If I only won $2 or $3 million, I wouldn't simply write checks to people every time someone asked for money. I was talking about need, not greed. I agree that it's best to give/spend the money you earn from investments so you can keep most of your principal. I've said before that I'm not a bank, a hotel or a taxi service and that I can't take care of the world. I was only reacting to so many people here talking about what they will or will not give away. Mos... [ More ]

Reply #9

four4me — Tue, 06 Mar 2007 06:35:14 GMT

For me to give money away i would have to define a way to recoup any losses i might incur. By developing some financial portfolio. I already know that for every dollar i give out be it in bills or otherwise there must be money coming in.

A piggy bank no matter the size will be emptied if you don't have a financial plan. There are some family members i will help out, but going in they will be told about any special account i might set up for them and when the well runs dry. To bad for them. S... [ More ]

Reply #8

MegaWinner — Tue, 06 Mar 2007 06:10:36 GMT

Food is different. You start giving one family member or friend money and they will ALL have their hands out. $4.5 million is not a lot to go around. I want to retire and saving most of that is key.

When I win, I know I would immedietly have at least 20 people with their hands out like I owe them something and other, closer family members trying to tell me how I should divide my money equally amongst my sisters and parents. In no way shape or form would I be giving away my chance at ea... [ More ]

Reply #7

justxploring — Tue, 06 Mar 2007 06:00:51 GMT

I will buy a Ferrari or two, Guesser

We posted at the same time, so I didn't see yours when I was typing. A Ferrari or 2? So you would live in a $400,000 house with 2 cars worth over $500,000? I'd be happy paying off my Camry, although I saw a gorgeous red Corvette today that I was drooling over. I think $55-$60,000 is enough to spend on one vehicle! I'd probably keep the car I have or get a small SUV like a Suburu Forester if I move to the mountains.

Edit: Everyone is typ... [ More ]

Reply #6

Coin Toss — Tue, 06 Mar 2007 05:56:15 GMT

In his book True Prosperity, Yehuda Berg has a story about the bread of shame...the story title is:

Sorry, You Won the Lottery....

Reply #5

guesser — Tue, 06 Mar 2007 05:52:03 GMT

I'd be generous too, JXP, but I feel: I played, I figured it out, I won, I have offered a lot of people the chance to pool with me, nobody has, too bad so sad, so I'm going to look out for #1 first, everyone else is second. You can't understand why I say that unless you have lived my life, so let's leave it at that.

I can't even get folks on here to share ideas or thoughts, but again, you can bet your a$$ if I won and folks here knew about it my PM box would be full of people asking for s... [ More ]

Reply #4

justxploring — Tue, 06 Mar 2007 05:44:20 GMT

I'm glad I saw your post. I answered the topic question, but then I deleted my comment. You said it much better than I did (and briefer! lol) MegaWinner, if you have a sandwich and someone is hungry, don't you offer him half? You don't need $30 million in the bank to start sharing.

Reply #3

guesser — Tue, 06 Mar 2007 05:42:32 GMT

This is where we differ:

Have you ever heard the saying:

'I have never seen an armored car in a funeral procession' ?

Or how about:

'You can't take it with you' ??

That said, I'm not going to go blow it all, but I will nest egg what I think I need to live on the rest of my life, I think I can live on paying myself $125,000 a year for the next 30 years - IF I were lucky enough to live that long, NOTHING is guaranteed, NONE of us are guaranteed to wake up tomorrow morning.

I wo... [ More ]

Reply #2

Coin Toss — Tue, 06 Mar 2007 05:33:21 GMT

I'd be as generous as I could, all of it anonymously.

I've read stories of jackpot winners being very generous- only to have the people they gave money to (millions) come back asking for more.

But you have to share...since we might have a winner here, search kabbalah and bread of shame .

Reply #1

LckyLary — Tue, 06 Mar 2007 05:06:10 GMT

THE most dangerous thing you can do before or after winning is to let it be known you would share some of your prize (ask JW) and if you're planning to win you should tell friends beforehand exactly what they would get lest they be greedy. At your press conference if there is one, come off like Ebeneezer. Your real friends are the ones who were there when you were poor and who would still be friends even if you gave them nothing.

At what jackpot amount would you consider "sharing" the wealth?

MegaWinner — Tue, 06 Mar 2007 04:53:05 GMT

Me personally, I'd start to share the wealth at a $15,000,000 after 35% taxes cash value. I'd keep $12 million and give away $3 mill to friends and family. Anything less than that and I wouldn't give away a single penny, I don't care who knew i'd won either. I wouldn't buy a house or an expensive car. I'd invest that money right away to make more. Once I got around $30 million in the bank, then I'd buy a home and buy a few cars. Might sound stingy but I have plans with my money. I'd do li... [ More ]