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What is your budget/plan if you win the 340 million?

Topic closed. 18 replies. Last post 10 years ago by guesser.

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MegaWinner's avatar - Lottery-029.jpg
New Jersey
United States
Member #50273
March 3, 2007
348 Posts
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Posted: March 4, 2007, 12:02 am - IP Logged

I will take the cash lump sum option and get the $135,000,000 after taxes (%35).  I'd hire a tax lawyer, estate planner, and financial planner.  I'd tell them that I want to keep $75 million and give away $60 million to close family and friends (about 12 people).  Of course the tax burden will come out of their share (ex: if I give my friend 5 million, the taxes to cover that are coming out of that 5 million).

I'd purchase a $3 million dollar home (steel framed; actually already have the floorplan to the home I want lol!).  I'd set up what I call a "lifetime expense fund" of about $5 million to cover property taxes, utility bills, cellphone bills, food, health insurance, life insurance, etc (you get the picture lol).  I'd also set up what I call a "lifetime spending account" for me and my wife of about $7 million.  (I figure there is no way we are going to spend that much money in a lifetime but I put a limit in place just in case.) 

I'd take $40 million and invest in safe low return funds.  I'd invest the other $20 million in high yeilding funds to help make my money grow.

And i'd probably write a book on the artform of saying "no" to people with their hand out either coming back for more or people not on my "share" list askimg for a handout.

Ask anyone who knows me personally, I can tell someone "NO" just like that and not think twice about it.  I'd tell the people on my share list (of course in a nice resepectable, but firm way) to do not even attempt to ask for more because you won't get it and I won't feel the slightest bit of guilt for saying no.

And local charities, forget about it.  I'd give to my local masonic lodge, a little to my church and thats it.  Everyone else will get the "closed-door-in-face" or the "click-on-the-other-line" treatment. 

What would you guys do with the money and would you have a problem with saying no? 

    guesser's avatar - Lottery-017.jpg

    United States
    Member #41383
    June 16, 2006
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    Posted: March 4, 2007, 1:55 am - IP Logged

    Not trying to be a richard noggin, but you should just page back and look around, this topic has been discussed 146 million times.

      MegaWinner's avatar - Lottery-029.jpg
      New Jersey
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      Posted: March 4, 2007, 9:21 pm - IP Logged

      I don't see a search feature.  I did go back as far as July and maybe I missed the threads.  My bad.

        guesser's avatar - Lottery-017.jpg

        United States
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        June 16, 2006
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        Posted: March 4, 2007, 9:33 pm - IP Logged

        Nah, you not bad, just page back, don't search.

        The reason I say that is because so many folks have posted over and over what they would do that they are kinda tired of posting the same exact thing over and over and over.

        And for the record; most folks have said they would change very little from what they do now: most would buy slightly better homes, most would give small amounts only to their closest allies, and most WOULD give to charities and organizations they like. 

          emilyg's avatar - cat anm.gif

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          Posted: March 4, 2007, 9:39 pm - IP Logged

          I don't see a search feature.  I did go back as far as July and maybe I missed the threads.  My bad.

          search feature is top right under resources

          love to nibble those micey feet.

           

                                       

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            United States
            Member #34266
            March 1, 2006
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            Posted: March 4, 2007, 9:51 pm - IP Logged

            The bigger the dream, the bigger the disapointment.   I'll worry about it when, I win it.

              guesser's avatar - Lottery-017.jpg

              United States
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              June 16, 2006
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              Posted: March 4, 2007, 11:04 pm - IP Logged

              The bigger the dream, the bigger the disapointment.   I'll worry about it when, I win it.

              If we don't have our dreams, then life would not be worth living.

              Some folks dream of a new pair of shoes or a winter jacket, and some dream of hitting a jackpot, it's all in your perspective. 

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                United States
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                July 11, 2003
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                Posted: March 5, 2007, 11:47 am - IP Logged

                I know I probably won't win, but if I do, I'm going to drop out of college. I'm only going there to get a degree, and I'm only getting a degree to get a job. And if I win $200mil (cash option), I won't need a job, and therefore, I won't need a degree, or need to go to college.

                (insert signature here)

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                  Greenwich, CT
                  United States
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                  May 24, 2004
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                  Posted: March 5, 2007, 11:55 am - IP Logged

                  Good reasoning, JimmySand!

                  I'm 5 years out of college already.  I think this draw will end up around $360 million, so I'd take my $129 million (after federal/state tax), and go on a ridiculous vacation, to the Caribbean or South Pacific....bring 5 close friends...try and spend as much money as possible...even then I doubt I would go over $100k.

                  Then come home and figure out what to do with my $128,900,000!  Wink

                  Damn it's good to dream!  That's a ton of money! 

                    LuckyLilly's avatar - savy chick.png

                    United States
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                    February 26, 2007
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                    Posted: March 5, 2007, 12:15 pm - IP Logged

                    I'm new and haven't posted a "what I'd do" list, so I'll play.

                    First off, I'd have no problem whatsoever saying no.  I'd do my best to remain anonymous, but that's just so no one would know how much money I have.  I'm single and would hate to wade thru a bunch of guys just looking for a sugar mama.  Wink  Okay, so with my expensive homes, they might know I'm wealthy, but I'd prefer that people don't know where I got it.  Too many people have the idea a lottery win is "free money" to the winner and have no problem trying to get their hands on some.

                    So if I had $135 Million after taxes:  $60 million would go to charity.  $5 mil to a local group for a permanent facility for a homeless shelter, $1 mil to the local Red Cross, $1 mil to the local women's shelter, $1 mil to the local Habitat for Humanity, and $52 mil to the Habitat chapter still rebuilding the Gulf Coast.

                    Then $60 mil would go to investments.  I have no idea what, I'd just make sure my investment guru made sure I'd get at least $500k per year spendable after taxes.  And I'd want to make sure I always keep at least $50 million invested, never use that principal.

                    And the last $15 mil I would spend.  About $6 - 8 mil on 2 homes, one in the cool mountains for summer and one in the warm desert for winter.  Around $2 mil to furnish and decorate them.  Take a friend on a 7 or 8 week trip to Europe, should be around $100k, just peanuts.  Green laugh Buy a new car (mine is 16 years old, and I would only buy a new car every 4 or 5 years even if I were a multi-millionaire), get some plastic surgery.  I might give small amounts to 1 or 2 friends, but maybe not.  I'd give some away to people I don't know, maybe do like Extreme Makeover and lease the property of someone with a rundown house and build them a new home.  I'd get a really good attorney to write my will to make sure my relatives can't get their hands on a single dime of it when I die.

                    I bet I wouldn't even finish spending that $15 mil the first year.  Bet it would last a couple years even using some of it to build homes, donate to funds for police/firemen who are hurt in the line of duty, etc. 

                      MegaWinner's avatar - Lottery-029.jpg
                      New Jersey
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                      Posted: March 5, 2007, 10:31 pm - IP Logged

                      Wow, your pretty liberal with your dough!  (I mean that in a nice way lol!)  I'm not giving much to charity because the money usually always finds it's way into some greedy thief leading the charity.  The only one I am okay with donating to are the Freemasons because I am one lol!  I know how the money will be put to use and I know the money won't end up lacing teh pockets of thieves.

                      As for fire and policemen, i'd hook them up too, but not to the tune of $60 mill.  Maybe only like $2 mill total to charities; and i'd have to really know where the money is going to donate.  I don't belive in giving money away just to say that "I give to charity".  But I commend you for having such an open wallet-, oops!  I mean heart!  Good luck! 

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                        Posted: March 5, 2007, 11:12 pm - IP Logged

                        My act of charity would be to build and indoor ice skating rink in our town.  We have an outdoor one, and it is only useable about a month or so, before the ice gets too crappy to skate on.

                          MegaWinner's avatar - Lottery-029.jpg
                          New Jersey
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                          Posted: March 5, 2007, 11:14 pm - IP Logged

                          I'd also do the park thing.  I'd actually buid quite a few nice ones.

                            SirMetro's avatar - center
                            East of Atlanta
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                            Posted: March 5, 2007, 11:18 pm - IP Logged

                            Basically, my budget would be pretty much similiar to what I had posted here a little while back http://www.lotterypost.com/thread/146145 with just a few minor adjustment to the overal figures to allow for the differences in value. Perhaps the only addition I would include because of the larger sum to work with is establish a "Family" business that would permit me to "hire" my Family to get around the $12,000 annual limitations (and yes, they have to pay their own damn taxes, thank you).

                            ****************

                            Bambini...I would beg to differ with you. I believe in hope. I believe dreams gives us a reason to do more then just survive and not just merely exist. And so what if it doesn't happen today, tomorrow is another chance for it to come true. Just like this Tuesday is when I will win the MegaMillions.

                            And JimmySand9...I would suggest that should you have my winning ticket that you chose to complete college and perhaps major in Economics. Regardless of the value, without the knowledge of understanding how to realisticly deal with money (large or small) you might find yourself becoming another "Jack Whittaker" instead of one with a long term plan.

                            LuckyLilly...sounds like a great plan with a minor adjustment...no Guru's...most Guru's are crooks and cons. Stay with only those who charge a set fee and account for your monies (no matter what amount). As for Charities...be careful, the number of con artist out there who pretend to be someone they are not are greater then the actuall number of real charities. BTW...welcome to LP

                            Anyway...thats just a few bits of my opinion. And like noses, we all have one and most of em smell. Good Luck to all, may we all have the difficult task of one day managing a large sum of money for ourself.

                            Sir Metro

                              LuckyLilly's avatar - savy chick.png

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                              Posted: March 6, 2007, 1:31 pm - IP Logged

                              Wow, your pretty liberal with your dough!  (I mean that in a nice way lol!)  I'm not giving much to charity because the money usually always finds it's way into some greedy thief leading the charity.  The only one I am okay with donating to are the Freemasons because I am one lol!  I know how the money will be put to use and I know the money won't end up lacing teh pockets of thieves.

                              As for fire and policemen, i'd hook them up too, but not to the tune of $60 mill.  Maybe only like $2 mill total to charities; and i'd have to really know where the money is going to donate.  I don't belive in giving money away just to say that "I give to charity".  But I commend you for having such an open wallet-, oops!  I mean heart!  Good luck! 

                              lol  Yeah, I'm easy.  But that girl doing the school project thinks I'm greedy cuz I won't give any to family.  So I guess it's a matter of perspective.

                              I don't see the point in living modestly and trying to accumulate a billion dollars like that Duke guy.  And I figure 60 mil is more than enough for me to enjoy a fabulously wealthy lifestyle, why not give the rest away.  There was recently a police officer here shot and paralyzed in the line of duty and they have a bank fund set up that goes directly to him and his family.  That's the type of thing I'd love to be able to donate 100 grand to so he can pay medical bills, fix his house to make it wheelchair friendly, etc.

                              SirMetro (thanks for the welcome) mentioned fraudulent charities too.  I'd stick with local ones I know something about and national ones that get a good Forbes rating.  There's no way I'd donate to those peeps calling telling me they're collecting for the fireman's ball or whatever.  Most are scammers.  But Jimmy Carter supports Habitat so it's gotta be good, doesn't it?  lol

                              Now if I win the measly Powerball jackpot this Wed, only $57 million cash value LOL I would give a much smaller percentage to charity - only 4 or 5 mil.  And if I match 5 on the PB and only get 400k to 1 mil, I'd only be giving 20k - 30k.   I don't think there's any shame at all in taking care of yourself first, and everybody's gotta decide what they're comfortable giving.  If that's nothing, then that's fine too.