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

Topic closed. 36 replies. Last post 10 years ago by LOTTOMIKE.

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MegaWinner's avatar - Lottery-029.jpg
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Posted: March 5, 2007, 11:53 pm - IP Logged

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 like that "winner that followed a plan" and invest most of it to make more. I have a really large family and I absolutely know i'd get harrassed but they would all get turned away. 

At that point, i'd rent a cheap apartment for a few years until my money grew.  Until then, no serious spending.  And my motivation for not spending would be waking up every morning and seeing that my money has grown by X%.

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    Posted: March 6, 2007, 12:06 am - IP Logged

    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.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
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      Posted: March 6, 2007, 12:33 am - IP Logged

      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".  

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

        guesser's avatar - Lottery-017.jpg

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        Posted: March 6, 2007, 12:42 am - IP Logged

        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 like that "winner that followed a plan" and invest most of it to make more. I have a really large family and I absolutely know i'd get harrassed but they would all get turned away. 

        At that point, i'd rent a cheap apartment for a few years until my money grew.  Until then, no serious spending.  And my motivation for not spending would be waking up every morning and seeing that my money has grown by X%.

        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 won't buy a mansion, I won't buy a jet, or a yacht, or a home on Fifth Avenue or in Monaco, but you can bet your a$$ I will live very nicely:

        remember: I'm living on 125K a year, so with the rest I will set up some scholarships at certain schools in certain areas, kids will compete for them based on need, GPA won't matter - hunger for an education in a certain area will more than anything else, I will contribute a ton to charity, mainly kid and animal things, I have no desire to have a wing at a hospital named after me.

        I just cringe when I see people say they won't do anything with the money, yes, it's their right to do as they please, but for me, I keep in mind the first two thoughts I made in this reply. 

        But I'm going to have some fun first: I will go from a 165K house in this town to a 400K house, yes, I will buy a Ferrari or two, and a Ford or Chevy, and I will take some world vacations, Scotland for one, Hong Kong for Chinese New Year is another, and a few others, but you won't see me buying multi-million dollar mansions or moving to Malibu to live on the beach.

        Let's just say I won 15 mill, 7.6 mill after taxes, ANYONE can live on that, so why stick it in the market and worry about when the next crash will hit that will take a chunk of that ? Yes, I will invest wisely, but I'm not investing all of it: MAYBE half of it. 

        'You can't take it with you, and nobody is guaranteed to be here in 30 years, or 30 days, let alone 30 seconds'. 

        You gotta keep that in perspective. 

          justxploring's avatar - villiarna
          Wandering Aimlessly
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          Posted: March 6, 2007, 12:44 am - IP Logged

          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".  

          I Agree!

          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. 

            guesser's avatar - Lottery-017.jpg

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            Posted: March 6, 2007, 12:52 am - IP Logged

            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 selection tips or a free handout. 

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: March 6, 2007, 12:56 am - IP Logged

              I Agree!

              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. 

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

              Sorry, You Won the Lottery.... 

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                justxploring's avatar - villiarna
                Wandering Aimlessly
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                Posted: March 6, 2007, 1:00 am - IP Logged

                "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 typing too fast for me to keep up!!  I just saw your new post.  LOL  I wasn't saying not to look out for #1, Guesser.  I would definitely buy a nice home, nothing fancy, and some nice furnishings.  I would take care of some medical problems that need attention, but I've put on hold because of finances.  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. 

                  MegaWinner's avatar - Lottery-029.jpg
                  New Jersey
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                  Posted: March 6, 2007, 1:10 am - IP Logged

                  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 early retirement.  I have close relatives that have won tens of thousands of dollars from the lottery and have not shared a single red cent with anyone.  I never asked for or expected a penny of it either.  

                  I make pretty good money now and they know not to ask so when I win, that should not change; but I know better.  I can hear it now. 

                  *phone ringing, I pick up*  "Hey MegaWinner, I know your gonna divide that money evenly among the 5 of us right?"  (Nevermind my wife's closest friends and family that we want to take care of too) 

                  "So that will make my share about $23 million!  OOH I can't wait!!" 

                  Me: "Well, thats not what I had in mind.  Taxes are bicth and are roughly around 46%.  For me to give you $23 mill would cost me roughly $35 mill and I won't do that.  I'll give you $2.2 mill after taxes." 

                  "2.2 mill?!?!?  Thats it?  You can't be serious!!  Your being selfish!!!  If I won, I would have split it evenly!!!  You should be ashamed of yourself!!  God don't like ugly!!!"

                  Me: "Well, what about when you won $25,000 and didn't tell a soul nor offer any of your money to anyone?  Its not like I expected any and I certainly didn't ask for any, yes I did know, what about then?  Its not about that though.  Its about the fact that I already have a breakdown of who gets what and how much.  If you or any of them do not like it guess what, thats too bad.  You can either take the money I give or leave it.  Either way don't expect me to feel guilty cause it isn't gonna happen." 

                  This is why I wish we could go annoynmous in NJ.  Even though I say I don't want to give money to my closest family and friends, I would really like to help them but to me, 4.5 mill just isn't enough for me to give anything away.  And it would secretly hurt me to not give them anything but hey, I have to plan for my wife, kids, and myself.  They would have to deal with it.  

                    four4me's avatar - gate1
                    MD
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                    Posted: March 6, 2007, 1:35 am - IP Logged

                    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. Since i am married my family will come first. I have 50 or more aunts, uncles, cousins, nieces, and nephews, combined some of which i haven't seen in 30 yrs if they found out i won millions of dollars i can see the ruckus now.

                    So dividing any amount they would be happy with will be a task. As for them returning to the well for additional funds they will have a rude awakening. As i intend to disappear from this place and move to an unlisted location. By nature i have always helped other people in time of need but having been shafted by many people i have learned that giving can be a burden as many people forget you even helped them in the first place.

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
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                      Posted: March 6, 2007, 1:52 am - IP Logged

                      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.  Most of the time when I see a press release about someone winning a jackpot I read "I plan to pay off my children's mortgages" or "I want to buy my Mom & Dad a car and send them on a nice vacation."  Then I get on LP and everyone is talking about how they want to hide all their millions.

                        four4me's avatar - gate1
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                        Posted: March 6, 2007, 2:09 am - IP Logged

                        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.  Most of the time when I see a press release about someone winning a jackpot I read "I plan to pay off my children's mortgages" or "I want to buy my Mom & Dad a car and send them on a nice vacation."  Then I get on LP and everyone is talking about how they want to hide all their millions.

                        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 and then when or if they do it takes serious planing to move forward and keep everything under control. it so easy to say what you would do before the win but if you win all the planing you did can go down the tubes if you think you can handle it without help from financial planners.

                        If your not a business grad. and you come into millions it can be disastrous if you start spending and giving  money away like crazy.  

                          MegaWinner's avatar - Lottery-029.jpg
                          New Jersey
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                          Posted: March 6, 2007, 2:18 am - IP Logged

                          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.  Most of the time when I see a press release about someone winning a jackpot I read "I plan to pay off my children's mortgages" or "I want to buy my Mom & Dad a car and send them on a nice vacation."  Then I get on LP and everyone is talking about how they want to hide all their millions.

                          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.

                            Coin Toss's avatar - shape barbed.jpg
                            Zeta Reticuli Star System
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                            Posted: March 6, 2007, 2:25 am - IP Logged

                            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.  Most of the time when I see a press release about someone winning a jackpot I read "I plan to pay off my children's mortgages" or "I want to buy my Mom & Dad a car and send them on a nice vacation."  Then I get on LP and everyone is talking about how they want to hide all their millions.

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

                            -Tao Te Ching 

                            Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                            Lep

                            There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                              guesser's avatar - Lottery-017.jpg

                              United States
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                              Posted: March 6, 2007, 2:33 am - IP Logged

                              "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 typing too fast for me to keep up!!  I just saw your new post.  LOL  I wasn't saying not to look out for #1, Guesser.  I would definitely buy a nice home, nothing fancy, and some nice furnishings.  I would take care of some medical problems that need attention, but I've put on hold because of finances.  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. 

                              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 my business, Jack Whitaker I am not, I won't end up poor or broke, trust me.