What would you do if you actually won?
June 18, 2005
|Posted: July 30, 2008, 4:19 am - IP Logged|
I would do what I'm doing now but do it better.
May 30, 2004
|Posted: July 30, 2008, 6:32 pm - IP Logged|
See, I have it all planned out, was curious if others do as well.
#1, pay off my house. But there is a trick to that. See, I would pay off my house, leave it furnished and donate it to an abused women's/childrens center. This way these women could get back on their feet. In order for them to feel useful, I would charge them $100/month rent each and re-donate that back to a shelter.
#2, buy a new house, about 3500 square feet on 2-3 acres.
#3, I would buy about 15 acres of land and open an SPCA/rescue spot. This would be staffed by one full time vet, office staff and an assistant
#4, I could STOP STRESSING about back to school clothes, normal bills (we just declared bankruptcy to prevent a foreclosure) and my work at home job.
See, all I really want, and I am sure it is this way with a lot of people, is to be comfortable, not worry about food in the fridge, know I can take my kids to an amusement park and to help other people and animals.
So, what do you think? Is that bad planning? Or being reasonable?
UR a WINNER>>>>>>>>$$$$$
June 18, 2008
|Posted: July 31, 2008, 2:56 pm - IP Logged|
I would do what I'm doing now but do it better.
I think that this is the best answer given this whole discussion thus far..
March 26, 2008
|Posted: July 31, 2008, 3:27 pm - IP Logged|
I pretty much just use this site to play Sudoku but noticed this topic under "Latest Posts". I don't play Powerball unless the jackpot gets over $200 million and have probably only bought 3 tickets in my entire life. However, I do love the topic of "what would you do with an enormous sum of money that you didn't have to work for". I think it says a lot about who a person is and not necessarily good versus bad.
If I won over $200 million, I'd probably choose annuity payments. (Please don't explain the technical reasons why I shouldn't. It is, after all, my fantasy.) I would put $2 million a year into Treasury notes (i know it would at best beat/match inflation; but again, my fantasy.) That way after 24/25 years, I'd have $2 milllion a year to play with not adjusted for inflation. I would take another $1 million and put it into my brokerage account to manage myself. This would be primarily for my own enjoyment. I have a degree in Finance and Economics, so playing this market would be a nice hobby. Whatever is left per year, I would divide up into percentages. I would probably spend 30% of the rest on housing, 20% would go to my parents, 5% to church ministries and 5% to whatever I wanted, 5% for various expenses (insurance, gas, whatever), 10% on fun (boats, food, motorcycles, whatever), 15% on travel, and 5% on cars/trucks. I think that comes to like 95%, and the last 5% would be for giving my 4 friends that 12k a year everyone talks about and just allocate the rest wherever.
I'd probably put that strategy into place using the necessary professionals starting with the second check. The first check, I'd probably just go crazy with. I'd just get a black card from AMEX and have fun. I would definitely take my close family and friends to Morton's for a private dining experience and pay off my family's mortgage/debt and my college loans.
Specific purchases over a lifetime: catamaran powerboat (Eliminator), Lake home, mountain home, beach property, small yacht, jet skis. I'd basically just have a great time all the time.
I'm sure there are all kinds of technical things to do with the money, but I don't care. It's just a fantasy; and in that perfect world, that's what I'd do.
April 21, 2008
|Posted: July 31, 2008, 7:47 pm - IP Logged|
DC81, I wouldn't suggest putting all of your money in the bank. You can feel very safe investing with an A+ rated securities firm or insurance company. I've already written that with only 10 banks closing in the past 2 years compared to 534 in 1989, I don't anticipate a problem with FDIC. However, if banks like Wells Fargo, Citi or Bank of America fail, there won't be enough FDIC insurance to cover everyone. So I'm not panicking... yet. But we're not quite out of the woods. However, if suddenly all the trillion dollar financial institutions close their doors, I'll be more worried about total chaos, riots in the streets, people shooting each other over a can of tuna, and martial law.
On a more positive note..yes, you can put money in the bank, but with tax deferred investments, you'll be building wealth instead of paying taxes on the interest.
so when you say in the bank do you mean you wouldn't take out CDs at several different banks? That's what I had considered doing. Never thought of investing in an insurance company, makes me nervous though.
Personally I would buy a lot of US savings bonds. I know, I know, low return yield but safe. I read that you would have to worry about finding food to eat before worrying about uncle sam not cashing your US savings bonds. I think you can only buy up to a few grand or so of each series per year, though. If i won a very large amount I"m not sure how I would divide up the money. but I do know what i would do:
Go to game stop and buy each of my kids a DS because it will be a long drive to Tallahassee.
Make hubby drive
pay off all debt
depending upon the amount, if over 5 million I would immediately quit my job and do volunteer work. I was a patient at the Birmingham Children's Hospital and would love to do some work up there, take my son and let him have a life changing experience helping others. Eventually I would go back to school to finish up my social work degree and counsel patients for no charge. I feel like I am wasting my life working myself to death when I could be helping others.
If under 5 million I probably would just continue working. blah.
July 14, 2008
|Posted: August 1, 2008, 1:39 pm - IP Logged|
I only play MM and if it is a 60 million+ JP. First check the ticket about 100 times to make sure I won. Then I would run around the house like a crazy person. Scan my ticket in my scanner take a few pics with it of me holding it and it next to my face. Then contact a lawyer so I could set up a blind trust because I dont want to go public with it, too many problems that way. Get in contact with some financial planners to wisely invest my money. Set up something so my mom and daughter are looked out for. I'm not too close with most of my family so only help out a handful of family members. I want to start some sort of Christmas program for the less fortunate. Give to a few selected various charites. Rent me a 400k-500k house on a 1-2 yr. lease. Then I would go to Hawaii with a few friends who has been there for me. Then take my mom and daughter somewhere nice when school was out for spring/Summer break. Looking online for a nice home to puchase in the 600k-800k region. Dont need a huge house. Then I would travel the world. Enjoy my windfall and hopefully live a long comfortable life.
March 4, 2008
|Posted: August 1, 2008, 2:40 pm - IP Logged|
I only play pb so the lowest I would get is about 4 mill after taxes.
Before: I wouldn't claim immediately, I'll wait till after my college semester is over, move, then hire lawyers to make trusts and whatnot,
After: Just go wild, travel the world, then come back to u.s months later maybe cali., im never comin back to mn ever again, couple businesses, invest, donate, while im traveling the u.s. maybe go to las vegas, buy lots of electronics, who knows i might even spend all of it, but whatever its all wish wash, cant tell until I win, and that's WHEN not IF i win the lotto.
"Gee Brain, what do you want to do tonight?"
"The same thing we do every night, Pinky- try to take over the world."