Welcome Guest
Log In | Register )
You last visited December 4, 2016, 11:14 am
All times shown are
Eastern Time (GMT-5:00)

If you won the lottery what would you really do with the money?

Topic closed. 76 replies. Last post 5 years ago by markp1950.

Page 5 of 6
42
PrintE-mailLink
Avatar
Inland Empire
United States
Member #118116
October 22, 2011
316 Posts
Offline
Posted: October 25, 2011, 1:13 pm - IP Logged

The IRS isn't going to give you your investment money back in tax refunds. Your money comes back in earnings. Invest $20m in rental properties, and say $17.5m is the value of the buildings, you get to deduct depreciation of about $636k. Then say you rent those properties for $1m per year, your expenses are $300k for a cash profit of $700k. You subract out the $636k of non-cash depreciation and your taxable income is only $64k and you now have $636k of non-taxed income. So, in a sense, the IRS does give you back the value of your investment through depreciation over 27.5 years.

Unfortunately, you have to recapture the depreciation when you sell the rental property, but that is considered a capital gain and is currently taxed at 15% capital gains tax if you have held the property for more than a year. 

First things to get after winning... a good estate atty and a good CPA. They will set you up, then a good financial advisor will keep you going.

 Right, right. Thanks for letting me know.

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
    United States
    Member #112968
    June 29, 2011
    3854 Posts
    Offline
    Posted: October 25, 2011, 7:19 pm - IP Logged

    1. Quit my job.

    2. Take a course in financial planning, so I can be my own advisor.

    3. Figure out the rest from there.

    good ideas,all.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
      United States
      Member #73904
      April 28, 2009
      14903 Posts
      Offline
      Posted: October 25, 2011, 8:02 pm - IP Logged

      i know how to cook, easy stuff that is.

      but i'm not going to learn how to "cook" .

      i'm going to hire one. LOL

      A good cook and domestic help are very important and can make life easier for everybody in the house.

      I had a wife one time who told me it was the man's job to take out the garbage.

      I said "You cooked it, you take it out!" And the fight was on.

      Hiring a cook is cheaper than buying some maniac a house.


                                                   
                           
                                               

       

       

       

       

                                                                                                         

      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                  --Edmund Burke

       

       

        haymaker's avatar - Lottery-012.jpg
        Egg Harbor twp.south Jersey shore
        United States
        Member #112968
        June 29, 2011
        3854 Posts
        Offline
        Posted: October 25, 2011, 8:13 pm - IP Logged

        A good cook and domestic help are very important and can make life easier for everybody in the house.

        I had a wife one time who told me it was the man's job to take out the garbage.

        I said "You cooked it, you take it out!" And the fight was on.

        Hiring a cook is cheaper than buying some maniac a house.

        sounds as though it may have been better for you to have been a renter,no ? Smile

        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
          Member #73904
          April 28, 2009
          14903 Posts
          Offline
          Posted: October 25, 2011, 8:34 pm - IP Logged

          sounds as though it may have been better for you to have been a renter,no ? Smile

          Nah, I don't think the landlords would have put up with me coming home at 4 AM all the time and the ensuing unpleasantries being screamed by all my ex-wives.

          A lot of them were very high-strung.


                                                       
                               
                                                   

           

           

           

           

                                                                                                             

          "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                      --Edmund Burke

           

           

            haymaker's avatar - Lottery-012.jpg
            Egg Harbor twp.south Jersey shore
            United States
            Member #112968
            June 29, 2011
            3854 Posts
            Offline
            Posted: October 25, 2011, 9:46 pm - IP Logged

            Nah, I don't think the landlords would have put up with me coming home at 4 AM all the time and the ensuing unpleasantries being screamed by all my ex-wives.

            A lot of them were very high-strung.

            maybe you should have stayed out til. 7am. LOL

            when i was young,(sounds like a song,don,t it ?)

            i used to get in trouble coming home late.

            one of my older sisters never caught hell,like i did .

            by the time she got home the old man was asleep,in a kitchen chair, no less.

            she said that i  came home to early.

            thats why i got caught. LOL

            Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

              Avatar
              Inland Empire
              United States
              Member #118116
              October 22, 2011
              316 Posts
              Offline
              Posted: October 26, 2011, 5:30 pm - IP Logged

               I imagine myself buying a few shopping centers in LA area. (the economy in Inland Empire is worse than in LA....sad.) If I buy them with lottery winning I won't have to be on mortgage. If the business at the shopping centers are good then I can get a steady stream of cash every month.

               But I am wondering about this. Should I start my own management company or should I hire one?

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
                United States
                Member #73904
                April 28, 2009
                14903 Posts
                Offline
                Posted: October 26, 2011, 6:28 pm - IP Logged

                 I imagine myself buying a few shopping centers in LA area. (the economy in Inland Empire is worse than in LA....sad.) If I buy them with lottery winning I won't have to be on mortgage. If the business at the shopping centers are good then I can get a steady stream of cash every month.

                 But I am wondering about this. Should I start my own management company or should I hire one?

                Depends if you wanna work the rest of your life or be on vacation the rest of your life.

                Easy choice for me.


                                                             
                                     
                                                         

                 

                 

                 

                 

                                                                                                                   

                "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                            --Edmund Burke

                 

                 

                  haymaker's avatar - Lottery-012.jpg
                  Egg Harbor twp.south Jersey shore
                  United States
                  Member #112968
                  June 29, 2011
                  3854 Posts
                  Offline
                  Posted: October 26, 2011, 8:53 pm - IP Logged

                  Depends if you wanna work the rest of your life or be on vacation the rest of your life.

                  Easy choice for me.

                  I Agree!

                  Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                    Avatar
                    Inland Empire
                    United States
                    Member #118116
                    October 22, 2011
                    316 Posts
                    Offline
                    Posted: October 26, 2011, 10:22 pm - IP Logged

                     First I want my second bachelor's degree. I won't tell what major I want though. I graduated last year and now I am working as a stagehand. The pay is OK, but there's something else I want to do. Unfortunately the school I want to go to cost $16000 per semester.

                     Many graduates work in the industry, and they are at the top of the game. They work on films and whatnot. Some of the graduates include Craig Mullins, James Clyne, Scott Robertson, Dylan Cole and so on. And Michael Bay and Zack Snyder also went to that school.

                     If I win the jackpot and go to that school, chances are I will sleep less than five hours every night. And I won't have any weekends. I will have to constantly work on my trade for next four years.

                     That would be hard, but defintely rewarding.

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
                      Offline
                      Posted: October 26, 2011, 11:29 pm - IP Logged

                       First I want my second bachelor's degree. I won't tell what major I want though. I graduated last year and now I am working as a stagehand. The pay is OK, but there's something else I want to do. Unfortunately the school I want to go to cost $16000 per semester.

                       Many graduates work in the industry, and they are at the top of the game. They work on films and whatnot. Some of the graduates include Craig Mullins, James Clyne, Scott Robertson, Dylan Cole and so on. And Michael Bay and Zack Snyder also went to that school.

                       If I win the jackpot and go to that school, chances are I will sleep less than five hours every night. And I won't have any weekends. I will have to constantly work on my trade for next four years.

                       That would be hard, but defintely rewarding.

                      I always wanted to get a bachelor's degree but I've been married a bunch of times and they'd probably kick me out if they found out.


                                                                   
                                           
                                                               

                       

                       

                       

                       

                                                                                                                         

                      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                  --Edmund Burke

                       

                       

                        haymaker's avatar - Lottery-012.jpg
                        Egg Harbor twp.south Jersey shore
                        United States
                        Member #112968
                        June 29, 2011
                        3854 Posts
                        Offline
                        Posted: October 27, 2011, 8:22 pm - IP Logged

                        I always wanted to get a bachelor's degree but I've been married a bunch of times and they'd probably kick me out if they found out.

                        i wonder if someone w/ a bachelor's degree,can get a divorce decree ? just don't seem fair !

                        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                          Avatar
                          New Member
                          Langley, British Columbia
                          Canada
                          Member #118457
                          October 31, 2011
                          6 Posts
                          Offline
                          Posted: October 31, 2011, 10:11 pm - IP Logged

                          First thing I'd do without hesitation would be to give half of the sum to my five immediate family members. Mom, dad and three bros are going to share in the windfall no question! My good friends(of which I have but a few) would also be receiving a nice sum to pay off the mortgage or whatever

                           

                          Then I'd do the obvious stuff, place to live, a handful of fine autos, the best home audio, a bunch of new firearms, etc. etc.

                           

                          After all that, who knows? The world would be at my doorstep, time to go and see it.

                           

                          Soze75

                            Avatar
                            Milwaukee, WI
                            United States
                            Member #3131
                            December 27, 2003
                            665 Posts
                            Offline
                            Posted: October 31, 2011, 11:43 pm - IP Logged

                            > Well I have been looking at houses that I would like to move to if I won a decent amount of money.

                            After learning how houses are bing built, there is NO house out there good enough. I HAVE to have my own built. It would have to be one that my grandkids could live in.

                            The shelf life of houses now days are not what they could be. I believe that fossil fuels are going to run out sooner than we think unless we do something now.

                            Aim for the house would be zero energy and a close to a 500 year lifespan.  At least 100 years. I'm a true conservative, not one of those that call themseves one today.

                            Braindead and blind is not conservative.

                              Avatar
                              Monkey Butt, USA
                              United States
                              Member #54569
                              August 23, 2007
                              1124 Posts
                              Offline
                              Posted: October 31, 2011, 11:48 pm - IP Logged

                              Spend it the way I want to. Not the way others think I should.

                              I would spend it guilt free and enjoy every moment of spending.

                              Why? 'Cause it's my money and 'cause I can...........