|Posted: July 6, 2013, 3:07 pm - IP Logged|
Short & sweet: If I won the Mega Millions or Powerball Jackpot, I would do the following.
1. Run my credit report and pay off any outstanding debts within the last two years only.
2. Pay off my house and current existing debt such as student loans.
3. Depending on how much I won, I would pull out @ least $4 million in cash to put in a secured bank safety deposit box. Explanation: Stock market crash, banking system fails, you'll be able start over comfortable even if your money has to be converted to the Euro.
4. Establish a Foundation similar to the Bill & Melinda Gates Foundation. Even if you don't have billions of dollars, the tax benefit of not having to pay state and federal taxes on your wealth is amazing. You can then establish your foundation to do charity work which will allow you to help your family without them or you paying taxes on your contribution and it will allow you to write off everything on your taxes.
5. Take some of my new wealth and invest in either an all-in-one fund through Vanguard or Fidelty Investments. The following investment strategy can not be beat by any investment broker over time: 60% Total Bond Maket (Secured & Guaranteed by the Federal Government) ; 22% 500 Index Fund (Makes you part owner of the Top 500 Companies in America); and 18% Total International Market (Most Extreme - When it makes money, it makes money but when it loses money, you lose money).
6. Live off the interest my money makes between stocks and just sitting in Bank of America.
7. Help people but not to my detriment.
8. Travel and relax the rest of my days.
GOOD LUCK AND LET'S GET THIS MONEY!