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So, what would you do?

Topic closed. 32 replies. Last post 7 months ago by Uluska.

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LA Ca.
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Posted: May 9, 2016, 1:28 pm - IP Logged

Tithe? seriously? There is no way ANY religious outfit would see 1cent of my money.

    LottoLucy's avatar - hereslucy header.jpg

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    Posted: May 9, 2016, 3:45 pm - IP Logged

    For me the current powerball lump sum would be about $13,647,000 after federal and state taxes.

     

    $10 million would be invested.  1/4 of it would be put in an immediate pay annuity currently paying out 5%.  The rest would be in various income funds, bonds, etc.  I figure I can safely take 4% a year and never run out of money.  That should give me about $286,000 a year after taxes (I'm moving immediately to a no tax state).  I have my retirement fund that can be invested more aggressively to help offset inflation.

     

    The $3,647,000 that is left would be spent like this:

    $1,250,000 for house and land

    $286,000 for first year spending (figuring it will take a while to get investments in place).

    The rest split between my sibling/sibling-in-law.  I would tell them that this is it and not to expect yearly gifts.  They know I'll be good for some high end family vacations though. Wink

     

    I will donate to charity but I will start a donor directed fund at Fidelity and beef that up with contributions from my yearly income.  I'd rather give big cash gifts, at first, to my siblings than charity.

    Lotto Lucy

      Tialuvslotto's avatar - Jailin
      Texas
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      Posted: May 10, 2016, 5:48 am - IP Logged

      Tithe? seriously? There is no way ANY religious outfit would see 1cent of my money.

      Tithing doesn't have to go to a church -- the term can be used for any money set aside to give, whether to a Church, Charity, Cause or just for needy friends or family.

      "There is no such thing as luck; only adequate or inadequate preparation to cope with a statistical universe."

      ~Robert A. Heinlein

        savagegoose's avatar - ProfilePho
        adelaide sa
        Australia
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        Posted: May 11, 2016, 8:20 am - IP Logged

        yeah nice post/plan i hope you get to trial it. i would just skip to the bottom and insert my $10M there, half a mill a year sounds good.

        2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

        keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

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          Arizona
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          Posted: May 15, 2016, 9:45 pm - IP Logged

          First point: Any PB/MM win (even starting MM) is more money than most people will see in a lifetime. Given that, there's really no point in trying to maximize the number of dollars. I just need to make sure the money will be there when I need it.

          Second point: Given my age and family history of longevity, I need to plan for up to 60 years.

          So, here's my strategy:

          1. Take the annuity. Yes, good investment of the lump sum could give more dollars in the long run, but see the first point above. With the annuity, even if I screw up royally one year, I just have to make it until the next payment.
          2. Each year, put half the money into safe long-term investments that I'll plan to cash in 30 years later. These investments will be intended to at least keep up with inflation, but I won't aim for much more than that.
          3. Don't spend money I don't have. No debt, with one exception: if the jackpot is small, I may go for a short mortgage on the house I buy for my primary residence.
          4. A minimum of 10% of each year's money goes to charity. Gifts to immediate family and close friends stay under the per-recipient gift tax exclusion.
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            Maryland
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            Posted: May 18, 2016, 5:21 am - IP Logged

            These are some very good investment ideas and this is what it's going to take in order to successfully retain wealth. Merely putting such money into a 'generalized account' will do nothing but allow one to see it gradually eaten up in recurrent taxation. Money is designed to be put to work and circulated, not sitting still. This kind of money will cost you if it sits idle and draws interest on other than Municipal Bonds, I believe. The idea is to reduce both the tax amount and keep the funds active which will yield a true disposable income without worries.

            To each their own but, I feel that just giving out tons of money to everyone you can think of may present a problem in the long run. Immediate family and those friends I consider responsible with money but, are just strapped would be my first recipients of 'their lottery.' The best thing to do is to free them from all their overhead so they can actually save the bulk, if not all, of their money. That's a lottery in and of itself in my opinion. To give a lot of money away only to watch it frivolously ripped through by someone else is something the winner can do without any help. It's great to give but, giving greatly without wisdom might come back to haunt.

             

            Matthew 25:14-30 The Parable of the Three Talents

            I am in agreement with the 'Money is designed to be put to work'  There are so many ways you can do that, I would spend a lot of my time either finding ways I can start a simple business or invest in other businesses in my local community.  And with this kinda money it wouldn't take much to have a positive affect on your community. 

            10k investment in a small business could yield alot better return than 2.85%

            (and I know I will get POUNDED with everyone saying 'you could lose that money!' - but you also lose money in the lottery, this is just a little larger amount) 

              Perfecttiming2's avatar - redcross

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              Posted: May 28, 2016, 7:03 pm - IP Logged

              I am in agreement with the 'Money is designed to be put to work'  There are so many ways you can do that, I would spend a lot of my time either finding ways I can start a simple business or invest in other businesses in my local community.  And with this kinda money it wouldn't take much to have a positive affect on your community. 

              10k investment in a small business could yield alot better return than 2.85%

              (and I know I will get POUNDED with everyone saying 'you could lose that money!' - but you also lose money in the lottery, this is just a little larger amount) 

              Hi DeLotteryPlyr!

              Your post is the very reason that someone should never say "I don't know what to do with the jackpot"!

              There is so much need in this world. Whether its:

              • a single mom trying to make ends meet
              • a war veteran who just needs a break
              • a teen who wants to go to college but can't
              • or a family struggling to keep food on the table

              Using winnings to form a non-profit would give any jackpot "legs" and the impact on the life that you touch will go far beyond your act of kindness.

              Thanks for the post!

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                Ga
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                Posted: June 5, 2016, 2:19 am - IP Logged

                I knew I wasn't wasn't the wasn't the only one with a plan. After taxes in Ga, I would have 14.4 million from a $40 million jackpot. I would give away 5-6. So let's say 8 left. Take 1 nilly on leave it in a CEDARS account. It will I sur3d up to $20 million, I think. Invest 7 at 7% year. 490k. Take too put in CEDARS account. Roll rest back in investments. Then next year would be 7.19, the 7.2 ish etc. More agrees Ivan so.e of you, but not sticking/making a budget, or even realizing  you still need one is
                top reason most go broke.

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                  Maryland
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                  Posted: June 5, 2016, 7:16 am - IP Logged

                  Hi DeLotteryPlyr!

                  Your post is the very reason that someone should never say "I don't know what to do with the jackpot"!

                  There is so much need in this world. Whether its:

                  • a single mom trying to make ends meet
                  • a war veteran who just needs a break
                  • a teen who wants to go to college but can't
                  • or a family struggling to keep food on the table

                  Using winnings to form a non-profit would give any jackpot "legs" and the impact on the life that you touch will go far beyond your act of kindness.

                  Thanks for the post!

                  Thanks for the positive response. 

                  So adding to what you put - if any of those examples works for a small business and is about to be laid off, by investing in the business you can do 2 basic things. First you keep the employees employed in the business.  Second you can help EXPAND the business by giving them the cash infusion to expand and grow.  Often the major issue with small business's is they can't do what they need to expand to stay in business, or just keep payroll going for a few weeks so they can win a bid on a job they know they can do/get.

                  This is how we are going to make America great again, by stepping up and helping/investing in EACH OTHER, and not waiting on government to do it.  (Sorry to go political but we really need to stop looking to government to handle our problems)

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: June 5, 2016, 1:43 pm - IP Logged

                    "Slow news day"...come to think about it that is probably why they do it LOL

                    Nothing to do with slow news day. The issue isn't the facts, the issue is how the facts are marketed to make people take notice. The facts are that more than 60% of footballers, baseball and basketball players are broke or in serious financial problems within 5 years of retirement. But the headlines read: "Most Athletes Go Broke Within 5 Years of Retirement" usually peppered with photos of Antoine Walker and TO; as if the US only has 3 sports and that everyone in those sports were making 8 or 9 figures. What's marketed to the public is very catchy and very misleading.

                     

                    Ditto with the facts about windfalls. Are the numbers true? Yes. Is it marketed differently than what the facts really state? Yes. 

                    The study followed people who had received a windfall. That included lottery winners. But it also included insurance payouts, sale of a business and inheritance. 

                    The media markets it as most lottery winners go broke within X years then invariably shows pics of Jack Whittaker & DLE. They make people think of lottery winners as those who win 8 figures or more when the majority of lottery winners take home less than $5M. Large enough to be life changing, not large enough overcome financial stupidity.

                     

                    We only hear about smaller jackpot winners when someone kills them. No one is going to spend time on a story of a lottery winner who took home $250K and lost it all on a failed business venture or in helping out ungrateful relatives. 

                    Just because you don't hear of ALL the winners who go broke doing that doesn't negate their occurrence. Only that their commonality makes them a ratings snooze-fest.

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                      Happy California
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                      Posted: June 5, 2016, 7:12 pm - IP Logged

                      Nothing to do with slow news day. The issue isn't the facts, the issue is how the facts are marketed to make people take notice. The facts are that more than 60% of footballers, baseball and basketball players are broke or in serious financial problems within 5 years of retirement. But the headlines read: "Most Athletes Go Broke Within 5 Years of Retirement" usually peppered with photos of Antoine Walker and TO; as if the US only has 3 sports and that everyone in those sports were making 8 or 9 figures. What's marketed to the public is very catchy and very misleading.

                       

                      Ditto with the facts about windfalls. Are the numbers true? Yes. Is it marketed differently than what the facts really state? Yes. 

                      The study followed people who had received a windfall. That included lottery winners. But it also included insurance payouts, sale of a business and inheritance. 

                      The media markets it as most lottery winners go broke within X years then invariably shows pics of Jack Whittaker & DLE. They make people think of lottery winners as those who win 8 figures or more when the majority of lottery winners take home less than $5M. Large enough to be life changing, not large enough overcome financial stupidity.

                       

                      We only hear about smaller jackpot winners when someone kills them. No one is going to spend time on a story of a lottery winner who took home $250K and lost it all on a failed business venture or in helping out ungrateful relatives. 

                      Just because you don't hear of ALL the winners who go broke doing that doesn't negate their occurrence. Only that their commonality makes them a ratings snooze-fest.

                      Teddi, I agree with you, "the issue is how the facts are marketed". There are probably thousands of books telling the story of how the press  makes its' money.

                       Advertisements must be sold and this forces the press to tell "IF it bleeds then it leads" stories.

                       I have come across the statement, "The Press treats lottery winners like economic freaks".

                      The media tells their customers lies.

                       Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

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                        Posted: June 7, 2016, 2:08 am - IP Logged

                        Since I live in Canada where winnings are not taxed, we'll start with $40 million even. First off, $10 million is going straight into a trust that I cannot touch until I am at least 60 which is a good 30+ years away right now for me. With $30 million left, I'd spend $500,000 on a home, $50,000 to disappear for a year while my house gets built, $2 million to my parents and my husband's parents, $500,000 to my sister and my sister in law, then $100,000 put into a trust for each of my nephews and nieces.

                        That would leave me with around $24,000,000. The remainder would then be invested and I'd figure out with the help of my team of accountants and lawyers, how to make that last so I could live off the interest and not have to work another real day of "work" in my life. I'd spend the rest of my time travelling with my husband, taking courses on subjects I enjoy, and volunteering my time. And I'd make sure that my husband did not have to work another day in his life if he didn't want to.

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                          BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
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                          Posted: June 7, 2016, 10:54 am - IP Logged

                          16000000

                          -13000000 spread across  monthly dividend reits across all sectors 

                          300000

                          -1000000 home

                          -750000 cash reserve $75000 year

                          1250000

                          -250000 various other investments

                          1000000 

                          -150000 wounded  warrior  project

                          850000 miscellaneous 

                          Relax,Bigdaddy has your number!!!!!

                          Pi is the way...

                          turning $30 or less into thousands everyday!!

                          here we go steelers ..here we go---------stairway to seven 

                          TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..

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                            Happy California
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                            Posted: June 7, 2016, 2:43 pm - IP Logged

                            My investment ideas are: www.cdars.com  www.treasurydirect.gov  mutual funds, my new home will be my real estate investment, 

                            Federal Reserve Chairwoman Janet Yellen may raise interest rates in July. I have learned that the way the interest rates are raised is that the Federal Reserve restricts the money flow. When cash is scarce then that raises the cost of it just like almost all products on the market.

                            Big Grin Angel

                             Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

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                              A long and winding road
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                              Posted: June 7, 2016, 10:47 pm - IP Logged

                              I consider it working if its in my bunker safe :)

                              Pay off debts

                              Build an Off the grid homestead

                              Rest goes into a Family Trust

                              ~~Is it true, Is it kind,Is it necessary. ~~~

                              pa:888,4445,6132,4444,8008