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So, what would you do?

Topic closed. 32 replies. Last post 6 months ago by Uluska.

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sully16's avatar - sharan
Ringleader
Michigan
United States
Member #81740
October 28, 2009
40420 Posts
Offline
Posted: June 8, 2016, 8:19 am - IP Logged

I would spend the rest of my life traveling.

Did you exchange a walk on part in the war ?

For a lead role in a cage?

 

                                            From Pink Floyd's " Wish you were here"

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
    Member #157856
    August 2, 2014
    1513 Posts
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    Posted: June 9, 2016, 5:05 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.

    I like your planning so far but are you aware of what would happen to your 30-year annuity if Arizona went belly up? I think you need to check on this before claiming your prize and choosing the annuity.

     If you change your mind and choose the lump sum then try not to spend too much of your principle. This will be easier done with a humongous jackpot.

     Allow fate to blow favorable winds your way.Approve

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

      Uluska's avatar - strawberry

      United States
      Member #134627
      November 2, 2012
      1001 Posts
      Offline
      Posted: June 11, 2016, 7:27 pm - IP Logged

      Overwhelming majority of us have no need to worry about becoming filthy rich anyhow. :)