Lottery winnings day-dream thread...

[chocktaw2]

Funny thing, the wife and I were talking about this a couple weeks ago. I asked her what she would do if we won the lottery. She replied, " take 1/2 of our money, and divorce your sorry ass". I then told her I had won the lottery, $12, here is 6 bucks, now pack your , and get the hell out.

 

[gregkl]

Funny thing, the wife and I were talking about this a couple weeks ago. I asked her what she would do if we won the lottery. She replied, " take 1/2 of our money, and divorce your sorry ass". I then told her I had won the lottery, $12, here is 6 bucks, now pack your , and get the hell out.

 

[Expat]

Funny thing, the wife and I were talking about this a couple weeks ago. I asked her what she would do if we won the lottery. She replied, " take 1/2 of our money, and divorce your sorry ass". I then told her I had won the lottery, $12, here is 6 bucks, now pack your , and get the hell out.

 

[churchmouse]

Funny thing, the wife and I were talking about this a couple weeks ago. I asked her what she would do if we won the lottery. She replied, " take 1/2 of our money, and divorce your sorry ass". I then told her I had won the lottery, $12, here is 6 bucks, now pack your , and get the hell out.

I can see this in my mind.

 

[chocktaw2]

I can see this in my mind.

Only because you know us both very well.

 

[AngryRooster]

How much of a donation does it take to make the classifieds site supporter only?

 

[BiscuitsandGravy]

I like you guys and the way you think in an sort of way of course.

Guns, goons, land, m-raps, lowers for all, helicopters- just to get started.

 

[Mr Evilwrench]

Speaking of getting off the grid, I wonder if you're getting into nuke plant off the grid money there. I'd want something mostly hilly, but with enough exposed land to grow my veg, some chicken, cow, and hunting. No vehicle would approach unless I wanted it to. I'd pick a female and pay her fairly (we already know what you are, we're just negotiating your price), plus 401K or whatever, for what she did. It would be employment at will and if I got sick of her or just wanted to trade in the .44 for a couple of .22s, I could fire her, and she'd have no interest in the estate.

 

[mtinner]

First off, 100 pairs of socks. I'm getting tired of wearing socks with holes in them.

 

[bmbutch]

I would retire, split it 8-ways (8 in the pool), buy land & build poor looking house, with killer basement, & NEVER work for another boss again. Would like to hire those down on their luck (not those choosing it), & do repair/improvement jobs for elderly. Would have to incorporate a not for profit as a safety net from douche nozzles.

 

[Tripp11]

I was reading or heard somewhere that the lottos require you to do publicity so staying anonymous isn't an option. I'm sure most/some of folks saying they wish they'd never won stems from that.

Individual states have different requirements in regards to making your identity public. Here in Indiana, you can remain anonymous and claim the money in a LLC. That's exactly what the lady from Shelby County did many years ago.

Your only shot of staying anonymous is claiming the prize anonymously thru a trust/LLC if your state allows it. The next step is have an attorney draft non-disclosure agreements with serious penalties for anyone that you let into your life and who will know. Also, the key would be to continue living your normal life for 3-6 months after claiming the winnings - if you and your wife both quit your job the same time the winner claims the winnings, that would be a good indicator who the winner would be.

Read some of the horror stories of folks who have won a whole helluva lot less than $450M and how their lives were devastated with the notoreity. Some of them were even murdered by family members or friends just for a piece of the pie.

 

[Mr Evilwrench]

Read some of the horror stories of folks who have won a whole helluva lot less than $450M and how their lives were devastated with the notoreity. Some of them were even murdered by family members or friends just for a piece of the pie.

There was a TV show some years back. One fellow had hit some ass-puckering jackpot, bought a big mansion and proceeded to fill it with expensive things. Not valuable things, just expensive. He led the camera on a tour of his museum of suck, naming off prices he'd paid for things. Knowing the price of everything but the value of nothing. It made me sad more than anything.

 

[CHCRandy]

First I would hire 2 or 3 of the best accountants money can buy and a few attorneys. I would probably buy my dream home up in Lizton. Payoff my kids houses and get my grand baby a fat trust for when she is 23 or so. I would help my family that are deserving, sister and brother in laws. Buy me a new F-350 XL/XLT, but nothing fancy. Invest the rest and give most of the earnings away. I would probably keep working though...maybe build custom homes and trade some stocks. I am not the flashy type and honestly money don't mean much to me other than motivation. If I had $100M+.....I would probably not like it. I always admire men who are worth billions of dollars and still work 16 hour days, what in the hell drives them guys? How much money you really need?

I have always thought it would be cool to start a program where you take $100M and invest, earn 10%...$10M a year, you then take that $10M and give it to 100 "families" who agree to invest and participate in growing it but let you control their $100,000 until it doubles in value at which time they have to locate the next "family", give them their $100,000 earnings and keep their original $100,000. Then they mentor the next family who must do the same.

 

[patience0830]

I always wanted an underground house with a solar power system and passive solar heating. My own private man cave. Water on site. Preferably a spring fed stream and a 5 acre lake and a well inside the cave. 10' stone wall around the 80 acre perimeter topped with broken glass and razor wire. Some comfortable, durable furniture for the cave. A little woodshop and a 2 car garage. 1 servant to cook, and clean the house. The real gift would be time to do the things i enjoy for the rest of my days and leave a legacy that could help change my family tree. College notes paid for all the kids and nieces and nephews if they keep a B average and graduate. Gotta have standards.

 

[4651feeder]

First off, 100 pairs of socks. I'm getting tired of wearing socks with holes in them.

David Gundlach who grew up in Elkhart and did well in life ended up leaving a buttload of $$ to the local Community Foundation upon his premature death a few years back, anyways to my point WNIT CH 34 did a biography on him https://www.youtube.com/watch?v=yqH43oPs4jI , apparently once he found his wealth, he never wore any shirt more than once.

I'll reserve my what I'd do with lottery winnings for the "What Would You Do If You Won Powerball & Mega Millions In The Same Week?" thread. Figure if I'm to have delusional dreams, they might as well be BIG.

 

[CampingJosh]

First off, 100 pairs of socks. I'm getting tired of wearing socks with holes in them.

You don't need 100 pairs; you just need better socks. I really like Darn Tough.

As far as what I would do with the money, I know of several non-profits that would be in better shape. And I think that I would probably make a significant capital investment in a particular non-US city. There is a business that I have had my eye on buying for a couple years now, but I don't have the money to do it yet. (Motorcycle tours in a mountainous region, for those curious)

 

[CampingJosh]

I always admire men who are worth billions of dollars and still work 16 hour days, what in the hell drives them guys? How much money you really need?

For some it likely is greed or a competitive nature. For many, though, they see the value in serving people. Doing something that someone needs or wants done is the most straightforward way to make money, and the more you do for people, the more money you make.

 

[olhorseman]

To any fortunate winner, I would like you to know the Olhorseman Foundation and Gun Museum gladly accepts donations.

 

[Libertarian01]

For me, call the accountant, the lawyer, and the investment dude; in that order. I would almost 100% take the annuity.

Then off on a plane to Mossack Fonseca to discuss the best way to reduce tax consequences within the law. My bet is having to move to US Virgin Islands, but to potentially save 90% of taxes, no problem. Still USA.

If, however, I stayed in Indiana with a powerball winning I would put myself on a heavy budget, saving 50% after taxes while feeling free to spend 50%. Since I am now single all money would be owned by an irrevocable trust so as to avoid any legal issues in the future as it is no longer my money, ergo lawsuit proof. This would probably take a year to work out the details of control, but the money in an irrevocable trust could never count against me in any divorce, in any lawsuit, etc, as it is irrevocable I no longer "own" it. Many lawyers would be happy in the fees they would receive to consult and set this up. There would probably be a holding company that "manages" the money offshore that is in the trust. Again, many lawyers and accountants thrilled.

With the powerball winnings in Indiana saving 50% AFTER taxes my budget would be (for year #1) $4.4 million annually, or $169,000 weekly, $12k per day, or simply $500 per hour. Remember, this is saving half and after taxes in Indiana in year one. As the powerball guarantees a return of 4% per year in year ten (10) the budget would increase to $6.25 million annually, $120k per week, $17k per day, or simply $716.60 per hour. By moving to the US VI first year income could rise to about $6.5 million and wind up at $9.2 million by year ten (10). Again after taxes. All income would increase through year 30.

As long as I stayed within those limits I would never run out of money.

I'd get my own boat and travel the world. I don't mean a puny boat, I mean a megayacht at least 200' long with a crew. Minimum range of 9k nautical miles. Comfortable, secure, mobile, with the ability to store monthes of food and supplies. Flagging would be an issue I would need to research.

[STRIKE]My donations[/STRIKE], the trusts donations would be to certain 501c3's that would support candidates that would push substantive change, not charities that are just bandaids on bullet holes. Sure, some would go to charities, but most would go to politics that have real power.

My money would not go into a trust initially that is unnamed. This is often done to avoid parasites (read: relatives) that come out of the woodwork to suck money. I would have no problem telling them what to go do with themselves as I won the money, not them. Same would go for strangers. Cry me a river, I'd give 'em $2 to go buy their own ticky. Good luck.

The hard part about winning is knowing when to STOP spending! That is another reason for an irrevocable trust, to protect the money from ME. Say I go to a Christies Auction to buy a couple of really cool guns. I'd be surrounded by people all spending tons of money. It would be very easy to get caught up in the spending craze. I could easily think, "I'm rich. I won half a billion dollars! This is only $200k, I have tons left over. No problem." Which would be true on an individual basis. The problem would be in having the severe discipline to stop spending. You would think you can never run out of money, but time and again lottery winners have proven this untrue. It is too easy to take care of Mama, to help Grandpa Jo, to set up HUGE college funds for the kids or grandkids, to help the neighbor, and on and on and on.

Another hard part would probably be in dealing with current friends. The newly rich can decide to fly to Paris for the weekend (or the month) to enjoy the sights, spend some time with Sylvain, and try all the great cuisine. Who do you know today that could join you? Or the winner might want to fly to Tokyo to eat sushi at the finest sushi bar in all Japan. Can the drinking buddy tag along? Does the winner put their friend on the payroll? What about their other friend(s)? Just how big does the entourage become? How would the social dynamic change? It would be a very emotionally straining event. Now what if you're married? Are you and your spouse in total, absolute agreement on how to manage money, and deal with relatives, and friends, etc? How complicated could that be?

Winning would be wonderful, but also tremendously jarring and upsetting in other ways.

Maybe I should just throw out my ticket...?

Nah...

Doug

 

[hoosierdoc]

All those things you guys have said, plus maybe some hired goons.

They prefer the term gigalo and IANAL but that is illegal so don’t post about it online