A friend of mine gave me isht for playing the lotto recently when the jackpot was into the hundreds of millions. He said the typical "stupid person tax" etc.
IT'S ONE DOLLAR. WHO CARES. If I buy a pack of gum, I don't run the chance of winning something.
The remaining $60M goes in the bank, and at, say, 3-4% interest, I make another ~$2M a year to live off.
Buy nice house local to me. Pay off the rest of my student loans, and give money to each of my parents. Order Ardent Red on Oyster Evora S with every option, buy a Cortina, and buy that low mile Dinan S3 E39 M5 that's been for sale for awhile. Send my E39 in for a fresh make over, and then slowly over the years find low mile M5's in each body style, and start a collection.
Then buy a Pilatus PC-12 NG, go to Flight Safety for a ton of training, and get a bunch of my other pilot buddies training on it so we can so rip around the country.
Once that is done, invest the money, pay myself $1 million a year, and anything else goes right back to grow the principal amount. Well, depending on how much I fly the PC-12, I might need $2 million a year.
This is now the how would you spend your lottery winnings thread
I feel out of place in that while I know I would give money to friends and family, take care of people and that sort of thing, but I don't think I'd be buying $5m beach houses and real extreme luxuries. A new Porsche ordered to my tastes with factory delivery is a must. But beyond that I'm just not big on the thought of owning some kind of giant, resource-hungry 10,000sqft home that I'd need a housekeeper to stay on top of. I'd rather something a little more humble.
$5M on Maui doesn't buy a 10k sq ft mansion. The one I have picked out is like 2400 (inc. detached guest house) on like .22 acres.
To get to 10k sq ft, you're either not on the water or you're paying $20M+.
Besides, I have a house keeper (okay, a cleaning lady) and I'm just a lowly thousandaire; why would I fire her if I get rich??
if you take the cash payout, you're paying income tax on the cash prize. as of right now, the after tax cash value is about $130M. once invested, you'll only pay 15% on any dividends you take, and even modestly invested, you have enough to live on. 130M invested in somthing that pays 5% returns nets you about the same as the annuity payment, but taxed lower.
and if you can't live on 7M/year... you're DIW.
not a bad idea, in my layman's figuring.
a good chart to see what you'd take home, by state
oh, right... daydreaming
um... new car, new house, another house, a boat, and little paper umbrellas in every drink!
Last edited by sirswank; 02-10-2012 at 01:54 PM.
I've always asked for lump sum payment. Reading what you guys wrote, you have a point about the annuity stuff but at the same time having 75mil lump sum, I'd probably blow 2-3 mil instantly, keep 2-3mil in my spend at will account, slap 5 in savings of some sort and invest the rest entirely to make even more money.
Annuity would be cool because I could do a lot of that still but I'd be losing out on using the 60-70mil in investments, which could turn over A LOT more via lump sum if invested right.
Oh, I'd finish paying off my dad's house even though he has few years left, buy my own pad (nothing crazy, anything good sized with driveway and multicar garage), bunch of cars and adult toys and take a long vacation traveling the world. I'd probably walk into the Porsche dealership the very next day but I wouldn't keep it at just the expensive toys. Would probably build a mk1, mk2, e30, amongst a ton of other older classics. I won't be that guy driving a 4 year old Lambo thinking I'm hot *ish. I'd drive a 79 mk1 rabbit gti, fully restored properly and modified while thinking I'm hot *ish
I'd also build a massive house for my parents in the motherland of northern Portugal (they don't have a place there), and a few cars as well. Get my parents to stop working would be the 1st thing I'd take action on. I would hook up my closest family and friends as well. Oh and I'd contemplate starting my own business cuz let's be honest... being a lazy rich dude can get boring.
Last edited by CuCo33; 02-10-2012 at 02:14 PM.
I wanna play!
Disclaimer: I play ~$50 a year on lottery, I only play when the jackpots over $100 million usually. It's not worth it to win less to me.
If I won:
Order an R8 in Nagaro Blue
S5 convertible for the g/f
RS4 for me
Jetta TDI for daily driver
30' 5th wheel enclosed car trailer
Nice home ~$750,000
Vacation home in Montana ~$500,000
Design & build our dream home & garage <$1-$1.5mill
$4mill to family & friends
Racing enterprise: $1mill (spread over 5-10 years)
Home Theater: Whatever Osiris says.
And i'm done for around $8mill. The rest is invested/banked.
edit: I checked the above link... I'd be takin' home $145mill. Only $87.5mill to make up in 20 years.
Last edited by GreenandChrome; 02-10-2012 at 02:17 PM.