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What would you do if you won the lottery -- serious question
Vhayne
Member UncommonPosts: 632
Imagine that you purchased a lotto ticket and actually won about 10 million dollars. We've all dreamed of it. But have you really, and I mean really sat down and thought about what you would/could do?
First, you wouldn't get all 10mil. You'd have to give a large chunk of it to Uncle Sam for taxes. But that's not it. From what I understand, you get a choice of either a lump sum (which is substantially smaller than your actual winnings), or you can choose to get it all in the form of monthly checks.
So, let's pretend you decide on the checks. That's somewhere around 10k a month coming to you.
What do you do? Keep in mind, you just won the lottery! Everyone you know, or that knows you, probably knows you won it. They all think you're rich as hell, etc.
Here's where people stop thinking clearly usually. They think, "first thing I'd do is go buy a lamborghini!". Nope, can't do that, cause you'd have to save for like 2 years to do that. "I'd buy a mansion!" Nope, same situation. Now, granted you could probably get loans for all of that stuff, but then you're just in debt...again.
Personally, the first thing I'd do is quit my job, shop a "tiny" bit just for fun, but the majority of money would go towards current debt. Completely pay off everything you have (which at the rate the checks are coming in, would probably take a year or 2), and plan an entirely debt free life.
I suppose my point is, if/when you ever do finally get that lucky ticket, sure it's going to be wonderful, but it's not going to be what you probably think it is, at least for the first couple of years.
See, honestly, I'm kindof in this predicament right now. My wife's business started taking off last year, and we decided it was time for me to leave my job and help her run it. So I did. And with my help the business has exploded into a literal money making machine. We are so grateful and thankful. Compared to the income we were used to, it's very much like winning the lottery. It is wonderful, however, it's a bit boring at the moment lol. You see, sure the money is coming in, but we really can't touch much of it, because of savings to pay off current debts. Bitter and sweet at the same time. Anyway, it was an interesting realization I was thinking about. Once you win the lottery, buy everything you want, help everyone you know, etc. Then what? The challenge of that week-to-week paycheck is gone. Believe it or not, you kindof miss it a little.
Comments
I would kinda do something like that, but I honestly would just use it to pay for my college. I don't really want to nothing even if I was that rich. Doing nothing or something that doesn't require work would just get old to me after a couple of years.
I would also put it all in a couple of banks, like 2 million dollars in a each bank, just in case one of the banks goes bankrupt. I'll also keep it in seperate banks so I get interest in them. If I had a 4%APY, I would get like $82,500 just on yearly interest. I would I a steady income.
Start a good small business and have fun with most of the rest. Putting quite a bit into savings.
If you win 10mil, you only get like 2.... which isn't really a whole whole lot of money anymore. It's more than I've ever had, but it just doesn't go that far. If you do the payouts, you actually get less money because of inflation and lenders will still lend you money.... which puts alot of people into SEVERE debt they can never pay back. Quite a few lotto winners who took the 20yr payout, have killed themselves and most of the rest just live in squalar with good memories.
Unless you mean you keep 10mil (about a 30-40mil Jackpot).... in that case I would launch a chain of businesses. :-D
Edit:
Finished reading the thread.
If I was you, I would be investing as much as I could into expanding the business as far as you can take it. Then when you hit the end, start something else. You're pretty much living my dream, tbh.
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That would be bassed off of what I got.
5 Mill.. some property and a few vacation homes and never work again / Start a small shop of some kind. Other wise It would be the same as now.. that and Id drag all my friends to any Con, or Vacation I wanted to go on.
10 - 20 or so, Id probably start a game Company and make silly cheap games
Sure I would be able to do this with Alot less cash, But I like the idea of paying Emploies well 
True Game changeing money? 50-100 Mill take home?? Die of a Heart Attack... well that might happen with all of them.. But in all Honesty I take a Asprin before I check my numbers just incase
If ye love wealth greater than liberty, the tranquility of servitude; greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.
Samuel Adams
It is usually wise to take the lump sum instead of the monthly installments, since you are foregoing the interest you could be earning and are assuming more risk on top of it.
It is not wise to put a lot of money in a bank; you're only insured up to 100k per ownership category (i.e. for each person at the bank) at a bank. Government issued bonds are generally a lot less risky (assuming you pick a good government) and have similar returns as well as cash streams if you need some of it to be liquid.
The more money you earn, the greater the opportunity cost is of not investing it.
This is a sequence of characters intended to produce some profound mental effect, but it has failed.
That's some serious rounding down there for taxes and lump sum amounts.
I'll just assume I ended up with 5 mil lump sum, because taking the payment method is moronic.
2.8 mil straight to the bank, bonds, stocks, and long term low risk investments.
700k for a new house, furnishings, car and utility bills + property taxes for awhile
1 mil divided up among my immediate family.
500k to random charities and small businesses in my hometown.
Maybe even more to charity. Really, once you get 2 mil in cash you're set for life. Unless you're a complete moron and can't manage money.
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I'm only going to get 10K a month? Well, I'm certainly not rich.
If we're playing fantasy games, why can't I get 10 million a month? THAT I can have a good time with.
Well, if I only am getting 10K a month, I guess I'd take a nice vacation. I think I would start with some places that are very far from me that I havent' been to because of the cost. Australia, and Hawaii, probably a safari somewhere in Africa, with long breaks in between to recuperate.
All of you have some great ideas.
And I can totally see your point about taking the lump sum instead of monthly checks.
But what about after the initial shock and sprees of the first couple of years? You would have already bought the absolute best of everything you can think of. Everyone you care about is entirely taken care of. Donations and investments were made, etc. You've visited all the places you had ever dreamed of.
You wake up in the morning, and how do you feel? Bored? There is no challenge anymore. You remember back before it all happened, and think about how you were saving up for that 55" TV. But now you have one that's 107". You remember when you got that raise, and hoped it would help you pay off your Honda early. But now you have 3 super exotics in the garage...all paid for.
You try to live a normal life, go to walmart again to buy general crap for the house. Everyone you see walking around, you can pratically taste how they are struggling from week to week just to buy groceries and necessities. Perhaps you were in their shoes before. One of them sees you looking at something (perhaps it's a movie), and strikes up a conversation with you. Being polite, you talk to the guy. He's just an ordinary, friendly guy, but you can tell he's not even close to your finacial level.
Do you ever consider what he'd think about you if he knew the truth about you? That you're set for life, will never have to work again, struggle or suffer. Your fortune was given to you, by chance. You didn't earn it. Would the guy respect you? Or would he walk away in contempt because of simple jealousy?
Of course the most important question is, would you care?
No, not at all. I don't think assholes that were born into it, or earned it by pandering to peoples' weaknesses (e.g. celebrities, drug dealers, actors) deserve it either, but if I were to become one I sure as fuck wouldn't give two shits about what anybody would think.
I do like challenges, unless they involve large economic risk.
This is a sequence of characters intended to produce some profound mental effect, but it has failed.
Seeing as I don't live in the states, uncle Sam can blow it out his ass. He's not gettin any of my winnings. Most of the lottery here in Canada is tax free. You pretty much get what the jackpot is and it's paid to you in a lump sum. None of this over 25 years shit. The jackpot for tonight's draw (Friday) is estimated at 41 million and I think I'm gonna go get a ticket if for nothing else then just shits and giggles. 41 million would line my pockets rather nicely.
What I'd do given that kind of money is buy a house and set my parents up in it, give them a few million and have them not have to work for the rest of their lives. Then I'd go around my extended family and toss them a few bucks here and there just to make their lives more bearable and once that's taken care of I'm investing the rest with a million or 2 in my personal account for random spending. Once that's all done and good I'm traveling... everywhere. Tons of things to see and experience and I intend to do and see a lot of it.
No required quests! And if I decide I want to be an assassin-cartographer-dancer-pastry chef who lives only to stalk and kill interior decorators, then that's who I want to be, even if it takes me four years to max all the skills and everyone else thinks I'm freaking nuts. -Madimorga-
Travel plain and simple. I'd try to visit every city, every state, every country, and every continent. I'd eat and drink every type of animal, plant, and mineral and learn as much of every language I could.
I would finally have that multi-million dollar funding to start a game company
You would have more then 2mil, there is a 25 percent federal withholding plus state taxes which ranges from 10% to no taxes at all (mostly the red states don't tax you), and if you take a weekly check you only have to pay income tax on it (wisest choice imo)
First I would buy a house and car
I wouldn't have a job so I would have all the free time to pursue one of my dream jobs: write a graphic novel, screenplay, tv show, or comic strip
Get some slick clothes and meet the girl of my dreams.. maybe she'll find me after I'm done writing a book or whatever
Most importantly I would find some solid investments so that my money will always rise
I would save enough money for my eventual kids to go to eventual college and stuff (even if I save in the form of investments)
I always wanted to design my own theme park ride but I probably wouldn't do that. I might make a high tech putt-putt place though
1. Get a good accountant that I trusted.
2. Get a good investment banker that I trusted.
3. Get a good lawyer that I trusted.
4. Get 1 through 3 to work together on a plan to minimize my tax burden, pay off debt, set up my trusts, prepare my retirement.
5. Take a month or so to determine what I wanted to do with my life in the short term.
6. Get 1-3 to determine how to meet my short term goals.
7. Begin my short term plan and begin working on my long term plan.
8. Work with 1-3 to meet my long term plan.
9. Start working on my plan.
Well, If ever I won in the lottery.. Of course I will buy myself a car... (Just a typical one) and a good house... And Half of the money will go to my parents and the rest, I think I will just put it on stocks / investment... Or bring up my own business..
Scream, jump up and down and hug whoever is with me.
Seriously, I'll keep the ticket safe, think about my job or business, find people I can trust, decide on a lump sum or payments, arrange for a special account at the bank, and lastly, change my phone number.
i get bored easy without some kinda challenge, that said i would have to start a business or just keep working.
I love manual labor lol...so would have to be a construction company or something tough.
by a nice house, decent car, same for family, set up a retirement fund, for me and family. hmm..put money aside for my nieces and nephews for college.
I would do some traveling though if i wasnt working, there's still a few places i havn't gotten to go.
"The great thing about human language is that it prevents us from sticking to the matter at hand."
- Lewis Thomas
Two chicks at the same time.
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In all seriousness, I would travel and write the novel and/or screenplay I've always wanted to.
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F'n A man. F'n A.
Over the first 6 months:
*Apply for Business Visa- Philippines
*Hire Accountant and Visa Lawyer
*Scout Property in a Village I like in the Philippines
Over the next 6 months
*Buy a house near the Swinery I already Operate
*Fix the Docks
*Hire 2 more wokers and Expand the Swinery Barns and build a Cistern
Rest of Life:
Simply put at this point I wont be living in the USA and Id apply for permanent citizenship in the PH and move there. I have family and friends there so it will be quite nice. They aren't money grubbers since they have money. 2 or 3 years after my Swinery is fully operating at 250 pigs per cycle Id be looking at enough income to dedicate the lottory money as a minority of my income towards simple living needs. IE being a rich Pinoy hehe. Sheesh 10,000 would go a LOOOOOOOOOOOONG way there.
I would definitely buy Apple products and I will travel around the world with my family... The rest will also be put into business or somewhat investments.
Roughly in this order, with some variation as practical:
1. Place the signed ticket in a Safe Deposit Box and wait ninety days. During that ninety days, I will--
2. Get a P.O. Box in a different county and fill out a Change of Address form pointing to it.
3. Close all cell phone accounts and purchase a pay-as-you-go phone.
4. Contact a well-respected financial manager, explain the situation, and secure a personal advisor. If they don't offer referrals to legal counsel in financial matters as a service, I will research and retain a lawyer.
5. Near the end of the ninety days, I'll take a leave of absence from my job in order to devote as much time as possible towards working with the financial advisor and/or lawyer in the best way to manage the money.
6. Depending on the size of the lottery winnings, I may consider small-scale philanthropy in a cause I feel strongly about.
7. Adopt a VERY EXPENSIVE HOBBY.
The usual things about helping friends and family apply, but that will be done under the advisement of the financial planners and/or lawyers.
8. Eventually call up my employer to both cancel the LOA and my status as an employee. Perhaps in person. While driving my shiny new Bugatti Veyron.
"You'll never win an argument with an idiot because he is too stupid to recognize his own defeat." ~Anonymous
Take the lump sum of 2-ish million since thats basically what you end up with if you win the 10mil right? Deposit into low risk account. Sell current house and upgrade to what my family needs, a few more bedrooms, but nothing crazy. Sell/donate current cars and upgrade a bit. Toyota and Honda upgrades to BMW or Infinity;) Thats the end of my debt. Pay off what little is left on my parents home. My inlaws already paid there's off. Send both on the vacation of their choice. Organize mass family cruise with all the cousins aunts and uncles, on us. Make sure both kids college will be taken care of when the time comes.
At the end of the day, thats barely enough to divy up & retire on really when you start crunching numbers. Anyone who drastically alters their way of life is a complete FOOL!! We're not talking 100 mill here=) Probably wouldn't quit my job anytime soon. Just live comfortably without too much worry, go on much better vacations, buy nicer toys and retire 10 years early and not give a damn thing to ANYONE who asks me.
There would be a brand new Nissan Skyline GT-R in my driveway lol!