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Your lotto numbers roll in, what do you do?

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Your lotto numbers roll in, what do you do?
Post by Lord Skimper   » Wed Dec 20, 2017 4:51 am

Lord Skimper
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Say 60 million after tax.

For me it is fairly simple. 10% goes to my best friend, no point in having someone leech off you all the time better to be able to go places with your friends and live in similar places. Meet for lunch and have fun without worrying about getting to work or what not.

Second Million bucks for each of my nephews.

The rest after paying off debts gets put in an investment account advised by the lotto people to net after tax around 5% to make 2.5 million a year. Like winning a smaller lottery every year and getting paid $7000+ a day paid quarterly, $625000 a quarter.

Play the stock market with after tax earnings, go to Vegas, other exotic places and what not.

Advise my friends to do something similar but everyone has their own ideas on what they would do.

You?
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Re: Your lotto numbers roll in, what do you do?
Post by Michael Everett   » Wed Dec 20, 2017 5:15 am

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Oddly enough, this is very similar to an intellectual exercise that I occasionally do.
Step 1 - Distribute some to family (enough to pay off debts and all bills for a couple of years plus a bit more) (I'm part of a large clan).
Step 2 - Buy small tropical island. Preferably two.
Step 3 - Have small houses/guest huts built on island plus associated infrastructure.
Step 4 - Start hiring out island for more moolah. Not Christmas, though, as that's when family come over. If two islands owned, second island can still be rented out for holidays without impacting on family reunions.
Step 5 (optional/Cash-reserves dependent) - Purchase third island in less-touristy-but-still-very-nice place.
Contact 501st and Disney for permission/help to have it turned into Star-Wars-style resort for those unfortunate children suffering from cancer and who need a nice vacation or somewhere to spend their last days.
~~~~~~

I can't write anywhere near as well as Weber
But I try nonetheless, And even do my own artwork.

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Re: Your lotto numbers roll in, what do you do?
Post by dscott8   » Wed Dec 20, 2017 9:45 am

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$60 million after tax?

I have 6 siblings, my wife has 5. We have one adult son. To give each of them a $120,000 annual income would require about $40 mil in a trust fund.

That leaves me with $20 mil. A similar trust fund would give us about $660,000 a year. With that, we could get a house designed for disabled access for the wife, live well, and anything left over would go for more books.
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Re: Your lotto numbers roll in, what do you do?
Post by Weird Harold   » Wed Dec 20, 2017 7:12 pm

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Lord Skimper wrote:Your lotto numbers roll in, what do you do?


Regret not being able to buy a ticket.

Nevada has no lottery and I don't frequent casinos. Picking Lotto/Powerball/Megabucks, etc numbers would be just a pointless mental exercise because there's no place to buy a ticket or anyone to pay out a win If I should guess right. :p
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Answers! I got lots of answers!

(Now if I could just find the right questions.)
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Re: Your lotto numbers roll in, what do you do?
Post by cthia   » Wed Dec 20, 2017 8:01 pm

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Weird Harold wrote:
Lord Skimper wrote:Your lotto numbers roll in, what do you do?


Regret not being able to buy a ticket.

Nevada has no lottery and I don't frequent casinos. Picking Lotto/Powerball/Megabucks, etc numbers would be just a pointless mental exercise because there's no place to buy a ticket or anyone to pay out a win If I should guess right. :p

You can buy tickets online.

Son, your mother says I have to hang you. Personally I don't think this is a capital offense. But if I don't hang you, she's gonna hang me and frankly, I'm not the one in trouble. —cthia's father. Incident in ? Axiom of Common Sense
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Re: Your lotto numbers roll in, what do you do?
Post by Daryl   » Thu Dec 21, 2017 12:20 am

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Spend it on wine, women and song, then just waste the rest? Put it all into bitcoin?
Slightly more seriously, I'm comfortably retired so would - ensure that the three adult kids have enough to retire early, about $5M each should be enough as they are sensible, some targeted stuff to other family and friends, then I'd get professional advice from our superannuation advisors (they get paid a salary not commission so not biased), then I would invest the rest per a combination of their advice and my own knowledge, over a range of options
One thing for sure is I would never travel cattle class again.

On this topic some researchers used to say a survey of lotto winners five years later showed that most had blown the lot, those who had been careful and saved before still had theirs though. They now say that by two years most had lost it.
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Re: Your lotto numbers roll in, what do you do?
Post by biochem   » Thu Dec 21, 2017 8:44 am

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10% to charity
1/2 of the rest to sibling (we have a current deal if either of us wins, we split it)
Buy stuff for parents use like condo in Hawaii ( keep in our name to avoid headaches when they die)
Invest the rest conservatively and retire
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Re: Your lotto numbers roll in, what do you do?
Post by Lord Skimper   » Thu Dec 21, 2017 8:49 pm

Lord Skimper
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Posts: 1699
Joined: Tue Aug 06, 2013 11:49 pm
Location: Calgary, Nova, Gryphon.

Michael Everett wrote:Oddly enough, this is very similar to an intellectual exercise that I occasionally do.
Step 1 - Distribute some to family (enough to pay off debts and all bills for a couple of years plus a bit more) (I'm part of a large clan).
Step 2 - Buy small tropical island. Preferably two.
Step 3 - Have small houses/guest huts built on island plus associated infrastructure.
Step 4 - Start hiring out island for more moolah. Not Christmas, though, as that's when family come over. If two islands owned, second island can still be rented out for holidays without impacting on family reunions.
Step 5 (optional/Cash-reserves dependent) - Purchase third island in less-touristy-but-still-very-nice place.
Contact 501st and Disney for permission/help to have it turned into Star-Wars-style resort for those unfortunate children suffering from cancer and who need a nice vacation or somewhere to spend their last days.



Star Wars not an Honorverse?
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Re: Your lotto numbers roll in, what do you do?
Post by Michael Everett   » Fri Dec 22, 2017 3:59 am

Michael Everett
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Lord Skimper wrote:Star Wars not an Honorverse?

501st (Wikipedia)
These guys are a charitable group dedicated primarily to helping children with cancer, although they also help kids with other severe-to-fatal medical conditions.
Check youtube for vids (like this one) of them visiting hospitals, the kids look as if a dozen Christmases have arrived at once when they see the Stormtroopers etc.
~~~~~~

I can't write anywhere near as well as Weber
But I try nonetheless, And even do my own artwork.

(Now on Twitter)and mentioned by RFC!
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Re: Your lotto numbers roll in, what do you do?
Post by Fireflair   » Fri Dec 22, 2017 11:59 pm

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Yeah, one study says most lottery winners end up broke. There was another done on big lottery winners as well, that concluded that more than two thirds came out just fine. There was an article done by NPR a few years back about this subject. They interviewed the very first modern lottery winner. He didn't win much, respectively, but he put most of it away and kept on living his life as it was.

Since then things have changed drastically. When you win the lottery now you're required to go through financial counseling prior to receiving your pay out. The state will provide you with basic advice and make recommendations of advisors to assist you afterward. Most people tended to blow the money on the usual vices, or even if they didn't they bought things like cars and houses. Then they couldn't pay the taxes on them. In many ways it's the same trap that newly rich movie and music stars fall into.

However, if people get past that first 2-5 year hump of adjusting to having wealth, they statically do just fine. In fact, 85% of them find a job that they like. And the more meaningful and personally rewarding they find that job the more likely they are to handle their money well.
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