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Location: Born in L.A. - NYC is Second Home - Rustbelt is Home Base
1,607 posts, read 1,085,674 times
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OP, dunno. I live simply and don't need much. One million would last me a long time. But I'd take $5K and buy a first class seat to Japan to do some photography there for a few weeks. I'd also be able to do some archival film preservation work that needs $15K - $20K thrown at it. Maybe I'd buy a couple machine guns to shoot. $45K. That is about it for me.
I would consider putting money into penny stocks for suckers as well.
Compared to lotto there is a real chance of gains. Money put into the lotto is almost certainly gone. However, I agree and don't put money into any individual stocks. But if it were a choice between putting a few dollar in lotto or penny stock I'll take the penny stock.
Assuming a huge payout like this recent one: I'd keep about 10 million for myself, to insure I'd be financially set for life regardless of what comes down the road. I'd give my parents, my brother, my aunts and uncles (4 in all) and my 7 cousins 1 million dollars each. All the rest I'd use to set up a charitable foundation to promote (among other things) science education, conservation, and low-income and Third World healthcare .
No luxury cars, mansions, yachts, etc. I have no desire for any of those things.
Pay off my mortgage, pay off the mortgages for my brothers houses, put enough aside for my nieces and nephews college, put enough aside that I can pay myself $200k a year till I'm 90, and then donate the rest. I'd also do my best to not have my name revealed publicly. Money as ruined so many peoples lives, I have little to no desire to have it ruin mine.
Money is a tool. A person who hits the jackpot moves from garden trowel class to bulldozer class tools. People who have never had any money think money is something you spend. People who have money know it's something that works for you. It's a real temptation to sprinkle fairy dust around, but the things to spend money on if have any big windfall are:
1. Hire an attorney.
2. Hire an accountant.
3. Get enough insurance to cover the massive lawsuits.
4. Split the money up between about 3 different investment advisors.
I have always thought that, in that situation, I would fund a scholarship fund. It should be able to hand out $15 million in scholarships every year forever.
Yea it would be better if the lotto didn't publish your name. As a result, you may need liability insurance for people filing lawsuits against you, possibly extra security as people may try to rob you/kidnap you, endless people contacting you with sob stories (many fake) why you should give them money...
I would give some to family and then immediately leave the country. I used to do the payouts here in Vegas for multi million dollar jackpots. You wouldn't believe how many people don't understand how important being anonymous is. This lady may not have had a choice though. As far as investing it, hell, even an awful savings account would be generating hundreds of thousands a year.
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