U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-26-2012, 03:57 PM
 
2,546 posts, read 5,935,061 times
Reputation: 1984

Advertisements

Quote:
Originally Posted by oneasterisk View Post
I'm planning on winning the Mega Millions this Friday so I'll let you all know then...
Did you win anything from Friday's draw?
I didn't
Reply With Quote Quick reply to this message

 
Old 02-26-2012, 04:04 PM
 
2,759 posts, read 3,315,283 times
Reputation: 3077
Quote:
Originally Posted by Autumn07 View Post
Did you win anything from Friday's draw?
I didn't
Sympathies to all those who didn't win - which is a hell of a lot of sympathy ...
Reply With Quote Quick reply to this message
 
Old 02-27-2012, 07:36 AM
 
Location: Censorshipville...
2,490 posts, read 5,999,834 times
Reputation: 1283
Quote:
Originally Posted by Autumn07 View Post
Did you win anything from Friday's draw?
I didn't
Nope, that's why I'm still posting here instead of relaxing on some remote beach while a native gal fans me with palm fronds.
Reply With Quote Quick reply to this message
 
Old 02-27-2012, 07:44 AM
 
Location: Atlanta & NYC
6,621 posts, read 11,190,639 times
Reputation: 6595
Take 90% of it and invest it in multiple directions. Live off the other 10% for a while while my investments create enough passive revenue to live off of and then retire.

Travel the world, start a family, etc.
Reply With Quote Quick reply to this message
 
Old 02-27-2012, 03:07 PM
 
Location: Atlanta, GA
443 posts, read 744,533 times
Reputation: 323
lets see.

$20 million, after tax...

i'd give $2 million to charity, give $3 million each to my parents. the other $10 million i'd invest in a variety of investments to both grow the money and save some away for retirement, leaving $2 million to spend.

once that's sorted i'd do a LONG road trip travelling the US and Canada - spending maybe 2 weeks in each state or just mixing it up and exploring as i go. once i've finished travelling

i'd buy myself a ~$250,000 house in either Kansas City or St. Louis, and furnish it, and live off of my investments. i'd not work, but retire early and do whatever i wanted.
Reply With Quote Quick reply to this message
 
Old 02-27-2012, 11:42 PM
 
2,759 posts, read 3,315,283 times
Reputation: 3077
I'd get debt-free.
Then I'd give some money to family and faithful friends.
I'd remodel my house. Later, I'd sell it and move to a remote town on the west coast (maybe in the desert).
Work part-time to maintain what few social skills are left.
Be a cougar, but my guy would truly love me for ME. He wouldn't know my net worth.
Reply With Quote Quick reply to this message
 
Old 02-27-2012, 11:48 PM
 
8,164 posts, read 9,376,071 times
Reputation: 10341
$20 mil? Pay off all debt. Hire a good accountant and attorney for investment, trust, and tax shelter advice. Invest at least 75% to live off interest. With the rest, buy an upscale log home at one of the local ski resorts, and live there full time. Long been a dream of mine. Would own a restored FJ40 for outdoor play, a GT-R, and nice AWD suv for getting around on snow days if need be. Spend a hefty sum on ski and backpacking equipment, mountain bikes, and camera equipment. Would pay off my parents home. Pay for my sister and her husband to go to college. Travel, a lot. Possibly adopt at least one child. Go to graduate school. Finally, I'd fight the FAA to get my pilot medical certification back. They grounded me a few years back for a medical condition (lost my flying career due to that), but gave me an option to get it back if I could submit to some extra, very expensive tests, which I could not afford. But if I won, I'd do it, I miss flying, but would not buy a plane. Just rent for fun.
Reply With Quote Quick reply to this message
 
Old 02-28-2012, 12:17 AM
 
4,044 posts, read 5,952,401 times
Reputation: 3819
Relocate the VERY NEXT DAY.

The rest would be history.
Reply With Quote Quick reply to this message
 
Old 02-28-2012, 07:46 AM
 
Location: Ontario, NY
2,595 posts, read 5,895,285 times
Reputation: 2496
Quote:
Originally Posted by MoneyMogul View Post
If I won $20 million I would give the first 2.5 million to my church. Then I would set 1 mil. aside for my kids college education. Next, I would spend 2 mil. on a long vacation for me and a friend or two. After that I would buy a big house for 4 mil. and a second smaller house for 2 mil. then I would spend 2.5 mil. decorating them. I would get one house on each coast of the USA. I would buy a few cars 2 mil. so that I didn’t have to get my own gas. I would then take the rest of the money and get a butler and maid to take care of all the cleaning and chores and stuff. I will have 5 mil. left so I would live extravagantly until the money ran out then I would sell my houses and get a job and you would never know I had won and lost $20 million.
A. You can't add. 2.5+1+2+4+2+2.5+2+5=21

B. You don't win 20 million dollars and get 20 million dollars. If you take the lump sum that take about 1/2 right up front, you be lucky to get 6 million after taxes.
Reply With Quote Quick reply to this message
 
Old 02-28-2012, 06:56 PM
 
766 posts, read 1,112,888 times
Reputation: 1415
I've always lived a rather simple life. Not much into materialism or consumerism, so I highly doubt that would change for me. I would quit my job! I've always been an introverted homebody, so staying home with the dogs fits me well. Never have been the traveling kind.

I'd be more concerned about my young adult sons blowing thru the money in a careless fashion. So I'd give them small increments over a period of yrs.

1st yr.... get them debt free and a decent vehicle.
2nd yr... tell them to hit the Real Estate market and find their little dream home for $100,000 or less (we live in a region with cheap housing)

3rd yr... get them set up with $100,000 of tiered CD's. The fastest maturing CD (3 months) would be $1,000. The 6 month CD would be $5,000. The 12 month CD would be $10,000. The 5yr CD would be the largest amount.

This gives them a chance to make stupid mistakes with the smaller amounts, hopefully teaching them valuable money management lessons.

Don't really know what I would do with the rest?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top