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Old 02-28-2012, 07:11 PM
Status: "It reads "status is too long"." (set 18 days ago)
 
Location: Washington, D.C.
1,316 posts, read 957,999 times
Reputation: 1519

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Wow, after getting a financial adviser and an attorney who's also an accountant, taxes and giving to charity, I'd probably just settle down in a nice home in a quiet place, do some traveling to places I've always wanted to go, put some money aside for my children, help some family members, pay off debts, finish school and start a scholarship fund, and just chill. I'd probably have my own business from home just to have something to do, and maybe write some books. Maybe buy some gold bars just to have.
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Old 03-04-2012, 01:08 AM
 
839 posts, read 477,621 times
Reputation: 425
Quote:
Originally Posted by selhars View Post
OK Let's Dream a little
What would you do with a 10 or 20 million dollar AFTER TAX lottery win? or pick any amount your want...

First of all: Where would you put the bulk of whatever amount you'd invest? I'd want something SAFE, and settle for just minimal growth/gain.

I was talking with my brother and with cities now on shaky financial ground he says he wouldn't even do AAA muni bonds.

As for what I'd give to people:
10 MILL: - 5 million for myself, 1 mill each to three siblings, 2 mill family education fund to take care of nieces/nephews college from the growth on that principle, and 1 mill among various friends, 1 million tithe

20 MILL: 9 mill for me, 5 million split among 3 siblings, 2 mill tithe, 2 mill family education fund, 2 mill split among about 10-12 friends

If I only won 250-thousand before taxes that's about 125-thou after taxes, I couldn't near as generous: 75-thousand for me, 20-thousand tithe, 10-thou split among 3 siblings, 10-thousand split among 10 friends, 10-thousand to pay education costs for nieces and nephews.

I'm staying in my same old little house in Newark,Nj(No big spending for me), putting half the money in a safe, and investing the the other half.
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Old 03-04-2012, 10:24 AM
 
2,072 posts, read 2,457,304 times
Reputation: 917
I would buy my own island in the south pacific.
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Old 03-05-2012, 06:26 AM
 
455 posts, read 641,688 times
Reputation: 410
20 million in dividend stock.

20 million x 5% yield = 1 million per year.
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Old 03-07-2012, 09:57 PM
 
8,900 posts, read 7,449,177 times
Reputation: 7348
1. I'd be an anonymous winner. I wouldn't tell ANYONE I won.
2. I would pay off my house and all other bills.
3. I would pay off my kids' student loans.
4. Help other relatives as I saw fit without making it obvious I was loaded.
5. I'd buy a bigger house and maybe a second home in a warm climate.
6. I would buy a modest home for each of my three kids.
7. Invest the rest for my retirement and for my kids' inheritance.

I wouldn't tell anyone I won, because then your relationship with everyone changes. I especially wouldn't tell my adult kids, because I want them to know the value of hard work. As I said, I would buy each of them a modest home so they have a roof over their heads, but let them keep working. When I die, then they can find out they never have to worry about money.

I would also spend my time and money helping with things I decided were worthy of my investment. One would be helping abused/abandoned animals. Another would be trying to do something about drugs/human trafficking/violent crime/child abuse.
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Old 03-08-2012, 08:58 PM
 
23,904 posts, read 20,002,395 times
Reputation: 5891
Take what was available after taxes and invest it in a fund that could be drawn down at 3-4% per year after the end of year one. Establish a family fund that could be distributed to family at a 3-4% draw down each year. Allot shares of that fund to family and friends and it would be a lifetime income for them as the principal should hopefully remain fairly in tact over the years. Set up a similar charity fund and the bulk of would be for us drawn down at 3-4% a year. All of this after the first year. After a few years assess the principal and draw down amounts in each fund and modify accordingly.
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Old 03-09-2012, 02:28 PM
 
Location: Galloway, NJ
1,912 posts, read 2,421,414 times
Reputation: 1658
Quote:
Originally Posted by luzianne View Post
1
4. Help other relatives as I saw fit without making it obvious I was loaded.
Not telling anyone is a great idea, I like it. I would set things up so it appeared that "other relatives" won some obscure contest as a way to funnel money to them. Once you bail out a relative, no matter how good your intentions are, chances are it will backfire in the long run. They will want more in the future, or tell another relative and that one will say well you gave money to her, what about me?! Actually having family know your wealthy can be dangerous there more than a few news stories where family tired to kill off the person who won the lottery, figuring they will get the money when they die.
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Old 03-09-2012, 03:12 PM
 
1,063 posts, read 1,055,360 times
Reputation: 542
I'd call my CPA first thing, pay off the car and the house, student loans, etc. Buy a single family home, nicer but not obnoxious. Walk into an Aston dealer, drive away with a DBS V12 and bank the rest of it. Travel a bit, I'd probably still work on my own schedule or I'd get bored. Let the CPA manage it and live off the interest and dividends.
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Old 03-09-2012, 03:41 PM
 
Location: Chicago
2,174 posts, read 2,379,748 times
Reputation: 2155
Quote:
Originally Posted by luzianne View Post
1. I'd be an anonymous winner. I wouldn't tell ANYONE I won.
2. I would pay off my house and all other bills.
3. I would pay off my kids' student loans.
4. Help other relatives as I saw fit without making it obvious I was loaded.
5. I'd buy a bigger house and maybe a second home in a warm climate.
6. I would buy a modest home for each of my three kids.
7. Invest the rest for my retirement and for my kids' inheritance.

I wouldn't tell anyone I won, because then your relationship with everyone changes. I especially wouldn't tell my adult kids, because I want them to know the value of hard work. As I said, I would buy each of them a modest home so they have a roof over their heads, but let them keep working. When I die, then they can find out they never have to worry about money.

I would also spend my time and money helping with things I decided were worthy of my investment. One would be helping abused/abandoned animals. Another would be trying to do something about drugs/human trafficking/violent crime/child abuse.
If you win any major mega millions or powerball lottery game you HAVE to appear in public with your actual name. Those people that are on the news with the big checks MUST show up. Its not an option to remain anonymous. However, you can hire the right attorney and make sure you are safe from people contacting you, but sadly anyone you know personally, will know that you won.
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Old 03-18-2012, 03:09 PM
 
1,010 posts, read 2,510,561 times
Reputation: 722
Quote:
Originally Posted by a34dadsf View Post
20 million in dividend stock.

20 million x 5% yield = 1 million per year.
And the "privilege" of qualifying for entry into the 3.8% surtax club (effective January 2013).
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