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Old 11-29-2011, 04:12 PM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 80,497,081 times
Reputation: 17405

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I wouldn't give a dime to a church.

I'd consult with some top of the line financial wealth management and wealth preservation advisers to invest and protect this money for my heirs. I'd probably be a little more conservative in my investments rather than my mostly growth portfolio I have now.

I don't think I'd buy much. I like were I live and I like my neighbors and I like my kids' schools. Maybe get a brand new pickup truck with the latest safety options. About 98% of the things that make me unhappy or challenge me (health, family relations) have nothing to do with money.

I don't think I'd quit my job but I would probably look for a similar job closer to home.
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Old 11-29-2011, 04:19 PM
 
Location: Boise, ID
7,993 posts, read 22,358,206 times
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I was thinking about this the other day. If I won a lottery that was only $1 million, hubby and I couldn't even retire on that. If you think about it, $1 million split into the 20 year payment installment is only $50k per year, before taxes. I could quit my job, but hubby and I couldn't both quit, not forever, anyway. Its amazing how little $1 million really is these days, viewed from that perspective. Sure, I wouldn't MIND winning $1 million, but it certainly wouldn't "set me up for life" or anything.

If I won $20 million after taxes, that would be $1 million per year, which is much better. I think for the first year, I would keep working. The entire first million would go to pay off mortgages for me and family. My house, mom & dad's house, in-laws house, and 4 siblings and siblings in-law's houses. Since housing isn't that expensive here, I think $1 million would just about pay the remaining mortgage on those 6 houses off.

After that, I would retire. Each year, I would use $500k as I saw fit (investing, donating, traveling), and give away the other $500k to friends and family as I saw fit. If anyone got needy or whiny (like they were entitled to the money), they would be off the list, and would never see another penny.
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Old 11-29-2011, 04:37 PM
 
917 posts, read 1,694,955 times
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quit
go on a vacation
go to grad school full time
give some to family
donate to charities
find a way to invest it or start a business so that the money can keep growing.
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Old 11-29-2011, 11:07 PM
 
Location: California
29,514 posts, read 31,748,355 times
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First I'd make sure that I put enough money away to not worry about it for the rest of MY life. Then I'd give a lot of it to friends and family and buy new cars for me and my kids, nothing extravagant because I don't believe in having $$$ cars anyway. I might travel a bit.

I know I wouldn't throw money at my kids who are both in their early 20's, but I'd make sure they didn't have to worry about rent or car payment, etc. so they could concentrate on their jobs and maybe take a few risks career wise.

My day to day life would not be much different. I'd still be a bargain shopper because I think it's fun and I'd still post on CD...lol. I'd eat out more.
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Old 11-30-2011, 07:33 AM
 
Location: Ayrsley
4,714 posts, read 8,208,775 times
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Quote:
Originally Posted by MrRational View Post
Twins.
and maybe their Mom too.
Suite at Ceasar's in Vegas, hookers and blow.
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Old 11-30-2011, 08:27 AM
 
8,268 posts, read 10,339,214 times
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Quote:
Originally Posted by himain View Post
well after taxes it ain't gonna be much either way.. So family first, my dream house and a couple of cars and travel
What is the highest fed bracket 35%? Even with state taxes you're probably taking home 6 million on the low end, to me that sounds like "much"
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Old 11-30-2011, 08:34 AM
 
Location: The Land of Reason
13,292 posts, read 10,065,814 times
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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.
Buy a Congressman or a Senator
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Old 11-30-2011, 01:48 PM
 
Location: St. Louis, MO
758 posts, read 1,309,718 times
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Let's see. I would quite my job, that's for sure. Pay off the mortgage. I'd like to set up a couple of trusts/education funds for my sister and nephew. I'd really like to give a bit to the family, maybe along the lines of paying off their mortgages. I'd definitely donate to the charities I like, which are mostly all animal rescues. I'd really love to set up my own cat shelter/rescue, or else help fund expansions of existing ones so we could get more cats off the streets/out of kill shelters/into new homes, etc.
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Old 11-30-2011, 01:52 PM
 
6,209 posts, read 6,555,999 times
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With 10 million I would quit my job, pay off and keep my home. I would keep 5 million and donate the rest to the "Reflex Sympathetic Dystrophy" research Center in Tampa Florida.
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Old 11-30-2011, 02:10 PM
 
774 posts, read 1,972,709 times
Reputation: 729
20 million.

In order

Hire a GOOD financial team to help manage the money.

Quit my job

Take the first million and pay off any bills, buy a decent house and a couple of non-flashy cars.

Put 1 million away for kid. Set up some type of account for the kid with restrictions on his access to the money based on academic goals and age. Example: Has access to 50K per year while in school. Must finish college and be at least 25 yrs old before the bulk of the money is available. Doesn't finish school by a certain date and age the money goes to charity.

Invest the money in something "safe" and just accept the lower interest. After all. Even 2% is 360K+ a year on 18 million.
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