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Old 12-30-2011, 06:21 AM
 
1,182 posts, read 950,708 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.
I would put some of it into my own business and probably just park the majority of it. There just is not much out there I consider "safe" right now to invest in except the national debt and even that is becoming murky.
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Old 12-30-2011, 06:43 AM
 
65,032 posts, read 66,516,088 times
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i would spend 90% of it on wine ,women and song. the other 10% i would just spend foolishly.
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Old 12-30-2011, 09:50 AM
 
11 posts, read 53,437 times
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Default 10 would be fine

First and formost, pay off all of my families debt.

Take them all on vacation to Disney.

New Cars for entire family and some friends.

Dump a couple mil into an offshore account.

Setup Trust fund

Incorporate, LLC

Buy 3 or 4 Dunkin' Donuts and 7-11 chain stores for income.

I already own 150 acres of land in upstate New York. I'd buy all the properties and amass a land area of a square mile and turn it into a wildlife preserve, fence the whole thing.

Buy more acreage in the area and build up a town center with dirt cheap rent.

Buy or build a house in Moab, Utah.

Buy a Big ass boat.

Live.
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Old 12-30-2011, 09:51 AM
 
Location: The Land of Reason
13,292 posts, read 10,131,585 times
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Buy a public offical, preferrably a Congressman
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Old 12-30-2011, 10:00 AM
 
28,906 posts, read 45,336,612 times
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Quote:
Originally Posted by simetime View Post
Buy a public offical, preferrably a Congressman
It's an election year. Plenty of 2-for-1 sales going on.
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Old 12-30-2011, 10:06 AM
 
Location: New York, NY
651 posts, read 1,526,907 times
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I'd spend it on women, materialistic items, my own business, and dividend stocks. But mostly on the women.
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Old 12-30-2011, 10:20 AM
 
18,856 posts, read 30,561,955 times
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That is an interesting question. Would I quit my job, or keep working? Believe it or not, I would keep working. I love my job, and I do important work, and I worked really hard to get here. In a way, stopping work would be very selfish. So, I would keep working. Not that I don't think I could be replaced, I could. But, maybe this work is important to me. Maybe since I would no longer be working for money, I would go back to teaching school, because I really loved my work.

I would pay my bills, pay off my Mom's home, buy one for myself. My kids support themselves, and the worst thing a parent can do for kids is take away their self efficacy. So, they are doing well. I know my son would like to open a business, maybe I could set him up with my daughter to run a small cafe, they would love that.

I would also start a small service project, for Optometry and Ophthalmology students, to go to Africa for a semester, and provide eye care and treatment to people who could have their vision saved or improved with eye care, treatment, and glasses. Being able to see is so important.
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Old 12-30-2011, 10:51 AM
 
268 posts, read 709,632 times
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Quote:
Originally Posted by jghorton View Post
While it sounds good to say, "If I had more, I would give away more", the more likely reality is that the people who are generous when they have only a little, would still be generous if/when they won the lottery. Others who don't believe they have enough to give anything away now, ... would probably not give anything away if/when they won the lottery. The Bible reflects on this quirk of human nature in the parable of the wealthy man who made a big show of giving a little, versus the poor widow who gave much out of the little she had.

In the TV series titled, "How the lottery changed my life," It's amazing how quickly some people squander huge amounts of money buying meaningless 'stuff' that changes their surroundings, but, does nothing to actually change them. That's because the 'God-shaped hole' in the human heart cannot be filled with money, stuff, fame, power or anything else this world has to offer.

Perhaps this is why many people who have very little in the way of money or possessions, are wealthy in happiness and laughter. Others who are extremely wealthy and can have anything they want, are among the most unhappy people. They quickly discover that 'stuff' is never enough to satisfy the desires of the heart.

I'm happy with who I am and what I have now and am not really interested in winning the lottery, which is why I don't bother to buy lottery tickets. I've already 'won the only lottery that matters' and am now "storing up lasting treasure in heaven".
This^^^

But since we are talking about what we would do if we won the Lotto I'll play. I would set up a trust with the winnings and live off what it payed out every year. I wouldn't quit my job, I like what I do and the people I work with. I like where I live now and I own it. I have everything covered already financially, so no worries there. I would probably give a lot away to friends and family and charities I felt were doing things I like. Which is what I do now. When we die, we only have memories of what we have experienced, so why waste it on a bunch of crap we can't take with us.
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Old 12-30-2011, 03:26 PM
 
Location: Vermont
10,098 posts, read 10,655,119 times
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The original post posits up to $20 million or any figure you name after taxes.

I haven't worked it all out, but I would clearly want to be sure that I had enough set aside so that my wife and I could live comfortably without financial worries for the rest of our lives.

Pay off my sons' and their wives' student loans and get them set up financially (maybe houses, graduate school if they want). Not sure if I'd want to get them set so they could live on investments for the rest of their lives, not that they would do that even if they could.

Next I would pay off my siblings' and neices and nephews' mortgages and student loans, and create education funds for those who haven't yet completed college. Let's call that a couple of million.

Some improvements to my house, probably including some expansion, solar panels, and whatever it would take to get it exactly the way we want it (probably under $200k).

Possibly a vacation home or two somewhere.

My wife's dream car (a Mini Cooper).

Some I'd also want to devote a substantial amount to some kind of charity or public good, although I'm not sure whether I'd fund existing organizations or set something up.
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Old 12-30-2011, 03:44 PM
 
Location: 'Murica
1,302 posts, read 2,350,913 times
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Boring answer: Pay off student loans, and then structure the remainder so that I have a steady flow of income while keeping the principal intact. Live off the dividends while going back to school to train for a career field I'd find more enjoyable (in my own case, graphic design). I wouldn't even mind continuing to rent instead of buy, as long as my principal remains untouched.

Ambitious answer: Pay off student loans, and use the remainder as a capital investment in starting my own "hobby" business. In my own case, I always thought it'd be fun to run a 1920's themed jazz club/oyster bar. But I know next to nothing about where to obtain a good supplier of fresh oysters, or where to find good jazz singers. Maybe I can start off running a food truck serving chicken and waffles, and park it where kids are stumbling out of bars and clubs at 2:00 am, and/or where they're stumbling out of their apartments hung over the next morning.
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