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Give each of my children a 'gift' of only $9,999 a year, so it can't be taxed or confiscated.
Hire an accountant.
Pay off the property, put in a new well, and probably buy more property to put more cattle on.
Put new wood flooring in the 100-year-old farmhouse where we live.
My needs are small.
Your last statement is because they weren't smart with money or smart in general in the first place. They all tend to blow it on low life friends, get into drugs and put in into "Icebergs in Alaska" deals.
Most of people actually blow money away on bad investment including real estate. Take Nicolas Cage for example. He's flat out broke if he doesn't continue to work. He bought lots of mega-million properties on mortgage but in the end, he can't afford neither the maintenance nor the upkeep.
Same goes with a lot of lottery winners. They buy "investment" like a auto repair shop or something but they seriously lack the management skill to make it work. It's easy to lose a few millions in bad "investment." Stocks, mutual funds, real estate, startup companies... the list can go on.
This is the big reason that I don't like bashing rich people. Investment carries enormous amount of risk. How many of the poor people would put up half of their savings and do an investment?
Most of people actually blow money away on bad investment including real estate. Take Nicolas Cage for example. He's flat out broke if he doesn't continue to work. He bought lots of mega-million properties on mortgage but in the end, he can't afford neither the maintenance nor the upkeep.
Same goes with a lot of lottery winners. They buy "investment" like a auto repair shop or something but they seriously lack the management skill to make it work. It's easy to lose a few millions in bad "investment." Stocks, mutual funds, real estate, startup companies... the list can go on.
This is the big reason that I don't like bashing rich people. Investment carries enormous amount of risk. How many of the poor people would put up half of their savings and do an investment?
Multiple homes/cars are a killer... Cage has plenty of both! They eat money even when you aren't using them. Recurring charge businesses are nice investments and usually take less skill to own/operate but if you don't want to watch/ run it then don't buy it!
A 40mm net win earning 4% is still 1.6mm a year in income.... Don't overspend and you will be set for life with 1.6mm a year in income!
How much? A million dollars won't go very far, even if its after taxes.
But if I had a very large lottery win, say upwards of 10 million dollars after taxes, I would:
Hire a lawyer and get some good financial planners for myself and my family members with whom I'd share. I guess its called a trust. There'd be no way anybody could blow through the money fast, it wouldn't be possible.
Wrong..... Ask Mike Tyson, Evander Holyfield, MC Hammer how fast it goes...the first two blew about 3/4 of a billion in earnings, the last one smoked through 30mm in about a year.
To put it in perspective:
Rent a jet (low end Citation CJ3) at 5k an hour and travel for a year. 200 hours of flight time is 1mm! That is 4 hours a week, a 2 hour round trip flight(each way). Who couldn't fly once a week to a new destination for a long weekend? Visit 50 cities in a year, heck that is less than a city per state. 1mm seems like a lot, but even in 2 hour increments the money flies out the door.
It's fun to dream of what one would do with so much money and I guess that's what I do when spending a couple bucks each week on tickets. Mine would include making on going yearly gifts to my favorite charities and non-profits. I do that now but in small amounts. They include the local public library, the homeless shelter, The National Wildlife Federation and the National Parks Conservation association.
Home and cars are paid for so I would set up a travel schedule and see the places I have always dreamed of. Italy, Ireland, Greece and Alaska come to mind but others are inticing as well. A piece of land on a pristine lake with a lovely log home with stone fireplace and a dock out front where my canoe would be. Of course it must be facing "west" for us to enjoy the sunsets.
Of course much of it would also make my kids dreams come true.
You know if you make a "bucket" list, some of those things would be possible to do in our present circumstances on a more modest scale. Why wait, life is way too short! I should start planning that long awaited trip to Yellowstone. Lottery or no lottery.
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