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And they say it might break the last PB record if enough sales pump up the jackpot even higher by tomorrow's drawing.
So aside from boring things like quitting your job and paying off debts/mortgage what would be the first thing you buy/do with your new found riches?
A new home on the beaches of California or Florida? That new Ferrari or Lamborghini you've been drooling over? Maybe a nice luxurious cruise vacation you've always wanted? Or maybe just go to your favorite restaurant and order everything to your heart's content without a worry?
Or maybe you don't play the lottery at all and would do just about the same as every other day. Hey that's cool too!
EDIT: as Lilac110 below mentioned, the actual cash value (if you take the lump sum instead of the annuity) is 350 million, and even less after taxes. The advertised jackpot is an estimate of the 30 year total annuity payments.
Hire a financial expert planner and a lawyer.
Hire in house care for my 90+ year old parents.
Not quit my job.
Maybe buy a new Tundra pickup truck.
Pay off mortgage.
Do some more expensive home upgrades like better lighting, new air conditioner, new shutters.
Wouldn't move to a different neighborhood.
Wouldn't send my kids to private schools.
Probably do some traveling to Europe.
It's a $350 million cash value. After taxes that would come to $175 million. Divided between the SO and me, that would be $87.5 million each.
Yes, we have a little agreement. Yes, I trust him and he trusts me, should either of us have the winning ticket.
First thing I'd do is call my accountant and get the name of a good attorney, one who can set up trusts.
Then, after I blew $500K on those boring things, frivolous stuff (dang, that would be some nice wardrobe), and having some fun traveling (first class all the way), it would go as follows:
$25 million in a charitable foundation for supporting causes and educational efforts of my choosing.
$38 million in joint trusts for siblings, nieces and nephews, and grand nieces and nephews. (Can't just write checks to them because the government would tax them on it.)
After all of that, I'm left with $24 million on which to retire, which is more than enough given that much of it would grow, and grow quickly, with socially responsible investments, and considering the fact that I'm in my mid-40s.
Hire a financial expert planner and a lawyer.
Hire in house care for my 90+ year old parents.
Not quit my job.
Maybe buy a new Tundra pickup truck.
Pay off mortgage.
Do some more expensive home upgrades like better lighting, new air conditioner, new shutters.
Wouldn't move to a different neighborhood.
Wouldn't send my kids to private schools.
Probably do some traveling to Europe.
Not much else really.
Nice. I can say my list is very similar. Maybe a couple of lightweight sports cars since I love them (S2000, NSX, no Ferraris or Lambos). I'd upgrade but stay in the same house as well.
But I would help anyone in my friends or family pay for education or any books they want.
Quote:
Originally Posted by Lilac110
It's a $350 million cash value. After taxes that would come to $175 million. Divided between the SO and me, that would be $87.5 million each.
Yes, we have a little agreement. Yes, I trust him and he trusts me, should either of us have the winning ticket.
First thing I'd do is call my accountant and get the name of a good attorney, one who can set up trusts.
Then, after I blew $500K on those boring things, frivolous stuff (dang, that would be some nice wardrobe), and having some fun traveling (first class all the way), it would go as follows:
$25 million in a charitable foundation for supporting causes and educational efforts of my choosing.
$38 million in joint trusts for siblings, nieces and nephews, and grand nieces and nephews. (Can't just write checks to them because the government would tax them on it.)
After all of that, I'm left with $24 million on which to retire, which is more than enough given that much of it would grow, and grow quickly, with socially responsible investments, and considering the fact that I'm in my mid-40s.
Good call on the cash amount vs the annuity total estimate that is the advertised jackpot. I guess the winner has to decide on that as well...either lump sum or annuity. But yes taking lump sum you would definitely need to setup a trust fund and those boring things.
First thing I may do is travel as well. First class to China and Japan. Then honestly have no idea what else to do besides the little splurging (couple of cars, improve home, pay off student loans, etc.). Hard to imagine how to handle those millions. I would probably setup a trust fund to solely help with education needs of family and friends and any books they want to buy is on me.
A fixed percentage of every Mega Millions and Powerball ticket sold goes into its CASH jackpot. The cash jackpot is all the money that the lottery has on hand from the sale of tickets in the game. If a player chooses the cash option, then the lottery will pay the entire cash amount to the winner (less income tax withholding amounts required by federal and state laws).
The lottery also offers an ANNUITY jackpot option that can help reduce taxes and offers the winner a 100% guaranteed income stream over time. The two games offer different types of annual income streams, giving the players more options. If a winner elects the annuity option, then the lottery will invest the entire cash amount before taxes are deducted. The difference between the CASH jackpot and the ANNUITY jackpot is the interest earnings that build over time.
At my age, I'm taking the cash payout. If I were 25, I might take the annuity.
Also, it notes the cash value right under the jackpot amount on the home page--which, in the time it took me to write this post, just climbed to $600 million with a cash value of $376.9 million.
It's called Government.. Most lotteries have what's called a one-time lump-sum payment, or an annuity, which consists of payments over a number of years, typically 30 years. If you choose the annuity, you'll get the full $550 million over the span of the annuity, minus taxes. If you choose the one-time lump-sum payment, you'll only get approximately 60% of the jackpot value, minus taxes.
It's called Government.. Most lotteries have what's called a one-time lump-sum payment or the annuity, payments over a number of years, typically 30 years. If you choose the annuity, you'll get the full $550 million over the span of the annuity, minus taxes taxes. If you choose the one-time lump-sum payment, you'll only get approximately 60% of the jackpot value, minus taxes.
The difference between the estimated jackpot and the cash value isn't determined by the government. See above. It's that the system only has what people put into it. The full jackpot is assuming interest on what is currently in the jackpot if the winner chooses the annuity.
Once the winner makes the choice, either cash value or annuity, then the government gets involved. That is why if the cash value is $376 million, the take-home would really be be about $188 million.
But hey, when we're talking about such enormous sums of money, does it really matter? Can't take it with ya.
The first thing I would do is disconnect my phone. Then I would make plans to take off in my private jet to take a first class trip around the world. I would collect the lump sum and with in hours be on the plane because every one and their Grandma would be looking for a hand out, so would the kidnappers. I have my eye on an over priced Victorian in Maine that I'd have my friend buy for us. (Her and her husband are both attorneys.) After about a year I'd return home and give most of the money away. All of my friends would have their homes paid in full, college funds for their kids, and new dream cars. I'd set up a ton of animal shelters. Then I'd buy the hospital I work at so I could fire all of the slackers. I could easily spend the rest of my life going from animal shelter to animal shelter trying to find homes for the so many wonderful pets that get destroyed every year.
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