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Thread: If you won the $1 Billion Lottery--

  1. #1
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    If you won the $1 Billion Lottery--

    First off congratulations. Seriously, if you won a big $ amount what would you do with it?
    "Whether you think you can, or you think you canít - youíre right."
    - Henry Ford

  2. #2
    Quote Originally Posted by Andrew Joiner View Post
    First off congratulations. Seriously, if you won a big $ amount what would you do with it?
    Put it in an index fund. Vanguard love you long time.

  3. #3
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    Maybe move to a more rural location in a warmer climate.

    Would probably set my kids up with an income so they could do anything they want as long as it wasn't doing nothing.

    Might also share it with a few friends. It would be difficult for me to spend it all, why not spread it around a bit?

    jtk
    Last edited by Jim Koepke; 01-23-2021 at 8:42 PM.
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  4. #4
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    The first thing I would do is to buy all the working folks around here new stuff to work with.

  5. #5
    Quote Originally Posted by Jim Koepke View Post
    Maybe move to a more rural location in a warmer climate.

    Would probably set my kids up with an income so they could do anything they want as long as it wasn't doing nothing.

    Might also share it with a few friends. It would be difficult for me to spend it all, why not spread it around a bit?

    jtk

    Before buying a lottery ticket, you should set up a trust. You and your spouse as primary beneficiary , and your kids (or who ever you chose) as secondaries. You can set it up to anyone with same last name. or married to someone with same last name (grand children, great grand children etc.) This way there are no taxes due when benefits are distributed, as they are held in a trust. But this has to be done BEFORE claiming the prize. Plan on hiring an administrator for your funds, as it's well beyond the scope of the average smuck to manage these. Here's the kicker, even though you have millions available to you, you may be able to get government assistance with nursing home care as the trust owns the money, not you

  6. #6
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    Give most of it away, kids, grandkids, great grandkids. charities.
    Cheers,

    Tim

  7. #7
    I already have a Sawstop and Domino, so I'm good

    I would set up some scholarships for people who can really benefit from it.

    That being said, it doesn't take a lot of effort or money to do this even on a small level, yet, I have never taken that step. I heard a fire fighter on a Ted Talk say something about how firefighters dream of entering a burning building and save someone's life. On his first job, he was relegated to staying by the truck. He saw a shivering woman from the building on the side without shoes or something, and gave her some cover. She wrote back weeks later about what a hero he was. I'm surely messing up the details, but his point was doing not letting perfect be the enemy of good.

    Blah blah blah. Wrong answer to your question. But while my initial reaction was to be generous, the fact that it would take a billion to do that makes me feel icky...
    Last edited by Prashun Patel; 01-24-2021 at 11:43 AM.

  8. #8
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    I thought about this the last time the lottery was super high although I almost never buy a ticket. What I always read is you should take a few million and go out and have fun for the first year. Buy a house, cars, whatever. After a year passes you will have a better idea of how you want to spend the money and you won't just have blown through a lot of your money.

    The very first thing for me after finding a lawyer would be to hire a personal chef. Next I would give my family and close friends enough money so they can each retire if they wish. I would then give at least $100 million to the various Boy Scout councils in the state. I would take some time to decide how I really wanted to live and then build a nice house with a big shop/garage. I would probably spend a good chunk of my summers volunteering at a Boy Scout camp.

  9. #9
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    I’d likely do as Prashun after first making sure there was some kind of structure in place so I would be confident the money would be limited to the actual needy and not the children of the wealthy and or connected. But I’ve never bought any kind of lottery ticket. To paraphrase something I just read today. If you had a really great job and you cleared 100.00 an hour after deductions, saved it all but got no investment income it would take you over 4,800 years to save a billion dollars.
    My three favorite things are the Oxford comma, irony, and missed opportunities

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  10. #10
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    Like Prashun, I'd likely do a lot of charitable activities.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  11. #11
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    I only play if the jackpot is 100M or more. For this go-around, I bought twice from the Kroger (Novi, MI) that sold the winning ticket (but not for Friday's drawing.)

    That Kroger is across the street from a major medical campus. I hope the winner was someone who really needed it.

    If I ever win the big one, it will get shared with friends and family + a few charities.

    Oh, and Keith could afford to pay someone to develop that mobile app for the Creek

    Bob T.
    "Don't worry. They couldn't possibly hit us from that dist...."

  12. #12
    One Beeeleeon Dollars...

    That's enough that you can spend $100,000 per day every day for 25 years before burning thru it.

    So, at that rate:

    every 10 days I could buy a million $ house for our 6 kids.

    That's two months...

    6 weeks later I can pay cash for this 15,000 sq footer (hey, my needs are small, and that's a bargain really)
    nwhome.jpg

    Another 6 weeks later I'll be itching to get us a bigger boat--
    yot.jpg

    And just so I can say 'yeah, I got a private jet', I'll save
    up for another month and get something like this-
    cessna.jpg

    So, using a 25 year spending schedule, I could by six 1-million $ houses, a 4.3 millon $ mansion, a 4.3 million $ yacht, and a 3 million $ private jet...
    And I'd still have $982,400,000 to spend in 24 years and 6 months...

    And, lets say I cut my spending in half, and I invest $500,000,000 million initially in a cheesy savings account, and add $5,000,000 per year to it -- even at only 2.5% interest, that money will end up being $ $1,097,760,868.83

    so essentially, I can spend 1/2 Billion $ a year for 25 years, at which time, I'd still have and still have the original billion plus $97,000,000 in 'mad money'.

    --that's pretty much what I'D do with a Billion...
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  13. #13
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    Quote Originally Posted by Andrew Joiner View Post
    First off congratulations. Seriously, if you won a big $ amount what would you do with it?
    I don’t play the lottery and think it’s really bad. It’s stupid to give someone a lot of money unless it’s a non lottery event to help someone out of poverty, pay off bills, start a business or for education and assuming they are not on alcohol or drugs. Half of lottery money goes to the government, they don’t use it wisely and they can produce their own as they need it. That’s why they allow something this harmful to the public. But if you do get lottery money it’s good to give a lot to the charities but remember that the CEO is keeping a whopping pile of it. Not good. Then how much really gets to the people that need it? Guess what, way less than you are told. Then there is the majority of lottery winners that end up with huge problems, death, drugs and broken families. Any lottery over 2 million should be divided up where each winner gets 1 to 2 million. Lots of winners that way. Lottery staff says they don’t sell as many tickets until it reaches 100 million. People can’t do math. I was staying at a hotel once and they had a lottery winners reunion in the bar. I had been there awhile so the bartender told me to wait an hour before sliding in there. I got to rub elbows with some very rich people and hear some stories. Funniest one was the guy standing by the bar with about a pint of loose change in his pocket that he kept jingling around and paying for drinks with change. They said he won 27 million. He’s probably dead now.

  14. #14
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    Start a foundation for ending generational poverty with an emphasis on first generation college scholarships.
    Last edited by John Goodin; 01-24-2021 at 2:27 AM.

  15. #15
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    Here's the kicker, even though you have millions available to you, you may be able to get government assistance with nursing home care as the trust owns the money, not you
    That is a real kick in the backside when you think about it. Someone having more money than the can spend setting up an estate so they can have someone else pay for their care.

    Start a foundation for ending generational poverty with an emphasis on first generation college scholarships.
    That John sounds like a worthy cause.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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