If you won the Lottery...
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04-12-2017, 04:13 PM
RE: If you won the Lottery...
(04-12-2017 04:07 PM)Full Circle Wrote:  
(04-12-2017 01:57 PM)Bucky Ball Wrote:  Give the whole thing to a set of charitable remainder trusts, take the tax deductions, (structured however is best), name some beneficiaries to get modest incomes, and basically forget about it. Life goes on. Meh.

But if you place the whole thing in a CRT you would have income stream but no cash to buy a house or whatever other toys you may want at first. I do think this is a good idea though.

I gots me some toys. I might buy a farm though, somewhere.

Insufferable know-it-all.Einstein God has a plan for us. Please stop screwing it up with your prayers.
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04-12-2017, 04:16 PM
RE: If you won the Lottery...
(04-12-2017 04:13 PM)Bucky Ball Wrote:  
(04-12-2017 04:07 PM)Full Circle Wrote:  But if you place the whole thing in a CRT you would have income stream but no cash to buy a house or whatever other toys you may want at first. I do think this is a good idea though.

I gots me some toys. I might buy a farm though, somewhere.

Thanks for bringing this to my attention. I have some assets that have appreciated greatly and I like the way the CRT works. Thumbsup

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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04-12-2017, 04:29 PM
RE: If you won the Lottery...
Cool thread idea.


If TOOK HOME a $1,000,000 lump sum I would break it down like this...

First things first, I would hire a financial advisor until I had a good grasp on how to handle having a million dollars. In my opinion it would be worth the security of knowing your money's being handled by a professional and it would save you the headache of having to suddenly handle an amount of money you've never seen in your life before. Once I got a better handle on things and started to understand what I was doing I would being to handle my own finances, at least to whatever extent would be realistic.

25% into long term savings
25% into investments (15% into more stable investments and 10% into some more aggressive investments)
20% into paying my fixed costs for as long as I could stretch it
10% into a trust fund for my niece
10% into a college fund for my niece
5% for spending as I see fit (down payment on a car, use that to build some credit... some clothes, some jewelry, video games... whatever)
5% into helping the rest of my family and some close friends

Some people might think that's a small amount to give to family but I would also be helping my family and friends as time went on with the money I made from my investments. Everyone in my circle would be pretty much taken care of for life, but I'd also be wary of leeches. Hate to say it but it's a reality when you win the lottery. My main thing would be taking care of my niece and securing some long term money for myself and hope fully I would make a million dollars with that million dollars, and so on. It would take quite a bit of discipline but you very well could live the rest of your life off that original million.


I WOULD NOT buy a house
I WOULD NOT move out of where I currently live
I WOULD NOT buy a boat
I WOULD NOT make any huge purchases
I WOULD NOT change my lifestyle, at least not at first
I WOULD NOT give family or friends huge lump sums of money, just because I know how to handle my money doesn't mean they know how to handle theirs

Money makes the world go round and I would use this unique opportunity to secure a happy, healthy future for my family and myself. Some people just want to buy a house and some cars and live it up. That's awesome too.
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04-12-2017, 05:20 PM
RE: If you won the Lottery...
Put it in the bank, buy a cheap apartment (but not moldy with mice cheap), tell everyone to fuck off and wait for my money to go useless once the giant gay frogs take over the world.

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04-12-2017, 06:29 PM
RE: If you won the Lottery...
(04-12-2017 04:29 PM)RBMG Wrote:  Cool thread idea.


If TOOK HOME a $1,000,000 lump sum I would break it down like this...

First things first, I would hire a financial advisor until I had a good grasp on how to handle having a million dollars. In my opinion it would be worth the security of knowing your money's being handled by a professional and it would save you the headache of having to suddenly handle an amount of money you've never seen in your life before. Once I got a better handle on things and started to understand what I was doing I would being to handle my own finances, at least to whatever extent would be realistic.

25% into long term savings
25% into investments (15% into more stable investments and 10% into some more aggressive investments)
20% into paying my fixed costs for as long as I could stretch it
10% into a trust fund for my niece
10% into a college fund for my niece
5% for spending as I see fit (down payment on a car, use that to build some credit... some clothes, some jewelry, video games... whatever)
5% into helping the rest of my family and some close friends

While 1 million sounds like an infinite amount, it really isn’t.

You are putting 25% or $250,000 into investments. If I can assume you mean stocks and bonds then that amount in a 60/40 allocation has historically grown by 8.7% nominal and only 5.5% real (after inflation). Your $250,000 represents, on average, a gain of $21,750 before taxes.

The other 25% you say you are placing into long term savings, what does that mean? A money market account? A CD? The yield on a 5 year CD is currently about 2.3% and on a 1 year 1.7%. This means that your money is barely keeping up with inflation.

Now, if you put 70% or $700,000 into a balanced portfolio that had a yield of 4% you would have a steady income stream of $28,000 before taxes without eating up the capital. Meanwhile the $700,000 of capital should be allowed to grow in value. Remember that the minute you start using up the capital the income stream will be reduced and once the capital is gone you go back to work.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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04-12-2017, 07:12 PM
RE: If you won the Lottery...
I know this is kind of a hokie song but I still really like it. Blush





Shakespeare's Comedy of Errors.... on Donald J. Trump:

He is deformed, crooked, old, and sere,
Ill-fac’d, worse bodied, shapeless every where;
Vicious, ungentle, foolish, blunt, unkind,
Stigmatical in making, worse in mind.
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04-12-2017, 07:45 PM
RE: If you won the Lottery...
I'd quit my job and make managing my own money my own work, including putting myself through university to learn the intricacies. The only big expenditures I'd make before I felt comfortable working the markets would be paying off Mom's and Sis's homes, and buying my own ... far out in the country. Two vehicles, neither flashy -- a sedan daily-driver and a work-truck for working on the property. A few guitars and amps.

Once all that was settled, I'd travel.

Regular and healthy donations to charities -- I'd go for battered-women's shelters, a bequest to my local NPR station, and health-care charity.

I'd set my son's mom up as best I could. I'd pay for any education he wanted, and start a trust-fund for him with a relatively small monthly payout. I'd also pay for schooling for my two nieces and nephew if they desired to further their own educations.

After that ... hookers and blow.
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04-12-2017, 07:53 PM
RE: If you won the Lottery...
Build my Mad Scientist's dream lab.

Hire an engineering team to build a trebuchet with sufficient range and accuracy to pie Trump.

---
Flesh and blood of a dead star, slain in the apocalypse of supernova, resurrected by four billion years of continuous autocatalytic reaction and crowned with the emergent property of sentience in the dream that the universe might one day understand itself.
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04-12-2017, 08:04 PM (This post was last modified: 04-12-2017 08:07 PM by Free Thought.)
RE: If you won the Lottery...
(04-12-2017 06:28 AM)OakTree500 Wrote:  Stolen from the Truth or Dare topic, (sorry Jenny Tongue ), but what would be your plan if you won the lottery? Could be any amount Smile

For me, if I won enough to live off, it'd be to leave work straight off the bat. I'd pay off my parent's mortgage, and buy a house of my own as well. Possibly go into property development or something on the side to keep me busy, but that'd be about it. WELL, other than go on a holiday that lasts potentially forever Laugh out load

Well the Oz Lotto currently has a grand prize of 10m$

A good sum of money to be sure. What to do with it? I know nothing of finance.

Buy two plots of land and build two sizeable but tax-light houses one for my mother and co, and one for my father et al. Just buy and build outright, fuck paying the banks anything over time. I’d say take about half off to do that.

Pay off my uni debts, about 20000$ off too now.

Invest a sizeable amount, maybe another 10000$ each into my father’s and sister’s businesses (he runs a small home-based handmade woodcrafts thing, and she is looking to start a dog training business) to get them really up and running.

Allot about 10000 to build my brother a goddamn super computer with all the accessories.

Send my matrilineal grandparents on whatever cruise or whatever they want to pay them back for helping care for me and my siblings, and all their generosity.

Probably give my patrilineal grandparents the same amount of money to do with as they pleased.

Now what?

To be absolutely honest I think I would half whatever I had remaining and split it up between my immediate relatives, keep enough for myself as a travel fund, then donate anything remaining to worthy animal charities or Modest Needs campaigns.

Then travel to Europe and roam with the ultimate goal of Switzerland or Belgium. Depending on how my travels go, I’ll make the choice of Dignitas, having nothing more to really do that i can imagine while writing. Hopefully travel would change that and broaden my horizons.

The people closely associated with the namesake of female canines are suffering from a nondescript form of lunacy.
"Anti-environmentalism is like standing in front of a forest and going 'quick kill them they're coming right for us!'" - Jake Farr-Wharton, The Imaginary Friend Show.
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04-12-2017, 09:37 PM (This post was last modified: 04-12-2017 09:51 PM by Kaneda.)
RE: If you won the Lottery...
Epic Wealth: Buy CNN outright and revamp the network, making it more like a live conglomeration of the sites and blogs I frequent, with similar content and commentators.


Approx $10 million:
  • Buy land in Maine and Northern Alaska.
  • Hire an assistant to give me news briefings twice a day, keep track of my finances and appointments, and cue me in on what my friends are doing.
  • Start a foundation to help people live sustainably and grow more of their own food.
  • Take on an apprenticeship at an auto-shop that specialized in converting ICE cars into Electric Cars, with the long-term goal of working full-time and maybe even expanding to a second location. Convert my car and eventually each one of family's cars into EV's.
  • Use my spiffy, refurbished EV to travel to various locations around the U.S., and maybe even meet some people here along the way.

Approx $1 Million: Drop everything and move to Alaska.

"Affliction comes to us, not to
make us sad but sober; not to make
us sorry but wise." -H.G. Wells
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