$586 Million?

[MRG]

OK , the annuity was a bad joke.
I'd help out my sisters. If money could help DF situation(nicer facility) that would happen.

The one thing I'd do for myself is bid(big) on the annual Warren Buffet lunch auction. Much of that conversation would be on how to gift effectively. I'd probably seek his wisdom on some of the OPs questions.

I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.

MRG

 

[pb4uski]

...I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.

Same here - I think the trick would be differentiating between those really in need and those who are going to take the $100 and blow it up their nose (or similar). The folks I saw on the 60 minutes piece appeared to be the former, but it is hard to know.

 

[scrabbler1]

If I won the big prize I would take it over 10 years because I would not need it all in one year and you are not subject to present value discounting and the tax bite is probably smaller. I am surprised more people don't do that.

Not having any children and not having a large set of friends or relatives in need of money (although who knows what would crawl out of the woodwork to hit me up for money LOL!), I would not have to set up any trusts for others. This would leave charities, so the ones I donate to now would get a big raise from me.

I would surely move out of my tiny apartment and buy a decent but not necessarily extravagant house. My ladyfriend would, of course, join me. She would probably want to keep working although maybe only part-time so it would not wear her down so much.

I'd be quite happy with one of those lesser prizes. When I cashed out my company stock 5 years ago, that was the closest thing to "found money" because I did not have to contribute anything toward the shares I accumulated while I was working. That stock was worth $300k so I felt like I had won a "lottery" anyway.

I like the idea of leaving some bigger tips to restaurant wait staff. Maybe not $500 a pop like I have seen on news stories but an extra $100 if the service was good would surely make that person's day.

Then again, the last time I actually played the lottery was in an office pool at least 5 years ago when I was still working.

 

[Midpack]

One thing I think I would do is help people out. 60 minutes had a feature recently on a rich businessman that goes around giving $100 bills to people who seem like they could use it around the holidays (but I'd do it year round) ....and big tips to waitresses like you occasionally read about in addition to normal charitable contributions to worthwhile causes.

I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.

I really enjoyed that segment also. I wish I could do the same on his scale...maybe one day.

 

[target2019]

I would like to perform random acts. Once I was shopping in Costco and saw a woman with 4 or 5 kids. It was a really hot day and the family looked beat. But they were getting the shopping done without complaints from the kids.

Later I thought of how I should have given her a few larger bills to fill the cart with lots of cold treats. I'd like to just be some anonymous schlepp who makes kids and parents smile a bit more.

 

[rodi]

I'd worry about some of the extended family showing up with their hands out. Given how they acted when FIL died (throwing MIL under the bus looking for big inheritances from their blue collar father) I'd expect some bad behavior.

I like the idea of funding nieces/nephews college or advanced degrees.
I like the idea of finding a VERY nice assisted living or CCRC for MIL and paying for it.

But I think it would be highly stressful and frustrating to hear demands from extended relatives for money.

 

[pb4uski]

I'd worry about some of the extended family showing up with their hands out. Given how they acted when FIL died (throwing MIL under the bus looking for big inheritances from their blue collar father) I'd expect some bad behavior....

But I think it would be highly stressful and frustrating to hear demands from extended relatives for money.

I don't think continually saying no to people like that would bother me one iota. In fact, I think I would rather enjoy being a bit of a @&ick to any greedy relatives.

 

[SumDay]

Here's how I'd start, not necessarily in this order:
1. Pay off our church's mortgage and give them several million to invest and use for day to day items
2. Build the new parochial high school we just can't seem to get started on here
3. Pay off some family & friends' mortgages, and give them each $1 million
4. Take our group of friends on a big a$$ cruise
5. Give each of my kids $5 million
6. Set up an educational trust for my yet to be born/unnamed grandchildren
7. Keep about $5 million for us
8. Start a not-for-profit to teach people how to manage their own money, and give enough $$$ to our state legislators to make sure this became a required course in high school.
9. Go to thrift stores during the holiday season and hand out wads of cash to those less fortunate than me.
10. Get a facelift.

I think I have some leftover, but I'm not sure how much Uncle Sammy would take, so this is probably good for now.

 

[pb4uski]

Another thought came to mind. When I was growing up we had a local community ski area that a lot of us kids went to and was one of the winter centers of activity for the area. It closed in the late 60s for economic reasons, the ski lifts were taken out and the place is overgrown. I always had a dream as a kid of going away, being hugely successful, buying it and putting it back to the way it was as an affordable local ski hill. If I win the $586m I can do that and make it free to all residents.

 

[Zathras]

+1

And the nightmare begins as soon as the winner's name is made public, ensuring that all your friends and family know exactly how much you won. It also helps you make many new friends .. an endless stream of [-]extreme charity cases and con men [/-] people asking for help or offering their expertise. One quickly becomes a fugitive.

We have enough and hope to fade away slowly, safe in our anonymity.

This is why I would accept the prize anonymously.
I also would change my voicemail message to indicate anyone calling to ask for money will be removed from my list of charitable organization donations.
And then, there would be a number of charities that would have a very merry Christmas

 

[bondi688]

I did not buy any ticket, not this time nor in any previous draws with big pots.

I find this news story from Canada inspiring, and Mr Crist admirable.

Calgary lotto winner Tom Crist to give $40M prize away - Calgary - CBC News

The man won 40 million dollars Canadian in a lottery draw, and he plans to give away the entire sum to charities. On the top of his list, cancer research and treatment, after he lost his wife of 33 years to cancer at the age of 57.

 

[NW-Bound]

I do not think one can claim the prize anonymously. The state(s) has(have) to declare the winner so that nobody can say there's underhanded cheating.

Anyway, if I were so rich, besides giving to charities, I would go around doing random acts of kindness, like a guy who has been traveling around leaving large tips of several thousand dollars to servers, who I guess were nice to him.

But of course I need to get some tickets, which I don't.

Photo linked from the Web:

 

[F4mandolin]

1. My brothers and my wife's kids would get a little bit.
2. I would move to a slightly milder climate....but still with some winter.
3. Buy 200 acres.
4. Buy several tractors
5. Make a 9 hole golf course....and let only "special" people on it.
6. Hire another person after a year of mowing that much grass.

 

[anethum]

I do not think one can claim the prize anonymously. The state(s) has(have) to declare the winner so that nobody can say there's underhanded cheating.

Supposedly 6 states allow winners to remain anonymous. They are SC, KS, ND, MD, OH, & DE.

Powerball winner: Should lottery winners remain anonymous? - CSMonitor.com

 

[Major Tom]

A big +1 to all those who have said they wouldn't want to win such a large amount. I have played a scenario like this in my mind many times and have come to the conclusion that it would create many problems for me in trying to decide which people and charities I should give money to and how much each should get. To further complicate matters, no amount of money can ever save a person from themselves and I'm not sure how much I would be really helping anyone.

I'd be happy to come by an extra million or so but more than that would be a headache.

 

[utrecht]

Anything over about $400,000 per year (depending on your filing status) puts you in the highest tax bracket. So taking the lump sum doesnt make you pay any more tax does it? Wouldn't you be much better off taking the lump sum and investing it instead of letting the Lotto people keep it and pay you in installments?

 

[aja8888]

The more I think about this, If I won that large a sum, I would keep enough to make our life comfortable and give the rest to Veteran's organizations to use for the soldiers and families in need that served protecting our freedom.

(I would still set up a 900 number though, just for kicks).

 

[F4mandolin]

What I have always wanted them to do is change the numbers/odds in a way where MORE people can win.....just less money. If a 100-200 people could win a $500k-$1 million.....better odds and still a butt load of money. Or have some version of that like maybe 20 people win a million, 50 people win $200K, 200 people win $50K.....etc .

 

[NW-Bound]

Supposedly 6 states allow winners to remain anonymous. They are SC, KS, ND, MD, OH, & DE.

My state is not on the list. Darn!

But I think it would be highly stressful and frustrating to hear demands from extended relatives for money.

I would not mind helping some of our closer relatives. However, I have several cousins that I already avoid, who would come camping out in front of my home, I am afraid.

I guess I will sell my homes, pack up everything into my 25' motorhome and head to NM state campgrounds where they can't find me. Cell phones do not even work in some of those places.

Oh wait! I have to buy some tickets first before I can worry about the above scenario.

 

[ERhoosier]

.....Make a 9 hole golf course....and let only "special" people on it. ..

Reminds me of the Willie Nelson story about him building his own golf course so he could set the course rules. "Take this tough hole here", he said. "It's so tough I made it a par 11, and yesterday I birdied the sucker!"

But back to reality, the odds of winning that jackpot are much worse than ave golfer making 2 consecutive holes-in-one. Since I've not had a single hole-in-one in 40+yrs of golf, I won't even bother dreaming 'bout mega-millions.

 

[aaronc879]

Winning half a billion dollars would be my idea of a nightmare. Although almost everyone dreams of having that kind of money, the complications it would cause would far outweigh the benefits - at least to me.

Good luck to those of you who buy a ticket.

I'm willing to find out for myself how bad it is to have a couple hundred million. I bought 1 ticket when I filled up on gas.

 

[ducky911]

your good friends and family will treat you different

you will have a bunch of new friends that you can not trust


for protection of the above I will not buy a ticket

 

[Walt34]

This is all academic for me since I forgot to buy a ticket.

I think only a couple of states allow the winner to be anonymous. Maryland is one of them. There was an uproar a long time ago when one winner (wisely, I think) took advantage of that.

First thing would be: HIDE. That kind of money brings out the worst in people. In addition to being targeted for every scam, known and unknown, winners and their relatives are also conceivably a target for kidnapping. That means move, all mail goes to a secretarial service, prepaid phone bought with cash, etc. We've actually talked about it in lighter moments and winning would be closely held to the vest.

A local retired sheriff won about $6 million a few years ago. He's given most of it to local charities, paid most of the cost for a new gym for one of the schools, and similar activities. I like that and would do similar stuff.

Waitresses get $100+ tips. DW's nephew and my niece get their mortgages paid off and paid-up 529's for their kids.

Big donations to other charities, like Children's Hospital in Washington, DC where they saved my life when I was an infant.

I like the other's ideas on helping local disaster victims and such.

Other than buying a place in Florida or Hawaii for the winter months I can't think of much that we would want to do differently.

 

[scrabbler1]

Anything over about $400,000 per year (depending on your filing status) puts you in the highest tax bracket. So taking the lump sum doesnt make you pay any more tax does it? Wouldn't you be much better off taking the lump sum and investing it instead of letting the Lotto people keep it and pay you in installments?

But if I take it in installments, I can fill up the lower tax brackets (i.e. those between my income and $400k) every year instead of only in the one year I receive the lump sum payout. The difference may not amount to much for a mega-payout in the hundreds of millions, though.

 

[NW-Bound]

Plus if one screws up and blows an annual installment in just one month, he only has to eat cat food for less than 1 year until the next check comes.

Of course, he can change his mind about the installments and sells his notes for a lump sum to squander it all.