Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-29-2012, 12:19 PM   #21
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Always said I don't want to be known as the "lucky b@stard" who hit the lottery. Much more respect in earning it.

And I am pretty good at math ... no, I don't play.
__________________

__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-29-2012, 12:23 PM   #22
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,129
Quote:
Originally Posted by NW-Bound View Post
See how just the thought of all that money brings out the lust in us? A $44K camera?

Should I refer everyone back to the concurrent thread about "frugality in ER"?
Trust me, I wouldn't actually buy that Hasselblad, but it wasn't so long ago that the film vs digital debate was raging and the pro-film camp were adamant that digital would never even approach the quality of film. At some point, it was conceded that digital was as good as 35mm (I'm simplifying the debate here) but it would never be as good as medium or large format.

I love the thought of a digital image with such good color saturation and resolution but even if I could easily afford it, I wouldn't buy one, as it doesn't suit my style of photography (i.e. I need something smaller and lighter and that costs considerably less than 44K, regardless of my income level!)

PS - a 44K Hasselblad could actually be considered frugal if there is a demonstrable need for it, it fits easily into the budget, and there is no other camera that will perform the task while retaining a good resale value etc, for less money. Frugality is not about spending the very minimum, it's about using your resources as wisely as possible.
__________________

__________________
ER, for all intents and purposes. Part-time income <5% of annual expenditure.
Major Tom is online now   Reply With Quote
Old 03-29-2012, 12:53 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
Just teasing.

If somehow, a few hundred million fell on my lap, no, make it any amount of money, I would not refuse it. And if I could easily afford that wonderful camera, I might just buy it to see what it is all about, even though I am not an avid photographer.

But seriously, I strongly suspect that as a centimillionaire, I would get less enjoyment out of the $44K camera, compared to how I am enjoying my lowbrow and trustworthy Canon SX210, which cost me less than $300 and sports a grand total of 14 megapixels and a wonderful 14X zoom.

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 03-29-2012, 01:35 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,820
Quote:
Originally Posted by farmerEd View Post
My wife keeps warning me that if we won a prize like that it would cause problems for us...I just don't see it. I think I could handle an instant, massive infusion of wealth pretty easily...and I am perfectly willing to risk it.
+1
__________________
Independent is offline   Reply With Quote
Old 03-29-2012, 01:47 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,820
I can calculate that the total payout is just a fraction of the total amount gambled. But, at the same time I can justify spending the buck just for the enjoyment of imagining what I would do with the money. The utility of the imagining is worth more than a dollar.

However, I'm the lucky sort who can imagine what I would do with the money even without buying the ticket. So I keep my money.
__________________
Independent is offline   Reply With Quote
Old 03-29-2012, 02:43 PM   #26
Thinks s/he gets paid by the post
powerplay's Avatar
 
Join Date: Oct 2008
Posts: 1,380
I'm going to buy a ticket for the $500 million, but realize it will only improve my chance slightly over not buying one at all.

Last night my 86 year old dad told me he couldn't buy a ticket because if he won he'd get writer's cramp writing out all the checks for the $$ everyone would want. Happy he can still maintain a sense of humor and even after just having surgery a few days ago.
__________________
powerplay is offline   Reply With Quote
Old 03-29-2012, 03:29 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
When I was with megacorp, a few times when the grand prize got this big, I would organize a pool. Nearly everyone in the department bought in, including the department manager.

Quite a few told me that they would not count on winning, but just to hedge the risk that in the remotest chance that we won, they would not be left behind at work, sitting lonely among vacant cubicles. Of course, the department manager would have the most to fear.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 03-29-2012, 03:55 PM   #28
Full time employment: Posting here.
Redbugdave's Avatar
 
Join Date: Apr 2006
Location: Columbia, SC
Posts: 959
If the payout is about 500 million...(minus taxes and cash payout, etc), I wonder what the total take in would be? 700 million? That's a lot of cash inflow going somewhere. Any idea on what kind of money the lottery brings in?

I haven't bought tickets in 3 years. But I bought 5 dollars worth today. If I won, I would still post on this site to help all you little guys...
__________________
"I either want less corruption, or more chance to participate in it." Ashleigh Brilliant
Redbugdave is offline   Reply With Quote
Old 03-29-2012, 04:05 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
The tickets are not sold in Florida, but I have thought many times about what I would do. Here's my plan for when I win the big one, say $500M.
First of all because of my age, I would take a single payout. Pay the taxes. Go down to my local church and pay off the entire debt. Call my two kids together, tell them what happened and give them $100M each.
Send DW's brother and sisters and my my siblings each a plane ticket and an invitation to a big party. At the party, of course I'm buying, I present each sibling a check for $5M. I tell them of our good fortune and tell everyone to treat the money carefully and don't get stupid. Then, since I'm so happy and on top of the world, I crawl into a corner and decide what to do about my three kids from my first marriage who have disowned me. See, money isn't everything. There may still be a void in your life.
__________________
JOHNNIE36 is offline   Reply With Quote
Old 03-29-2012, 04:38 PM   #30
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
As you all know, I have been so very extremely content lately. Honestly, I can't think of any way in which I would want to change my life, or anything I would buy that I wouldn't otherwise buy. I do not live "the lifestyles of the rich and famous", and I have no wish to do so. All it would mean to me would be that Vanguard would finally make me a Flagship member and the numbers in my account would be bigger.

SO - - life being as it is, I am thinking that if I bought a ticket now, I'd probably win whereas I wouldn't have won when I needed it. Hmmm.... I could do like Khan and donate it to charity. The Salvation Army did some wonderful work here after Hurricane Katrina, that we will never forget.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 03-29-2012, 04:38 PM   #31
Full time employment: Posting here.
Redbugdave's Avatar
 
Join Date: Apr 2006
Location: Columbia, SC
Posts: 959
Quote:
Originally Posted by JOHNNIE36 View Post
Then, since I'm so happy and on top of the world, I crawl into a corner and decide what to do about my three kids from my first marriage who have disowned me. See, money isn't everything. There may still be a void in your life.
Don't worry about your 3 disowned kids. They would certainly show up and come around... Then you will wonder if it was the money or they really did love you... (Sarcasm).
__________________
"I either want less corruption, or more chance to participate in it." Ashleigh Brilliant
Redbugdave is offline   Reply With Quote
Old 03-29-2012, 05:28 PM   #32
Full time employment: Posting here.
ShortInSeattle's Avatar
 
Join Date: Jan 2012
Location: Seattle
Posts: 517
I admit I like to buy the occasional MM ticket. I consider it the price of admission to spend a few fun days playing the "what if?" game. Granted, our fantasies are pretty dull. No yachts or mansions, just faster ER, more travel, and fully funded college accounts for our nieces & nephews.

One buck for several hours of pleasurable speculation. Beats a fancy cup of coffee any day.

SiS
__________________
ShortInSeattle is offline   Reply With Quote
Old 03-29-2012, 05:36 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,896
I've never bought a single lottery ticket. I understand statistics enough to know that I'd probably not win, but that if I did win, it would probably screw up my life thoroughly.
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 03-29-2012, 05:58 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,192
I had never ever played the lottery, but this winter I decided to do a 3 month subscription for Mega Millions. I know I could fantasize for free, but I thought I'd just do it for $26.

I'm a lot like W2R, I have everything I need and a lot of what I want. Having already owned 2 places before, I don't think I want to own more real estate, though I could see doing a seasonal ski rental at a different place every year. It would be great to bypass commercial airlines with NetJets, but that seems so environmental unfriendly I might just opt for 1st class. I'd probably get a small RV for tailgating at ballgames and trail running events, and I'd definitely travel more to run marathons and stay at the most convenient place for the race. I'd upgrade my cars, but I wouldn't want a $400K car that would attract attention and probably get me killed either driving it too fast or getting carjacked. My list pretty quickly tapers down to things like an iPad or big green egg grill which are hardly life changing.

Would I move? I already live at a nice resort, and being 5 days post knee surgery, I've found I have a lot of friends I can count on. I don't know that I'd risk leaving that for something else which may not work out to be better.

Family gifts, for sure, but I think over $13K/yr hits gifts taxes, but you maybe can get around that with trusts, or creating jobs for them.

Charities, definitely. I think I'd see about setting up a charity foundation which I think (without bothering to look at details to closely--I mean, why fantasize about the hassles of the money?) would offset some of the taxes while not immediately having to decide how to distribute it. I'd see if my son wanted to help run it, which would give him a useful job and a way to transfer more money to him, and also be something we could do together.

I think I'd probably rather win a $20M jackpot than the $500M it is now. Seems like you could stay under the radar a lot easier. The thing I worry most about is having to worry about personal/family safety, and always dealing with people with their hand out.
__________________
RunningBum is offline   Reply With Quote
Old 03-29-2012, 06:10 PM   #35
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,063
I haven't bought a lottery ticket in at least a year--maybe...but, who keeps track? But, because I heard so much about the winning prize, I went out and bought $6.00 worth. I have told family, friends, neighbors and now you guys: if I win, I'm not sharing. Nada. Well, maybe I'll share with Dex, but nobody else.
__________________
redduck is online now   Reply With Quote
Old 03-29-2012, 06:39 PM   #36
Thinks s/he gets paid by the post
powerplay's Avatar
 
Join Date: Oct 2008
Posts: 1,380
Quote:
Originally Posted by redduck View Post
I haven't bought a lottery ticket in at least a year--maybe...but, who keeps track? But, because I heard so much about the winning prize, I went out and bought $6.00 worth. I have told family, friends, neighbors and now you guys: if I win, I'm not sharing. Nada. Well, maybe I'll share with Dex, but nobody else.
Hey if you win it's your money and your rules for how to use it.

I just heard that the jackpot is now at $540 million, maybe it will even go higher!
__________________
powerplay is offline   Reply With Quote
Old 03-29-2012, 06:46 PM   #37
Full time employment: Posting here.
 
Join Date: Sep 2009
Posts: 739
I just bought $40 for some folks who have no access and I also gave the concierge a $5 ticket, and now I keep wondering, "If he won, would I truly be happy for him?"
__________________
Zero is offline   Reply With Quote
Old 03-29-2012, 06:49 PM   #38
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by Zero View Post
I just bought $40 for some folks who have no access and I also gave the concierge a $5 ticket, and now I keep wondering, "If he won, would I truly be happy for him?"
And if he lost, would he truly remember the gift with any gratitude?
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 03-29-2012, 07:08 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
W2R, you are not even going to move without bothering to sell your existing home? Don't you still want to move? Anywhere in the US (not the world since you do not care to travel) that you want?

Quote:
Originally Posted by W2R View Post
As you all know, I have been so very extremely content lately. Honestly, I can't think of any way in which I would want to change my life, or anything I would buy that I wouldn't otherwise buy. I do not live "the lifestyles of the rich and famous", and I have no wish to do so. All it would mean to me would be that Vanguard would finally make me a Flagship member and the numbers in my account would be bigger.

SO - - life being as it is, I am thinking that if I bought a ticket now, I'd probably win whereas I wouldn't have won when I needed it. Hmmm.... I could do like Khan and donate it to charity. The Salvation Army did some wonderful work here after Hurricane Katrina, that we will never forget.
But, you see, that's the same reason you should not cry "Wh***" every so often, because we all know "a watched pot never boils".

OK, OK, I do watch my pot, but this is how I do it.




Quote:
Originally Posted by redduck View Post
Well, maybe I'll share with Dex, but nobody else.
Dex? Dex is certainly a nice guy, but you do not even know where he is! Nobody knows where Dex is.

How about me? I am the guy who showed some concern about you, as evidenced by this post here. I cannot tell you how happy I am to see you post.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 03-29-2012, 07:09 PM   #40
Full time employment: Posting here.
misanman's Avatar
 
Join Date: Apr 2008
Posts: 536
If I were to win I would like to stay anonymous but I guess that would be impossible to do with an amount like $500M.
__________________

__________________
"The best thing about the future is that it happens one day at a time." -- A. Lincoln
misanman is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Millions in Self-Directed Roth IRA? inquisitive FIRE and Money 9 03-21-2012 02:02 PM
What would Mega Corp Do If I Just Stopped Going To Work? e86s54 Hi, I am... 50 06-02-2010 11:32 AM
Mega Corp Early Retirees with Health Ins -- Read HC Reform Provision chinaco Health and Early Retirement 8 03-24-2010 05:29 PM
Report: Millions Squandered On Gov't Cards Wags Other topics 21 04-10-2008 08:13 AM
Article - Bleak retirement outlook for millions hankster FIRE and Money 38 03-30-2008 03:29 PM

 

 
All times are GMT -6. The time now is 08:02 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.