Who wants to be a billionaire (almost)

[CardsFan]

Powerball and Megamillions are both over $700 million.

DW just bought tickets (funny how she never buys them when it is "only" $30 million.)

Anyway, the real question is: what would yo do if you won?

Just curious. Personally, I would hire a really good tax advisor, and plan for a pile of charitable contributions.

But, to be honest, I would not want the headache.

What would you do?

 

[street]

I would love to win it!! I have never bought a ticket in my life thou. Lol

I would be able to do so much good if I won the money, for people, charity and organizations.

 

[RunningBum]

Not buy a ticket.

 

[Sunset]

I just bought tickets, as your DW is right, $30 Million is too little to bother

I might just take the 30 yr annuity, easier to budget, can still ask for a discount at the store as I'm on a limited income...

I would give 1->2 million to some relatives, so they can retire. Of course I'd be clear it's a 1 time gift and it would be.

I don't consider it a headache, if I took the lumpsum, I'd put 95% of it into VTI, BND, VXUS and not worry.

I would signup for a couple of world cruises in 2022.

I would not buy my own yacht or airplane.

 

[Dtail]

We do buy tickets when it gets to the 200m range, just for the fun of "what would we do with the monies.
Too many things to list out here, but actually would be worried about safety.

 

[RetireBy90]

We get tickets sometimes, just for the heck of it. If we won we would hire a good tax advisor and lawyer before claiming. With what ever comes with immediate payout and taxes, we would set aside about $8-10M and give the rest away. Probably set a up foundation to distribute or perhaps let the charities figure how to invest and take over many years. That is where the lawyer and tax advisor would come in. $1M for each kid, and live off the rest.

 

[Plantman]

Living on a very meager LBYM budget all these years, I have no idea what I would do. It sure would be fun to find out.

 

[Unpaintedhuffhines]

I am a firm believer that you don't buy the ticket to win (yes, I know technically you can). You buy the ticket for the 30 minutes or so of day dreaming about what you would do with the $ if you had it - give it to charity, never fly commercial again are two of my biggies!

To me, that's worth the $2 (or whatever they cost).

 

[GravitySucks]

Split it with DDs.

Put a couple million in gold coins in safe deposit boxes on each continent.

Fund a concert series like Warren Hellman did with Hardly Strictly Bluegrass.

Set up a couch potato 60/40 portfolio withdrawing 4.5% a year.

Start gifting that $15k to each family members every year.

Finally be able to afford a studio apartment in a good neighborhood of San Diego.

 

[Sunset]

I am a firm believer that you don't buy the ticket to win (yes, I know technically you can). You buy the ticket for the 30 minutes or so of day dreaming about what you would do with the $ if you had it - give it to charity, never fly commercial again are two of my biggies!

To me, that's worth the $2 (or whatever they cost).

Exactly !!

The daydreaming is worth the $2.

 

[rodi]

Finally be able to afford a studio apartment in a good neighborhood of San Diego.

I literally almost spit out my water when I read this. Too funny.

 

[CardsFan]

OP here,

Just a side note. We have casual friends that hit for $1.7 million. They (wisely, IMHO) elected the annuity.

$70k/year (and it goes to heirs for the 30+ year term). Combined with their pensions, they are set.

 

[rk911]

Powerball and Megamillions are both over $700 million.

DW just bought tickets (funny how she never buys them when it is "only" $30 million.)

Anyway, the real question is: what would yo do if you won?

Just curious. Personally, I would hire a really good tax advisor, and plan for a pile of charitable contributions.

But, to be honest, I would not want the headache.

What would you do?

we bought ome quick-pick for each yesterday. it's fun playing the 'what if' game. like 'cards fan' a whole slew of charities would be in for huge paydays. we support around 30 each year. then we'd set up my nephew and his wife plus any kids that should make a later appearance. something for my sister, my BIL and maybe my 90-yr old aunt (i say maybe cuz she is very independent and likely would refuse the gift). we'd share the wealth with friends either with cash, cars, paying off mortgages.... but we'd likely have to move as our state publishes names of winners.

 

[Winemaker]

We buy a ticket when over $200 million. Would love to pay off any debts of local businesses we use. Definitely would pay off any debts of relatives up to cousins. Make donations to various charities, especially CHOPS, the hospital that treated our grandson for 9 months after his birth. We have more than enough; a fantasy to provide more joy to others is real exercise in humility.

 

[rk911]

We buy a ticket when over $200 million. Would love to pay off any debts of local businesses we use. Definitely would pay off any debts of relatives up to cousins. Make donations to various charities, especially CHOPS, the hospital that treated our grandson for 9 months after his birth. We have more than enough; a fantasy to provide more joy to others is real exercise in humility.

+1000

 

[GravitySucks]

I literally almost spit out my water when I read this. Too funny. [emoji23][emoji23][emoji23]

Maybe even La Jolla

 

[RobbieB]

I'll take the billion. Guess I should buy a ticket eh?

 

[Dash man]

I bought five tickets for each of the PB and Mega. If I win I guess instead of saying I’m retired, I’ll say Philanthropist.

 

[Out_the_Door]

My office of 25 people routinely bought tickets when the jackpot was in the half billion dollar range. I always donated my 2 bucks since I didn't want to be the only one showing up to work the next day.

 

[aaronc879]

The cash option of the Mega Million Jackpot(that i'm going to win tonight) is worth around $650M so that's maybe $330M after all taxes are settled. Not $850M but I think I can get by. I'd give $6M to my Brother and $5.7M to my Mom. That takes care of the lifetime exemption. Then I would give $15K/yr to each of my other blood relatives and maybe a few friends. I would also pay off any medical bills and college bills for people i'm close to. Then I would enjoy life a while before I set up some kind of charitable foundation and give most of the money away over the rest of my lifetime.

 

[Scrapr]

First of all I would not tell anyone. I would have the lawyer set up about 4 or 5 levels of corps so i could keep my phone number. Then 1 day before the time limit (1 year?) expires one of the Corps would turn in the ticket. I would have a sleazy lawyer like Saul Goodman be the face of the winner corp. Then i would have lunch with Bill gates & Warren Buffet. Not to get investing ideas but just to hang with them. Probably ask about the mechanics of gifting it all away. Our boy knows about how much is coming his way. So not much more to him. Maybe just give the bulk of it to the Bill & Melinda gates foundation in the name of my late wife

*Am I too late to buy a ticket? I won $28 on Christmas scratch offs

 

[ivinsfan]

First of all I would not tell anyone. I would have the lawyer set up about 4 or 5 levels of corps so i could keep my phone number. Then 1 day before the time limit (1 year?) expires one of the Corps would turn in the ticket. I would have a sleazy lawyer like Saul Goodman be the face of the winner corp. Then i would have lunch with Bill gates & Warren Buffet. Not to get investing ideas but just to hang with them. Probably ask about the mechanics of gifting it all away. Our boy knows about how much is coming his way. So not much more to him. Maybe just give the bulk of it to the Bill & Melinda gates foundation in the name of my late wife

*Am I too late to buy a ticket? I won $28 on Christmas scratch offs

I don't want to burst your bubble but that's not going to be enough money to lunch with WB and Gates.. I'd definitely do lunch with you though...I can offer you some excellent investment opportunities.

I love the idea to honor your wife's memory..

 

[aaronc879]

I would go to the State lottery office at the earliest time I could get there. No waiting until I speak to a dozen lawyers and accountants. No reason for all that. I'd just collect the money as soon as possible. I'm perfectly able to say no to people begging for money. I don't see a point in playing games.

 

[Out-to-Lunch]

One our our friends loves buying Powerball tix. Once in a while, when the pot is large, she cajoles us into joining her.

When checking the numbers, I say to my DW: "So, shall I see if our lives have been ruined?"

The other thing I think/say is that I am certain that hitting a huge lotto would probably ruin my life, but it is a chance I am willing to take!

 

[idledancer]

I would go to the State lottery office at the earliest time I could get there. No waiting until I speak to a dozen lawyers and accountants. No reason for all that. I'd just collect the money as soon as possible. I'm perfectly able to say no to people begging for money. I don't see a point in playing games.

The anonymity isn’t to protect you from beggars, it’s to protect you from thieves, kidnappers and frivolous lawsuits. The tale of Jack Whittaker is the best example. He won, what was at the time, the largest jackpot in US history. He was robbed multiple times, sued hundreds of times, his house burned down, and acquaintances were arrested plotting to drug and kidnap him.

He isn’t the only one. These stories happen all the time. Lottery winners are targets. You could come up with a bunch of ways to protect yourself from these threats, but the easiest method is to simply not be a target.