So what would you do with the money?

[UncleMark]

So I'm reading that there's a big lottery coming up, one that would pay $900M lump sum, around $500M after taxes.

Has anyone given any serious thought to what they would do if they woke up one morning with $500M? What would you do with it? Seriously?

Me, of course I would spend/squander a bunch (splurge on a double-wide, buy an airplane and get my private pilot's license, etc.), then set up my family (brothers, nieces/nephews, step-kids and step-grandkids) with enough for their educations and a nice chunk to do with what they will, and then... I dunno.

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

 

[zeke4ahs]

So I'm reading that there's a big lottery coming up, one that would pay $900M lump sum, around $500M after taxes.

Has anyone given any serious thought to what they would do if they woke up one morning with $500M? What would you do with it? Seriously?

Me, of course I would spend/squander a bunch (splurge on a double-wide, buy an airplane and get my private pilot's license, etc.), then set up my family (brothers, nieces/nephews, step-kids and step-grandkids) with enough for their educations and a nice chunk to do with what they will, and then... I dunno.

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

Probably the only big things I’d do are travel related. I’d take a trip around the world, and I’d take all my friends and family on a cruise. Then I’d set up my family and think about what causes I’d like to give to.

 

[TheOriginalHappyGoat]

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

This is what I would do. I'd start a business, invest the money and draw interest, and carefully and slowly decide how and where to invest locally to keep the business viable and also do the most good for the community.

I'd also set my family members up with cushy jobs on the board of directors, of course.

 

[UncleMark]

This is what I would do. I'd start a business, invest the money and draw interest, and carefully and slowly decide how and where to invest locally to keep the business viable and also do the most good for the community.

I'd also set my family members up with cushy jobs on the board of directors, of course.

It was this article that got me thinking:

The Only Thing to Do With Your Money if You Win Mega Millions

https://slate.com/human-interest/2018/10/mega-millions-lottery-winner-guide-advice.html

 

[IDontWannaLargeFarva]

So I'm reading that there's a big lottery coming up, one that would pay $900M lump sum, around $500M after taxes.

Has anyone given any serious thought to what they would do if they woke up one morning with $500M? What would you do with it? Seriously?

Me, of course I would spend/squander a bunch (splurge on a double-wide, buy an airplane and get my private pilot's license, etc.), then set up my family (brothers, nieces/nephews, step-kids and step-grandkids) with enough for their educations and a nice chunk to do with what they will, and then... I dunno.

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

I'd buy the new F-450 with a hitch for a couple Jet Ski's on the back.

Then I'd take a trip somewhere lavish like the Wisconsin Dells or Branson.

Finally, I'd buy a couple new AR's and become a majority owner of Hendrick Motorsports.

I would live the rest of my life in a suite at a Sybaris.

 

[TheOriginalHappyGoat]

It was this article that got me thinking:

The Only Thing to Do With Your Money if You Win Mega Millions

https://slate.com/human-interest/2018/10/mega-millions-lottery-winner-guide-advice.html

Even better. I was thinking about something like that, but wasn't sure it could be done. Sounds like it absolutely could be.

 

[UncleMark]

The Happy Goat Foundation? Not a bad ring to it.

 

[TheOriginalHappyGoat]

The Happy Goat Foundation? Not a bad ring to it.

BOOM. I have to win now. I can even hire someone to make a stylized version of my current avatar to be the foundation's logo.

 

[Circlejoe]

Even better. I was thinking about something like that, but wasn't sure it could be done. Sounds like it absolutely could be.

Not even the Trump Foundation could get away with this. Lots of great financial tools to provide tax relief and support philanthropy though. I was hoping that if I didn't win the big prize, one of my donors would. Unfortunately, we have no donors in South Carolina.

 

[UncleMark]

The Happy Goat Foundation? Not a bad ring to it.

BOOM. I have to win now. I can even hire someone to make a stylized version of my current avatar to be the foundation's logo.

Can I get some cushy position for providing the inspiration?

 

[TheOriginalHappyGoat]

Can I get some cushy position for providing the inspiration?

As the foundation's CEO, I'll probably need a private driver.

 

[UncleMark]

As the foundation's CEO, I'll probably need a private driver.

Deal. As long as I don't have to wear one of those silly caps.

 

[Univee2]

So I'm reading that there's a big lottery coming up, one that would pay $900M lump sum, around $500M after taxes.

Has anyone given any serious thought to what they would do if they woke up one morning with $500M? What would you do with it? Seriously?

Me, of course I would spend/squander a bunch (splurge on a double-wide, buy an airplane and get my private pilot's license, etc.), then set up my family (brothers, nieces/nephews, step-kids and step-grandkids) with enough for their educations and a nice chunk to do with what they will, and then... I dunno.

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

I'd buy Montana.

 

[Marvin the Martian]

I'd buy Montana.

Did you serve on the Red October?

 

[Univee2]

Did you serve on the Red October?

That's Krasniy Oktyabr to you, peasant.

 

[Hank Reardon]

I'd arrange one time payouts to immediate family members with the notice that this is indeed a one time thing. Squander your millions and too bad.

Then I'd move to the beach among the wealthy, live on the interest, and never answer the goddamn phone again.

The end.

 

[Univee2]

I'd arrange one time payouts to immediate family members with the notice that this is indeed a one time thing. Squander your millions and too bad.

Then I'd move to the beach among the wealthy, live on the interest, and never answer the goddamn phone again.

The end.

Or, you could buy an "e" and finally get that last name spelled correctly ....

 

[JamieDimonsBalls]

I'd live off of the interest/dividends/coupons and dedicate my time for non-profits.

 

[sglowrider]

Did you serve on the Red October?

 

[Univee2]

I'd live off of the interest/dividends/coupons and dedicate my time for non-profits.

La-di-da.

You'd buy a palace in Lake Forest and you know it.

 

[JamieDimonsBalls]

La-di-da.

You'd buy a palace in Lake Forest and you know it.

A bit too WASPy for my taste, but yea, I'd probably buy a few properties. Although I hear timeshares are really the way to go!

 

[sglowrider]

The problem is whether you can remain anonymous or not have to appear in public as the winner. If you have to do a show & dance in a photo op as the 'winner' then set aside the money into some fund and angel invest it in a few areas. I will keep a few million just for spending money.

The biggest issue with lottery winners has been that they get every sob story or relative to crawl out of the woodwork all 'needing' money for someone dying. The guilt usually breaks these 'winners'. In fact, there was some U of I study on lottery winners done a while ago about lottery winners. I think like 70% said that they wished they had not won or would have given all the money away at the start.

The problem with being super rich is that you get paranoid with your friends, old and new and your physical safety.
You aren't sure why they are 'suddenly' so pally with you. You will need to walk around with security detail both for real reasons but also for your own perceived peace of mind.

In many ways, you are trapped in a gilded cage.

 

[UncleMark]

The problem is whether you can remain anonymous or not have to appear in public as the winner. If you have to do a show & dance in a photo op as the 'winner' then set aside the money into some fund and angel invest it in a few areas. I will keep a few million just for spending money.

The biggest issue with lottery winners has been that they get every sob story or relative to crawl out of the woodwork all 'needing' money for someone dying. The guilt usually breaks these 'winners'. In fact, there was some U of I study on lottery winners done a while ago about lottery winners. I think like 70% said that they wished they had not won or would have given all the money away at the start.

The problem with being super rich is that you get paranoid with your friends, old and new and your physical safety.
You aren't sure why they are 'suddenly' so pally with you. You will need to walk around with security detail both for real reasons but also for your own perceived peace of mind.

In many ways, you are trapped in a gilded cage.

I've read about those cases. Me, I'd do right by family and a couple friends, but if they put the touch on me for more I'd tell them to fvck off.

There would definitely be some short term publicity locally. The H-T would be all over my good fortune, and the neighbors in the trailer park would all be my best buddies, and long lost bar friends would all of a sudden want to rekindle our friendships, but that wouldn't need to last. Think about it -- how many mega lottery winners do you recognize by name or on sight? I didn't think so. All it would take would be to relocate, which in my case wouldn't be hard. The wife would want to go home to Sask, and I'd have enough money to guarantee I'd be able to stay warm.

Edit to add: I might buy the Bessborough.

https://en.wikipedia.org/wiki/Delta_Bessborough

 

[herrli]

I would go down to the border and pass out money to all of these wonderful exiles seeking asylum by marching here wrapped in the flags of the country that has oppressed them so badly they are marching to a country that they burn the flag of.

 

[sglowrider]

I've read about those cases. Me, I'd do right by family and a couple friends, but if they put the touch on me for more I'd tell them to fvck off.

There would definitely be some short term publicity locally. The H-T would be all over my good fortune, and the neighbors in the trailer park would all be my best buddies, and long lost bar friends would all of a sudden want to rekindle our friendships, but that wouldn't need to last. Think about it -- how many mega lottery winners do you recognize by name or on sight? I didn't think so. All it would take would be to relocate, which in my case wouldn't be hard. The wife would want to go home to Sask, and I'd have enough money to guarantee I'd be able to stay warm.

Edit to add: I might buy the Bessborough.

https://en.wikipedia.org/wiki/Delta_Bessborough

Personally, my relatives wont be so much an issue.

Its the anonymous folks who have dying or sick kids who need medical treatment or else, writing to you asking for help that would be the problem. The guilt of playing the 'money god' would wear you down.

 

[Hank Reardon]

Personally, my relatives wont be so much an issue.

Its the anonymous folks who have dying or sick kids who need medical treatment or else, writing to you asking for help that would be the problem. The guilt of playing the 'money god' would wear you down.

I guess I don't understand why this wears anyone down. It's not like you have to sit there with a bag of mail reading each request, or actually answering the phone. Hire some law firm to handle the mass rejections. It's when you start randomly granting some of them that the trouble would start.

Either transform yourself into a complete a-hole and wave the finger at everyone (my choice), or establish some sort of foundation to handle the goowill parts if that's your game. But you have to remove yourself from the sob/guilt part of it.

Pertinent:

New study finds you'd love being a rich asshole

 

[sglowrider]

I guess I don't understand why this wears anyone down. It's not like you have to sit there with a bag of mail reading each request, or actually answering the phone. Hire some law firm to handle the mass rejections. It's when you start randomly granting some of them that the trouble would start.

Either transform yourself into a complete a-hole and wave the finger at everyone (my choice), or establish some sort of foundation to handle the goowill parts if that's your game. But you have to remove yourself from the sob/guilt part of it.

Pertinent:

New study finds you'd love being a rich asshole

http://pages.ucsd.edu/~nchristenfeld/Happiness_Readings_files/Class 3 - Brickman 1978.pdf

 

[wiede]

So I'm reading that there's a big lottery coming up, one that would pay $900M lump sum, around $500M after taxes.

Has anyone given any serious thought to what they would do if they woke up one morning with $500M? What would you do with it? Seriously?

Me, of course I would spend/squander a bunch (splurge on a double-wide, buy an airplane and get my private pilot's license, etc.), then set up my family (brothers, nieces/nephews, step-kids and step-grandkids) with enough for their educations and a nice chunk to do with what they will, and then... I dunno.

What I think I'd like to do is do something along the lines of what Bill and Gayle Cook did, investing in such a manner as to revitalize a town or region (i.e. Bloomington downtown, French Lick/West Baden) and in the process put a lot of people to work and into business themselves. Done right, while the ROI might not be there, the ventures themselves are self sustaining, and the wealth still remains in the equity investment

1. Pay off debt
2. Set up for the future (including family)
3. Travel. A lot. Probably move to Hawaii or CA- somewhere with scenery, beaches and lots of sunshine.

Once that stuff is done, I’d settle into what keeps me going now- helping injured workers.

4. Take on the worker’s comp system in TX. I’m talking massive billboards, radio & tv advertising. Expose the sham of a system it’s become for injured workers. It’s amazing how much an industry can get away with, when the only ones to fight back are already in a bad place. We’re talking massive fraud- but it’s not coming from injured workers.

Ultimately, the burden of their care ends up falling back on all of us- injured workers are often forced to go on SSI early, after WC carriers have refused to care for them any longer (and never gave them a chance to get better by sending them to sham doctors up front, and limiting treatment from the beginning).

You wouldn’t believe some of the stuff I see these days. It would make for a great national expose series on some network. Everybody thinks WC fraud is through the injured workers- that isn’t the case here. Sure, there’s always a few people that try to game the system, but fraudulent activity is pretty much the norm now on the carrier side. And if it’s not fraudulent, it’s unethical as hell.

Once that is working well, take the fight to other jurisdictions. Because the template will have been laid already.

 

[Marvin the Martian]

I would buy a nice cabin in Estes Park for my family and friends to vacation too. I would travel a lot. Also, set up a a summer camp for kids to come and study science. Hopefully increasing interest in science.

Indiana allows one to claim with a trust and stay anonymous. I would do that. If anonymity were not an option, I would donate 95% so when I claim it I can tell people truthfully it is already gone. I would just keep a couple million to allow retirement.

 

[IUCrazy2]

Outside of all of the things I think many of us would do: travel, buy new property somewhere, help out family, etc. I always thought it would be kind of neat to be a pay it forward kind of person.

Like, have a conversation with your waitress and if you find out about how she is working and going to school and trying to better herself...wham, $10,000 tip. Random acts of kindness type of stuff. I think many of us have been in a spot where you thought, "if I only could get this bill paid off or have this economic need covered I could do...." I think it would be cool to actually do that for people sometime. And not just with the small amount I can afford now, but some real life changing amounts.

 

[Bulk VanderHuge]

I would go down to the border and pass out money to all of these wonderful exiles seeking asylum by marching here wrapped in the flags of the country that has oppressed them so badly they are marching to a country that they burn the flag of.

I would buy you a lifetime supply for your neck...

 

[Hank Reardon]

http://pages.ucsd.edu/~nchristenfeld/Happiness_Readings_files/Class 3 - Brickman 1978.pdf

I didn't have time to read all of this, but I'd tend to agree with the premise of the parts that I did read. The more that we have, even in our own situations, the less satisfaction such things sometime bring. It's pretty exciting for most of us when we buy a new car. Would it be as exciting if we actually had the means to buy an new Lamborghini Aventador or Bugatti Chiron every week? Nope. More money just shifts your threshold of satisfaction further down the line.

As far as handling the money or being one of those multimillion dollar winners who goes broke, I imagine that has a lot to do with your situation prior to winning. If you're someone who already has the sort of money that requires "management," then I'm guessing that you'd more than likely be OK. You already have an understanding of such things, and also the knowledge to realize that this sort of jack is beyond your capabilities. You'll hire people to take care of it. And to keep you out of trouble.

It's the hand to mouth, paycheck to paycheck...or no paycheck...sorts that will likely get themselves into trouble. My wife's uncle won $1 Million on the old Hoosier Millionaire TV show many years ago. At the time he lived in a crappy trailer on nothing but disability checks. His take after taxes and such was something like $380,000. Life changing, right? One year later not a penny of it remained, and worse he had nothing to show for it. And he still lived in a crappy trailer on disability checks. Dude thought he had all the money in the world and acted like it.

 

[UncleMark]

His take after taxes and such was something like $380,000. Life changing, right? One year later not a penny of it remained, and worse he had nothing to show for it. And he still lived in a crappy trailer on disability checks. Dude thought he had all the money in the world and acted like it.

The financially illiterate don't know enough to know what really big money is. Let's say that $380K is like $600K now. I know enough to know that that will only go so far, and that I couldn't live like a rock star very long. Hell, I'd barely be able to buy a double wide and a couple cheap cars before I'd have that down to an amount that wouldn't do all that much for me in the long term. But in that regard I'm probably a lot different from the average working class hero.

 

[UncleMark]

Like, have a conversation with your waitress and if you find out about how she is working and going to school and trying to better herself...wham, $10,000 tip. Random acts of kindness type of stuff. I think many of us have been in a spot where you thought, "if I only could get this bill paid off or have this economic need covered I could do...."

I like the idea, but it comes at a cost. Unless you can figure out a way to do that anonymously, you can't ever go back to that restaurant again. Every waitress will have a sob story.

 

[Hank Reardon]

The financially illiterate don't know enough to know what really big money is. Let's say that $380K is like $600K now. I know enough to know that that will only go so far, and that I couldn't live like a rock star very long. Hell, I'd barely be able to buy a double wide and a couple cheap cars before I'd have that down to an amount that wouldn't do all that much for me in the long term. But in that regard I'm probably a lot different from the average working class hero.

I've always maintained that an amount like $1 Million would be about the worst amount to win. It's not enough to really be able to live much better, but it's enough to make you think that you can.

 

[El Drado]

I would buy a nice cabin in Estes Park for my family and friends to vacation too. I would travel a lot. Also, set up a a summer camp for kids to come and study science. Hopefully increasing interest in science.

Indiana allows one to claim with a trust and stay anonymous. I would do that. If anonymity were not an option, I would donate 95% so when I claim it I can tell people truthfully it is already gone. I would just keep a couple million to allow retirement.

You been to Estes Park? Taking my family next summer on a tour de Colorado, and i want to stay around RMNP for a few days. Can you recommend cool things that are not tourist traps...i.e cable car ride, horse back riding?

 

[UncleMark]

I've always maintained that an amount like $1 Million would be about the worst amount to win. It's not enough to really be able to live much better, but it's enough to make you think that you can.

Exactly. You and I know this, but most Joes just don't get it and aren't about to be told they aren't rich with that. "I'm a Millionaire!"

 

[Marvin the Martian]

I didn't have time to read all of this, but I'd tend to agree with the premise of the parts that I did read. The more that we have, even in our own situations, the less satisfaction such things sometime bring. It's pretty exciting for most of us when we buy a new car. Would it be as exciting if we actually had the means to buy an new Lamborghini Aventador or Bugatti Chiron every week? Nope. More money just shifts your threshold of satisfaction further down the line.

As far as handling the money or being one of those multimillion dollar winners who goes broke, I imagine that has a lot to do with your situation prior to winning. If you're someone who already has the sort of money that requires "management," then I'm guessing that you'd more than likely be OK. You already have an understanding of such things, and also the knowledge to realize that this sort of jack is beyond your capabilities. You'll hire people to take care of it. And to keep you out of trouble.

It's the hand to mouth, paycheck to paycheck...or no paycheck...sorts that will likely get themselves into trouble. My wife's uncle won $1 Million on the old Hoosier Millionaire TV show many years ago. At the time he lived in a crappy trailer on nothing but disability checks. His take after taxes and such was something like $380,000. Life changing, right? One year later not a penny of it remained, and worse he had nothing to show for it. And he still lived in a crappy trailer on disability checks. Dude thought he had all the money in the world and acted like it.

I would have to buy a BMW M5, it is my dream car even though I make fun of BMW owners.

But to your larger point, evolution was kind to our ancestors. It gave them the ability to adapt to a new normal and go on with life. In an era where life was hard normally with bouts of real horror (plague, famine, war), being able to adjust to those horrors was a real godsend.

But it impacts lottery winners today. Poor people who are unhappy tend to be the biggest players. For a brief period it is new and exciting. But then this evolutionary feature kicks in and wealth becomes the new normal. And they usually discover poverty was not the real cause of their unhappiness.

I suspect that is also why so many athletes, musicians, and actors, succumb to drugs and alcoholism.

 

[IUCrazy2]

I like the idea, but it comes at a cost. Unless you can figure out a way to do that anonymously, you can't ever go back to that restaurant again. Every waitress will have a sob story.

Give me the money Mark and I will figure it out.

 

[CO. Hoosier]

You been to Estes Park? Taking my family next summer on a tour de Colorado, and i want to stay around RMNP for a few days. Can you recommend cool things that are not tourist traps...i.e cable car ride, horse back riding?

We've always taken out-of-town guests to the Lazy B for the show and dinner. It's very entertaining and has been in business for decades.

These days Estes is very crowded. RMNP is worth it though--especially if you can hike into the back country. I don't know what your schedule is, but if you want to see gorgeous scenery without the crowds, try Telluride and Ouray.