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When I win the lottery....
- Thread starter jen
- Start date
FlagDUDE08
Banned
Re: When I win the lottery....
Nothing, because I don't participate in the "I Can't Do Math" tax.
Nothing, because I don't participate in the "I Can't Do Math" tax.
MissThundercat
Are the cis okay?
Re: When I win the lottery....
There is the obvious, such as pay off all my bills, move to a better house, etc. But if we're talking fun:
-Buy a minivan and bankroll a trip around the country with 6 of my friends.
-Give about $2 million to my dad and tell him to have a nice life.
-Donate a fair amount to Faithful to Felines cat shelter.
-Donate to NMU Hockey and the NMU Psychology Department.
-Donate to Team in Training-Leukemia and Lymphoma Society.
-Run marathons and other races every weekend.
There is the obvious, such as pay off all my bills, move to a better house, etc. But if we're talking fun:
-Buy a minivan and bankroll a trip around the country with 6 of my friends.
-Give about $2 million to my dad and tell him to have a nice life.
-Donate a fair amount to Faithful to Felines cat shelter.
-Donate to NMU Hockey and the NMU Psychology Department.
-Donate to Team in Training-Leukemia and Lymphoma Society.
-Run marathons and other races every weekend.
Re: When I win the lottery....
First, pay about $350 million in taxes.....
Set up $5 million trust funds for every niece and nephew, fund business startups for each kid, remodel the house, hire a housecleaning service, a lawn service, and someone to shovel snow, then set up a charitable foundation and devote my life to private-sector social welfare goals.
First, pay about $350 million in taxes.....
Set up $5 million trust funds for every niece and nephew, fund business startups for each kid, remodel the house, hire a housecleaning service, a lawn service, and someone to shovel snow, then set up a charitable foundation and devote my life to private-sector social welfare goals.
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Re: When I win the lottery....
I would give away all except about 50 million to charity, to get it to a more reasonable sum that I can spend. Preferably local charities where it can make a real difference, or overlooked national charities that spend their money wisely, but need more attention. I'd like help public education, so my alma maters would probably benefit, as well as local schools. The Alpha 1 Foundation and organ donation awareness programs would get a big chunk as well.
After that, with my 50 million, I'd invest a bit to make sure I have money in the future. I'd buy houses for my mom, aunt and uncle, brother, cousin, and of course, myself (I've had it picked out for years - I even went to an estate sale there once). Needless to say, my kitchen would be fantastic and perfect in every possible way. I'd give some to family members who need assistance, and my mom would have everything she wanted (although she would never ask). I don't think I'd take many luxurious vacations, but probably some cooking classes in France or something. Brewers season tickets for my mom and I. College for my nephew, if he wants, and vet school for my cousin. A second home in a cool climate by the ocean. Weekly massages. Regular baking classes at King Arthur Flour and Zingerman's.
The problem is, I assume I'd still be me, and I'm not going to be comfortable being the center of attention and having people wait on me all the time. No high-falutin' environments or fancy restaurants. So a lot of stuff I already do... just more of it.
I would give away all except about 50 million to charity, to get it to a more reasonable sum that I can spend. Preferably local charities where it can make a real difference, or overlooked national charities that spend their money wisely, but need more attention. I'd like help public education, so my alma maters would probably benefit, as well as local schools. The Alpha 1 Foundation and organ donation awareness programs would get a big chunk as well.
After that, with my 50 million, I'd invest a bit to make sure I have money in the future. I'd buy houses for my mom, aunt and uncle, brother, cousin, and of course, myself (I've had it picked out for years - I even went to an estate sale there once). Needless to say, my kitchen would be fantastic and perfect in every possible way. I'd give some to family members who need assistance, and my mom would have everything she wanted (although she would never ask). I don't think I'd take many luxurious vacations, but probably some cooking classes in France or something. Brewers season tickets for my mom and I. College for my nephew, if he wants, and vet school for my cousin. A second home in a cool climate by the ocean. Weekly massages. Regular baking classes at King Arthur Flour and Zingerman's.
The problem is, I assume I'd still be me, and I'm not going to be comfortable being the center of attention and having people wait on me all the time. No high-falutin' environments or fancy restaurants. So a lot of stuff I already do... just more of it.
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The Sicatoka
Kicizapi Cetan
Twitch Boy
Defacing this tagline is a MAX foul
Re: When I win the lottery....
I've actually thought this out a disturbing amount, having seen all the stories about lottery winners that end up broke in a couple years. Or dead.
First, lawyer. Pronto. The most reputable name I can find with a specialization in trusts and estates. Lawyer can help me out with a tax specialist and an investment advisor as necessary. Maybe hire another lawyer to make sure the preceding aren't boning me over.
Form an LLC or blind trust to claim the ticket on my behalf as anonymously as I can. Lump sum. Get Uncle Sam's share out of the way.
20% goes to my family in a series of blind trusts. My lawyer is to tell them in no uncertain terms this is all the money they're getting. If they somehow manage to blow it all in Vegas and my fifth cousin thrice removed suddenly appears and simply MUST have a million smackers to fulfill his life dream of opening a chain of Elvis themed drive-thru spatula outlets, too bad. The blind trusts will help with this too so the money is spent properly and I don't create an army of Kardashians out of my family.
20% goes to US Treasury bills. This is to protect me from myself. If I lose everything else, these things aren't going anywhere.
5% goes to Swiss government bonds. This is in case we elect Katy Perry president or something and the US economy suffers a catastrophic collapse. Honestly, if it hits the point where farking Switzerland is welching on their debt money doesn't mean much of anything around the globe any more anyway.
40% goes to a plain old boring S&P 500 index fund. I should be able to live comfortably off the interest.
The rest goes to me, and I vanish. Off the grid completely on a beach somewhere people can't pronounce.
I've actually thought this out a disturbing amount, having seen all the stories about lottery winners that end up broke in a couple years. Or dead.
First, lawyer. Pronto. The most reputable name I can find with a specialization in trusts and estates. Lawyer can help me out with a tax specialist and an investment advisor as necessary. Maybe hire another lawyer to make sure the preceding aren't boning me over.
Form an LLC or blind trust to claim the ticket on my behalf as anonymously as I can. Lump sum. Get Uncle Sam's share out of the way.
20% goes to my family in a series of blind trusts. My lawyer is to tell them in no uncertain terms this is all the money they're getting. If they somehow manage to blow it all in Vegas and my fifth cousin thrice removed suddenly appears and simply MUST have a million smackers to fulfill his life dream of opening a chain of Elvis themed drive-thru spatula outlets, too bad. The blind trusts will help with this too so the money is spent properly and I don't create an army of Kardashians out of my family.
20% goes to US Treasury bills. This is to protect me from myself. If I lose everything else, these things aren't going anywhere.
5% goes to Swiss government bonds. This is in case we elect Katy Perry president or something and the US economy suffers a catastrophic collapse. Honestly, if it hits the point where farking Switzerland is welching on their debt money doesn't mean much of anything around the globe any more anyway.
40% goes to a plain old boring S&P 500 index fund. I should be able to live comfortably off the interest.
The rest goes to me, and I vanish. Off the grid completely on a beach somewhere people can't pronounce.
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The Sicatoka
Kicizapi Cetan
Re: When I win the lottery....
OK, OK, OK, ... after letting the appropriate family member(s) know in person ...
First call: (701) 282-3249
Second call: (701) 255-1196
Those two calls would set up "The Sicatoka Trust". My goal in setting up the trust would be to maximize the lottery proceeds into the trust (i.e. minimize the amount paid in taxes).
The Sicatoka Trust would give money exclusively to (as I deem) deserving, not-for-profit organizations.
(EDIT: I just saw TwitchBoy's post. Funny how folks with technical/engineering backgrounds seem want to call lawyers and financial advisers first.
)
OK, OK, OK, ... after letting the appropriate family member(s) know in person ...
First call: (701) 282-3249
Second call: (701) 255-1196
Those two calls would set up "The Sicatoka Trust". My goal in setting up the trust would be to maximize the lottery proceeds into the trust (i.e. minimize the amount paid in taxes).
The Sicatoka Trust would give money exclusively to (as I deem) deserving, not-for-profit organizations.
(EDIT: I just saw TwitchBoy's post. Funny how folks with technical/engineering backgrounds seem want to call lawyers and financial advisers first.
)
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Russell Jaslow
Registered User
Re: When I win the lottery....
There is a commercial being played by the NYS Lottery (maybe it's used by other states as well) where they show ridiculous things rich people do. Then, the punch line is, "You know you would make a better rich person."
You would be in one of those commercials. LOL
As for me, there are five key things to do before even claiming the prize:
1) Put the winning ticket in a safe deposit box.
2) Get a lawyer.
3) Have the lawyer rent me a place in their firm's name without any trace back to me. Move into this place temporarily.
4) Install a full fledged security system on my current house.
5) Cancel all, and I mean ALL, current phone numbers anyone in my immediate family has -- landlines and cell phones. Buy a burner phone for temporary communications.
Then, claim your prize.
There is a commercial being played by the NYS Lottery (maybe it's used by other states as well) where they show ridiculous things rich people do. Then, the punch line is, "You know you would make a better rich person."
You would be in one of those commercials. LOL
As for me, there are five key things to do before even claiming the prize:
1) Put the winning ticket in a safe deposit box.
2) Get a lawyer.
3) Have the lawyer rent me a place in their firm's name without any trace back to me. Move into this place temporarily.
4) Install a full fledged security system on my current house.
5) Cancel all, and I mean ALL, current phone numbers anyone in my immediate family has -- landlines and cell phones. Buy a burner phone for temporary communications.
Then, claim your prize.
St. Clown
Ideas Posted are Likely Not My Own
Re: When I win the lottery....
I'd do...
get LASIK.
get my nose fixed from after breaking it in 2005 and having a nasal passage 75% collapse.
build an arena with 2 or 3 rinks.
a lot of traveling.
setup an investment account where the income goes out to charities of my choosing.
2 chicks at the same time.
I'd do...
get LASIK.
get my nose fixed from after breaking it in 2005 and having a nasal passage 75% collapse.
build an arena with 2 or 3 rinks.
a lot of traveling.
setup an investment account where the income goes out to charities of my choosing.
2 chicks at the same time.
Russell Jaslow
Registered User
Re: When I win the lottery....
I, too, have gone through this extensive thought process many times, even though I hardly ever, and I mean hardly ever buy a lottery ticket. LOL
The only differences are 1) in NYS, you have no choice but to be public when claiming your prize and must attend the press conference and 2) I wouldn't disappear. Not my style.
I would set up a few extra trust funds (besides for family members and charity work like most people mention and pretty much exactly the way you would set them up) that would go towards helping others in the type of sports I like. In other words, help others achieve their dreams in hockey (such as scholarships for camps and money for teams to attend top flight tournaments) and auto racing (sponsorship money for up and coming drivers).
As for fun, the first thing I would plan is a full fledged VIP trip (with a group of my close racing friends) to the Monaco Grand Prix, maybe even rent one of those yachts in the harbor (with girls of course!). The second thing I would plan is buy a suite at the upcoming Frozen Four and invite all my close hockey friends.
I, too, have gone through this extensive thought process many times, even though I hardly ever, and I mean hardly ever buy a lottery ticket. LOL
The only differences are 1) in NYS, you have no choice but to be public when claiming your prize and must attend the press conference and 2) I wouldn't disappear. Not my style.
I would set up a few extra trust funds (besides for family members and charity work like most people mention and pretty much exactly the way you would set them up) that would go towards helping others in the type of sports I like. In other words, help others achieve their dreams in hockey (such as scholarships for camps and money for teams to attend top flight tournaments) and auto racing (sponsorship money for up and coming drivers).
As for fun, the first thing I would plan is a full fledged VIP trip (with a group of my close racing friends) to the Monaco Grand Prix, maybe even rent one of those yachts in the harbor (with girls of course!). The second thing I would plan is buy a suite at the upcoming Frozen Four and invite all my close hockey friends.
Re: When I win the lottery....
Obviously take care of family, college funds for nephews, trust fund for my son, etc. I would travel. A lot. I have no desire for a larger home, or fancy car, although I probably would buy a cabin in the mountains. My day job would be working at my charitable trust. I'd probably hire a full time personal trainer. I'd climb some mountains in Alaska, the Himalayas, and Antarctica.
Obviously take care of family, college funds for nephews, trust fund for my son, etc. I would travel. A lot. I have no desire for a larger home, or fancy car, although I probably would buy a cabin in the mountains. My day job would be working at my charitable trust. I'd probably hire a full time personal trainer. I'd climb some mountains in Alaska, the Himalayas, and Antarctica.
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Re: When I win the lottery....
Ha, I've thought about this part too. Didn't occur to me to have my family change their numbers, though, but especially any that share my last name. Too bad I don't have a common last name - that'd be easier.
You don't want to wait TOO long before claiming, though, as the attention would mount the longer people had to wait.
What would be ideal is remaining anonymous, but that's not possible in most states (I think Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow it). But can I claim in one of those states and remain anonymous, or do I have to claim at MY state's lottery office?
Also, how do you quit your job and still remain relatively anonymous? Obviously if I quit the day after the PowerBall drawing, people at work are going to figure it out, but I couldn't deal with going to work when I know I'm not required.
Ha, I've thought about this part too. Didn't occur to me to have my family change their numbers, though, but especially any that share my last name. Too bad I don't have a common last name - that'd be easier.
You don't want to wait TOO long before claiming, though, as the attention would mount the longer people had to wait.
What would be ideal is remaining anonymous, but that's not possible in most states (I think Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow it). But can I claim in one of those states and remain anonymous, or do I have to claim at MY state's lottery office?
Also, how do you quit your job and still remain relatively anonymous? Obviously if I quit the day after the PowerBall drawing, people at work are going to figure it out, but I couldn't deal with going to work when I know I'm not required.
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JF_Gophers
2147483647
Re: When I win the lottery....
I'd save it all until the next lottery of that value or higher and then spend it all on tickets.
I'd save it all until the next lottery of that value or higher and then spend it all on tickets.
Kepler
Si certus es dubita
Re: When I win the lottery....
You should do the last one first, since you may have nothing left over. (I could be wrong, never having met you.)
You should do the last one first, since you may have nothing left over. (I could be wrong, never having met you.)
St. Clown
Ideas Posted are Likely Not My Own
Re: When I win the lottery....
I can be a charity of my choosing.
ETA: Also, my last choice was a direct nod to classic cinema:
Peter Gibbons: What would you do if you had a million dollars?
Lawrence: I'll tell you what I'd do, man: two chicks at the same time, man.
Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?
Lawrence: **** straight. I always wanted to do that, man. And I think if I were a millionaire I could hook that up, too; 'cause chicks dig dudes with money.
Peter Gibbons: Well, not all chicks.
Lawrence: Well, the type of chicks that'd double up on a dude like me do.
Peter Gibbons: Good point.
Lawrence: Well, what about you now? What would you do?
Peter Gibbons: Besides two chicks at the same time?
Lawrence: Well, yeah.
Peter Gibbons: Nothing.
Lawrence: Nothing, huh?
Peter Gibbons: I would relax... I would sit on my *** all day... I would do nothing.
Lawrence: Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do ****.
I can be a charity of my choosing.
ETA: Also, my last choice was a direct nod to classic cinema:
Peter Gibbons: What would you do if you had a million dollars?
Lawrence: I'll tell you what I'd do, man: two chicks at the same time, man.
Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?
Lawrence: **** straight. I always wanted to do that, man. And I think if I were a millionaire I could hook that up, too; 'cause chicks dig dudes with money.
Peter Gibbons: Well, not all chicks.
Lawrence: Well, the type of chicks that'd double up on a dude like me do.
Peter Gibbons: Good point.
Lawrence: Well, what about you now? What would you do?
Peter Gibbons: Besides two chicks at the same time?
Lawrence: Well, yeah.
Peter Gibbons: Nothing.
Lawrence: Nothing, huh?
Peter Gibbons: I would relax... I would sit on my *** all day... I would do nothing.
Lawrence: Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do ****.
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Kepler
Si certus es dubita
Re: When I win the lottery....
All figures post-tax:
I take $10M and my wife and I retire immediately and travel for the rest of our lives.
I take $5M and set up allowances and retirement accounts for my two financially incompetent siblings.
I take $5M and put it in an account for my daughter, to be claimed when she turns 40.
I give the rest to charity.
All figures post-tax:
I take $10M and my wife and I retire immediately and travel for the rest of our lives.
I take $5M and set up allowances and retirement accounts for my two financially incompetent siblings.
I take $5M and put it in an account for my daughter, to be claimed when she turns 40.
I give the rest to charity.
FlagDUDE08
Banned
Re: When I win the lottery....
The Swiss Franc is presently at a negative interest rate; you would have to pay to hold those bonds.
The Swiss Franc is presently at a negative interest rate; you would have to pay to hold those bonds.
wolverineTrumpet
not particularly bad
Re: When I win the lottery....
run for president
...or not.
lawyer, financial advisor. Invest lump sum & set up trust fund. Live off of interest and other passive income streams that I could set up with new found money. quit my job. Donate to charities only in exchange for stuff...you want my money that I didn't earn? well, you'd better earn it.
Go on one of those month(s) long cruises around the world.
When I return: Sports car. Bigger house, on a lake. Hire someone to clean said bigger house.
Wedding will become much bigger than the current plan.
run for president
...or not.
lawyer, financial advisor. Invest lump sum & set up trust fund. Live off of interest and other passive income streams that I could set up with new found money. quit my job. Donate to charities only in exchange for stuff...you want my money that I didn't earn? well, you'd better earn it.
Go on one of those month(s) long cruises around the world.
When I return: Sports car. Bigger house, on a lake. Hire someone to clean said bigger house.
Wedding will become much bigger than the current plan.