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When I win the lottery....

Re: When I win the lottery....

Thanks for the reminder - I want to get a ticket or two today!

If I won, the first things I would do are to contact a lawyer/financial planner and do a lot of the stuff you guys already mentioned. I would continue to work for a month or so till it is all set. Once I go to claim the prize, I walk out in a blaze of glory, giving everyone a $100 bill. Because I'm a giver. :)

Then, I would sell my condo and buy a place in the city somewhere really nice. Buy a big house down the Cape for me and my family to use. Buy houses for my brothers. Set my nieces up with trusts/college funds. See if either of my brothers want money to start a new business venture, etc.

I would donate a large amount to my alma mater. The Communications program, the University, the athletic department and then obviously the hockey program. I would go to my church and tell them I am paying off the mortgage and set up an annual operating budget of sorts for them. HOWEVER - in exchange for me doing this, I am telling them I want to oversee the parking lot. I will re-pave it, have new parking space lines painted and then I am going to hire a tow company to sit there every Sunday to tow anyone of those idiots who drive in and park where they're not supposed because they think they can. I want the power to do this on a weekly basis until they learn. People who get towed will have to not pay the tow company but make it as a donation to the church and then I will pay the tow company to let their car out. :)

I will have my hairdresser come to my house every morning to do my hair. Well, maybe not every day, but many. I've already told her this - ha!

Of course, will help out other family members, that's pretty standard. Too much other stuff to think about. I'm sure I'll figure out other things to do. Give me some time!!
 
Re: When I win the lottery....

Do the financial/lawyer/tax/investment stuff.

Once the media circus is over, change my phone number and email address. ;)

Buy back my grandparents' Tudor-style home (the folks who bought it when they died in 1997 currently have it on the market) and make it mine.

Gift my parents about $10 million and tell them to enjoy the retirement they had originally envisioned 20 years ago.

Continue working somehow, because I'll be bored stiff otherwise, and I think that's when a lot of lottery winners get into trouble.

All moot points though, because for once I agree with Flag.
 
Re: When I win the lottery....

jen said:
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?
Click to expand...

No doubt, it would be great to remain anonymous. Heck, if I could do that, I wouldn't even tell my family outside of my wife (no kids). Otherwise, I'm pretty sure you have to claim it in the state of your residence -- probably due to them wanting their share of their state income tax. But, that's why you hired that lawyer for...

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.
Click to expand...

You absolutely must keep going to work until you claim. And, you must not give away any hints you won. My wife and my lawyer would be the only ones who know.

Think about it. When you have to go to the bank to take the winning ticket out of the safe deposit box and then drive to the lottery office, just think if other people know you won. How safe would you feel making that trip? Absolutely no one can know you won, and you must act perfectly normal until you claim the prize.

But, I would have to work at doing something. But, I can at least choose what kind of work I do, how many hours I do it, and not worry about whether I get paid or not.
 
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Re: When I win the lottery....

Mookie is going to win and he will give a large majority of it away.

As in BU's women's golf team will be funded in perpetuity (for starters)
And more to come
 
Re: When I win the lottery....

Some incomprehensible math ... until you do it ... and then it's still incomprehensible.

$675 million.
But if you take the cash you get the cash value, roughly 2/3: $450 million.
Then you pay the tax (about 1/2) on the cash: $225 million

Say you are hyper-conservative and invest the $225 million at a 1% RoR but that's tax free (see: tax free municipal bonds).
That's $2.25 million yearly (after taxes, because there are no taxes on that income).

365.25 days per year, 24 hours per day = 8766 hours in a year

$2.25 million / 8876 hours = $253.49

Basically, unless you spend $253.49 per hour you made money by simply maintaining a pulse.

Oh, and that's at 1% RoR. I'd hope you could get more like 4%.
 
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Re: When I win the lottery....

FadeToBlack&Gold said:
Continue working somehow, because I'll be bored stiff otherwise, and I think that's when a lot of lottery winners get into trouble.
Click to expand...

Russell Jaslow said:
But, I would have to work at doing something. But, I can at least choose what kind of work I do, how many hours I do it, and not worry about whether I get paid or not.
Click to expand...

I would certainly not keep my current job (although I like it, as far as required jobs go), but probably take a volunteer position and finally use my library science degree. But being someone's employee, subject to bureaucracy, reviews, paperwork, etc. does not interest me if it's not necessary. I'm pretty sure I could replace the mental stimulation of my job when left to my own devices. I don't get bored, and with that kind of disposable income, I doubt I'd start.
 
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Re: When I win the lottery....

Russell Jaslow said:
You absolutely must keep going to work until you claim. And, you must not give away any hints you won. My wife and my lawyer would be the only ones who know.

Think about it. When you have to go to the bank to take the winning ticket out of the safe deposit box and then drive to the lottery office, just think if other people know you won. How safe would you feel making that trip? Absolutely no one can know you won, and you must act perfectly normal until you claim the prize.
Click to expand...

If I had to last more than a week, I'd probably get fired for insubordination before I could quit. :D
 
Re: When I win the lottery....

Russell Jaslow said:
You absolutely must keep going to work until you claim. And, you must not give away any hints you won. My wife and my lawyer would be the only ones who know.

Think about it. When you have to go to the bank to take the winning ticket out of the safe deposit box and then drive to the lottery office, just think if other people know you won. How safe would you feel making that trip? Absolutely no one can know you won, and you must act perfectly normal until you claim the prize.

But, I would have to work at doing something. But, I can at least choose what kind of work I do, how many hours I do it, and not worry about whether I get paid or not.
Click to expand...

The very first thing anybody should do with a winning ticket, even one of the minor prizes of a few thousand dollars, is to sign the back of the winning ticket, perhaps even video record it with my phone to show that it's truly my ticket. After that, I'd call in to the office, tell them that I have a severe case of hemorrhoids, or something, and head straight into the state lottery offices to get my ticket verified. If it was the jackpot, then I'd contact the tax and estate lawyers. I'd like to say that I could remain calm, work for a few days or weeks before going in to claim my prize, but I've never been much of a poker player.
 
Re: When I win the lottery....

Remember the cautionary story of Jack Whittaker. Part 1 and Part 2 (and this is the guy that's willing to talk about everything).
 
Re: When I win the lottery....

St. Clown said:
The very first thing anybody should do with a winning ticket, even one of the minor prizes of a few thousand dollars, is to sign the back of the winning ticket, perhaps even video record it with my phone to show that it's truly my ticket. After that, I'd call in to the office, tell them that I have a severe case of hemorrhoids, or something, and head straight into the state lottery offices to get my ticket verified. If it was the jackpot, then I'd contact the tax and estate lawyers. I'd like to say that I could remain calm, work for a few days or weeks before going in to claim my prize, but I've never been much of a poker player.
Click to expand...

Don"t tell us you wouldn't rush out and buy a bunch of game-worn Sioux jerseys.
 
Re: When I win the lottery....

The Sicatoka said:
Some incomprehensible math ... until you do it ... and then it's still incomprehensible.

$675 million.
But if you take the cash you get the cash value, roughly 2/3: $450 million.
Then you pay the tax (about 1/2) on the cash: $225 million

Say you are hyper-conservative and invest the $225 million at a 1% RoR but that's tax free (see: tax free municipal bonds).
That's $2.25 million yearly (after taxes, because there are no taxes on that income).

365.25 days per year, 24 hours per day = 8766 hours in a year

$2.25 million / 8876 hours = $253.49

Basically, unless you spend $253.49 per hour you made money by simply maintaining a pulse.

Oh, and that's at 1% RoR. I'd hope you could get more like 4%.
Click to expand...

I'd invest in the safest FDIC insured thing I could and live off the interest. After I gave some bulk sums to charity.
 
Re: When I win the lottery....

geezer said:
Remember the cautionary story of Jack Whittaker. Part 1 and Part 2 (and this is the guy that's willing to talk about everything).
Click to expand...

I remember when that story played out. The strangest thing I found about it is that he was a successful businessman who built up a business from scratch. One would think if anyone was capable of handling a lot money, it would be someone like him.

Yet, a guy worth $17 million before he won the lottery, decides to carry half a million in a briefcase and leave it in a car at a strip club. Not to mention, he used to frequent said strip club nearly every single day. He could have afforded to do all that before he won the lottery. What changed him just because he won the lottery?

I remember someone once telling me, "Money doesn't change a person. Money brings out the real person." Food for thought.
 
Re: When I win the lottery....

ScoobyDoo said:
I'd invest in the safest FDIC insured thing I could and live off the interest. After I gave some bulk sums to charity.
Click to expand...

You would have to spread your money around to many, many different accounts, because FDIC insurance is limited per account.
 
Re: When I win the lottery....

ScoobyDoo said:
I'd invest in the safest FDIC insured thing I could and live off the interest. After I gave some bulk sums to charity.
Click to expand...

FDIC only insures you to $250,000 per institution.

With $225 million you'd need to spread it over 900 banks. I recommend online statements or your postman will have a hernia. Then again, you could probably heat your house with all those monthly bank statements.
 
Re: When I win the lottery....

If my math is right, a jackpot of $800 mil will yield a $300 mil nut after tax, taking the lump sum, plus or minus. $300 mil at 4% interest will net you $1,000,000 per month, before tax.
 
Re: When I win the lottery....

The Sicatoka said:
FDIC only insures you to $250,000 per institution.

With $225 million you'd need to spread it over 900 banks. I recommend online statements or your postman will have a hernia. Then again, you could probably heat your house with all those monthly bank statements.
Click to expand...

Not to mention all the 1099s in January. It will be like the Sears catalog delivery day for the postman...

Not to mention the nightmare of doing your taxes with all those 1099s. You better not miss one, or the IRS will fine you!
 
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