okay, here it is. it’s more or less like the last thread…but you get 150 million (yes, after taxes).
except this time around, you find out how much it’d cost to do the things you want to do.
find out how much it’d be to buy your island…your ferrari…putting money away for your family…all those things… add it up and see if it comes close/exceeds your limit.
i expect maybe…5 responses to this thread.
Buying an island isn’t that much of a problem with that kind of money. There are literally 10’s of thousands of Carribean islands alone and many of them are in private hands.
There are some pretty good ones for $20 million or less.
My personal passion is airplanes. Now there is a money suckhole when you start talking about the large jet airliners. A new 747 costs over $200 million new and is hugely expensive to operate so that is out.
I would be limited to the class of light business jets and a nice one will still cost about $25 million and cost several thousand dollars an hour to operate. Building an airport on the island for my jet might cost $10 - $20 million for a basic one.
The stupid plane looks like it will cost more than everything else put together.
A couple of houses at $15 million each should do.
Just those things are startiing to eat into my nest egg too much for comfort. I don’t even have a wing somewhere named after me yet. Time to start budgeting (or buying some more lottery tickets).
Well, I guess I’d buy a really nice city house. Since I can, let’s make that city San Francisco. I’m guessing that’d run me about a million. After that, I wouldn’t have very many expenses at all. Even if I ordered in sushi and Indian food every night (which I’m sure I would do for like the first six months or so), my food bill would not exceed $5000 a year, and I’m sure I would feel too horribly guilty at spending that kind of money that I wouldn’t do that anyway. I guess I could hire an assistant to do all my driving for me, but I LIKE using public transportation, so that would actually kind of suck for me. Ditto with libraries–going to the library is a social occasion for me so I would have no desire to have my own heavily stocked personal library. I am not that big on traveling; I would probably fly in people from other states for visits before I’d go to their cities. Most of the money would probably go to charity (more than likely medical research and medical funding for the third world), not because I’m such a charitable person, but because I’d never use it and I’d rather it went to someone who can use it. $150 million is a fuckload of money.
I am just not a private island/Ferrari/airplane kind of person. If I had $50,000 a year to spend after taxes I’d consider myself very wealthy indeed.
In line with the post I made in the other thread, I think $150m would cover all my costs easy.
A nice pair of socks can be had for under $20.
An animal shelter/hospital on a few acres of land - I think I could convert an old barn and put up a few new buildings for well under one million. Even if the project operates at a loss of one million a year it would still be going after I’m dead and gone.
There have actually been a number of threads on the lottery recent - did you have a specific one in mind?
I’ve already got a pretty good idea of what my goodies would cost.
Airplane - I don’t want a jet. I think I’d start with a SEL fixed-pitch fixed gear two or four seater. For new, that’s between $70,000 (two-seater, day VFR only, no bells and whistles) and $250,000. Add in about $10,000-20,000 a year for hangar, maitenance, insurance, inspections, and fuel/oil (I plan to fly a lot)
House - I want something on the small side, easy to maintain, but with some land around it. Between $100,000 and $500,000 (the latter if I opt for enough land to have my own private runway.
Darn - not even up to a million spent, yet, am I?
If I tricked out the house with new TV, sound system, new computers… nope, still wouldn’t add on much.
You know, there’s really not that much more that I want. Really. Maybe a couple more airplanes, but you can only fly so many of them. I guess I’d invest the rest so I could live comfortably off the interest, then go off and find something else interesting to do with the rest of my life.
How much annual interest can you conceivably get from $100 Million (without any significant risks)?
I have this gentle obsession about Belcourt Castle which is one of the pld Newport mansions … though instead of being owned by the historic society and a museum only, is owned by the Tinney family, and therefore possibly able to be bought. It is in [i am forced to confess] horrible condition as thousands of tourists tromp through it yearly, the Tinneys have crammed so much personal collection into it that it resembles a jumble sale [ 
] and certain maintenance is simply not performed on any sort of regular basis [there are free flying feral sparrows and the broken windows that let them in, among other maintenance issues] that I yearn to address.
I would buy it, and after the Tinneys remove all the antique jumble out, close it down for at least a year of renovation, and I would then move in, and enjoy living there, and open it for tourists at select times [not daily like it is now] It would be great for hosting fund raising parties, and as a place for private weddings and receptions [maybe 5 or 6 per year]
I would like a second winter home in a warm area, perhaps arizona. I like the looks of The Jester House [snurfle around on teh page for links, and google it if you like=)] which is a national landmark and probably not for sale, but could perhaps be built again for me =).
Not really into jets and yachts, and dont need fancy cars [would like a very nice vintage 79-early 80s mercedes 600 dl, and as daily driving a vw passat =)] so what ever mmonies were left after the housing aquisitions would be invested, to provide the income to care for and staff Belcourt Castle and the winter house. I am willing to forgo the winter house, since I can always go on vacation and stay in a hotel=)
Well, If I won I wouldn’t want to put my money into a bank and let it accrue interest. Insurance typically only covers like 100,000, right? So you would have to have like 1000 or more banks. Keeping track of the paperwork, taxes on interest earned and various other information would be a full time job in itself. Dumping money into stocks and other types of investments have their own risks of course.
Myself, I probably would give most of my money to charities, keeping 10M or so for myself, after paying off my debts (so like 11M total at the most), though some of the money go to relatives that are already close to me. Mom, Dad, Sister, maybe some to some out of state relatives that we visit once in awhile. Certainly not to any long lost relatives.
I wouldn’t buy an expensive house, top dollar items or the like. I would still plan on working and living a somewhat normal life. Probably why I don’t play. Free money doesn’t appeal to me.
My dream ranch could be bought for under 25 million , I would wager a guess. Add a couple million dollar stallions, an additional 10 million in mares and a couple geldings as riding horses, $250,000 to build my log house and pool, an additional million more or less to buy a good farm truck, horse trailers, and other needed equipment… that puts me out about … 40 million dollars.
Since my stallions will be bringing in stud fees, and I will be getting money off of foal sales, my investments should continue to at least partially support itself.
And I should be set for life 
.
Okay, let’s see here.
First, a beach house in Newport- oceanfront is running about $5,000,000. Let’s say $7,000,000 just in case I find a really cool one in today’s paper.
Next, I just fiund a cool 80 day around the world cruise on the QM2- the penthouse duplex on top of the ship will be $159,000. I don’t know if that’s per person or for everybody. It will be me, hubby, kids and a tutor (kids are young). Maybe we’ll take the family too- yeah, I guess they’ll be pissed if we don’t.
I don’t want to buy condos in the places I like- SF, NYC, Boston, etc. I’ll just visit a lot.
Pay off all the family’s mortgages, etc. That’ll run about $2M, probably.
An allowance for every member of the family (mom, dad, MIL, brother, SIL, SIL, step-BIL) of $100,000 each per year- that’ll be 700,000 per year, which I assume will come out of interest. Actually, I will set up an annuity that covers their in interest every year, then I won’t have to worry about it.
Drop $1,000,000 each in a trust for my kids, plus the same for any kids produced by my brother or SILs.
Kids are yelling, perhaps I’ll think of more later.
Oh, my charities- a large chunk (at least $100,000 each up front) will go to the Surfrider Foundation, Sea Shepard, Team Up for Down Syndrome, the USO and the home for old actors (can’t think of the name right now). My church will also get about $50,000 per year, plus I might think about setting up a trust to buy the adjacent property so it could expand.
I will also give a big chunk to the chemical dependency unit where I got sober.
I met a guy with a BeechJet as his private plane, seating for 8 and a crew of two. He loved it, it was his new toy, and hubby & I took it to Sun Valley, ID, once with him. It was totally cool, but even he admitted that unless you were flying it all the time (and he wasn’t), it wasn’t worth it to own your own. Better to charter whenever you needed it. Crew (pilot and co-pilot) were expensive too- not just their time but lodging, food, etc.
With that kind of money, you HAVE to invest it. How do you keep 150 Million in a safe deposit box?
I think you can put it in safe investments (mutual funds, tax free federal bonds, land, etc.) and get 5-7%.
What I would want to do is contribute 50 Million to a charitable trust that I would control and invest what is left over for my family in some form of family trust.
I’d probably buy a house in a gated community on some acreage for about a million dollars (for those who live on the East or West coast, that amount is realistic in suburban Houston). I like my house, but after winning a big lottery, I imagine you become a target for criminals, con men and general nogoodniks. I’d need a little security.
Then I would buy a BMW 545i for about $60,000. I’d buy my wife a Lexus LX SUV for about the same. Then, I would put $75,000 each in a 529 account for my two kids.
I’m sure I would spend a little on furniture and decorating at the new house. Not a lot, as I already have some decent furniture. Maybe $25,000 while I am splurging.
At this point, I return the phone calls from work asking me why I haven’t been into the office. I wipe my butt with my last paycheck and mail it back to them.
Next, I spend about $30,000 on a Mediterranean Vacation.
After that spending spree, $98,675,000 is left over.
I think I would draw out 2.5 Million a year (before taxes). With it being either tax free bonds or capitol gains taxes, I would have PLENTY of income without allowing inflation to diminish my portfolio.
I would spend my time managing my charitable trust and vacationing.
Yes. I’ve thought about this before.
that’s exactly the question i’d want answered after winning the lottery. if not that exact question, then a very related and close one, such as “how much interest does half the money” garner?
i assume it fluctuates.
Well, what I would like is a nice house in the area we live in already, say $600,000, plus renovations to build my husband his own dojo, which would be about $20,000. With general house cost and fix-up, I think we could spend the first million.
Neither of us are into island-buying schemes. We’d probably give a million to each close family member, and a lot to charity. Our struggling student friends would get several hundred thousand, too. I don’t see any mad purchases happening.
Islands, like jet planes, are better to lease than to buy!