You win Powerball, Now What?!!

In My Humble Opinion
1

After taxes you clear a couple hundred Mil. Now what do you do?
I suspect your relationships with all your friends and family changes dramatically, to the point that you may be better off starting over in a different location. Just imagine all the hands that will be out there asking for just a couple thousand dollars, “to pay off my car”, or, " that nagging medical bill".
I can imagine giving tons of cash to your immediate family and some friends (I’m a giver inside, that is, if I had the money to give) but where does it stop?
If your personal life changes to the point that you can’t deal with your family and friends anymore because of the money, would you relocate and try to start over (keeping in touch with the few loyal that you could trust) or would you try to support your family and friends with your new wealth so they wouldn’t feel left out or call you cheap.
I don’t know how I would handle it. I’m not sure I want to find out. I would be happier with a hundred thousand bucks than a hundred million, I think. A hundred thousand would pay everything off and still leave me with a good chunk to invest for the future. I could still keep my job and maybe take every other Friday off (since the mortgage/car payment is gone) and still keep my work buddies, longtime friends and remain close to my family.
I think if the hit the Big One that I would feel obliged to be free with the money as far as family goes, but that would throw the balance of the family completely out of whack. You couldn’t not share with them because you’d be the cheap SOB and after all, you did win the money, it aint like you earned it. I’d really be torn as how and to whom to disperse the money to. Or if I even should. What would be better?
The above only covers family and close friends, what about everyother person who finds out you won? You would barely be able to walk to the corner without tripping over an outstretched hand. Imagine what kind of criminal element you and your family and friends would attract…
Who could you trust to guide you with your money? You’d have to find lots of creative ways to hide and save it. Fine, you could buy anything you ever wanted but it would be different cause you didn’t earn the money. And that would get old pretty fast. Your future generations would be well off too, far into the future.
But, what would really make you happy about your winnings? I’d like to travel a bit more and that would be one of the things I’d do. I’d also be donating a boatload of money to charities, the church, anyone I felt deserved it, etc.

I dunno, it would change me completely, yet I will still by a ticket for tonights drawing. The thought of having that much money is too irresistable to resist, yet I wish they would figure out a way to have more million dollar winners rather than one big jackpot. I think 300 - million dollar winners would be a more palatable scenario than one 300 million dollar winner.

So, what are your thoughts on winning that kind of coin?

2

I agree that it seems like just too much money, it’s hard to comprehend how life-changing it would be. I am not going to bother buying a ticket, but hopefully I can still pretend how I would spend a couple hundred million?

First off I would buy all of the surrounding fields and forests adjacent to my little hobby farm, just because developers are already sniffing around the area and I’d like to keep it looking rural. I’d let the farmers continue to use the land as they see fit, I just want the title. Except for that extra 10 acres behind my 5 acres, I want that to be my elk farm.

Next I would pay off the mortgages of my immediate family, not buy them new houses. Also any large outstanding loans like home-equity or college loans would be paid off. Next level of family(aunts, uncles, cousins, etc.)would get as big of a tax-free gift as I could give and my cousins that are younger than college age would get their choice, free UW system college education, free technical school +$10K, or $25K for a downpayment on a house when the time comes.

Next I would set up a foundation to give out half of my money to people, projects, and organizations that jibe with my beliefs.

Then I would buy a DeTomaso Mangusta.

3

I’d build a large house on Lake Michigan frontage. Pay off all my family’s debts. Start a scholarship fund. Buy myself a Congressman. Build a halfway house for girls that don’t go all the way.

4

I’d order the platter instead of just the sandwich, even if I don’t really want fries.

5

I’d move someplace nice - on the water, but still close to family and friends (I have the place in mind).

Then I’d pay off the debts of immediate family members - Mom & Dad, immediate siblings of the wife and me. Clean slate - go forth and borrow no more! Or do. I don’t care. You get one get-out-of-debt-free card.

Then, I’d get busy giving it away. My job, and that of my wife, for the rest of our lives would be engaged in giving money away. We’d set up foundations and endowments and all that kind of stuff, but that would be our job: disbursal.

:cool:

6

I’d use it to speed up my ongoing efforts to establish this world as Dominion of Evil. Oceans of blood and mountains of skulls don’t come cheap, you know.

7

I’d buy a lake with a lot of houses sitting immediately on it, giving one to each of my best friends along with a generous yearly salary so we could all quit our jobs and hang out with each other on a lake all the time. Family would get whatever piece of my money they wanted, so long as I could still afford my sweet lake with houses around it. I’d be very generous. If I had $300 million and my brother in law asked for 2 million, I’d probably write him a check on the spot without thinking twice about it. If a stranger sent me an interesting sob story about how she needs $10,000, she’d probably get it. I could make a lot of people’s live easier with that cash.

All I would need is my friends and a lake.

8

I would open up a discount skulls and blood warehouse. There seems to be a demand.

9

Good ideas so far.
I think I would build a resort for family and friends to visit whenever they could for free and have Joe Public pay. Or maybe just keep it private.
Paying off debts (one time) seems like a great idea. I think it may still get abused.
What about family members that have been more responsible and have managed their money wisely?- they might feel they got the shaft when compared to Aunt Lilly who is $50,000 in debt. Then again, if you gave everyone $50,000 then Aunt Lilly would only have (no debt) to show for your generosity while everyone else gets to go on a world cruise. Tough one still.

One idea is to start a business (or buy one) where you could invite family and friends to work at and pay them generously according to their talents. That might still cause infighting and resentment and such.
I don’t think there is any one good way to deal with this.

Scumpup, that answer sound familiar, you use that in a similar thread in the past? :wink:

10

I’d buy a new ass. Mine has a crack in it.

11

First of all, I’m pretty sure if you take the cash option, that $300M is going to be more like $100M, after taxes and everything.

Now, once I buy everything I ever wanted, set up trusts for my kids and donated a sizable chunk to charity, I’d probably be left with something like $50M, which I’d invest incredibly conservatively, providing me with maybe $1M per year income from the interest. While that’s a substantial income, it’s not Sam Walton money or even Bill Gates money, it’s just some rich guy money. So, I’d do the kinds of things rich people do with their money, like enjoy it and shelter it from the taxman as much as possible. I would never do a work-like thing ever again in my life.

As far as the outstretched hands go, I’d do this: My family, I’d set up with enough cash to be comfortable. I have a pretty small family, so we’re not talking a huge amount. My friends, I’d give them some money if they needed it, but these gifts to friends and family would be absolutely, positively a one-shot deal, and I’d probably make them sign something to that effect. (well, not my mom, but you get the drift). I’d make abundantly clear to everyone who knows me that my money would be invested and not liquid, so don’t bother asking for more.

Then, (actually, the FIRST thing I’d do) I’d hire a pack of the meanest, most cutthroat lawyers in the world who would utterly chew up and spit out anyone trying to make specious claims like they tripped over my lawn sprinkler or something.

So there, it’s not as overwhelming as all that.

12

No one mentioned upgrading the SDMB with 87 million gigs of server space and a bajillion dedicated fiber lines so the hamsters would be a thing of the past.
How bout a seperate server and line for each thread? :eek: You’d be able to afford it anyway.

13

That’s only $400-600.

You’ll still have several million left over.

14

I swore that if I ever won the lottery ($30M+), I would go to great lengths to do everything I could to conceal my identity. Create a new temporary “residence” (so my local news here wouldn’t cover it). Accept the check in a disguise. Use a variation of my name in all publicity. Pick a huge news day to cash it in, so the story’s buried. Set up an anonymous foundation that would field all the charitable contributions, cultural memberships, etc.

This would also force me to make all other financial decisions in moderation. No extravagant lifestyle upgrade. No conspicuous indulgent spending. I could pay off bills, mortgage, etc. but nobody has to know that. I could help family out with things but keep it on the down-low.

Essentially, I wouldn’t want anything to change externally. I wouldn’t quit my job (not right away at least; I do enjoy it). I wouldn’t tell anyone outside of my sworn-to-secrecy wife (we don’t have kids). I could have a more stress-free life without having to worry about being perceived differently.

I think it could work.

15

I’d like to quietly buy the company I used to work for just so I could fire some of the assholes who work there.

The suit and tie dude who harrased and manipulated a friend of mine when she was 20 while working for him? Government regulators will come parachuting from the sky after people dig up dirt on you.

The cute girl who spurned me what we were 12, find her and send a telegram going nanny-nanny-poo-poo with a /Nelson/ Ha Ha /Nelson/ thrown in.

Being free to ram my car into drivers who deserve it. Like the asshole in the Caddy yesterday who cut me off when his lane ended. Instead of slamming on my brakes I could stay in my lane at speed and let him hit me. I had the right of way.

Not quite oceans of blood and mountains of skulls. You have to build up slowly or you’ll strain yourself.

16

Buy Skybox seats at FedEx field for every game for the next decade upfront and in cash. I’d buy every available seat at the Cowboys stadium for every Redskins game and give them away to any Redskins fan that could get there. Mom, Dad and both sisters get new houses and they can do whatever they want with the places they are living now (sell them, rent them out, whatever.). Those houses would be in the private gated neighborhood that I bought and paid for and each would be fully furnished. Then, there would be traveling. Lots of traveling. Screw the cash pay out, I’m young enough, give me the annuity. My yearly check would still be more than I could spend each year, but I’d try hard to be wrong.

17

That brings up a good question - are you allowed to collect the winnings “anonymously”? Meaning that you can request that the lottery not release your name/hold a press conference/alert the media etc.?

That’d be the first thing I’d do - request that.

If that wasn’t the case, and I had to be interviewed by the press, I’d probably say something like this:

“Yes, I plan to give away some of the winnings. However, any agency, charity or individual who contacts me or my financial advisor in any way, shape, or form requesting money will immediately be black-listed from ever receiving money from me.”

Pay off all family debts and give all family members (including extended) a few hundred thousand each as well. Put up college tuition trusts for my nephews and nieces.

Then I’m done being Mr. Unselfish. :slight_smile:

I’d probably move.

Invest.

Play.

Travel.

18

I’d set up a contest to find out which woman is the best at sex in the world. $100,000 prize to the winner. All contestants leave with at least $500.

And the decision of the judges would not necessarily be final. You want’ a do-over, you’d probably get one. I’m just that kind of nice.

Guess who the judge would be? Well, how could I trust anyone else to be as fair as I am?

19

Not in any particular order (except the 1st one)

  1. Not tell anyone I won. ANYONE

  2. Pay off all debt (duh!) Including student loans, this is about 20-large.

  3. Donate several million each (I have a couple-hundred, right?) to many charities I agree with.

  4. Give money to PBS and NPR at their highest donor levels (plus what I already gave them) during pledge drives and get nice gifts.

  5. Build a basic water system in several African nations (approx $25 million each, according to Paul O’Neil).

  6. Get my car washed.

After all that, assuming people still don’t know I have won several hundred million, I’d stay in school (I can afford grad school easily now), set aside several tens of millions for my retirement, build a house, set up education funds for my kids I don’t have, and pretty much not worry so much about my career.

20

My parents are well-off enough that they wouldn’t ask a damn thing of me - but if they did, I’d give it, no problem. My brother is pretty much the same - although I would only give him money if he had a good reason, as he tends to spend too much on “toys.”

My in-laws - ditto. Now, my stepkids - there’s a different story. They think the world owes them everything their hearts desire. I married their dad when they were all legal adults, so I don’t feel I owe them a damn thing. They don’t feel they owe me common courtesy & respect. Only one of them is okay in my book.

Now, if the ticket had been bought by me, with my own money, I could easily not have to deal with them. But if there’s a chance that it could be seen as my spouse’s money, or “our” money, they’d hound us to death. I don’t see him giving them penny one, with the attitudes they’ve shown him since the divorce from their mom, unless it was to literally save their lives (and then he’d tell them it was a “loan”). And once they got that answer, they’d probably cut him out of their lives (which I suspect he would expect from them).

So - that leaves friends. I have no expectation of friends coming out of the woodwork to ask for money, but I’m sure it happens to everyone. It probably would end some friendships, but we both are of the mind that money & friendship don’t mix - anyone who would ask us for money & then be angry if we said “no” isn’t a true friend anyway. If they asked and we said “yes,” there would have to be no expectation of repayment on our part - we’d have to consider it a gift, or it would cause problems.

I’d be more concerned (at least, in theory) about people I don’t know well - people we know from church or the neighborhood, etc. - or strangers harassing us for money. That’s where the moving thing might probably come into play. Heck, I know it would - we can’t stand 2 of our neighbors, and we’d love to move somewhere warmer & with more space.

The spouse says he’d retire me immediately, regardless of which one of us held the winning ticket. Then we’d start making travel plans. One item on our agenda would be a 6-month tour of Europe. I also think we need to see more of the U.S.A. (though I’ve only missed a few states, some I’ve only passed through & would like to see more of).

We’d get the new home, as mentioned above, and a good chunk would go into retirement investments. I’d also give to charity, though I’m not sure which right now.

As for extravagances - I’d start getting professional manicures & pedicures and massages on a regular basis, and have my hair color touched up professionally, too. And I’d give myself & my spouse an increase in our monthly “allowance” (you can call it whatever you want - it’s our designated “no questions asked-spend it anyway you want” money).