Lottery - nope...didn't win it. (1 Viewer)

constableparks

Registered User.
Local time
Today, 13:41
Joined
Jul 6, 2017
Messages
53
Someone in the US won the $758 million lottery last night. Wasn't me. But I'm curious...what would you do if you won that much money?

I think I'd call in sick to work for the next couple of days. And plan a nice extended vacation to tour Europe. :D
 

moke123

AWF VIP
Local time
Today, 14:41
Joined
Jan 11, 2013
Messages
3,933
I must admit that my heart skipped a beat this morning when i saw that the sole winner was from Ma.
 

The_Doc_Man

Immoderate Moderator
Staff member
Local time
Today, 13:41
Joined
Feb 28, 2001
Messages
27,249
For that amount of money, first I would call my financial advisor. Then I would call 911 to have them help me pick up wifey off the floor. Then I'd clean my own drawers.

Since it is fun to fantasize, I've thought about it. I actually knew a person who won a small Louisiana lottery drawing as part of a pool. His advice was that despite what many advisors tell you about keeping the annuity don't do that. Instead, take the lump sum and invest it yourself because (a) the big lotteries don't allow their annuity to be inherited and (b) they have such a conservative investment that it would be easily possible to take that lump and get a better return for it even after you take out your advisor's fees.

With the money safely invested and annuitized, I think wifey and I would travel. See the world. Visit various places in Europe. I've always wanted to visit Australia and New Zealand, some of the Pacific Islands, and Japan. With that kind of money, it would be possible.
 

Minty

AWF VIP
Local time
Today, 19:41
Joined
Jul 26, 2013
Messages
10,371
I think with that amount of money you could buy a small country...

And defo the lump sum. And spend it. You can't take it with you.
 

Vassago

Former Staff Turned AWF Retiree
Local time
Today, 14:41
Joined
Dec 26, 2002
Messages
4,751
Call my financial adviser. Take the lump sum. Invest and travel for sure, and not richly. I'd travel like a normal tourist while I can.

Of course I would also make sure my family is taken care of. I have plenty of siblings and parents/grandparents in my extended family. All of my nieces and nephews would get trusts and college funds.

I don't personally need much. I'd rather not have a large place or fancy cars.
 

Frothingslosh

Premier Pale Stale Ale
Local time
Today, 14:41
Joined
Oct 17, 2012
Messages
3,276
Keep in mind that the lump sum on yesterday's drawing would be around $440 million, so after taxes, you would receive $220-$250 million.

That said, I thought it over years ago.

First, I would pay off my bills.
Second, I would likely buy a condo or nice apartment (or a small house ONLY if I find a good deal with a lawn maintenance company - I despise lawn work). And furnishings, of course.

That done, most of the rest would be invested (using the advice of real, live, professional financial advisors). The remainder, honestly, most of you likely won't believe me, but c'est la vie. I'd be most likely to open a homeless shelter, soup kitchen, something like that. Something to help people get off the streets and eventually even get those who are capable to back on their feet. God only knows Flint needs it, and having been homeless myself, I know better than most how easy it is to wind up on the streets, despite what the American Right would have you believe.
 

Minty

AWF VIP
Local time
Today, 19:41
Joined
Jul 26, 2013
Messages
10,371
I thought the lottery wins were tax paid/exempt ? They are in the UK.
 

Frothingslosh

Premier Pale Stale Ale
Local time
Today, 14:41
Joined
Oct 17, 2012
Messages
3,276
I thought the lottery wins were tax paid/exempt ? They are in the UK.

Heh, you honestly thought the US government wouldn't take its cut?

You're a funny guy!

Generally, lump sum payments are something like 25% less up front, and winning that kind of money puts you in the top tax bracket - 39.6% - so you lose another 40% from whatever the lump sum payment was. And that's just federal tax - then you have to factor in state and city taxes, so unless you're in Washington, that's another few percent shaved off.
 
Last edited:

moke123

AWF VIP
Local time
Today, 14:41
Joined
Jan 11, 2013
Messages
3,933
Alas, that site is blocked at work, so I'll just have to take your word for it.
me too, but I just switch DNS servers when I want to delve into the forbidden.
 

Frothingslosh

Premier Pale Stale Ale
Local time
Today, 14:41
Joined
Oct 17, 2012
Messages
3,276
me too, but I just switch DNS servers when I want to delve into the forbidden.

Yeah, someone tried that here once. A couple days later, he came back from an hour-long meeting with our VP looking awfully pale.
 

moke123

AWF VIP
Local time
Today, 14:41
Joined
Jan 11, 2013
Messages
3,933
Luckily, my position requires me to often work outside the realm of whats permitted for other employees so i sorta have a passive blessing from the IT crowd. Kind of a Don't ask Don't tell.
 

Users who are viewing this thread

Top Bottom