Honestly, if you won a lottery...

[Easto]

With all the buzz regarding the lottery, what do you think would happen and what would you do if you suddenly took home $500+mil?

I'm always astounded by how many lottery winners file bankruptcy. Obviously, the old saying "Giving someone a lot of money does not make them good with money" is quite true. But what baffles me is that so many of these people do not even have the slightest clue as to how to proceed? I mean, wouldn't you think that you should probably be speaking to a CPA, Attorney and Financial Planner before making any moves at all? Properly invested, anything greater than $5 mil should be able to provide you with a return that would keep you comfortable. In most cases ($10+ mil) I don't see that many reasons to even touch the principal. I have no sympathy for people who burn through that kind of money and then 2 years later they are on late night TV telling everyone not to do what they did, Duh.

If I suddenly won $500+mil?
1. New home: Here in So Cal near the beach... $3-5 mil. It's just me and my wife. We don't need an "estate"
2. New car: Probably a large model SUV ($85k?). I don't need a Ferrari. I wouldn't buy a Ferrari. Although I know my wife wants a Porsche $135k
3. Gifts: We have 12 immediate relatives that we would initially give the maximum gift of $14K to = $168k.
4. Then a cooling off period.

That's only approximately $4.3 mil and the majority of that is due to the new home purchase.

To win that kind of money and then find yourself broke is just ridiculous. What a waste. You should be ashamed of yourself.

[YARDofSTUF]

1. Invest
2. Finish landscaping projects
3. Snag a 1080 Ti

[Philip]

1. Invest
2. Finish landscaping projects
3. Snag a 1080 Ti

Only one? You could have VR setup with SLI at least

[YARDofSTUF]

I'm not sold on VR, or at least the current application of it.

And SLI is kinda dead, if I wanted to waste some of the lotto money I'd pick a 2080 Ti instead

[Philip]

You are right that 2080 Ti is probably the better way to go. Hmm, 2080 Ti SLI may be a gamble, but then again it may have slightly better odds than hitting that Powerball

To the original topic, many people have no sense of money management, and they do get a lot of bad advice.

[Leatherneck]

Hide
Hire attorney(s)
Hire accountant(s)
Build homes in Wyoming and Central NC. Wyoming home off the grid literally.
Take care of family
Find and buy nicest 1969 1/2 Dodge Super Bee 440 six pack
Be charitable smartly
Travel
Try not to die

[Lefty]

Go into hiding.
Hire attorney & accountant & financial planner.
Build a house in super rural Maine
Build a house in out in the midwest.
F350 4x4 loaded
Trip to Italy, meet the pope.
Get new phone number.
A/V Room
Mancave.

[Lefty]

Go into hiding.
Hire attorney & accountant & financial planner.
Build a house in super rural Maine
Build a house in out in the midwest.
F350 4x4 loaded
Trip to Italy, meet the pope.
Get new phone number.
A/V Room
Mancave.

Maybe an Audi as my fun car.
The old lady wants a Mini Cooper, will get one for the daughter too. **** the son in law.

[Philip]

Careful with the son in law Lefty, this forum is public

Seriously though,
I'd help close family, I'd give them a mil each or something once.
Pay kids' tuitions to good Universities. Keep them from borrowing a lot, help them along conservatively without spoiling them.
Switch to a house on the intracoastal somewhere, dock a small sailboat.
Update cars a bit, nothing extravagant, even though I do like Audis and Porsches too.
Invest in something conservative and diversified, that can weather the next/coming/consecutive stock market corrections. Well rated corporate bonds and such, something that beats inflation without too much downturn risk.
Travel at least a month every year.
Live off of investment income/interest, leave the money to the kids.
Buy everyone in here a 2080 Ti

I'd think about it more when I get the money

[Lefty]

sorry Philip

[Lefty]

stocks, lockheed martin, GD, all the major defense contractors

[Philip]

sorry Philip

I was just trying to look out for you, and joking around

[Easto]

Well, in another 1/2 hour I'll know if I won. If this somehow happens to be my last post here... You're all going to wish you had been a lot nicer to me. LOL

[Easto]

Hide
Hire attorney(s)
Hire accountant(s)
Try not to die

Exactly. That's sort of what I was getting at in my original post. I would be on the phone immediately with both my CPA and Attorney, tell them to drop everything and I'll be in their offices before the day is over. I'd tell them to double there fee, but that I have to see them immediately.

[Humboldt]

Land, toys.

[Easto]

Damn! Lost again.

[Philip]

Well, with lotto you are paying for the anticipation, so you got something out of it I didn't win either (of course), played for the first time in years.

[Easto]

played for the first time in years.

I probably only buy about 2 lottery tickets a year.

[Ken]

I would have to change my lifestyle a bit, however I believe that I could manage...

[Philip]

Hi Ken! Where the heck have you been dude