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Thread: Honestly, if you won a lottery...

  1. #1
    SG Enthusiast Easto's Avatar
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    Question Honestly, if you won a lottery...

    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.

  2. #2
    Second Most EVIL YARDofSTUF's Avatar
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    1. Invest
    2. Finish landscaping projects
    3. Snag a 1080 Ti

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    Administrator Philip's Avatar
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    Quote Originally Posted by YARDofSTUF View Post
    1. Invest
    2. Finish landscaping projects
    3. Snag a 1080 Ti
    Only one? You could have VR setup with SLI at least
    Linux is user friendly, it's just picky about its friends...
    Disclaimer: Please use caution when opening messages, my grasp on reality may have shaken loose during transmission (going on rusty memory circuits).
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  4. #4
    Second Most EVIL YARDofSTUF's Avatar
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    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

  5. #5
    Administrator Philip's Avatar
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    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.

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    SG Enthusiast Leatherneck's Avatar
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  7. #7
    SG MVP Lefty's Avatar
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    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.

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    SG MVP Lefty's Avatar
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    Quote Originally Posted by Lefty View Post
    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.

  9. #9
    Administrator Philip's Avatar
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    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

  10. #10
    SG MVP Lefty's Avatar
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    sorry Philip

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    SG MVP Lefty's Avatar
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    stocks, lockheed martin, GD, all the major defense contractors

  12. #12
    Administrator Philip's Avatar
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    Quote Originally Posted by Lefty View Post
    sorry Philip
    I was just trying to look out for you, and joking around
    Linux is user friendly, it's just picky about its friends...
    Disclaimer: Please use caution when opening messages, my grasp on reality may have shaken loose during transmission (going on rusty memory circuits).
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  13. #13
    SG Enthusiast Easto's Avatar
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    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

  14. #14
    SG Enthusiast Easto's Avatar
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    Quote Originally Posted by Leatherneck View Post
    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.

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  16. #16
    SG Enthusiast Easto's Avatar
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    Damn! Lost again.

  17. #17
    Administrator Philip's Avatar
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    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.

  18. #18
    SG Enthusiast Easto's Avatar
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    Quote Originally Posted by Philip View Post
    played for the first time in years.
    I probably only buy about 2 lottery tickets a year.

  19. #19
    Assistant Admin Ken's Avatar
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    I would have to change my lifestyle a bit, however I believe that I could manage...

  20. #20
    Administrator Philip's Avatar
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    Hi Ken! Where the heck have you been dude

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