You can, but it won't be worth as much. You could probably take the lump sum, invest in annuities and do better in the long run than taking the payment option (which is just an annuity the government takes a cut from).
One Billion Mega Dollar Questions:
- Thread starter Tskware
- Start date
You'd have a month or two to grow your hair and beard out.
Though, I'd be too tempted to get crazy with the disguise and name........then it'd backfire. I'd choose something crazy and it'd make the news, "We're live with LEX18 and we're about to meet the winners of the $1.02 billion dollar prize. In the Hawaiian shirt and kilt we have Crapbag and his wife Princess Consuela Bananahammock....."
Lump sum. I wouldn't quit work but I'd bet I would get fired pretty damn quick.
1. Lump (and it ain't close)
2. Yes, I'm quitting. If you're working for someone else and you're honest with yourself, having a $325,000,000 liquid net worth greatly reduces the desirability of hopping on that Monday morning Teams meeting.
3. I would definitely keep a place in the area but I've never seen myself staying here later in life so I'd set up a homestead somewhere else.
4. Of course.
5. I would hope that I would be past the "buy crazy ish" part of life. Take care of family and close friends, college funds for a bunch of kids, try to do as much good as possible, etc.
2. Yes, I'm quitting. If you're working for someone else and you're honest with yourself, having a $325,000,000 liquid net worth greatly reduces the desirability of hopping on that Monday morning Teams meeting.
3. I would definitely keep a place in the area but I've never seen myself staying here later in life so I'd set up a homestead somewhere else.
4. Of course.
5. I would hope that I would be past the "buy crazy ish" part of life. Take care of family and close friends, college funds for a bunch of kids, try to do as much good as possible, etc.
As never having won, if I won, am I allowed to say I want $300 million and the remainder is to be divided among family and friends and charity in increments of my choosing?
1. Lump sum- time value of money (Bobby Bonilla deal was not really a good deal for Bobby)
2. Yes, quitting
3. Would get a second home
4. Ideally, bulk of giving would be right off the top if allowed per my initial question.
5. Crazy, always thought of million in mad money for me, million for the missus, to be spent on whatever we choose, mine would would probably be spent on bringing friends on extravagant golf trips. Europe, Australia, New Zealand, all the No Laying Up series stuff.
1. Lump sum- time value of money (Bobby Bonilla deal was not really a good deal for Bobby)
2. Yes, quitting
3. Would get a second home
4. Ideally, bulk of giving would be right off the top if allowed per my initial question.
5. Crazy, always thought of million in mad money for me, million for the missus, to be spent on whatever we choose, mine would would probably be spent on bringing friends on extravagant golf trips. Europe, Australia, New Zealand, all the No Laying Up series stuff.
1. Lump sum because I trust my ability to invest wisely and not spend like a freak.
2. I would work a bit longer only because I like the people I work with and do not want to put them in a bad position plus keep as much suspicion out of the mix as possible. Once I get everything taken care of with the lawyers and accountants I would make up a new job I am taking and immediately go to Bora Bora or some other high end tropic place to vacation.
3. Sell my current house and go buy a few homes in areas I can frequent during certain times of the year.
4. Absolutely. Animal shelters and St Jude come to mind
5. Luckily have lived a comfortable life the past 10+ years so not a strong desire to go make a bunch of crazy purchases. Def get a really nice wake boat to go with the new lake house. Get a membership at several nice golf clubs and play golf as much as possible. Take care of family I like and the few friends who I have stayed close with over the years.
2. I would work a bit longer only because I like the people I work with and do not want to put them in a bad position plus keep as much suspicion out of the mix as possible. Once I get everything taken care of with the lawyers and accountants I would make up a new job I am taking and immediately go to Bora Bora or some other high end tropic place to vacation.
3. Sell my current house and go buy a few homes in areas I can frequent during certain times of the year.
4. Absolutely. Animal shelters and St Jude come to mind
5. Luckily have lived a comfortable life the past 10+ years so not a strong desire to go make a bunch of crazy purchases. Def get a really nice wake boat to go with the new lake house. Get a membership at several nice golf clubs and play golf as much as possible. Take care of family I like and the few friends who I have stayed close with over the years.
A- All at one time.
B- Yes. The job I have and the unwanted attention it would bring to my workplace would be a huge distraction to the company.
C- I would likely add a secondary or tertiary residence to my new home in Central Kentucky. Maybe Florida and Hawaii.
D- Absolutely. I'd love to be my own Make-A-Wish guy.
E- Off the top of my mind, I'd probably do Vegas in a whole new, baller way. I'd do some research to determine the best overwater bungalow between the Maldives, Tahiti/Bora Bora, Fiji, and SE Asia.
A. All at once
B. My current one, yes, but I’d find something that I like doing
C. No, I like where I live
D. Yes
E. Not really sure, but I’d for sure go to every UK football bowl game and each SECT/March Madness game each year for basketball
B. My current one, yes, but I’d find something that I like doing
C. No, I like where I live
D. Yes
E. Not really sure, but I’d for sure go to every UK football bowl game and each SECT/March Madness game each year for basketball
A - Lump sum
B - Already retired
C - No, but I'd buy one (or more) places somewhere in the tropics, but out of the hurricane/cyclone belt and Seychelles/Maldives come to mind.
D - Yes, absolutely. Food banks, Habitat for Humanity, homelessness projects and youth projects for underprivileged kids.
E - Trip to the edge of space might be on the list. Do a metric **** ton of traveling.
B - Already retired
C - No, but I'd buy one (or more) places somewhere in the tropics, but out of the hurricane/cyclone belt and Seychelles/Maldives come to mind.
D - Yes, absolutely. Food banks, Habitat for Humanity, homelessness projects and youth projects for underprivileged kids.
E - Trip to the edge of space might be on the list. Do a metric **** ton of traveling.
I figured you to be most likely to go Jack Whittaker (RIP). I am joking but check out Jack.
He then purchased a Lamborghini and drove it through his neighborhood throwing cash.[6][8]
On August 5, 2003, less than a year after Whittaker won the lottery, thieves broke into his car while it was parked at a strip club in Cross Lanes, West Virginia. The thieves made away with $545,000 in cash that Whittaker carried around in a suitcase.[9] When asked why he would carry that much money around with him, Whittaker responded, "Because I can." In another incident, two employees at the club, the general manager and a dancer-manager who were romantically linked, were arrested and charged with a plot to put drugs in Whittaker's drinks and then rob him.[8] On January 25, 2004, thieves once again broke into his car, this time making off with an estimated $200,000 in cash, but this was later recovered.[10]
This guy won on Christmas. He had lots of bling on.
First, if you won that much, there is NO way you could blow through that amount of dough. Invest in 10-year Treasuries at 3% and your annual INCOME would be $9 million+. Pretty damn hard to 'blow' through all $380M no matter how hard you try.
Second, as others have said, TVM is a *****. A dollar 25 years in the future isn't worth nearly as much as a dollar today (especially at 9% inflation). Add in higher income taxes, possible 'annual wealth tax', higher estate taxes, etc. Take the cash today and figure it out.
A. Would you take it all at once, or take the 30 year income stream? Already answered - all at once
B. Would you quit your job? Without a doubt and I really like my job. But there's a whole bunch of the world I'd like to see while I'm still in really good physical shape.
C. Would you move to another location? Live in CO - would depend on where my kids end up (one in Denver, one in Boston). I want to be near at least one of them. Would not buy another home. With that kind of dough, I can rent anyplace I want for any amount of time and not have the hassle of taxes, upkeep, security, etc.
D. Would you donate to charities and other worthy causes? Of course - after setting up my kids with a trust for the max gift tax exemption (~$12 million/person). Gary Sinise Foundation and St. Jude's have been the recipient of our larger donations annually. Local food banks, homeless shelters, animal rescue and, most likely, ALS Foundation. I would definitely set up charitable foundation and have my kids help me run it.
E. Name some crazy "ish" you would do with it? I'd definitely have a lot more guitars and a nice recording setup in my home so, whenever the Muse strikes, I've got the ability to record stuff. I'd take a lot of tennis lessons as I'm getting frustrated with the level I'm at. I'd take the family on a lot more vacations. Australia/New Zealand for a month or more would be #1 then Italy/Spain/Austria/Switzerland. Honestly, I'd have a hard time spending just the income from a lump sum like that. Spending $100k a month seems like fantasyland to me so spending 7X that amount EVERY month seems unrealistic. I'd also certainly be one of those guys who own a timeshare of a private plane and rarely, if ever, fly commercial again unless going overseas.
Second, as others have said, TVM is a *****. A dollar 25 years in the future isn't worth nearly as much as a dollar today (especially at 9% inflation). Add in higher income taxes, possible 'annual wealth tax', higher estate taxes, etc. Take the cash today and figure it out.
A. Would you take it all at once, or take the 30 year income stream? Already answered - all at once
B. Would you quit your job? Without a doubt and I really like my job. But there's a whole bunch of the world I'd like to see while I'm still in really good physical shape.
C. Would you move to another location? Live in CO - would depend on where my kids end up (one in Denver, one in Boston). I want to be near at least one of them. Would not buy another home. With that kind of dough, I can rent anyplace I want for any amount of time and not have the hassle of taxes, upkeep, security, etc.
D. Would you donate to charities and other worthy causes? Of course - after setting up my kids with a trust for the max gift tax exemption (~$12 million/person). Gary Sinise Foundation and St. Jude's have been the recipient of our larger donations annually. Local food banks, homeless shelters, animal rescue and, most likely, ALS Foundation. I would definitely set up charitable foundation and have my kids help me run it.
E. Name some crazy "ish" you would do with it? I'd definitely have a lot more guitars and a nice recording setup in my home so, whenever the Muse strikes, I've got the ability to record stuff. I'd take a lot of tennis lessons as I'm getting frustrated with the level I'm at. I'd take the family on a lot more vacations. Australia/New Zealand for a month or more would be #1 then Italy/Spain/Austria/Switzerland. Honestly, I'd have a hard time spending just the income from a lump sum like that. Spending $100k a month seems like fantasyland to me so spending 7X that amount EVERY month seems unrealistic. I'd also certainly be one of those guys who own a timeshare of a private plane and rarely, if ever, fly commercial again unless going overseas.
A. Lump sum.
B. I have two jobs. Certainly quit 1, probably both. I'd be like Jack Blacks character in "High Fidelity" and find a DREAM job and just show up whether they pay me or not.
C. I currently live in a small apartment in Clarksville. I'd either buy a house in Louisville or Lexington. And probably a condo in NYC.
D. After I have my fun, and get with a good financial planner.
E. Trip to Vegas. Combo "Hangover" and "wolf of wall street"
B. I have two jobs. Certainly quit 1, probably both. I'd be like Jack Blacks character in "High Fidelity" and find a DREAM job and just show up whether they pay me or not.
C. I currently live in a small apartment in Clarksville. I'd either buy a house in Louisville or Lexington. And probably a condo in NYC.
D. After I have my fun, and get with a good financial planner.
E. Trip to Vegas. Combo "Hangover" and "wolf of wall street"
Do I really need to explain the time effect on your investments and your annuity?
A. Take the lump sum.. but, I see the benefit of spreading it out. Keeps you humble and you don't run the risk of blowing it all too quick. With a Billion dollars over 30-years.. I'm not sure it matters much to me.. but I'll go with A because it's more up front, and I can always have a bank hold it year by year or some ****.
b. I would quit, but I would still want to work somewhere. Something enjoyable. Maybe go work at a ski shop, tuning skis.. maybe a bartender during the day time and just talk to people and make them drinks..
c. I like the northeast, I would definitely keep a house in the Capital District, but it would be a mansion. Probably my MAIN mansion. I would then by a lake house in the ADKS, a ski house in vermont, and probably something in the Caribean. I would also likely get a condo in some of the bigger cities in the north east/east coast.
d. I would donate. If for nothing else, than I can say I did something good with my life. I've worked at two different charities that I felt strongly connected to. But the kicker here.. you give to a charity, and it winds up just going to top executives it seems. I would try to conjure a way to give half to the staff, and half to the charity it self.
e. Some interesting things I'd do :
- Never fly anything but 1st class again, and possibly charter my own jet because I hate flying in general (airports and actually flying).
- I would probably give large sum to 20-30 of my closest friends and family members.
b. I would quit, but I would still want to work somewhere. Something enjoyable. Maybe go work at a ski shop, tuning skis.. maybe a bartender during the day time and just talk to people and make them drinks..
c. I like the northeast, I would definitely keep a house in the Capital District, but it would be a mansion. Probably my MAIN mansion. I would then by a lake house in the ADKS, a ski house in vermont, and probably something in the Caribean. I would also likely get a condo in some of the bigger cities in the north east/east coast.
d. I would donate. If for nothing else, than I can say I did something good with my life. I've worked at two different charities that I felt strongly connected to. But the kicker here.. you give to a charity, and it winds up just going to top executives it seems. I would try to conjure a way to give half to the staff, and half to the charity it self.
e. Some interesting things I'd do :
- Never fly anything but 1st class again, and possibly charter my own jet because I hate flying in general (airports and actually flying).
- I would probably give large sum to 20-30 of my closest friends and family members.
A. Cash Option
B. My job is being retired
C. Yes I would move, probably not leave the state , but definitely have a snow bird residence.
I have a large family and the wife and I only want so much so both sides of our families, along with a couple close friends would be made comfortable and set for life. Church and charities that I think are worthy would get a chunk. It's a lot of money, but I'd feel truly blessed to have the honor for the opportunity to do so much good .
I would have to find one of those high end wealth management companies that cater to the super wealthy (sorry Shep!) so I suppose I would be heavily invested in tax haven based corporations and foreign properties.
As for the crazy thing, it’s pretty difficult to think of stuff I wouldn’t die doing. If I bought a Tesla S plaid, corvette z06, or AMG Mercedes I can virtually guarantee that I would die in the thing doing something stupid. Same for a TRX or Raptor R, I would just be doing something stupid off-road.
I do know one thing I would definitely set up a trust for - buying medical debts and forgiving them.
As for the crazy thing, it’s pretty difficult to think of stuff I wouldn’t die doing. If I bought a Tesla S plaid, corvette z06, or AMG Mercedes I can virtually guarantee that I would die in the thing doing something stupid. Same for a TRX or Raptor R, I would just be doing something stupid off-road.
I do know one thing I would definitely set up a trust for - buying medical debts and forgiving them.
I never did actually answer the questions.
1. I think I would indeed take the lump sum. As someone pointed out, you can invest and turn that money into a lot more than you would receive in 30 years.
2. Not even sure I would tell my company. As much as upper management has been pissing me off lately, I'd probably just ghost their asses and leave them wondering what happened to me.
3. Definitely would have houses or high rise condos elsewhere. Naples, LA, Boston. Would like to have something in the Caribbean and somewhere I can ski.
4. I would probably give to St.Jude and to a veterans charity, but I would prefer to start my own thing. Homeless veterans is a real pain in my ***. I would love to try and start veterans only towns where they can get back on their feet, and perhaps the medical/drug/depression treatment they deserve.
5. Besides making sure my close family is taken care of forever, I would probably give a milly each to my closest 20 buddies. Have them come to Lex to my next birthday party, then give them the million and see how many get divorced. LOL
Private plane golf trips.
Great vacations with family.
Train for and climb Mt.Everest?
Buy a ticket to space?
1. I think I would indeed take the lump sum. As someone pointed out, you can invest and turn that money into a lot more than you would receive in 30 years.
2. Not even sure I would tell my company. As much as upper management has been pissing me off lately, I'd probably just ghost their asses and leave them wondering what happened to me.
3. Definitely would have houses or high rise condos elsewhere. Naples, LA, Boston. Would like to have something in the Caribbean and somewhere I can ski.
4. I would probably give to St.Jude and to a veterans charity, but I would prefer to start my own thing. Homeless veterans is a real pain in my ***. I would love to try and start veterans only towns where they can get back on their feet, and perhaps the medical/drug/depression treatment they deserve.
5. Besides making sure my close family is taken care of forever, I would probably give a milly each to my closest 20 buddies. Have them come to Lex to my next birthday party, then give them the million and see how many get divorced. LOL
Private plane golf trips.
Great vacations with family.
Train for and climb Mt.Everest?
Buy a ticket to space?
Side topic y’all watch that show where all those lotto winners go bankrupt - people don’t realize how fast they can/will spend money until they see it
FWIW (next to nothing) I took a future value calculator and looked at value of $20M (annual payment less taxes) over 30 years at 7% vs. 340 up front (after taxes) over 30 years at 7% and the final totals were not that different, both over $2B, but less than $2.5B, lump sum a little bit ahead.
But this thread has all been just a test, and for my amusement. Frankly, I plan on winning Friday, and then will change my handle. I promise to drop by under a new name every once in a while, my wife thinks it will help me to stay grounded to, you know, hang out and talk to some poors every now and then. Even though I will be hanging with Zuckerberg, Madonna, and the Royals, I will keep it real.
But this thread has all been just a test, and for my amusement. Frankly, I plan on winning Friday, and then will change my handle. I promise to drop by under a new name every once in a while, my wife thinks it will help me to stay grounded to, you know, hang out and talk to some poors every now and then. Even though I will be hanging with Zuckerberg, Madonna, and the Royals, I will keep it real.
I was thinking of an East to West golf trip; start at Ocean Course, then Pine Valley, down to Augusta National and play a round or two with Bill Gates and Condi Rice, hit Southern Hills on the way to Cherry Hills in Denver (have family there, they can ride in my cart), then on to 17 Mile Drive, where I can look for a house, and play Cypress Point a couple of times. But not Pebble Beach or Spyglass, not wasting my time on public courses.
Lol...I would apply for a membership at East Lake, Jupiter, and Riviera.
A. All at once.
B. I'd give my 2 weeks since i like the people i work with. Wouldn't want to leave them hanging. But, i'd most certainly do something that i would enjoy much more and it most definitely wouldn't be working for someone else.
C. Probably not. Would likely buy another house somewhere else, but no need to leave.
D. Without question (my church at the top)
E. Don't need a big house, but i would probably have one built EXACTLY how i wanted it. When money is no object you can do that. Would also buy an expensive sports car. Outside of that, i wouldn't consider anything i'd do with my money crazy and even the two things i listed aren't really crazy, either.
I couldn't handle an expensive sports car. Put me in a Ferrari and within a few minutes I'd be doing 200 down I-64
A) I would take it all. If they owe it to you over 30 years you could still get stupid and sell the annuity to someone else for a lump sum, so it's not like it will necessarily keep you from making a dumb decision.
B) I would pay someone to walk into my company and resign on my behalf.
C) I don't think my wife would let us move until the kids finished school, but I'd move to a different neighborhood.
D) I'd actually do a bunch of direct payments to people who I think deserve the money. "Oh, you're in a bad spot and your kid has a handicap? Here's $25K." I sure as **** wouldn't donate to the Alzheimer's people after that fraudulent nonsense.
E) I would take a year of maximizing my utility. January in Hawaii. Feb and March skiing all over CO and Utah. April in Florida. Early May in Louisville for Derby. Late May and June in Charleston, SC. Northern Europe and Switzerland for July and August. Tour around the Southeast in a Winnebago for September and October going to college football, pro football and MLB playoff games. Back down to Florida for November and out to Hawaii for December.
Lump sum.
Quit job, but maybe start consulting company, hiring a few people and doing some of it myself.
Get multiple (3-4) financial advisors who don’t know each other, so if one screwed you over with the part they manage, you aren’t back to 0.
Fill 529 plans for all my nieces and nephews. Also a starter fund for them (i.e. 50K) that they get after college graduation or at age 25.
Same for my kids, but bigger (say 500K).
New home for my Ex-mother-in-law, she’s had rough life.
Say a few hundred K to my Ex, her siblings, say 2-3 times that to my brother.
yes some charities. Probably spread that around 10 or so.
A vacation home, but not several, because I would want to travel all over. So private jet with pilot.
crazy? A 1-2 week golf trip for buddies (30 or so) to Scotland.
And front row tickets to every UK game, home and away.
nutritionist/chef and fitness coach, gotta stay healthy
Quit job, but maybe start consulting company, hiring a few people and doing some of it myself.
Get multiple (3-4) financial advisors who don’t know each other, so if one screwed you over with the part they manage, you aren’t back to 0.
Fill 529 plans for all my nieces and nephews. Also a starter fund for them (i.e. 50K) that they get after college graduation or at age 25.
Same for my kids, but bigger (say 500K).
New home for my Ex-mother-in-law, she’s had rough life.
Say a few hundred K to my Ex, her siblings, say 2-3 times that to my brother.
yes some charities. Probably spread that around 10 or so.
A vacation home, but not several, because I would want to travel all over. So private jet with pilot.
crazy? A 1-2 week golf trip for buddies (30 or so) to Scotland.
And front row tickets to every UK game, home and away.
nutritionist/chef and fitness coach, gotta stay healthy
380,000,000 payout. Lets say you invest 350 mil of that and keep 30 mil in cash for a rainy day.
Lets say 5% ROI which is probably on the lower side. That's 17.5 Million a year you would earn without lifting a finger.
Pay yourself a couple million from that and reinvest the rest and your fortune will grow like wild flowers.
Why in the world would anyone choose the payments? You are also trusting the government to continue to pay you. Your future generations would be in a much better spot if you took the lump sum.
Lets say 5% ROI which is probably on the lower side. That's 17.5 Million a year you would earn without lifting a finger.
Pay yourself a couple million from that and reinvest the rest and your fortune will grow like wild flowers.
Why in the world would anyone choose the payments? You are also trusting the government to continue to pay you. Your future generations would be in a much better spot if you took the lump sum.
The flip side would truly be you know you're a freaking moron and would be spreading around the cash like it's peanut butter the moment it came in. So you take the payments as a way to keep yourself from blowing it all. I'd actually respect somebody who was terrible with money if they did that. 22 year old Wayne Dougan probably would have done some really stupid crap with a single $323M payment.
I would hope that if you took the lump sum, with wise investing, you could turn $349 million into far more than the $595 million in far less than 30 years. I'm 52. that would be my route. So for me it would be...
A) Take the lump sum definitely, will hire a Lawyer and lay low for a while first though.
B) Yes and No. I might leave my role, but then let the owners know I have resources to be an investor and would like to use the backing and resources of the company to see some projects I have in my mind come to fruition. I think they would be open to that.
C) I'd buy land in the area I live now and build the house me and my wife want. I'd probably buy a place in Florida too and snowbird. maybe invest in rental properties in other areas where I want to visit.
D) Yes I'd donate to charities, but very picky about which ones.
E) Would probably buy a boat, and would probably travel to some exotic places. Want to see the northern Lights, that's on mine and my wife's bucket list. So would make that happen.
I will probably be looking to hire a driver tomorrow if anyone is available. Private pilot later.
I'm 52, so Not sure I even have 30 years left. Have enough life experience to know how to be responsible with it.
Absolutely. You definitely have a point.
Plus, the amount of bad advice family and friends would be throwing at you would be off the charts. People who win the lottery are usually less happy over time.
Seems the opposite happens more though. People out spend their yearly payments. The find themselves in trouble.