I always buy a ticket when the jackpot tops $200 million. The plan at my house, should we ever win, is to take the annual payments and immediately put half in the bank each year after taxes. That way, instead of getting 26 annual payments, it's more like getting 52 annual payments. This, of course, is after retaining a lawyer and financial advisor, and possibly forming a trust or LLC to claim the winning ticket--no sense in putting our names out there if we don't have to.
We figure we'll be obligated to give a little each year to our parents and siblings to maintain peace in the family (my parents say they wouldn't care one way or the other--and they probably wouldn't--but I know Kelly's family and my sister would). My best friend and I also have a long-standing agreement that if either of us wins the lottery, we will buy the other a beach house. I'd probably buy one for me, as well. After that, I'd like to set up a charitable trust to make even bigger donations to the causes I support now, including the Jaycees, my former high school band and the forthcoming Treat Street Foundation (which will promote Halloween safety). I probably wouldn't quit work immediately, but would probably time my departure to coincide with the fiscal year. Kelly says she's not sure she would quit working at all, but likely would scale back a bit or move into more of a consulting role.
From there, I figure we'll take our friends and family--pretty much re-using my wedding invitation list--on a week-long trip to Walt Disney World. Then spend a long, long time traveling the world. Once I return, I'd like to get busy purchasing some land to build my own amusement park and drive-in theater. Even if I hit the "big one," It would be foolish to go out and hire GCI or someone like that to build an amazing wooden coaster--with that kind of money, I can buy season passes to every park in the nation and let someone else worry about maintenance and upkeep--but I'd like to have a couple of dark rides, a fairly decent off-the-shelf coaster and some of my favorite flats on hand year-round, as well as work on reconstructing some vintage rides that I never got to experience, like the Virginia Reel. I'd like to keep as much of it as possible indoors, as well, to cut down on weather-related maintenance costs. And I'd build it up a little at a time instead of going "all in" at once. Adding to the collection every year or two would be part of the fun.
And then there's the giant annual invitation-only New Year's party I plan to host....
Jason "I've Been Thinking About This For A Long, Long Time" R.
printersdevil78 wrote:This, of course, is after retaining a lawyer and financial advisor, and possibly forming a trust or LLC to claim the winning ticket--no sense in putting our names out there if we don't have to.
Best idea yet.
Seriously, resisting the urge to tell the world of your winnings is the smartest thing any lottery winner could ever do. The former "largest jackpot in US history" winning ticket was purchased by someone here in town at a place I used to stop at almost every morning before work, right across from my old office.
The guy cashed out for the lump $80 million payment, and still lives nearby. However, he has basically become a recluse do to the overwhelming attention from family, friends, and people across the globe who you wouldn't ever imagine even knowing about his existence. Without question, the lottery, if not handled correctly, is easily the biggest curse one could ever endure.
If I win, you people would never know it.
Displaying "Online Enthusiast Morality" since 2006, with 99.9% more sarcasm.
Since we're playing that "what would I do with $640 million" game I'll join in. First thing I would do is take the cash amount. I can get a better return by investing the money myself rather then take the annuitized jackpot. Once I have cash in hand I would take a large amount of the money (figuring that my post tax return on this would be roughly $200 million) say somewhere in the range of of $150 million and move it into long term investments. Basically put it out of sight and out of mind. Second move would be take the $50 million, and cut that in half. I would put $25 million into various savings accounts where I could access the money in an emergency, and then take the remaining $25 million and go on a pretty nice spending spree. Figure that I would pitch a decent amount towards family. I would do some travel, buy a house, and all that other standard stuff. I would likely make a pretty sizeable contribution to UCLA.
I don't know if I would quit my job. I enjoy what I do and figure with that kind of money I could further specalize and get rid of the things I don't enjoy about my work. If I did decide to really shake things up I think I would take some money and go back to school. I like being a lawyer, but a Ph.D in American History would be pretty fun.
Other then that I think I would just try to enjoy life knowing that money is no longer a concern. And for the record I have 3 tickets. As for the odds of winning, if every one in the United States buys a single ticket the odds say that roughly 1.5 people will win.
And just saying if somebody wins and needs a lawyer I would be more then happy to help out for a small 1% fee.
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