Mega Millions is at $470M

My dream of lotto winning sounds a lot like everyone else's.

At $800m+ I would still not take the annual payments. Something about envisioning a 48 year old alcoholic with a bottomless bottle that makes me think 30 years is too long to try to stretch that out.

Lump sum payout. $425m give or take. 

Kids get set up for their future $2.5m ea.

Investment portfolio with $250m earning at 6 month, 12 month, 5 year and 10 year return points divided into safe yields with a strong presence in transportation and oil. Locally investing in small businesses.

Buying the family farm in a way, specifically locking in the land around my current home, converting it from farm use to pasture and building a barn and stable for horses. Leveling and rebuilding home on a different portion of the property. It will be a nice place to visit. Modest homes on a couple acres in west central Florida, and maybe Nevada or Colorado with garages at each location that will fit similarly equipped Wranglers, Mustang GTs, M5s, and maybe something like a big Benz as well as a Suburban/Escalade for shuttle work.

Yep...still buying a P-51.

john,  you are spending too much time thinking about that .

jus 1 mil. please, let the kids fight over what's left.

I'd have 365 challenge cars. 

I'd need people to come drive them at the event, there will be food, there will be music, there will be 200TW tires. 

More crazy money daydreaming!

I think I'll buy a Porsche Panamera, do the factory tour, do the European tour, and have it shipped back to the states. Of course the kids are coming, and that's why I'm buying the Panamera. But I should probably have my parents come along too... they could drive the 911 around with us...

Looks like I'd buy two Porsches!

They have a breakdown of how the payouts wind up in each state. Here. 

I didn't know they'd paid in an increasing annuity. The first year is only 13m gross, the last year 53m gross, at least in Pennsylvania, and that translates to $633m after state and federal taxes. 

In Maryland on the other hand, after taxes the annuity only pays $583m, while the state's without state tax get $659m.

In reply to RevRico :

No Delaware state tax!  Woohoo!

Net after federal bite starts at $9.9M for the first year and works its way up to $40.8M in year 30, for a total of $659.6M.

Lump sum net is $375.8M this year, with no further payment.  At 53, I think I'll take the reduced amount and start having fun.

 

does the annuity pay to survivors?   because with the E36 M3 i'm spending it on, i'm pretty sure i'll be dead before the 30th year.

Lump sum is always best if you have even >< self control.  Invest it and it'll grow to give you far more in the long run than the annuity.

Duke said:

In reply to RevRico :

No Delaware state tax!  Woohoo!

Net after federal bite starts at $9.9M for the first year and works its way up to $40.8M in year 30, for a total of $659.6M.

Lump sum net is $375.8M this year, with no further payment.  At 53, I think I'll take the reduced amount and start having fun.

 

because Duke is so baller, $9.9M doesn't even let him *start* having fun!

I threw ten bucks into a work pool this morning.  If we win, I'm buying a farm and and every silly beater on Craigslist that catches my eye.

I'd stay at work until I trained my replacement fully... so at least 6-8 months. Wife would quit immediately. The cash option of $498Mwould go down like this:

parents/brothers all get $1M. $500k set up in a trust for each nephew. (498-5 = 493)

House paid for, property around us purchased and leased to the current owners for 99 years for $1. (493-2 = 491)

spend the next 2 years visiting all the places we can think of, and keeping an eye open for permanent vacation homes. (491-1 = 490)

Invest 350M into some super safe funds with small return rates around 4-6% (490-350 = 140)

Look into leasing G650ER or some type of co-op because screw commercial flying. (140 - 80 = 60)

Buy every toy I ever wanted. (60-150 = wife divorcing me)

I have always dreamed of buying up 500-1000 acres and paving it. Set up a permanent auto-x site in the greater Indy area on concrete with real restrooms and concessions on site. Maybe even garage space. Perimeter lighting for night auto-x. Rent it to the local municipalities through the week fgor training. 

I threw some bux into a work group buy, and I'll probably get a few numbers on my own. I'll take my share to an investment guy I trust before I spend a dime. Make sure I'm set up for the long haul. 

The current plan would be to set up a biweekly paycheck with yearly bonuses off the dividends, then use part of it to start a business. The idea would be to have a fun business that allows me to travel and have a good time while being able to write off the money spent. With good financial people there should be a way to make this happen through business loans and corporations so I never have to touch the principal, and pull my personal salary from the investment returns. I'd also consider trying to organize some sort of foundation to do some charity work. Not sure what, maybe sponsor college scholarships for hard science majors. Maybe just throw some weight behind existing organizations.

The business I'm thinking of currently is a boutique distillery. I have a building picked out, a little branding done, and I know who I'll hire as head distiller. This should be entertaining. Day to day I can run the tasting room and handle PR, advertising, etc and handle CEO duties. My wife is excellent at logistics. We'll hire out the financials. Plus we can travel the world to research different native liquors and write it off as research.  Sponsoring some grassroots level racing and some off roading seems like a good way to spend some advertising dollars. 

I wouldn't want to own houses or cars all over the world. Too much maintenance. You can rent perfectly nice villas with good staff for a few weeks or a season.  I'd have a couple good cars and a main home on the same property as the distillery or within walking distance. 

Of course, with no kids, when we go it will get divided up to charity. Perhaps that when the foundation begins.

In reply to bobzilla :

I've had a similar thought for the Philly region since they are struggling to find sites these days and will be losing our current go-to site in a year or two.  Granted, could also just write the crazy check Citizens Bank Park wants to lease their lot.

 And oh yeah...  I'd definitely buy into some sort of private plane leasing arrangement.  I know programs exist for those with reasonable means but not the desire to deal with owning their own jet. Granted, I would probably fly a lot more if cost was less of a limiting factor.

Otherwise, my plans don't really change between $500M and $8-900M.

Ian F said:

In reply to bobzilla :

 

Otherwise, my plans don't really change between $500M and $8-900M.

Hahaha.  

The absurdity of this amount of money is well captured in that statement.  

Welp, didn't win last night.

Back to the salt mines....

I guess I'll put a couple bucks into the redneck retirement fund on the way home tonight. $900MM is, well, a lot.

I'll take the cash option. Buy a McLaren F1 (track toy and investment).  Set aside a few million for family's kids in trust funds and investments. Invest a majority. Some to charities. Buy some land and build a private track (GRM members welcome, might have some house 911 GT3s even). Get a personal trainer and driving coach to get my butt back in racing shape and run in the MX5 series to rehone skills before going to the Conti Series. Education for my daughter and traveling with my family.  I think that should be a good time.

In reply to xflowgolf :

To make it even more absurb, that $498M cash option with a 1% return rate nets you $4.9M yearly without ever touching the principle. 

PMRacing said:

I'll take the cash option. Buy a McLaren F1(as an investment and DD) then an old McLaren F1 car as a track toy. 

There, I fixed the first line for you. 

bobzilla said:

In reply to xflowgolf :

To make it even more absurb, that $498M cash option with a 1% return rate nets you $4.9M yearly without ever touching the principle. 

This. This is what I'm counting on.

I would take the current $369mm lump sum post-Ohio-tax payout and invest 100% of it in a stock index fund. At a 4% withdrawal rate and average 9.8% annual returns I could spend $15mm a year and still hit the tres comas billionaire club in 17 years. Chances are I wouldn't spend anywhere near $15mm but I would sure make everyone I love comfortable and fund some serious charitable ventures.

I hadn't considered the private jet angle. I'm sure my wife would be all about traveling, so we'd look into that.

Would I stay where I'm at? Maybe? I want my kids to have some sense of community so the chances of us pulling up stakes and becoming permanent vagabonds is pretty slim. I might move to a quieter location - we're close to the freeway here. It's fun to dream about all the crazy stuff we could do with the money, but I also worry that it would be impossible to give the kids a normal life unless we kept a very low profile and stayed in a neighborhood type setting. And how do you keep a very low profile in a neighborhood when you show up with your color coded McLaren for each day of the week?

In reply to dculberson :

you make it to the billionaires club, just buy that G650ER outright and have a pilot/copilot on the payroll. That's my plan. or maybe contacting Boeing and getting myself a 757 or something. 

Adrian_Thompson said:

PMRacing said:

I'll take the cash option. Buy a McLaren F1(as an investment and DD) then an old McLaren F1 car as a track toy. 

There, I fixed the first line for you. 

I was at Lime Rock a couple of Fridays' ago and it was an open track day.  One of the cars running was a fairly new McLaren Spider. 

Two very important things about winning the lottery.

1. You can have no new friends after winning, because you don't want anyone to take your winnings.

2. You can have no new friends after winning, because you can never again believe that someone wants to be your friend because they actually like you.

MY goal with winning the lottery would be to take a few mil so I could not hafta work anymore but earn a similar paycheck, and then DUMP the rest into family and friends (similar setup - give them enough to not have to work) and world level charities as quick as possible so that I could get out from under 1 and 2 as quick as possible.