Skip to comments.Powerball lottery next wed is for $340 million. What would you do with $340 million.
Posted on 10/15/2005 11:27:51 PM PDT by Lokibob
The powerball lottery next Wednesday will be for $340 million. Thats more than 1/4 of a billion (with a B). The cash option is 164.4 million, which means that the winner, AFTER TAXES, clears approximately $100 million.
Now my question is: what would you do with $100 million?
If I won $100 million, I probably would have him replace it.
Deny I had extended relatives.
I would pay off all my debts, continue to live modestly, donate a lot to charity, and try to remain as anonymous as possible.
Stick it in a savings account and live off the interest, continue to live anonymously and be frugal with my spending.
Except on computers.
I'd call Clark Howard and tell him I'm spending every penny like a drunken sailor on shore leave.
Going to call the police on your death threat there...
I would take half and create a trust fund specifically for providing education scholarships to family members, startup/venture capital for family members who want to start businesses, and create a family corporation that will decide what to do with the money generated by the trust that isn't tied up directly in the primary missions of providing relatives with options, education, and mortgage assistance.
The other half would be managed independently by myself with the primary mission of growing it through investments, passive and active. A small slice would be sliced off to buy a home, pay off my father's mortgage on our family home, and set up a trust fund using $10 million to generate a guaranteed income for myself.
But that is neither here or now because I don't have $100 million.
Way too much money to spend on myself. I would probably try to setup a charitable organization that could get the money tax free. I would pay myself a decent salary to run it, and I would feed and shelter needy people and spread the love of Jesus to people who did not have it.
Give it all to charity..........< /sarcasm>
I can just hear the sirens going off now....;-)...sheer bliss.
I like the way you think.
Of course I'd take care of my relatives, but the remaining $95 million would go to bubble gum popping waitresses, vets in V.A. hospitals, buying the house a round (or 2), or attending every NASCAR event.
I'd do insane things like buy a cargo ship, renovate it, hire a crew and sail it around the world. (no cargo, just a whole ship for me and my friends).
You would certainly find me at the World Series of Poker.
Get a good lawyer and fight for the full 340 million amount.
>>>Get a good lawyer and fight for the full 340 million amount.
If you elect the annuity payment, you'd get the $340M over time. You'd then owe taxes yearly...
Well FRiend, I can certainly identify with that, we only get one ride on this merry-go-round, might as well enjoy it. Btw, if I hit it, I'm entitling you to enough dough to retire with since I had no idea the powerball was that high (and plan to buy tickets tomorrow). After I've made various charitable contributions, please feel free to join me in my foray into total hedonism.
Send enough to JimRob so we don't have to have those stinkin' quarterly fund raisers...
Powerball is for suckers anyway. I don't know why people don't play the lower odds games with jackpots around $50,000.
The amount of money spent on a lawyer fighting Uncle Sam is equivalent to what you would have to pay in taxes anyway. Just pay the taxes and get it over with, you're screwed no matter what anyways.
Tell that to the people who hit it
I don't know why people don't play the lower odds games with jackpots around $50,000.
because 50k after taxes will leave you with enough money to pay off your car, 100M and you don't worry about a bill again...ever.
After picking myself up off the floor...I have NO idea what I would do, probably be so scared I couldn't mention it to anyone for a few days....
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