So, You Hit Megamillions for $1.6B | Page 4 | The Boneyard

So, You Hit Megamillions for $1.6B

TheChamps990411 said:
You are aware that youd be sued right? lol Ive read stories of people winning the lottery and having to deal with lawsuits from just about everyone theyve ever come across. They end up paying sometimes because far cheaper than the legal fees of a back and forth between lawyers.
Im not sure what id do with the money. Maybe get a set of really expensive golf clubs. I dont play its just what most rich people do.
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When you say "really expensive golf clubs," presumably you're talking about buying Stanwich, Country Club of Fairfield, etc?
 
Firstly, you always take the lump sum in this scenario. Im not leaving literally over a billion dollars to the lottery to hold for me. I take that money and I find a good investment home for it and I yield the crap out of that money. Hire people that know what they are doing and never look back. Also, what if I die before its paid out, I would like to be able to specifically allocate my money instead of just having my estate rip eachother to shreds over my leftover billion. Plus, what if the lottery seizes to exist 10 years in the future (not likely but not IMPOSSIBLE).

I think I would donate to UConn but not blindly. I would never just make a huge donation. I would want to know what UConn's craziest potential project is and lets see what we can do about that.

My biggest contribution to the school would be buying the naming rights to the once-called Carrier Dome for a mere few million dollars. Now all Syracuse basketball games are played at the CuckFuse Center or the Husky Dome/Jim Calhoun Center if that is rejected.
 
Waquoit said:
Does anyone here really think they could manage 1B? I'm thinking the annuity would relieve most of the stress. If you blow your cash, you'd get a new batch every year.
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Yes, but it reminds me of an interesting hypothetical I had in Finance 101 (at UConn of course). Back then ordinary interest rates were over 5%. So it was about spending $1B (assuming you had it net of tax, in a savings account).

In order to burn through the $1B in our lifetimes (as 20 year olds) we needed to spend something close to $150,000 every single day from 20 to 75. It really is a lot of money. Of course it was a lot more money back in 1986 than it is now.

The annuity is idiot proof and most middle class people should probably opt for it when the Jackpot gets into the hundreds of millions. Winning the lottery has ruined some people.
 
Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.
 
Minicoop69 said:
Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.
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Don't know but I'd guess that the lump sum is the present value of the annuity.
 
Waquoit said:
But who manages the managers?
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Amongst other things you split it amongst managers and have outside accountants audit the managers.

At a certain point it becomes a circle jerk where they could all be fleecing you.

That's why when you sit down and sign the contracts you do the Goodfellas thing and take a picture of the manager's family from the office letting the manager you know that the manager knows you know who their family and where to find them.
 
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You can set up a trust for privacy.

Lottery privacy.

Of course all of you will know I won when you see Emmert in orange. Fitting color for the dude who chose to go back ten years from the end of the investigation rather than when it started. If he had my sig would be 4>0 or 2>0.
 
jibsey said:
I believe that winning the money would make your life a living hell, avoiding everyone who would be in your face constantly to get a piece if it. Gonna spend a lot of money for security. After that trying to figure out how to spend or donate it and that in itself is a full time job, one that is not fun because many who you reject will be worthy and ultimately disappointed in you. Being normal is essentially over, you need a gated fence or community at minimum to keep beggars out. But as what to do with it I think I would buy a vineyard in a distant place to go to in cold weather.
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Was having this discussion with family last night. Having an undeserved $5 to $10 large in the bank would be great. $500 large? That would honestly be a huge burden. It would take over your life. You have to find some ways to do good with it, because it's too much to spend. Maybe it helps you have a great life but all the decisions you have to make on how to use it -- and whether giving people large sums is helping them in life or keeping them from developing -- I could easily see it making your life less fulfilled than not having it.

Doesn't mean I wouldn't rather have the choice.
 
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Minicoop69 said:
Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.
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If you pick lump sum you get just over 900M instead of 1.6 billion. So long term you receive more money from the actual lottery. But if you take the lump sum on day 1 the interest is accruing more greatly. In that same 30 years you would accrue 550 million dollars on the 600 million dollar post-tax amount just by having a 3% annual interest. If you can get to 6% interest you make over a billion in that same time span that you’re waiting for the lottery to finish paying out.
 
FlakeyFoont said:
Bought my ticket. I figure I have a 50-50 shot at winning. Either I'm gonna win it or somebody else is.
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With my luck, I'd win and find out the next day that 1.6 people played the same number.
 
UConn Esq said:
If you pick lump sum you get just over 900M instead of 1.6 billion. So long term you receive more money from the actual lottery. But if you take the lump sum on day 1 the interest is accruing more greatly. In that same 30 years you would accrue 550 million dollars on the 600 million dollar post-tax amount just by having a 3% annual interest. If you can get to 6% interest you make over a billion in that same time span that you’re waiting for the lottery to finish paying out.
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Of course that analysis assumes that you invest the lump sum but only consume the annuity payment.
 
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CL82 said:
Of course that analysis assumes that you invest the lump sum but only consume the annuity payment.
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Yes and no. You can obviously accrue interest on the annuity payments but if you somehow find a way to get an incredible ROI on day 1 it will always earn more with the lump sum amount. People that want that money over 30 years need to understand how much more money you could potentially earn by starting with a greater pot and having 30 years to get returns on it. That was my only point. It’ll take you like 16 years (even with interest only on the annuity) just to have as much money as a the lump sum people would have on day 1. I don’t even know if I’ll live that long haha

You gotta have money to make money, or so they tell me.
 
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Honestly, right now I only have one ridiculous thing I want to do. I read about this yacht trip for a few weeks - it could be just me, or friends, or friends and family. The captain loads the yacht with food and booze and you sail through the Greek islands. But like obscure ones like Samothrace. This costs about $30K. I’m a simple person. Right now this is all I want. Oh, and a Rolex.
 
browndog319 said:
Honestly, right now I only have one ridiculous thing I want to do. I read about this yacht trip for a few weeks - it could be just me, or friends, or friends and family. The captain loads the yacht with food and booze and you sail through the Greek islands. But like obscure ones like Samothrace. This costs about $30K. I’m a simple person. Right now this is all I want. Oh, and a Rolex.
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Just for perspective, you could take that trip every month for the next 30 years for less than 2% of the lump sum after taxes (or another perspective, the interest in the first year would more than cover 30 years of monthly cruises).
 
I kind of have a #HotTake but I think winning that amount of money would likely be more problematic than not.

I think even if you won it and donated 99.9% of it to charity and just wanted to live in comfort, a lot of people in your life would judge you and your relationships would never be the same. Let alone if you kept the money and didn't share the wealth to people's liking.
 
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ConnHuskBask said:
I kind of have a #HotTake but I think winning that amount of money would likely be more problematic than not.

I think even if you won it and donated 99.9% of it to charity and just wanted to live in comfort, a lot of people in your life would judge you and your relationships would never be the same. Let alone if you kept the money and didn't share the wealth to people's liking.
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Then you find new friends.
 
ConnHuskBask said:
I kind of have a #HotTake but I think winning that amount of money would likely be more problematic than not.

I think even if you won it and donated 99.9% of it to charity and just wanted to live in comfort, a lot of people in your life would judge you and your relationships would never be the same. Let alone if you kept the money and didn't share the wealth to people's liking.
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Winning something like lucky for life is probably the best one to win. It's "only" 365,000/yr so while you'll never lack for comfort, you'd be able to manage the money yourself and wouldn't risk getting screwed by advisors. It's not an obscene amount of money that people would "expect" you to share.
 
Ha. If I’m giving the UConn AD $250,000,000, they better have a damn good sales presentation. If they knew what they were doing several years back they wouldn’t need the money.
 
JMick said:
Winning something like lucky for life is probably the best one to win. It's "only" 365,000/yr so while you'll never lack for comfort, you'd be able to manage the money yourself and wouldn't risk getting screwed by advisors. It's not an obscene amount of money that people would "expect" you to share.
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Winning the $7500 a month for life “win for life” is my dream. I’d probably keep working but look for a less stressful job. It’s an extra $5000 or so post-tax a month to enhance your quality of life and you don’t really have to save for retirement. IMO that’d be the way to do it
 
Dream Jobbed 2.0 said:
Winning the $7500 a month for life “win for life” is my dream. I’d probably keep working but look for a less stressful job. It’s an extra $5000 or so post-tax a month to enhance your quality of life and you don’t really have to save for retirement. IMO that’d be the way to do it
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That scratch off is my guilty pleasure.
 
i would set up a slush account for recruits, but other than that, i would not give the AD shart.
 
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After taking care of the lawyer stuff (gotta go with a trust on an amount like this) and family and friends, my next order of business would be to buy The Boneyard domain from Tom. Make him a handsomely paid manager of the site with a full staff and beef this place up with some cool features. Maybe get rid of the bare-chested hoodie and Russian bride ads. Then I'd buy out Syracusefan.com and shut it down.
 
Chin Diesel said:
Amongst other things you split it amongst managers and have outside accountants audit the managers.

At a certain point it becomes a circle jerk where they could all be fleecing you.

That's why when you sit down and sign the contracts you do the Goodfellas thing and take a picture of the manager's family from the office letting the manager you know that the manager knows you know who their family and where to find them.
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Yeah but what good is a threat if they dont believe it? I wouldnt believe a threat from some middle aged white guy from the suburbs of CT lol!
 
TheChamps990411 said:
Yeah but what good is a threat if they dont believe it? I wouldnt believe a threat from some middle aged white guy from the suburbs of CT lol!
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Need to take out a second or third cousin through marriage and mail the finger to the managers.

Thank goodness I don't fit the profile listed.
 
Dream Jobbed 2.0 said:
Winning the $7500 a month for life “win for life” is my dream. I’d probably keep working but look for a less stressful job. It’s an extra $5000 or so post-tax a month to enhance your quality of life and you don’t really have to save for retirement. IMO that’d be the way to do it
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I buy at least three of these every pay day
 
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