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What would you do if you won Twenty Million $$$?

post #1 of 116
Thread Starter 
I watched this new show last night ( Can't remember the name of it ) on TV about a group of people that collectively chipped in dollar bills to enter the Lottery. They won and the group dynamic already has me thinking what I would do if I won that much. This should be an interesting show and I wonder how it would effect your life. Lets hear your plan!

Best Regards,

Gary

"VOTE" www.cbs4boston.com/alist Please!
post #2 of 116
Take the money and split it in different banks, open up several brokerage accounts and drop about 80% of it in secure, non-risk investments. Next, I'm driving down to Bal Harbour and buying that pair of Adidas Y-3's Field IV A in Black leather that I saw for $300 (I didn't feel like spending $300 on a single pair of sneakers, again...). After that? I don't know...but I see a full loaded Porsche 911 Turbo in my future, and possibly an F430 and / or classic Ferrari (nothing crazy, a 375 GTB/4 is perfect).

Also, a Blancpain rose gold with white dial perpetual-calendar chronograph or a Patek 3970 R.

Jon.
post #3 of 116
Thread Starter 
Those are nice small purchases but I said twenty million!

Gary
post #4 of 116
I'd buy a place in Monaco.
post #5 of 116
If you select lump sum, you'd end up with 45% of the winning and after federal and state taxes $5M is all you would have left. In NYC, you can live a comfortable and worry-free life, nothing life-altering really. I may retire a little earlier but I don't think I'd quit my job.
post #6 of 116
Quote:
Originally Posted by drink8648
Those are nice small purchases but I said twenty million! Gary
Yeah, and I said I would put almost everything in banks or safe securities. No reason to go all crazy, and there’s nothing wrong with an F430…is there? Jon.
post #7 of 116
I'd see that $1MM each went to my four daughters, in a trust or some other "safe" endowment. If, after that, I had $1MM left after taxes, I'd simply wake up each morning with the wonderful knowledge that a great deal of the pressure was relieved. Oh, and I might buy a new couch.
post #8 of 116
Quote:
Originally Posted by von Rothbart
If you select lump sum, you'd end up with 45% of the winning and after federal and state taxes $5M is all you would have left. In NYC, you can live a comfortable and worry-free life, nothing life-altering really. I may retire a little earlier but I don't think I'd quit my job.

I thought that those lump payments were usually tax free, no?

Anyway, if I won $20m net, I'd quit my job, pay off any of my parents' debts and figure out a way to give them money for retirement. Then I'd buy two homes - a townhouse in Brooklyn ($3-6m) and a farmhouse or beachhouse ($1m). Invest the rest at low risk, then take some time to travel, play, and shop and figure out what I want to do with the rest of my time.
post #9 of 116
- Invest in some more commercial real estate - Ferrari F430 - Aston Martin Vanquish - MV Agusta F4 Tamburini - '67 Ford Mustang Shelby GT500 - Vincent Black Shadow - Breguet 5317 Platinum - Lange Datograph Flyback Platinum In that order.
post #10 of 116
http://www.prestigeproperty.co.uk/prop/18844/detail.htm
post #11 of 116
At least 15MM stays in conservative investments. For a year, I'd give myself no more than $100,000 to spend while I stave off the inevitable leeches, seductions, and well-intentioned financial blunders and plan how to most productively spend the other $4.9MM.
post #12 of 116
Quote:
Originally Posted by johnapril

Ouch:

$5,934,000

Jon.
post #13 of 116
Quote:
Originally Posted by Dakota rube
I'd see that $1MM each went to my four daughters, in a trust or some other "safe" endowment. If, after that, I had $1MM left after taxes, I'd simply wake up each morning with the wonderful knowledge that a great deal of the pressure was relieved.

Oh, and I might buy a new couch.



I saw a wonderful commercial for the lottery once with a older man, who was meant to look very blue collar, putting final touches on several apartments in a small apartment building with maybe 6 units. then he is downstairs, giving a key to each of his kids. I thought that was a great idea.
post #14 of 116
Quote:
Originally Posted by imageWIS
Ouch:

$5,934,000

Jon.

So what. Then you're living tax free, great weather, a 6-hour train ride to Milan.
post #15 of 116
Quote:
Originally Posted by chorse123
I thought that those lump payments were usually tax free, no?
Nope, the IRS always takes a cut of your money.
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