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

Discussion in 'General Chat' started by Drinkwaters, Jun 9, 2006.

  1. Drinkwaters

    Drinkwaters Senior member

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    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!
     
  2. imageWIS

    imageWIS Senior member

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    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.
     
  3. Drinkwaters

    Drinkwaters Senior member

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    Those are nice small purchases but I said twenty million!

    Gary
     
  4. johnapril

    johnapril Senior member

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    I'd buy a place in Monaco.
     
  5. von Rothbart

    von Rothbart Senior member

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    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.
     
  6. imageWIS

    imageWIS Senior member

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    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.
     
  7. Dakota rube

    Dakota rube Senior member

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    A bit better than yesterday, all day vomiting for
    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. [​IMG]
     
  8. chorse123

    chorse123 Senior member

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    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.
     
  9. Mute

    Mute Senior member

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    - 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.
     
  10. Margaret

    Margaret Senior member

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    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.
     
  11. imageWIS

    imageWIS Senior member

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  12. globetrotter

    globetrotter Senior member

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    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. [​IMG]




    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.
     
  13. johnapril

    johnapril Senior member

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    Ouch:

    $5,934,000

    Jon.


    So what. Then you're living tax free, great weather, a 6-hour train ride to Milan.
     
  14. dah328

    dah328 Senior member

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    I thought that those lump payments were usually tax free, no?
    Nope, the IRS always takes a cut of your money.
     
  15. imageWIS

    imageWIS Senior member

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    Nope, the IRS always takes a cut of your money.

    Well, it is FREE money.

    Jon.
     
  16. imageWIS

    imageWIS Senior member

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    So what. Then you're living tax free, great weather, a 6-hour train ride to Milan.

    Spending 25% of your net worth is not fiscally smart. I would limit myself to 3 million. Lets not forget you have expenses to think of, even if you don't have taxes to pay.

    Jon.
     
  17. odoreater

    odoreater Senior member

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    I'd pay the mortgage off on my parent's house and my brother's house. $700k

    Then I would buy my own house. $1 million

    I would pay off my student loans, credit cards and car. $100k

    I would buy a ring. $20k

    I would get a bunch of awesome new threads and shoes. $100k

    I would put $1 million in my bank for bills, taxes, and discretionary spending. $ 1 million

    I would distribute about $500k to friends and family members that are in need. $500k

    I would donate $500k to charities. $500k

    I would invest the remaining million that I have left after taxes. $1 million

    So that's what I would do if the amount I'm left with after taxes is $5 million. Then I would continue studying for the bar exam, take the job at my firm, work there and live the rest of my life as normally as possible knowing that me and my family are secure in the important things.

    Oh yeah, I think there's some change left there - a few grand. I would take that money and throw a mean party with food and drink for all.
     
  18. johnapril

    johnapril Senior member

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    Spending 25% of your net worth is not fiscally smart. I would limit myself to 3 million. Lets not forget you have expenses to think of, even if you don't have taxes to pay.

    Jon.


    Oh, pathetic. The 20 million is something I didn't have before. My net worth is in my current job. This shit's just gravy. 25 or 50 % less gravy doesn't bug me when I'm working, and I don't ever, ever want to stop working. Can you imagine what a piece of shit you would turn into if you stopped working?
     
  19. imageWIS

    imageWIS Senior member

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    Oh, pathetic. The 20 million is something I didn't have before. My net worth is in my current job. This shit's just gravy. 25 or 50 % less gravy doesn't bug me when I'm working, and I don't ever, ever want to stop working. Can you imagine what a piece of shit you would turn into if you stopped working?

    Who said I would stop working? From where did you get this assumption? I am only saying that spending that much on a house based (6 million) only on 20 million is a bit excessive; financially...half that amount would be more prudent, but hey to each his own.

    Jon.
     

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