OT - Lottery Fever
Ok, the lottery totals are listed below.
I’m just day dreaming. This is not an exact science, just having fun, and NOT encouraging people to buy tickets/gamble.
As of this post, the cash options are $281M & $442M before taxes.
Taking for granted that taxes are a minimum 40%, that would leave approximately $168M & $265M tax free dollars, respectively.
If you are lucky enough to win either, how would you use/spend it?
For me it would be something like, but not necessarily, this, based on the $168M:
$120M for family – 3 kids, 7 bros/sis, 2 sisters-in-law ($500k per year + interest for 20 years.)
$20M for charities – Churches, food banks, homeless centers, schools, etc…($500k per year + interest for 40 years.)
$20M for entertainment – Daily expenses, friends, tickets at Michigan Stadium, Crisler, Yost, Tigers, Red Wings, Lions, etc… (I could rent/buy a suite, but that cost may take away from the family fund. General tickets are good enough for me.)
$8M for travel and other fun times.
Based on where you live, what would you do?
Cocaine
...and hookers
Replied to wrong comment....
Plastics
Like , fishing lures? Cause I'm down for some bass fishing if you win the lotto and want to fund an MGoBass trip.
Ball bearings
Industry standard. Two chicks at the same time.
i never knew you were into farming.
come visit some time.
when you said above that you replied to the same comment I knew this would be here as I was going to reply the same thing. Yay to me for checking as per MGoBlog Ettiquette.
Establish multiple charitable organizations and fund their endowments.
I've been a fan of the idea of buying and forgiving a significant portion of outstanding debt of those living in poverty.
I have always been fascinated with the concept of the Jubilee, and the following, in particular, has stuck with me for years:
I recently saw a few stories about paying off students' school lunch debt (I can't believe there actually is such a thing in a wealthy country like ours) and that's something i would immediately do. No one should have that hanging over their heads.
as a poor person struggling to make things meet for his family, the life/stress/health of poverty can be quite crippling. $10K to poor people can make the world of difference.
If I won this kind of money, I'd study a lot the best way to spend, but based on your comment got me thinking: you could spend $100mil and give $10K to 10K families and it would totally change their lives. Or buy a yacht and a private island, which is what most rich people would do, more or less. It's hard to be rich and still fill so connected to others b/c you'd feel so responsible/guilty unless you were extremely generous.
What dollar amount would be "moral"? Tough question, but I'm sure I'd be keeping many millions and then investing many more millions in helping people, hopefully in a way that would encourage pay it forward opportunities
The thing that initially surprised me was how cheap you can buy old debt - pennies on the dollar (or less!). I make no statement as to Occupy Wallstreet, but their "Rolling Jubilee" initiative is right up my alley. Crowdfunded $700k was used to eliminate $40m in various debt.
In the video above, Oliver used less than $60k to eliminate nearly $15m in debt for around 9,000 families.
Per this video, the RIP medical debt group is closing in on $1B in medical debt forgiven.
I found out today that some or all of my student debt will be forgiven.
To quote Ice Cube “Today was a good day”.
Congratulations! 20 to 25 years of payments already? If so, avatar checks out.
Micro-finance. As opposed to the admirable desire to help people in poverty pay off debts, I would be very interested in financial literacy training and then access to small loans to help establish the ability to move forward. For instance, a person stuck in a cycle of poverty but has carpentry skills. Why not help them acquire tools and allow for genuine self employment?
What do you suppose $100 million could accomplish structured this way?
Or pay for impoverished people to go to a trade school. Battle two crises (poverty and the dwindling supply of skilled trades workers) at once.
Both!
I’m from the future. The winning numbers for the next drawing for mega millions are:
11-19-33-36-41 with a mega ball of 07
bet👏the👏farm👏
Well....I'll bet $2.00...on both lotteries!!! $4.00 total.
I think it might be 45-23-42-27
Move
Parts of the Ukraine are nice this time of year....
I think he's tried. They keep kicking him out.
- new windows in my house: $10,000
- redo my cracked driveway: $5,000
- buy a truck that's not rusty: $40,000
- get a good sound bar for the den TV: $500
- get a pair of oofos flip flops: $60
how much do I have left?
Enough for a new house.....
I like where I live though. It's walkable to work.
Work? Umm, if you’re still working after winning $168M, you’re not working. You’re volunteering.
You can't do anything with $168M. $168 is a nightmare. Can't retire. Not worth it to work. Oh, yes, 168 will drive you un poco loco, my fine feathered friend. The poorest rich person in America. The world's tallest dwarf. The weakest strong man at the circus.
Succession, for those who haven’t watched
Create hyperloop between home and work. That should take care of it.
I think you're way underestimating the price of windows, my dude.
I guess I'll budget for $100,000 for windows since I'll have some budgetary cushion.
2 chicks at the same time
You better believe if I win, Michigan will have the top recruiting class for the next several year.
This is well thought out. Thumbs up OP. Although I’ve heard a lot of lottery winners are not happy with their circumstances after having won. Can be a blessing as well as a curse. One can dream though.
This would actually make for a good docuseries. Those that have won the lotto, but have been worse off because of it.
I would never want to win a jackpot of that size. The stress of having that much money scares me. I like my life and I don’t want it to change, and there’s no way having that $$$ doesn’t change the people in your life, even if you don’t change.
now, a couple million would be sweet
Lot of big lottery winners are murdered,either by family, extended family, or friends!
I met someone once who won the lottery when they were in college. They dropped out and started buying all sorts of random things. I remember thinking "they're crazy - that's so irresponsible!" until I heard what the monthly check was that they got and it was almost impossible to spend it all.
I don't THINK that I would stop working (I'm 47) because I like my job....but I certainly wouldn't be working extra hours or forgetting to use up my vacation. I'd probably start thinking about a different role/job that I could do instead. I also wouldn't sell my house...but I'd remodel it:
- Set aside a bunch for early retirement
- Set aside some for elder care for parents
- Create a trust for each of our 3 kids that they can pull from as they get older
- Buy 3-4 new cars since all of ours are aging
- Remodel master bath & kitchen.
- Epoxy coat the garage
- New roof & siding
- 3-week European vacation
The one weird one that I might do if you're swimming in money is hire a personal chef. Imagine someone cooking/prepping most meals and making sure you try to eat healthy.
I see you left MGoBlog users off your list.
My question/challenge is what is the minimum amount I would need to win to start sharing with relatives outside my immediate family, as in: sister, nieces, nephews, in-laws, etc. That stress prevents me from playing.
I truly hope this is not going to be a weekly thread.
It's always possible to just not open it, if it is.
I wouldn't take for granted that taxes are 40% "at a minimum." The top federal rate is 37% (no FICA on lottery winnings), and like a third of the US population lives in states where there is no state income tax (including big ones like TX, FL, WA) or they don't tax lottery winnings (CA).
Then again, despite living in one of those states, I still never buy lottery tickets, so my expected winnings are exactly zero regardless of the tax treatment (still better than negative, I suppose).
I’d buy a small home in the Canadian Rockies along the Powder Highway. Nothing audacious, just high quality.
Then I’d also buy a small place in Costa Rica near Dominical.
id surf and I’d ski. I’d invest my winnings and donate returns to education focused charities, specifically targeting disadvantaged groups.
Otherwise, I wouldn’t change too much or do anything too extravagant.
You should buy property on New Smyrna Beach and surf.
I’d buy out Brian and become an MgoTyrant. I’d make each of you pay monthly to be verified. I’d get in petty arguments with posters on this message board and maybe even have an MMA fight with Magnus or the Hoover Street guy after they hire Seth because I forced him out.
Can I make a couple small requests? Boot anyone that doesnt think Mike Hart is an exceptional coach or anyone that thinks Illinois was better than Michigan at the end of the 89 basketball season. Thanks so much!