OT - You Just Won $447 Million Lotto, What do you do with the $?
Mates,
It is OT season, we are in a desert wandering without content except for the couch fire in EL, and that is a bad ju-ju. I noted that the Powerball Lotto hit for $447 Million and the winner hadn't come forward yet - I assume it is one of you. So the question today is a simple one:
You've won the $447 Million Powerball Lotto, what are you going to do with the money?
XM
Buy Brian a server that won't crash - maybe an IBM Watson.
And vacation homes, one on Marthas Vineyard and one in the Mountains out west somewhere with lots of land.
the Ingham Co. prosecutor's office to uphold the law and set aside any bias. After that, I buy my own island that is full of rum and has no proclivities toward government of politics. Any naysayers get the boot. I own the **** island.
Sorry J. Ira and Nicki Harris, but Harbaugh's getting a new title.
The Copacetic Head Football Coach would be cool and aptly descriptive.
is that copacetic?
Plenty of money to go around, that will be agenda item #2
Item #3 - throw $100 at Staee for the Michigan State Munchma Quchi head football coach
What a bargain!
Who's Seymour Butts?!
who is always calling Moe's Tavern
I thought that was Jacques Strapp.
Sent from MGoBlog HD for iPhone & iPad
Large home in Aspen, penthouses in NYC, SF and Monaco.
Humanitarian stuff comes later.
I come from a large extended family so I'd buy a large home and compound on Lake Michigan for all of us. I'd buy a home in the Virgin Islands and a sailboat and hire a crew to take me wherever I want to go.There would be a lot of travel on private jets. I would take $50 million of it and set up a foundation and my work would be fielding grant applications and researching who I wish to support.
Invest $100m of it in the stock market, another $100m in a different investment vehicle tbd. Buy my dream property and build my dream home (nothing extravagent, just nice). Buy a good quality 50' monohull, then spend six months each year sailing where we will, and the other six months at home, working. Yes, I'd still work. I like what I do most of the time. I'd just be much more choosey in what work I would accept.
That's about it, I think. Besides paying off my immediate family members' debts (half million or so), and building a new home for my parents.
Oh, and I'd probably kick in half of the money to fix MGoBlog. If I had unlimited funds, I would buy Twitter, and burn that shit down.
so if you take the lump sum you are talking around $150mm
I think you would probably want to do about $75mm in stocks, ideally all paying dividends around 3% ensuring you get about $2.25mm a year taxed at a low rate (~22% for dividends I think in that bracket).
You would probably want another $25mm in bonds, with a decent lean toward muni bonds (taxes again) and then that leaves you $25mm to invest shark tank style.
The last $25mm you have fun with, huge house, cars, paying family debt etc
I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities.
But I had something else happen and this is what I did:
1. Put aside 30% into a money market fund for next year's state and federal capital gain taxes
2. Paid off my house
3. Completely funded my 12 year old's 529 accounts with the projected monies he will need for college when they get there
4. Met with each of my adult children individually and paid off their largest debt (whatever that was) and gave them each 5K.
5. Bought my wife a large diamond ring
6. Gave away 10K to a lot of my friends for no particular reason
7. Gave money to my church
8. Gave money to American Cancer Society
9. Invested the rest in a blend of tax-free bonds and index funds
10. Cut my time & salary at work so I can work three days/week instead of five
I see your humblebrag game is still on point.
Sent from MGoBlog HD for iPhone & iPad
Hypothetical answers are cool but actual ones arent?
Got it.
Ok then IF i won the lottery that's what I would do.
Better?
You're so grouchy these days
curious how you can blog from your boat though. you are on the boat, aren't you? if not, get there.
Hey, man. Don't let the jealous fools bug you. I'm happy for you.
else to piss and moan at since your punching bag WD left. Bravo. You're an internet douchenozzle.
Dude. Fuck off. Okay?
I let your last couple jabs at me go. I quit picking at wd a while ago, for the most part. As to your comment here, if you paid any attention, I have always given mgrow shit for humble bragging. I thought it was fairly clear that I was joking.
Anyhow... fuck off.
I didn't get my $10K yet
I'm sure it was just an oversight. No biggie. Next month is fine.
Also, don't listen to these haters friend.
couple of opinions if you had to do over; or for the next person
1 - shocked that only 30% was needed; I would have said closer to 50ish% for ordinary income (but depends on how money was gotten)
3 - I wouldn't have done this since you are aren't maximizing your tax deduction cap / year. I would have put the max in per year but then find an alternative investment in the mean time so you can transfer the max each year. The offset is in non 529 is taxed; but there are probably smart ways to work around that as well.
9 - smart move on the tax free bonds; but I would look at a bond fund EFT vs. actual bonds for two reasions i) more liquid and you don't need to worry about buying new bonds and ii) they pay dividends rather than interest which are also more tax efficient (depending on the fund)
I would have also made sure the index funds (glad you didn't do mutual funds) pay a good dividend so that can get a tax efficient income stream.
the two things I would say that are missing are some sort of trust / LLC and / or a relocation to a more tax friendly state. you may end up traveling a lot but the tax savings may easily offset the travel costs.
1. Its'all long-term capital gains hence the 30%. Two companies I held a significant equity stake in both sold to PE firms within 90 days of each other this year.
3. I know. More for piece of mind than actual tax deferrment. Same with paying off house - awfully nice to not have a morgage.
9. I mistyped. They are in EFTs through Vanguard, not individual Bonds.
And I already had a trust established so reallocated the estate planning. As far as the state taxes go I hear ya (live in Ohio) but with a 12 year old my days of travel so I can claim a state like Florida or Nevada as a primary residence are still six years in my future.
And that's great advice BTW based on what I typed initially. I appreciate it.
I hear ya on the piece of mind thing, sometimes that just feels better.
looks like you got it all figured out! i'll see myself out now
have you looked at a betterment, or personal capital or some other tool that has tax loss harvesting? Vanguard is obviously tops with low fess but betterment will invest strictly in the vanguard fees and the fee you pay them is usually more than offset by TLH.
Also will help depending on your size to keep you under (or at least diversified) from a SIPC perspective.
Way to not buy MGOBLOG new servers.... Everyone else would have done that. You should be docked 10,000 points. ; )
There will be a lot of jealous distant relatives and old friends you may not associated with that will want you dead. I think there is a stat that 30 percent of lotto winners end up dead within 5 years after they win.
are made up on the spot.
1. Quit being a lawyer.
2. Buy a dope place in AA where I can party and stay with all my friends during all the football and basketball games I will go back for.
3. Investments.
4. Travel.
5. Do lots of hot chicks.
6. Buy a bunker for when zombies/climate change/etc. happens and shit goes down.
7. Put a bunch of billboards up in Happy Valley reminding them that Paterno knew child sex abuse was taking place and that he's an enabler who is likely in Hell.
To make sure you live long enough to enjoy it.