OT: $675 Million Powerball Jackpot -- What's your plan for the money?

Submitted by 608Monroe on

I'm not gonna win it.  You're not gonna win it.  No one you know is gonna win it because the odds of winning it are impossible.  But that doesn't distract from the fact that the largest lottery jackpot in U.S. history is up for grabs in Saturday's Powerball drawing.  It currently stands at $675 million, and could rise to as much as $900 million before gametime.

http://money.cnn.com/2016/01/06/news/powerball-jackpot-500-million/

I told my boss if I win, I won't even come back to clean up my office.  They can have it all.  In fact, with the exception of my immediate family, I think there's a decent chance I would disappear entirely, only coming back on occasions of my choosing -- but even then, my new name would be Chad, and I think I'd wear a beret.  I'd probably adopt a fake accent, too, because F everyone.

Aside from travel, which would be my first big maneuver with the money, I seriously think I would spend the majority of my time on philanthropy, figuring out how best the money could be used to help people -- particularly kids.  That, and I want a pet monkey.  Preferably a lemur.

You?

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beedub93

January 7th, 2016 at 8:40 AM ^

Give a good bit away to parish, alma mater, kids' parochial school, local chapter of the Humane Society, Chad Tough Foundation, Hope for Pahokee, and adopt a child or two from Southeast Asia. Pay for nieces and nephews to go to college as well my son and daughter.

Give some to siblings - with the caveat that if they piss it away, then tough shit, don't ask for more. Finally, put some into a trust for my kids, and then live off the interest for whatever is left over.

That about covers it.



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seegoblu

January 7th, 2016 at 8:41 AM ^

and a full time IT expert to make this a "state of the art" blog.

 

Oh, and retire to a tropical island (with good internet access to monitor my Mgoblog investment).

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AlphaBlue

January 7th, 2016 at 8:41 AM ^

I would start by buying Brady Hoke's old house, because why not?!

Then would buy the biggest farm available out in Iowa and build a ridiculous hunting compound.

After that, travel...lots of travel.



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True Blue Grit

January 7th, 2016 at 8:41 AM ^

I'd get the most awesome lakefront house on Walloon Lake I could find.  Then I'd spend all summer up there kayaking, fishing, and sitting on the dock.  Fall would be in Ann Arbor in my midfield club seats (don't want one of those enclosed boxes).  Winter would be somewhere warm and nice.  

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boers21

January 7th, 2016 at 8:48 AM ^

1) Student loans
2) Pay off car
3) Pay off house
4) Fund for kids
5) Donate a ton to charities
6) Probably quit my job and work part time at Sporting goods store, or just buy the store



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BlueKoj

January 7th, 2016 at 9:44 AM ^

You must buy the store. Working after winning is fine, but never again work for someone else. Work with people, and have people work for me. Those might happen, but I can't conceive of many situations where I would again choose to work for someone...unless that person was Jim Harbaugh taking notes in film sessions with an enthusiasm unknown to mankind, or something...then maybe.

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MeanJoe07

January 7th, 2016 at 8:49 AM ^

Buy and enslave a nudest colony and make them rub tea tree oil on my elbows while feeding me the finest prime dry aged eucalyptus and doing that sweet Mexican black tar heroin on a yacht in my own ocean.

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julesh

January 7th, 2016 at 8:51 AM ^

Hire an attorney and financial planning team before I even claim it.

Pay off all my bills.

Set up trusts for my nieces and nephews and twin sisters that will be $100k when they turn 18. Can be used for college then or they get the cash at 25.

Pay my parents the equivalent of what it cost to raise me.

Give my siblings the amount allowed by the IRS.

Buy a house with cash.

Invest the rest and live in the interest.

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Crash

January 7th, 2016 at 9:25 AM ^

Please tell me you're not a financial advisor.

My brain came to a screeching halt when I heard my sister-in-law say "Why would you pay for that car straight up when you could get a home equity loan?  Then you could deduct the interest and get a bigger tax return in April!!!"  

She seriously had no idea that most of the interest money you are paying is going right down the toilet.

 

Anyway, clearly I'm too much of a tight-wad to have $600 million.  So I'd just burn it like the joker and then roast marshmallows in the flames.  Flame-kissed marshmallows from burning money is the best.

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JamieH

January 7th, 2016 at 1:28 PM ^

Anyone paying cash for a house with mortgage rates where they are right now is essentially throwing money in the trash can.

 

Mortgages are basically free money at this point, though interest rates are about to go up.   The biggest problem with mortgatges right now is GETTING them.  If you can get  approved for a big mortgage (that is not a financial burden on you currently) TAKE IT.  Mortgage rates are still under 4%, which history has shown is significantly less than your expected ROI on a diversified investment portfolio. 

 

People say the first thing they will do when they win the lottery is pay off their mortgage and I always say "why the hell would I want to do that?"  My mortgage is the best source of financial leverage I currently have.  Who else is going to give me 300K at only 3.5%?  And on top of that, my house might actually go up in value?   I honestly wish we had purchased a little MORE house than we did just because of the low interest rates, but we were playing it safe. 

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Hannibal.

January 7th, 2016 at 8:54 AM ^

Find a lawyer to accept the money anonymously on my behalf.  Tell him I only want a few million or so and let him keep the rest.  Shore up the kids' 529 plans with the money that I earn.  Pay off the house  I would tell absolutely nobody besides my wife.  Maybe wouldn't even tell her. 

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