OT: $675 Million Powerball Jackpot -- What's your plan for the money?
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?
January 7th, 2016 at 9:17 AM ^
January 7th, 2016 at 9:27 AM ^
January 7th, 2016 at 9:30 AM ^
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January 7th, 2016 at 12:27 PM ^
despite your grammer, I think a lot of people would.
Most people can not imagine, much less seen or experienced the sexual buffett or top end beauty that awaits you when you have 9 figures of net worth.
Cut the payout in half for the divorce, but you're still good to go.
January 7th, 2016 at 9:22 AM ^
Hookers and blow.
Is there another answer?
January 7th, 2016 at 9:25 AM ^
I intend to become Michigan's Bagman.
You can't stop me.
Suck it, Ole Miss.
January 7th, 2016 at 9:26 AM ^
the Outer Banks, NC.
January 7th, 2016 at 9:26 AM ^
The other $75 mil would be plenty for my remaining days, which would consist of traveling, hookers & blow.
January 7th, 2016 at 9:27 AM ^
on scratch-offs and Mountain Dew
January 7th, 2016 at 9:30 AM ^
I'd hang out all day on MGoBlog.
Oh, wait . . .
January 7th, 2016 at 9:30 AM ^
January 7th, 2016 at 9:30 AM ^
January 7th, 2016 at 9:39 AM ^
January 7th, 2016 at 9:42 AM ^
I'm also gonna shut down EA Games/Sports, but that's a goal completely separate from my lottery winnings...
January 7th, 2016 at 11:38 AM ^
January 7th, 2016 at 9:33 AM ^
January 7th, 2016 at 9:41 AM ^
And why would that new name be 'Chad'?
January 7th, 2016 at 9:54 AM ^
Was going for something douchey. Most Chads are douches. Actually, maybe I could find some royal name and just add "the third" to it. Like start calling myself "William the Third." I''d also require people to start addressing me in formal situations as "Your Grace."
January 7th, 2016 at 11:12 AM ^
because I'm a douche apparently
January 7th, 2016 at 11:44 AM ^
Being the exception to the rule (clearly), I'd expect you to at least acknowledge the science of names like Chad. Or Trevor. You being a Michigan fan participating on a Michigan-blog, I can see immediately that said douchitude does not apply to you. I would like to, for the record, assure you of your fine, upstanding status as a man of refined tastes and sensibilities.
Then again, I did hedge my comment by saying "most." Surely that counts for something?
January 7th, 2016 at 9:43 AM ^
1. Get a lawyer and a CPA. Do everything I can to remain anonymous, even to close family for a while until everything is in place and we have a chance
2. Invest in something low-yield and low-risk. Live off the earnings alone. At $675 million, figure about $200-250 million after tax lump sum. Even at 1% return, that's a budget of $2+ million a year.
3. Write up a will stating that, when my wife and I die, all the money gets donated to various things like Mott, some charities, etc. We don't, and won't, have kids to worry about. Also, with the donation I'd make to Michigan, I'd have a bust of my likeness put right next to ol' Mortimer in the Cooley Building.
4. Pay off our mortgage.
5. I don't think I'd quit my job to be honest. I'd be so bored if I didn't have something to do. I certainly wouldn't tell my coworkers that I won (though #6 might be hard to explain).
6. After a year or so acclimating to this new-found wealth, I'd buy myself what I've always wanted - a brand new, arrest-me-red Porsche 911 Turbo.
January 7th, 2016 at 9:50 AM ^
You literally could blow one-third of that and be fine.
January 7th, 2016 at 9:54 AM ^
But I do think you literally could blow 7/8 of it and be fine.
January 7th, 2016 at 10:04 AM ^
January 7th, 2016 at 10:51 AM ^
Living off the interest of $1 million? At the 0.5% or whatever it's paying now, that's like $5k/year. Don't quit your day job.
Times have changed, yo.
January 7th, 2016 at 10:30 AM ^
Yes, I could blow a lot of it, but that's exactly what gets a lot of lottery winners in trouble. I'd rather just have a very large brokerage account that supplies my income with it's earnings for the next 40 years until I die. And then there's a huge sum of money left that goes to charitable purposes.
I seriously can't think of anything I'd want that I could not afford with an annual budget of $2 million. I could pay off my house and car loans, my wife's student loans, get my Porsche, and still have more than $1.5 million left to splurge with.
January 7th, 2016 at 9:44 AM ^
January 7th, 2016 at 9:50 AM ^
I'd keep 25 mil for myself and my family, and start a business rehabbing and selling old houses, or some other type of residential real estate development on a small scale. I'd use the remaining money to help shore up the infrastructure in our town (Evanston) like the ice skating rink and other shared community venues. The remainng money would go to help troubled youth. There are many organizations in my area that provide kids who come from troubled families a place to go after school and a path to college. I might also start some sort of merit-based college scholarship fund for kids who can't afford to pay for college.
January 7th, 2016 at 9:52 AM ^
I'm guessing that all the people you say "F YOU" to would not miss you all that much, either.
January 7th, 2016 at 9:53 AM ^
Two words: Treasure Bath!
January 7th, 2016 at 10:04 AM ^
Here. Wash this...
January 7th, 2016 at 9:53 AM ^
January 7th, 2016 at 9:56 AM ^
I might win it.
January 7th, 2016 at 9:54 AM ^
and then buy a nice house(and all that comes with that), a few cars, and a luxury box for UM games. Then spend the rest of my life doing what I want to do.
January 7th, 2016 at 9:54 AM ^
January 7th, 2016 at 9:55 AM ^
$10K (the max before gift tax kicks in) to all family members, and a message that this is their only no strings attached freebie, so don't ask.
A vacation home in HI and/or Australia.
Tithe to our church.
Fully fund my college roommate's non-profit law firm that does great work for the disabled and is suffering from budget cuts.
Michigan season tickets.
January 7th, 2016 at 10:11 AM ^
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January 7th, 2016 at 9:55 AM ^
January 7th, 2016 at 11:23 AM ^
me. Why disappoint two people, when I can continue to disappoint only one?
January 7th, 2016 at 10:05 AM ^
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January 7th, 2016 at 10:12 AM ^
is to buy up MGoBlog
January 7th, 2016 at 10:18 AM ^
Just buy a better server for Brian.
January 7th, 2016 at 10:28 AM ^
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January 7th, 2016 at 10:15 AM ^
*Hire Morgan Freeman as my driver
*Change my name
*Travel the US and Canada.
January 7th, 2016 at 10:19 AM ^
How are these things paid out? Lump sum or yearly? I guess I'd talk to a financial advisor first to figure out which way is better to go. But regardless, I don't think I'd change my life much. A good chunk of philanthropy (finish building the food pantry building I'm heading up). Help family who need help. Save the rest. I don't think I'd do much more in the way of purchases. A few things. But since I don't drink, smoke, do drugs, or sleep around, there's not too much I'd want to spend on. The house is fine, I love my job, I've travelled enough. Would definitely go to Israel, Greece, Italy . . . maybe a sabbatical somewhere in Europe. That's about it.
January 7th, 2016 at 10:21 AM ^
I would move to Nigeria, pay-off some King to make me a prince and then email people offering to give them $1MM if they first send me $10,000.
I would call it the Anti-Darwin Effect, and make milionaires of the dumbest people.
January 7th, 2016 at 10:25 AM ^
I know, I'm boring.
After that I'd probably wake up in a new Bugatti.
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January 7th, 2016 at 10:29 AM ^
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January 7th, 2016 at 5:42 PM ^
Why would you want a car payment so soon after paying off your loans?