powerball > $290M - what would you do with $?

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Oct 15, 2005 | 11:43 AM

#51

WestSideBilly

Joined: May 2001

Posts: 93,305

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From: Nowhere

Quote:

Originally Posted by MoreVTECPlease,Oct 14 2005, 04:00 PM

You would have to be stupid to take an all at once lump sum. If you take the payments, you get twice the money, and you have a steady tremendous income for 20 years, and have absolutely zero chance of losing your fortune...not that there would be a big chance of losing it if you took a lump sum, but in my opinion, it would be better to just take the yearly payments.

Actually you'd be stupid to take the annuity. Lottery payouts are not part of an estate - if you die, the money goes back to the state(s) lotto commission. The annuity is roughly the same value if you take the lump sum and invest it at federal funds rate - which is 3.75% right now. If you can't beat 3.75% in your investmenting of the lump sum, well... suffice it to stay you won't stay rich long even if you did take the annuity.

Oct 15, 2005 | 02:15 PM

#52

Vladimir L

Registered User

Joined: May 2005

Posts: 1,075

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I'd buy a private jet G7 (so I can travel the world with friends & family)
A Yatch
Helicopter (hate traffic jams)
Pay off all my aunts and cousins houses
Buy S65 AMG for my mom , My aunt, My cousin and my dad
Buy a Bugatti, Enzo, McLaren F1
Buy a Bentley for daily driving
Buy a G55 AMG
BUy Mansions/Penthouses in DC,LA,NYC,MIami,Vegas,London,Paris,Monaco
Have a very well paid personal assistant to help me with my daily briefing
Hire my own personal chef (to cook me healthy foods im diabetic)
Hire a person trainer that follows me around
Give 2 million dollars to diabities research
Give 2 million dollars to breast cancer research
Start a foundation for children of Africa
Start some type of car dealer
Start some type of mortgage company
Start some type of spa
Give my 3 best friends jobs (Open a club and let them manage it)

I dont think 290M is enough I have too many plans

Oct 15, 2005 | 06:45 PM

#53

WarrenW

Joined: Jun 2001

Posts: 4,766

Likes: 8

From: Queens, NY

So did anyone win it? I didn't buy a ticket, so it wasn't me.

Warren

Oct 16, 2005 | 07:55 AM

#54

Veritas

Registered User

Joined: Jul 2005

Posts: 134

Likes: 0

From: Trumbull, Connecticut

Quote:

Originally Posted by WarrenW,Oct 15 2005, 09:45 PM

So did anyone win it? I didn't buy a ticket, so it wasn't me.

Warren

Nope, no one hit the jackpot and it's up to 340 mill now

Oct 16, 2005 | 08:36 AM

#55

Filthy Beast

Joined: Aug 2003

Posts: 3,108

Likes: 39

From: Moselle MS

Hire a good lawyer

Oct 17, 2005 | 05:48 AM

#56

evo s2000

Registered User

Joined: May 2001

Posts: 4,115

Likes: 1

From: chantilly

Quote:

Originally Posted by FILTHY BEAST,Oct 16 2005, 08:36 AM

Hire a good lawyer

Definitely will need one.

Oct 17, 2005 | 09:04 AM

#57

WestSideBilly

Joined: May 2001

Posts: 93,305

Likes: 820

From: Nowhere

Don't forget hired goons.

Oct 17, 2005 | 09:20 AM

#58

jasonw

Registered User

Joined: Mar 2005

Posts: 16,702

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From: █ SF, CA █

Quote:

Originally Posted by WestSideBilly,Oct 15 2005, 12:43 PM

You would pay a lot more taxes if you take the lump sum too since a vast majority of the money will be taxed in the top bracket. Depending on the amount, if you take payments, you might have < 1/2 of it taxed at the top rate.

...Not that this would affect my choice.

Oct 17, 2005 | 09:30 AM

#59

WestSideBilly

Joined: May 2001

Posts: 93,305

Likes: 820

From: Nowhere

The tax savings would be marginal Jason. You get 30 payments, so each would be around $8 million. The top bracket starts at $326k, so I don't see a real huge savings - just under $20000.