What would you do with 550M?

Coltsdad · November 2012

I would have put this on the 5 Things Thursday, but the drawing is tonight, was just curious, if you won the $550,000,000 Powerball jackpot... what would you do and what would you buy? Did you buy any tickets?

Me? If I won the whole thing by myself and got $360,000,000 (that is what you get pre-tax if you take it all at once, versus the 30 payments)... figure you'd see about 200M of it. At that point, my parents and in-laws would probably see 5M each, my brother, sister and brother-in-law would probably get about 2M each and each of our 1st cousins would get 500K. Our grandparents would be set too, but don't know how much they'd get offhand. Maybe an annual allotment of 50-100K. Either way, about 20M would be given to family (at which point they'd likely not get any more $). After that, I would get a bigger house and allow all of the kids to get their own room, have a nice home theater and a game room. I'd get us new cars, nothing extravagant, just nice new ones. We'd do some traveling and mostly, we'd save/invest a large portion.

Prime · November 2012

Man you guys are really nice to your families. I don't know that I would just write a check like that to anyone. I'm not saying they wouldn't get a piece, just probably not in that way.

I would set up an account to make sure we had money as long as we are alive. I'd get the dream house and associated land. I would also quit my job and open a brewery. It would be nice to start a small business without the pressure to bring home money. We could start traveling and crossing off all those things that we've ever talked about but didn't have the time/means to do.

RockyTopVols · November 2012

I dropped $5 in the work pool. It is $5 to get in, about 30 or so people had signed up at that point. I figure what the heck- and I don't want to be one of the guys to miss out on it if something did happen.

Even if the 200m gets chopped up between a large group of people... say 50, that is still $4,000,000 and more than I had yesterday! I wouldn't stop working... but I would take a sabbatical and probably change career fields.

We would probably sell our house and buy a modest piece of land and a house. We aren't extravagant or want anything lavish. We would immediately find a money guy/gal we trusted and come up with a plan to try to live off of the monthly interest of maybe half of it or something.

I don't know. It sure is a nice little pipe dream.

RockyTopVols · November 2012

Prime:
Man you guys are really nice to your families.

I am with you man. I would take care of my parents and my wife's parents. I would also set up a college account for my nephew. And thats about it.

onlymeggan · November 2012

Coltsdad:

I would have put this on the 5 Things Thursday, but the drawing is tonight, was just curious, if you won the $550,000,000 Powerball jackpot... what would you do and what would you buy? Did you buy any tickets?

Me? If I won the whole thing by myself and got $360,000,000 (that is what you get pre-tax if you take it all at once, versus the 30 payments)... figure you'd see about 200M of it. At that point, my parents and in-laws would probably see 5M each, my brother, sister and brother-in-law would probably get about 2M each and each of our 1st cousins would get 500K. Our grandparents would be set too, but don't know how much they'd get offhand. Maybe an annual allotment of 50-100K. Either way, about 20M would be given to family (at which point they'd likely not get any more $). After that, I would get a bigger house and allow all of the kids to get their own room, have a nice home theater and a game room. I'd get us new cars, nothing extravagant, just nice new ones. We'd do some traveling and mostly, we'd save/invest a large portion.

Don't forget our dream of opening the Indianapolis Aquarium! There would also be college for all the kids, donation to charity, and Wifey wants a housekeeper Wink Oh and I'd like to have 6 kids instead of 3 since we'd be able to afford them. Please and thank you

DavidStamps · November 2012

polooo26:

Isn't it great how 550M is really only 200M. Anyway, I would first consider the 30 payments. It might be easier to manage in smaller chunks and I think the interest rate would be about 3.235%, which isn't horrible. But I'll go with 200M in your example. Cash Money, right? HA.
10% Charities 10% for immediate spending 1M towards immediate lifestyle upgrade. Debt free. New house. New cars. New everything. Parents and siblings would all get 1M for starters with promises that there would be more later, but nothing if I'm asked for it. More distant relatives and friends would get a smaller cut of what is left with the same promise 80% would be left for later. I would create my own little lifetime annuity. I would give myself a monthly paycheck and I would do whatever I wanted with it. Give it to people, maybe have my own business, everything I own would be nice. I can't get any more specific than that. BTW, I don't plan on buying a ticket. And whoever wins will probably be splitting it with someone else so that 200M will most likely be divided by a whole number.

I'm borrowing this plan...pretty much to the last sentence, seeing as I didn't buy any tickets. Dang it!

I've never bought a lottery ticket or even gambled, not sure why....I'm in my early thirties, guess I'll have plenty of time for that.

Wulfgar · November 2012

I would do something similar including a house with some land. Initially I would not get new cars, mine is only a little over 2 years old. I would also travel on the interest while figuring out what to do with the rest of my life.

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