640 effing million

It could be yours. All you gotta do is guess 6 numbers.

http://news.blogs.cnn.com/2012/03/28/mega-millions-jackpot-hits-record-476-million/?hpt=hp_t3

What would you do with it?

Based on the next highest amount ever won, you'd get either A) $359 million lump sum or B) About $19 million a year for 26 years.

A or B?

 

Re: Five hundred effing million

ALWAYS take the lump sum. The lottery is skimming off your interest earnings if you take the year by year payment.
How many people here would use the dough to buy various newspapers and fire their business management teams?That'd be a fun way to waste money.

 

Re: Five hundred effing million

I'm assuming if you take the lump sum, after taxes you'd end up with about 30 percent of the total jackpot, so about $150 million. Trust funds for my kids, the highest-allowable tax-free cash gift you can give to my friends and family and an endowment on which Mrs. Novelist and I could live comfortably the rest of our lives, and I've spent $30 million. After that I really have no idea. Charitable foundation. Houses on multiple continents.

Thought about going around my neighborhood with suitcases filled with cash and paying off everyone's home, then buying the vacant lots and converting them to something that would generate electricity, like energy grass or a solar power farm.

 

Re: Five hundred effing million

spend it all on scratchoffs!

 

Re: Five hundred effing million


If I won the jackpot, I'd pay off my bills.

With the money left over, I'd maybe buy a pair of shoes.

 

Re: Five hundred effing million

I'd take the lump sum, because I think I can invest the money and come out with more than if I take the yearly payment. Plus I'm not going to live another 20 years anyway and I don't have anyone to pass the money to.

 

Re: Five hundred effing million

Explain that, please. Not because I disagree. But because I'm an idiot.

 

Re: Five hundred effing million

I was thinking about this yesterday.

My three young nephews would have their future educations paid for, and probably all other children that I'm close with - second cousins and friends' children, as well.

I am not sure how I would handle my parents and my wife's parents. Obviously I would pay off any of their debts and give them any amount of money to live on that they would like. On the other hand, they are not people who would even find, say, $5 million useful.

Siblings would all have their houses and outstanding debts paid for, to begin with.

I would probably buy three residences - a condo in the big city, perhaps one each in NYC and Chicago; a beach home in an area like Florida or Hilton Head for winter golf; Big, out-of-the-way home on a huge lot away from other people as my main residence, probably.

Not sure what kind of business I would start or buy into to keep contributing to the world. I wouldn't want to just finance some vanity project for myself. It would have to be something real and potentially successful.

Something to substantially help out my hometown, my high school, and my college.

Some sort of charity/foundation that makes a difference I can track and be involved in. The problem with giving, say, $20 million to cancer research is that it's kind of a drop in the bucket.

Wife would throw a monkey wrench into things, because I'm quite sure that she would want to keep her teaching job.

 

Re: Five hundred effing million

If I may speak for him: The money is worth more now than it will be worth in 20 years. You should get to put it to use for yourself now, rather than let someone else gain interest on it in the meantime.

 

Re: Five hundred effing million

Lump sum.

I have actually thought about what I would do with it.

Bigger house (nothing stupid....500K-1mil.)
Trip (100K)
New car for me and wife (100K total)
Condo in Phoenix and cabin in Montana (2 mil. total)
Trust fund (5 million)
College for kid (1 million)
Radio station + expenses (4 million)
Charitable Contribution to United Way, American Red Cross and Salvation Army (100k each)
Finance new baseball stadium turf and football stadium turf for high schools here (2 million)
Finance new basketball arena for juco here (5 million)
Make sure family is financially set (10 million)

That's where my give-away money would end. (30.4 million)

 

Re: Five hundred effing million

Sooner, $359M now is, at a very conservative 4 percent annual growth, $786M in 20 years. Obviously there are major taxes to be paid in either case, but you come out way ahead taking the lump sum.

For that advice, break me off $100K when you win.

 

Re: Five hundred effing million

I would buy into a sports franchise and I would let reporters see all the financials and league communiques, so they could write informatively about what lying sacks of shit these owners are who cry poor.