I would spare 50% of my earnings to the Royce White foundation for the #selfabsorbed #anxietytroopers #selfentitledprick
Immediately quit college, buy a big house for myself and family in Houston, buy cars and give 50 million to help countries in need like in Africa. After that just travel and spend time with family.
Simply put - most people are terrible at managing that much money, especially when its sudden and new. I believe the majority of lotto winners eventually declare bankruptcy. The annual payments basically prevent that disaster.
More than the Powerball would net you. Current franchise value: $453 million (source). Even if he wanted to sell, which he doesn't, Les would ask a helluva lot more than that.
The problem with annual payments is that if you pass away, you lose it. But you're right, if someone can't live their normal life as now after winning the lotto, they may be better off with annual payments.
Bought 3 tickets tonight. Come on lottery!!! When I win (not if), I will have a 50,000 sq foot custom built home on the Rimrocks in my current home in Billings MT which overlooks the entire city from 500 feet up. Of course I will furnish it lavishly. In addition, I will buy a beautiful penthouse condo at Trump tower in Vegas as well as in Manhattan, downtown Houston (near Toyota Center) and buy season tix on the floor to the Rockets. Lastly, I will follow the Rockets on the road to every single away game with seats directly on the floor next to the Rockets. Spare no expense. Lastly, I would buy an Audi R8 tricked out to the max. Take care of the family and close friends. Both they and I know who they are. Give some to charity. Travel extensively. Live life large till the end!
This is exactly what I would do. Take the lump sum, invest it all very conservatively and just live off the interest/earnings. I wouldn't even touch the principle.
Their rate is around 3.2%, so ignoring taxes (which given the increase set to occur, you probably shouldn't), that would be you base rate for deciding. If you expect to > than 3.2%, take the lump sum.
Right now, my plan would be to build a huge compound either in the hill country or outside of La Grange. I'd only venture out to grab supplies or to travel. I would have a bungalow somewhere in the Monterey Bay area and a small house in Austin. I'd probably end up at every major music festival in a pretty pimp camper or some sort.
Of 200 million dollars? Yeah you would. No point in having that much money and just sitting on it, and you're not going to live forever.
You'd obviously touch it, since interest income takes time to accumulate, but even at 1%, $2M per year is a lot to spend, unless you just have expensive tastes. My wife would sure spend it though.
In Giving. . . I would have to make sure that it gets where it needs to . . giving and finding out 20 million disappears in Admin fees would piss me off I think in time. . . i'd get bored . . even with travel etc I would want to accomplish something . .. do something meaningful something to occupy my time beyond leisure Rocket River
I can't believe that took until post #23 to show up. I'd take the lump sum. I'd make sure most of my family is taken care of for life. My sister-in-law and her husband can suck it as they won't get a penny. I will take care of my niece and nephew, though. As far as for my self...I don't know what I'd do. Basically do the things I haven't been able to like travel. I imagine a lot of time would be spent on philanthropic ventures (donate to college, start a soccer club for youth that can't afford the training of typical clubs). Don't know where I'd live. I'd definitely have a house on the beach somewhere. Certainly have season tickets to the Rockets, Astros, Texans and Dynamo.
I already do... But that's what lawyers are for. Not touching may be a little extreme. I would probably buy a nice house for around 8 million (give or take a few million), a couple of nice cars, then invest the rest. Even with a meager 5% return, that would still be almost 10 million a year. I think I could squeeze by on that. As far as what happens when I die...good question. I wouldn't want to leave it all to my kids, I want them to make their own fortunes. Maybe leave it all to the Make A Wish foundation or something.
