You can take it as a lump sum or in installments. Either way, if you can't live off the interest, you've got problems... lol. But there are a lot of past lottery winners who've blown it all.
I would have figure out how much I have to give to my friends and family so they don't become bitter about it. Then buy Treasures to keep me busy.
Yeah but interest off of what is what I am saying? Do you just put the whole sum into a bank account and draw interest off of it or what? Also what I was asking when I asked how they pay it was do they just put the lump sum in your bank account or what? What if you do not have an account? What if you have a file under the ChexScan system or whatever it is banks use and no bank will let you open an account?
I would go up into space at least once, even though it cost like 20 million and you only get 100+ million.
Sorry....I thought it was a US company. They cash cheques and give out payday loans. Imagine walking out with $170m in hundred dollar bills...
I'd spend a one third of it on drinks. I'd spend one third of it on gambling. The rest....I'd just waste that.
Take my close friends around the world and live it up for probably the first 6 months. To make sure they come. I would supplement their salary for the time.
I'd take what I need.... ...and the rest i'd share with my friends [on the bbs] (a double share to the one who can identify the movie )
I was actually dreamcasting this scenario a couple of nights back at work! I'll be conservative and assume that of the $300 million I only clear $100 mil. First, I would give 10% to the Lord and 10% to charity. My parents $10 mil each, my sisters and girlfriend's mom $5 mil each Down to $45 mil. Any married couples in my family $2 mil each and the rest of my immediate family $1 mil each. I don't have any friends so no need to worry about keeping it real. Down to a measley $30 mil. Boo hoo. 10 of those millions would go into Supermac's bank where I would draw just a couple of hundred thousand a year for my "salary." I'm not buying any extravagant cars or property so I'm PRETTY sure I could live off of that (getting by on about $25k a year now ). Down to $20 mil. I'd put five million in the stock market to **** around with. I'd then pay off all of my debts, buy a nice little house, and get new cars for a few people. That should leave me with around $14 mil, which would be a damn good cleanup to begin with. With all my newfound free time, I would just collect now useless college degrees and travel the world.
There are these municpal bond funds that pay you a cash dividend every month. Since they are munis...the dividend is tax free. It comes out to about 5% tax free gain a year paid monthly. You can have the broker cut you a check every month or just reinvest. At my conservative calcs I did, you get 5.7 million tax free a year, or $475,000 a month. You should be able to live pretty well off $475,000 a month tax free.
Easy, College Funds + 2 mil for each child Pay off home. (100K) Parents(3 mil) In Laws (3 mil) Married siblings (2 mil) Unmarried siblings (1 mil) Buy available open lot next to mine Build fully stocked personal garage Buy '06 Shelby GT-500 Cobra Mustang Buy wife car of choice. Buy 68 Shelby GT500 and restore to concours. Build "Mustang" store, comparable to Harley Davidson type stores, complete with garage and dynometer. Build a 1/4 mile NHRA approved drag strip. Build a 427 Shelby Cobra Jet Invest what's left.
Actually, the better play here is to keep the money that you gave each person in your family and invest. Build an investment partnership that pays them dividends each year to live on. That way your whole family continues to be rich, but its MUCH more tax efficient. Minimize what you have to give to the government...because every time you give someone money, the Government is going to tax it again.
