Powerball

[palinurus]

I'd buy my way in to the UND cemetery. (I mean, permanently. I didn't get to go there, but I'd get to stay there.)

 

[Irish Insanity]

Why? Your odds aren't increased with less people playing. It's true there is less of a chance someone else would share with you, I assume. But there is less cash going into the pot for them.

Your odds don't change no matter how many play. The number pool is still the same.

 

[Booslum31]

If I won the powerball, I would find a no-limit roulette table and put it all on red.

Nah...put it on "00"

 

[GowerND11]

Your odds don't change no matter how many play. The number pool is still the same.

Yeah that's what I was trying to say.

 

[woolybug25]

If I won the powerball, I would find a no-limit roulette table and put it all on red.

When you know that you have a gambling problem. lol


Things I would do:

1) Interview several lawyers with extensive experience with high net worth individuals.
2) Interview several accountants and discuss long term goals.
3) Pay off my house.
4) Buy a house in Charleston, SC (under $500k)
5) Buy a house in Vail, CO (under $1M)
6) Spend the first entire year traveling the world.

Who I would give money to:

1) $5M to each set of parents
2) $1M to each sibling
3) I would pay off my top 5 friends homes and they would sign confidentiality agreements
4) A yearly spend will continue in perpetuity for philanthropic ventures, which would now be my full time job.

Pretty lame. But I would be the rare lotto winner that actually stayed rich.

 

[greyhammer90]

When you know that you have a gambling problem. lol


Things I would do:

1) Interview several lawyers with extensive experience with high net worth individuals.
2) Interview several accountants and discuss long term goals.
3) Pay off my house.
4) Buy a house in Charleston, SC (under $500k)
5) Buy a house in Vail, CO (under $1M)
6) Spend the first entire year traveling the world.

Who I would give money to:

1) $5M to each set of parents
2) $1M to each sibling
3) I would pay off my top 5 friends homes and they would sign confidentiality agreements
4) A yearly spend will continue in perpetuity for philanthropic ventures, which would now be my full time job.

Pretty lame. But I would be the rare lotto winner that actually stayed rich.

Amen. I would put almost all my winnings in some safe and diverse investments and live a $250,000 earners lifestyle.

Basically travel, read and fish for the rest of my days.

 

[gkIrish]

Realistically I would spend a huge amount in the beginning (maybe 1/4 of the total) on luxury items like a ~50 million dollar yacht, cars, house(s). I would invest about 2/3. I would probably give away the last 1/12 to family, friends, and donate something crazy to ND.

Alternatively I would like to own a piece of an NBA or NHL Team. Or maybe just buy an MLS team.

 

[greyhammer90]

Realistically I would spend a huge amount in the beginning (maybe 1/4 of the total) on luxury items like a ~50 million dollar yacht, cars, house(s). I would invest about 2/3. I would probably give away the last 1/12 to family, friends, and donate something crazy to ND.

Alternatively I would like to own a piece of an NBA or NHL Team. Or maybe just buy an MLS team.

The NBA seems like it would be a great investment when you look at the values now versus a few years ago.

 

[gkIrish]

The NBA seems like it would be a great investment when you look at the values now versus a few years ago.

The thing for me would be more about having something to do every day. If I was a large investor in a sports team I could go to the games regularly, be involved in the business, etc.

I would definitely travel for a year or two but after that you have to have something to be invested in. Might be a sports team, maybe a high-end restaurant.

 

[greyhammer90]

The thing for me would be more about having something to do every day. If I was a large investor in a sports team I could go to the games regularly, be involved in the business, etc.

I would definitely travel for a year or two but after that you have to have something to be invested in. Might be a sports team, maybe a high-end restaurant.

It sounds cliche but I were to get into a food situation mine would be a high-end bar that caters to alcohol snobs without forcing people to pay $25 for a decent cocktail. There are too many places in the world where you can't order a good Old Fashioned.

 

[Kingbish01]

Does anyone know why all these "like, share, comment" power ball tickets are floating around Facebook? What does one gain from doing that? I mean, if you get 150k likes do you make money?

Oh, if I won......I'd PARTY

 

[palinurus]

Yahoo's take on the taxes.

http://finance.yahoo.com/news/whats-tax-bill-1-4b-201206560.html?soc_src=mediacontentsharebuttons&soc_trk=tw

 

[greyhammer90]

Yahoo's take on the taxes.

http://finance.yahoo.com/news/whats-tax-bill-1-4b-201206560.html?soc_src=mediacontentsharebuttons&soc_trk=tw

Dat lack of personal income tax.

Thanks Tenne$$ee.

 

[calvegas04]

3) I would pay off my top 5 friends homes and they would sign confidentiality agreements

Only 6 states allow you to stay anonymous if you win the lotto

 

[Irish Insanity]

Only 6 states allow you to stay anonymous if you win the lotto

Isn't Michigan one?

 

[woolybug25]

Only 6 states allow you to stay anonymous if you win the lotto

I wasn't talking about them not talking about the fact I won, but rather that I gave money to them.

But as Insanity pointed out, I live in one of those states.

 

[BleedBlueGold]

Only 6 states allow you to stay anonymous if you win the lotto

I wasn't talking about them not talking about the fact I won, but rather that I gave money to them.

But as Insanity pointed out, I live in one of those states.

Apparently there are ways around that. I read yesterday that if you live in one of those states (except Florida as pointed out below), the first phone call you should make is to a lawyer to set up a trust or corporation. (GK, did I see correctly that you're an estate attorney?)

Set up a trust fund before claiming a big prize, or your name could be released publicly — potentially in any state.

"If your goal is to remain anonymous, you're going to need to form a trust, partnership or corporation, in which your name is not on there," Chiumento said.

But according to the Florida Lottery, Powerball winners cannot claim anonymously. Even if the prize is claimed in the name of a trust or limited liability corporation, the trustee's name or a partner's name is public record, along with their age and city, it said.

Tips for Powerball winners
Flagler County attorney Michael Chiumento recommends these tips for claiming a winning Powerball jackpot:

• Before you claim your prize, form a blind trust. You'll still be the trustee in control over the trust.
• Sign the winning ticket. That way there's evidence that it's yours. Make copies of the ticket and give them to a loved one. Store away the original winning ticket somewhere safe.
• Surround yourself with trusted advisers: A tax attorney, financial planner or an accountant.
• Have a representative from the trust, whether it's your attorney or someone else you designate, claim the prize on the entity's behalf.
• Open a bank account in the name of that entity, and the money would flow in there. You, as the winner, would be able to control the entity and how the money is distributed and spent.

Can you remain anonymous if you win Powerball?

 

[Irish#1]

When you know that you have a gambling problem. lol


Things I would do:

1) Interview several lawyers with extensive experience with high net worth individuals.
2) Interview several accountants and discuss long term goals.
3) Pay off my house.
4) Buy a house in Charleston, SC (under $500k)
5) Buy a house in Vail, CO (under $1M)
6) Spend the first entire year traveling the world.

Who I would give money to:

1) $5M to each set of parents
2) $1M to each sibling
3) I would pay off my top 5 friends homes and they would sign confidentiality agreements
4) A yearly spend will continue in perpetuity for philanthropic ventures, which would now be my full time job.

Pretty lame. But I would be the rare lotto winner that actually stayed rich.

Thought for sure you'd by LL Bean or Eddie Bauer. lol

 

[Irish#1]

Realistically I would spend a huge amount in the beginning (maybe 1/4 of the total) on luxury items like a ~50 million dollar yacht, cars, house(s). I would invest about 2/3. I would probably give away the last 1/12 to family, friends, and donate something crazy to ND.

Alternatively I would like to own a piece of an NBA or NHL Team. Or maybe just buy an MLS team.

I think you'd be surprised at the expense and maintenance of having one of those. You might eat away at your winnings pretty quickly.

 

[Irish YJ]

When you know that you have a gambling problem. lol


Things I would do:

1) Interview several lawyers with extensive experience with high net worth individuals.
2) Interview several accountants and discuss long term goals.
3) Pay off my house.
4) Buy a house in Charleston, SC (under $500k)
5) Buy a house in Vail, CO (under $1M)
6) Spend the first entire year traveling the world.

Who I would give money to:

1) $5M to each set of parents
2) $1M to each sibling
3) I would pay off my top 5 friends homes and they would sign confidentiality agreements
4) A yearly spend will continue in perpetuity for philanthropic ventures, which would now be my full time job.

Pretty lame. But I would be the rare lotto winner that actually stayed rich.

Wooly, I'm a lot more like you than I thought.... LOL.
1 and 2 are must for anyone I hope. Already have 3 done, but I'd donate current humble abode to the local refuge center. I'd be a little different on 4 and 5. TN mountains and FL gulf coast for me. Also a place in Belize or Caribbean. Same on 6, with a concentration on spending 3-6 months trying to find 5.

10M trust to my mom. No siblings, but several trusts for family and friends. A lot of educational trusts for the kids. Would build a gated community for closest friends and family in FL with full time community mess hall. I would spend part of my time as a philanthropist, part time running businesses I'd start for friends and family, and part time bad fisherman of the world. I would never miss an ND game again. Oh, and a big, fat, old, classic RV painted with sweet ND colors.

 

[Irish Insanity]

The only thing I would do is buy the University of Michigan. Then I'd run then in to the fuckin ground. I don't care if I'd be broke after, money can buy happiness.

 

[Irish YJ]

I think you'd be surprised at the expense and maintenance of having one of those. You might eat away at your winnings pretty quickly.

True dat. I've got a few associates with these (probably more in the 10-20M range). Very bad investment, especially if it spends a lot of time parked. The only thing any of them said, is make sure you can write it off as business expense LOL.

While I was down on Vanderbilt Beach, chartered a guide who took us back in the ritziest canal hood in Naples. Obscene all the houses and yachts back there that only get used a few weeks a year. Such a waste. Phil Donahue's brother (billionaire) owns a whole island back there. Sick stuff.

 

[Irish YJ]

The only thing I would do is buy the University of Michigan. Then I'd run then in to the fuckin ground. I don't care if I'd be broke after, money can buy happiness.

On that note, I'd hire a team of full time investigators to haunt the SEC and every team on ND's schedule LOL.

 

[Irish YJ]

Thought for sure you'd by LL Bean or Eddie Bauer. lol

I think after considerable thought, Wooly and Whiskey would start their own lines of high end hooch, and Cack would start and star in his own Environmental Cooking show on the Food Network. I'd sponsor all of that if I won lol.

 

[tussin]

- Set up trust to stay anonymous.
- $10M to parents
- $2M to sister
- Education trust for family and selected friends
- Pay off all debts of my closest friend group
- Beach house in Delaware (Bethany or Rehoboth)
- Ranch in Montana
- Invest the rest in a largely risk adverse portfolio

 

[RDU Irish]

I'd place 30% in private charitable foundation and another 20% in a donor advised fund to max out charitable deductions and save a couple hundred million from Uncle Sam. That should leave about $250M after tax to scrape by. With $470M set aside for charitable work and $250M unencumbered I would splurge with maybe $5 million and focus the rest on becoming a billionaire activist investor.

The foundation hopefully gets tied in so the investments can be leveraged for activism and the people managing it would be well compensated and largely related to me. Might own a couple of beach houses through the foundation to use for retreats, meetings, headquarters... whatever passes as a viable trust asset. ND would be a big beneficiary and I would be a very public advocate for proper structuring of Catholic church assets around the country, starting locally. "Donations" to all group of six bowls for 50 yard line seats every year and ND season tickets (screw the box). Private jet is obviously a foundation expense too.

Might look at rolling up small mutual funds too, drop $50M in some fund with only $40M under management and petition for a change in management (mutual funds are technically owned by the investors). Do that to a few and merge them together to build a bigger investment pool and drop the costs/fees. With a half billion investment pool you could take on some decent sized funds. Over time I think you could build quite a business - however the regulation sucks and might be less PIA to just pool private money and stick with the activist role.

 

[Irish#1]

I'd place 30% in private charitable foundation and another 20% in a donor advised fund to max out charitable deductions and save a couple hundred million from Uncle Sam. That should leave about $250M after tax to scrape by. With $470M set aside for charitable work and $250M unencumbered I would splurge with maybe $5 million and focus the rest on becoming a billionaire activist investor.

The foundation hopefully gets tied in so the investments can be leveraged for activism and the people managing it would be well compensated and largely related to me. Might own a couple of beach houses through the foundation to use for retreats, meetings, headquarters... whatever passes as a viable trust asset. ND would be a big beneficiary and I would be a very public advocate for proper structuring of Catholic church assets around the country, starting locally. "Donations" to all group of six bowls for 50 yard line seats every year and ND season tickets (screw the box). Private jet is obviously a foundation expense too.

Might look at rolling up small mutual funds too, drop $50M in some fund with only $40M under management and petition for a change in management (mutual funds are technically owned by the investors). Do that to a few and merge them together to build a bigger investment pool and drop the costs/fees. With a half billion investment pool you could take on some decent sized funds. Over time I think you could build quite a business - however the regulation sucks and might be less PIA to just pool private money and stick with the activist role.

Cliff Notes version: I'd invest.

 

[Armyirish47]

- Set up trust to stay anonymous.
- $10M to parents
- $2M to sister
- Education trust for family and selected friends
- Pay off all debts of my closest friend group
- Beach house in Delaware (Bethany or Rehoboth)
- Ranch in Montana
- Invest the rest in a largely risk adverse portfolio

Depending on the state you don't get to decide to stay anonymous when you cash in, stay safe out there.

- Pay off all immediate family debts, and build houses for my sister/sisters in law to move near by
- Purchase enough additional farm land to keep my Dad/son busy
- Start a non-profit to keep my wife busy
- Open a small memorabilia business so I can add to my collection (Hello Rockne autographs!) and keep myself busy
- Invest the rest and dedicate a portion of each year's profit to making The Delta great

 

[Domina Nostra]

LOL! Like many perfectly great lottery dreams, most of the above fail to take into account the completely ENORMOUS amount of money involved.

All of the typical advice--"its not as much money as you think," "you have to be smart and invest"--are completely out the window. You can blow $250M and still be insanely rich for generations.

If you win this you become an automatic player in the national economy and you have the ability to change a TON of lives. To just sit on it and distribute the income is almost perverse hoarding.

If there is a single winner this jackpot is seriously going to ruin them.

 

[kmoose]

If you win this you become an automatic player in the national economy and you have the ability to change a TON of lives.

You have the ability, but not the obligation.......