If you won the lottery would you take payments or a lump sum?
Posted 10-19-2018 at 10:34 AM by Blondebaerde
Quote:
Originally Posted by KaraG
No, really, that's kind of amazing that you don't know people in other financial situations.
We've made our lottery to do list, paying off our debts, giving anonymously in modest amounts to a long list of people, charities and churches, expanding our business and hiring more employees.
We've always told our kids that if we win, we won't tell you and I think that's still allowed in our state.
We've made our lottery to do list, paying off our debts, giving anonymously in modest amounts to a long list of people, charities and churches, expanding our business and hiring more employees.
We've always told our kids that if we win, we won't tell you and I think that's still allowed in our state.
I'd take lump sum. So, let's say it's a third, call it $200M for a massive jackpot.
Yes, people are bad at managing money, especially those who didn't earn it. I earned most of mine, inheriting a good 'seed' that I doubled-down and will continue to nurture and grow. I pissed away maybe 10% on cars and broads, and will continue to do so. In fact I live well but not extravagantly, and within my means.
Back to Lotto fantasy, then, I'll cheat and tell the truth: after trying not to have a heart attack, I'd put the ticket on my desk and put a bowl over it. In the freak chance one of the cats jumped on it, or a drink spilled, or Leprechauns came out and ripped it off. I can see me doing this (chuckle)...no, then I'd probably take the bowl and put in in my safe. It's a safe safe, we might say, resistant to all comers including fire for at least a half hour!
I'd probably go to church right then, and pray an hour or so, finding some guidance from the Almighty or my own heart. Not much difference. I'd make a note to donate more to the church, they do good works here in town.
Next, that day out of excitement, would start to fill the most important role of my new employees: a good lawyer. Someone for life, from a background used to dealing with sports-figure types, which is what I have become: an every-man who just had $200M air-dropped in. Or possibly an Ivy Leaguer in Savile Row suit from a prominent firm, though I would relate more to the former. They'd need to keep me out of trouble, for life, as my go-between for very many things. I'm sophisticated, or rough, as need-be but grow exhausted dealing with BS: that's his(her) job. Bill rate irrelevant, obviously, part of the great new turn life just took.
I'd do some flying to interview these types, though those in my (current) hometown may have a preference. I do not know, though, if where I live now would be my forever home though I do like it in greater Seattle. Again, options just opened!
Once interviewed and selected, which would probably take a few weeks, s/he'd arrange my debut and the processing of the ticket in my name. Signing the back is a great first step, on Day 1. I'd have the lawyer handle all press or other news present, as-applicable. That person then becomes No. 1 smartphone contact, under #ICE_LAWYER in the address book.
So, then, here come my winnings...$200M, bank-to-bank.
Next I'd retain two to three major brokerages for my money, and split several ways. The portfolio managers would compete for my time, and share. This might also spread my risk of major fraud a little bit. I'd go Top 10, nationally. I'd love to give each of three $65M, and say, "thou are sent! Go forth, and make me money! We meet monthly to discuss your ideas and our progress!" I'd hold those monthly calls for life, or the lawyer would if I can't (or won't).
Next, a clever accountant. Taxation will be a big part of my world. He'd need to work with the lawyer and brokerages. I'd find one, with an excellent resume, somewhere nationally and include him on most financial "decisions."
I might shave off a million bucks to burn, or might not. After all, I should be making decent returns with diversified portfolios within a year or so, but wouldn't mind a little fun first. Probably trade in the GTS for a Turbo S or something I could take on a road trip, get my head on straight. Maybe even a Class B Airstream instead, with motorcycle on back. Pack a suitcase, and I'm on the road headed to CA for a few weeks at the Hilton...which one doesn't matter. Maybe all of them.
Job? Resigned. I'm retired, as of today. End of story, have a nice day. I neither hate nor love you, but we're done with the struggle and scheming, either short term or more likely permanently.
I could burn $25K staying at hotels and such in LA, San Diego, SF, etc. for awhile camped in a suite (or series). Or, maybe at campgrounds, or more probably a bit of both. I'd do plenty of writing and thinking. My lawyer would like some chats, during. I'd tire of that in a month or two and drive home. I like this house, bet I'd stay awhile! My friends would receive some quiet gifts; I'd think of something of each of maybe four for some amount not too extravagant. Just to show my appreciation.
After that, the trick is finding fulfillment in whatever I do for myself, and others. I have ideas, too broad for this long thread.
