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Say A Guy Wins The Lottery..... (1 Viewer)
- Thread starter ChiefD
- Start date
massraider
Footballguy
Oh, I'll work all right.
On my travel blog I'll start the day after I win.
On my travel blog I'll start the day after I win.
msudaisy26
Footballguy
ChiefD said:
Besides the obvious stuff there are a few things my husband and I have talked about if we ever had something like this happen. So here is a list in no particular order. Some will have reasons.
Buy a bowling alley - my husband loves bowling and coaches high school bowling. He would quit his current job and start youth leagues and coach kids.
Take all our friends on an all paid vacation. We have a tight group of 30ish friends that all hang out regularly. We would plan a trip to Mexico or Hawaii or something and pay for it all. Like 10ish days.
Take our extended families on the same type of vacation, but separately. Same as above roughly 30 people as well.
Start a construction business - this is currently what my husband does and he hates it and hates the way the works. He says he would be hands off on this and hire the right people to run this company the way he wants and try to put some of the other companies he dislikes out of business.
Join/fund an orchestra - I was a band kid in high school and even tried out for one of our local symphony orchestras. I made it, but couldn't keep up with the amount of time they put in.
Buy some real estate and rent it cheaply - this was actually the first thing we ever mentioned if we hit the lotto. We were once down on our luck and couldn't afford a decent place to live. It would be nice to offer people who were down on their luck a good place to live and give them one less thing to worry about.
Chadstroma
Footballguy
I guess if you were really into outdoorsman type stuff then https://www.marchi-mobile.com/palazzo-superior/ would be a route to go.
I would look to buy a couple of properties in places that I like (Hawaii for sure) and then charter or first class it between. A Citation X at $20 million+ and then the maintenance/operation costs would be too much of a splurge to me even with $300 million flush.
Sand
Footballguy
Richard Branson - "How do you become a millionaire? Start a billionaire and buy an airline."
brun
Footballguy
Depending on the state I'm in. My preference would be to form an LLC to receive the winnings, with my son, my brother & my son's mom. Ownership % for son 70%, brother 5%, son's mom 5%, me 20%. My share would probably be deposited in a couple bank accounts and a couple brokerage accounts. Would sell the house to my son if he wanted it. After that it would mostly be traveling and donating.
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Doug B
Footballguy
ChiefD
Footballguy
When my wife and I have talked about this our foundation idea would be centered around helping people as grassroots as possible.
For example, our school has a list of families who are late or can't pay their school lunches for the kids. So we would walk in and write a check and cover all those kids for the year.
Or you hear about a neighbor who is down on their luck and needs their car repaired and maybe some debt paid. BAM - write the check and get it done.
So our friends who we would want working with us - their job would be to find those people and get them taken care of. One person at a time. Through their friends, churches...whatever.
Basically a help up type foundation vs a hand-out foundation. Help those people who don't know where else to go but that extra couple grand would really come in handy.
-OZ-
Footballguy
-OZ-
Footballguy
Honestly for us, buy decent vacation houses. Rent them out, and donate free weeks to newly adopted families, St Jude’s patients (either between visits or during recovery), and other cancer patients and have a blast helping others in need on a smaller scale. Donate to the charity my BIL works for.
Plus start working in family law, especially for adoptions. Inexpensive and free legal advice throughout that process.
Plus start working in family law, especially for adoptions. Inexpensive and free legal advice throughout that process.
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The stats bear out that this is much easier said than done. Most lottery winners end up losing it all thru various combinations of frivolous spending and giving it away or “investing” it with friends and relatives.
Also depends on who you are dealing with. Lots of stories out there of people coming into good fortune like the lotto only for families, marriages and friendships to be destroyed. Parents suing their own children over a piece of the winning ticket, people murdered over the winnings, others committing suicide.
There once was a thread on here years ago about wills / inheritances, etc. the stories some of the posters told like one where one of the kids skipped the burial so they could start taking items out of their parents house before the others got there, makes you doubt your faith in humanity. Otherwise rational and good people lose their minds over money and it’s amazing what they may think they are entitled too.
offdee
Footballguy
So the real reality is that the people who constantly play the lottery and have the best chance of winning (because they play so often) are the less educated and financially not well off (which means not good with money). So it makes sense that a good portion of winners piss it all away because they have no clue how to handle money. Same reason that many NBA players end up in the same boat… many come from poverty and are young/immature so are just in over there head.
Wingnut
Footballguy
I think there is a long running joke that “the lottery is just a tax on people that are bad at math.” Less tongue in cheek, but there are definite arguments to be made that the lottery preys on the poor, on minorities, and on addicts. They make up a disproportionate % of lotto ticket buyers and by extension make up a large portion of the winners.
So potentially the average FBG in here in theory would be able to handle winning a bit better. To which we can point to an earlier post about the guy who was already wealthy that won and still ended up miserable so who knows? Certainly a fun thought experiment though (and always fun to daydream a little on a Friday!)
Keerock
Footballguy
Dinsy Ejotuz
Footballguy
I just want to take this opportunity to let you know you've always been my favorite here at FBG.ChiefD said:
ETA: wait, this was a hypothetical?
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WDIK2
Footballguy
Guy was carrying $545K and $200K cash at strip clubs? Sounds like he was having a good time.
brun
Footballguy
AAABatteries
Footballguy
massraider
Footballguy
People good with their money don't do the lottery. Giving them a bunch of money will only compound this issue.
The lottery itself isn't a bogeyman that curses people.
The lottery itself isn't a bogeyman that curses people.
WDIK2
Footballguy
I'm splitting it with my parents and sisters. Spread the wealth and hassle. My sisters can take care of their kids financially as I will do for mine. That would take care of everyone I would have a real hard time saying no to. I won't lose any sleep over turning anyone else down. Cousin Eddie can try hitting up my parents.
After charitable donations, I'm setting a chunk aside to earn interest that can't be touched for X number of years. Kind of an insurance policy if I do go off the rails.
I would take some friends on nice vacations, or fund some nice vacations for their families if they would let me. Most of them would just be happy if I bought an extra round or two at the bar.
After charitable donations, I'm setting a chunk aside to earn interest that can't be touched for X number of years. Kind of an insurance policy if I do go off the rails.
I would take some friends on nice vacations, or fund some nice vacations for their families if they would let me. Most of them would just be happy if I bought an extra round or two at the bar.
AAABatteries
Footballguy
This reminds me of something I've actually thought about.
Most of my closest friends are in decent shape financially but not rich and will have to work until a typical retirement age. One thing I've thought I would do with that kind of money is basically pay for my best friend's house and to retire so he and I can backpack, camp and go on other trips with him and his wife. I'd do that before I would do the same level of spending for any family members.
-OZ-
Footballguy
Annual exclusion is now up to 16K a year per person, the rest the giftee has to pay taxes on. There are some special exclusions such as paying for tuition or medical expenses. Where you get into a more gray area are things like buying a house and letting someone live in it for free for example. You could then gift the property in your will when you pass away and the cost basis gets stepped up at that time. I am not a CPA so I am sure a really good one knows lots of other ways around these things.
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Hastur
Footballguy
Luckily, I live in a state that keeps me anonymous. I would hire a fiduciary, a lawyer, and not tell a soul. No purchases out of the ordinary(houses, cars, tv's, appliances, etc.) for several months. I would tell my wife of course, but no one else. I dread the idea of my kids(17 and 15) finding out. They would tell their friends. With social media, word would get out in 1.2 minutes. They wouldn't be able to help themselves.
I love my wife, and would continue the happy union we enjoy.
After several months/a year or so, I would have my lawyer open a business, buy some office space, and stock it with office stuff. The business would exist in a manila folder really. I would just use it to tell people I worked there if anyone decided to dig a little. I'd use the office to manage my funds, and maybe start investing in real estate once this current bubble bursts.
I love my wife, and would continue the happy union we enjoy.
After several months/a year or so, I would have my lawyer open a business, buy some office space, and stock it with office stuff. The business would exist in a manila folder really. I would just use it to tell people I worked there if anyone decided to dig a little. I'd use the office to manage my funds, and maybe start investing in real estate once this current bubble bursts.
Leroy Hoard
Footballguy
Poor people are just looking for a way out. The already rich guy is the one who gets me. If you are already rich why play the lotto?
Chadstroma
Footballguy
The one that gets me was the mathematician that one the lotto.
I would say that I am neither poor nor rich and I don't play all the time but I do partake at times and it is more of a ticket for a mental escape of "what if I won" and live that life a little in that fantasy world. $300MM is a lot of fantasy life
massraider
Footballguy
When I was in college, and running around, I had a little tradition where I would grab a Megabucks ticket if I had made a new lady friend the night before. Kind of a little joke to myself about getting lucky.The one that gets me was the mathematician that one the lotto.
I would say that I am neither poor nor rich and I don't play all the time but I do partake at times and it is more of a ticket for a mental escape of "what if I won" and live that life a little in that fantasy world. $300MM is a lot of fantasy life
Every once in a while you get behind that guy at the store, he's got a whole system, knows the different scratch tickets, wants to know how many are left....depressing.
Sand
Footballguy
Lottery not allowed in my state, so I get to buy rarely. When I do I tend to leave it in my wallet for a while, that way I might be a winner. Schrodinger's lottery ticket.
ignatiusjreilly
Footballguy
My oldest childhood friend is actually confronting this question right now. He didn't win the lottery, but his father made a fortune in real estate and has basically set him up for the rest of his life.
Meanwhile, two years ago he was diagnosed with multiple myeloma. He had had a few different jobs he worked in (teaching, consulting) that had already started drying up during the pandemic, and in any event he needed to focus full-time on his treatment. But he responded really well and, while MM is incurable, it does not seem to be something that's going to be affecting his day-to-day life for the foreseeable future.
So that's where he is now: He's 48, doesn't have a job, doesn't really need one, and he has a bit of a #YOLO attitude as a result of his health scare. Oh, and on top of all that his youngest daughter is heading off to college in the fall, so he and his wife (who works as a nurse) will be empty nesters.
I was talking through his whole situation with him recently and I honestly wasn't sure what to tell him, other than to take some time and figure out what would motivate him to get out of bed every morning -- whether it was a job, charity work or something else -- then find a way to do that.
glvsav37
Footballguy
thats got to be a challenge, with his wife working FT, there is only so far you can go and sitting home watching family feud all day would drive me crazy.
But with his health situation, does it effect his expected life span? Could it come back at some point? b/c if so, and that was me, there would be very little to keep me home all day. I'd be out doing everything I can.
one thing I would recommend to people dont want to work or but not really retire either is (if they have a decent personality) is look into speaking or writing a book. Find a topic they know a ton about (from their old career, or like your friend, this health scare) and become an expert at it. Then you can get into circuits where you go to conferences to speak (If you have a book even better). Travel when you want, they sometimes pay for it, its a slow go at first but its something that can keep him motivated.
offdee
Footballguy
This all sounds good at the surface, but I have a hard time believing this is how it would actually play out if it was real life.
- So you'd give your parents $100 million and your sisters $100 million ?
- "Cousin Eddie can hit up your parents". I mean elderly get preyed upon by random dudes that call up and say their computer has a virus. I wouldn't put that kind of pressure on my parents and feel like they wouldn't get taken advantage of daily.
- "Most would be happy if I bought an extra round or two at the bar". Yeah, now. If they knew you were worth $100-$300 Million they would roll their eyes if you didn't pay for everything anytime you were together.
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brun
Footballguy
Bold reminded me of a friend years ago. Her sister won 2 million in Atlantic City (I think on a $100 a pull slot machine). Friend received a very nice souvenir sweatshirt. Friend expressed disappointment.
offdee
Footballguy
$50K and $300 Million not really comparable.I won 50k once and my wife and I gave our parents and our siblings some cash. I'd say it was about 5k that went to them.
Think of it this way....you gave 10% of your winnings to your family. Seems reasonable (and I agree). With that same mentality after winning $300M that would still be $30 Million to your family (maybe $10 Million to your parents, $10 Million to your brother's family and $10 Million to your sister's family). Again, that's a hell of a lot of money but still reasonable I guess.
Saying you'd split up $300M equally with your family and giving them each $100 Million is crazy.
The smart play is....
- pay off all your brother's and sister's debts (houses, cars, credit cards, etc), put money into a college fund for all their kids ($200K each kid) and then give each family maybe $5 Million to do what they want with
- similar mentality with your parents...pay off all debts, but then move them into a new house at their desired location (by water, etc), have hired help, chef and driver to take care of them and have all of their expenses routed to your Accountant to pay for out of a parents fund ($5 Million maybe). You basically just pay for whatever they want but you don't put that much money in their hands to get taken advantage of.
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Leroy Hoard
Footballguy
Did her shirt say "My sister won 2 million in Atlantic City and all I got was this crunmy sweatshirt"?
Keerock
Footballguy
Often wondered if this could be bypassed/hidden by paying off mortgages/car loans/student loans/etc instead of just writing them a check.
Doug B
Footballguy
[Reads offdee's post]
[Checks out tuition at Savannah College of Art & Design for kids]
SCAD: "Hey, Ivy League - hold my beer!"
:X 
[/Checks out tuition at Savannah College of Art & Design for kids]
[/Reads offdee's post]
...
Might need to make that $500,000 for each kid. A cool million if they're toddlers.
offdee
Footballguy
[Reads offdee's post]
[Checks out tuition at Savannah College of Art & Design for kids]
SCAD: "Hey, Ivy League - hold my beer!"
...
Might need to make that $500,000 for each kid. A cool million if they're toddlers.
Ok how about $300K into a nice interest earning account then?Also remember you gave their parents $5 Million to play with and no remaining debts. They can make up the difference, if needed.
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-fish-
Footballguy
