If you won the Powerball lottery?

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Jack Ryan

Single-Sixer
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Aug 21, 2012
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435
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Indiana
Buy my wife a new truck. Get us both new motorcycles.

Start getting rid of neighbors.

I wouldn't send some financial guys kids to college or a weaselly lawyer. I might hire one to set up some trusts but that is it. I don't owe anybody a nickle. Show me some "financial guy" who is still working and who can say the same and I might give him 30 minutes of my time but I doubt it.
 
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jdavis

Single-Sixer
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Feb 13, 2011
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172
Location
Florida
I agree that a good lawyer and accountant would be a priority. My first purchase would be 1000 shares of Berkshire Hathaway class A stock for financial stability and capital growth. Next, I would establish a million dollar trust fund for my grandchildren with provisions to prevent overspending the capital gains. I would perhaps invest in precious metals and land before material desires for myself.
 
Joined
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New Jersey
A different- but not new- car, maybe. A restoration. of an older better car. However, I have a related question for all:

What to you do with the money at first? I do not mean what you would by, but where would the actual money go? Banks and credit unions only insure accounts for $250K at most. CDs could be bought later I guess, but where would thge original check / transfer go that would be insured and safe? Keep in mind that Powerball payoffs are always over 100 million. At 100 million, you would have to open 400 bank accounts just to keep it all insured until you buy, invest, or do whatever you do.
 

Timbo23

Plinker and accumulator
Joined
Aug 25, 2023
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50
Location
Fairfax Co. Virginia
I've done this exercise before. Yes, a CPA and a lawyer is a must, then a trust fund for the family to establish generational wealth so they can escape the 'three generations from shirt sleeves to shirt sleeves' truism. Grand dad earns the money, 2nd generation lives well, and the fortune is dissipated by the 3rd generation.
Read 'The Millionaire Next Door' about how having money can adversely effect the sons and daughters of the family of the rich. Lots of money can be a blessing and a curse.
Oh, and I would become the biggest tipper you ever saw, 50 to 100% of the bill, plus donations to St. Judes, the Shriners, trade schools, and conservative colleges.

Oh and I would become real good friends with Jason at Lipsey's. I have a lot of ideas for special Blackhawks, SP101s, GP101s, etc, etc. I just need the money to foot the bill for their realization.
 
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Joined
Apr 4, 2009
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6,291
Location
China Spring TX
Without doubt the first thing I would buy is 10,000 rectal thermometers and then call people whether I know them or just pulled the number out of phonebooks, online wherever call at various times including 2:00 am with the following:

Me: I have 10,000 rectal thermometers, where do you suggest I put them?


Me after their reply: Oh you are just really a funny one!

Serious answer it would nice to have a getaway place especially someplace cooler for the Summer, nice and secluded and rural where folks have not ruined it...yet!
 
Joined
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Northern Illinois
A different- but not new- car, maybe. A restoration. of an older better car. However, I have a related question for all:

What to you do with the money at first? I do not mean what you would by, but where would the actual money go? Banks and credit unions only insure accounts for $250K at most. CDs could be bought later I guess, but where would thge original check / transfer go that would be insured and safe? Keep in mind that Powerball payoffs are always over 100 million. At 100 million, you would have to open 400 bank accounts just to keep it all insured until you buy, invest, or do whatever you do.

The exact same thought has crossed my mind. Showing up at the lottery office to claim my $100 million after taxes, I guess would be paid to me as a check. But then what? Overall this would be a nice conumdrum to have to deal with. I use a small investment firm locally to manage my very modest funds, so for me, I would start by meeting with those folks and asking for some confidential advice as to my next steps.

Last year I did hit a $1,600 "jackpot" on a lottery ticket. The State lottery office ended up cutting me a check which I put into my checking account at the bank and it immediately seemed to disappear.
 

Colonialgirl

Hawkeye
Joined
Dec 7, 2008
Messages
8,464
Location
Wesley Chapel, Florida
If you hit the Power Ball and decide to take CASH instead of collecting over 30 (that's RIGHT over 30 years); BE AWARE that the lotto outfit takes the amount it would have collected in interest over the 30 years THEY held that money; of course the Feds GRAB their share and if your state has income tax THEY dip their greedy fingers into the pot too. Next you have to move because the line up of greedy people with their hands out and some sad sob story would prevent you from getting any sleep.
The rest, Trust funds for kids, grand kids etc make sense and would be on my agenda too. The rest would ALL go for fun and good times and travel for ME !
gee 30 years; I'm 82 so I'd get the last dollar at 112 years of age if I went that route !
 

KIR

Sparks, NV
Joined
Mar 2, 2022
Messages
1,597
Set aside the amount one would have to pay for taxes first.
Make a lot of people have Happy Holidays: Wounded Veterans, Children in Hospitals, etc. (and those who celebrate Channukah, Christmas, Kwanza, etc...).
I am on a fixed income, own my own home and nearest relatives are 500 miles away, so basically a hermit. I am very happy leading a sedate life and don't need much.
 
Joined
Jan 10, 2005
Messages
3,019
Location
Alexandria, LA USA
The first thing I have to do would be the obvious lawyer, and CPA to help you get your best use of your money.
Then, physically, I would like to have some land out away from people but something I didn't have to worry about taking care of too much .
A decent house.
And a motorhome so I could go where I wanted when I wanted.
After that, I help take care of my grandkids
 

HW11

Single-Sixer
Joined
Apr 9, 2014
Messages
311
When I hear lottery I always think about a friend of mine. I remember when the lottery first started here. The first million dollar prize was going to be given away on Saturday night. My friend was in line to get a ticket and of course the talk was "what are you going to buy if you win". He turned around asked the guy behind him that question. The answer was priceless. The guy said man I'm going to buy the biggest double wide they make!
I love it.
As for me, I would throw it away on guns, gas, motel rooms and motorcycle tires.
 
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