This is high on my thoughts list when I think about winning a ton of money - how many friends would get $ from me and how much? My good friends would get at least a few hundred grand each (I've thought 100k-250k, and/or $50k for each child's college fund)
Farmville, I have a question. How did you arrive at your hypothetical dollar amounts to give to your friends? With, say, a billion dollars, couldn't you just throw (insert random # here) million at them all for whatever purpose suited them? I'm genuinely curious, not trying to be snarky in any way. (Keep in mind I started this thread, so I really wonder about the issue from all aspects and perspectives.)
I started off at like $1mil per good friend and then realized that was kind of fucked up to my family members that are poor/struggling. But then giving away $50mil just seemed to be a bit much, considering that I'd owe roughly 40% in gift tax on amounts over 22mil I gave away. I feel like I'd want to cap my friend/family giving to about 5-10mil.
$100-$250k is life changing money for most people. That was my ruler. If I won 1.6bil and netted 800mil maybe those numbers would go up lol.
I guess this all assumes I even play the lotto, which I don't. =/
All you people saying you don't want the money are also people who pass when offered dessert, or switch seats with a stranger and end up in the middle seat on a plane, or claim to never be annoyed by their children, aren't you?
I’ll be the first to admit that I am frequently annoyed by my children, but yes, I have done the other two on more than one occasion. (It is extremely rare for me to order dessert at a restaurant...mostly because I’m cheap, but also because I’m generally full anyway.)
Part of my answer does come from a place of privilege, however. Other than our mortgage, we don’t have any debt. We don’t have any family in serious debt. We make enough money to live very modestlyin the Midwest, but very comfortably for us. I would love to travel more.
$10 mil would be manageable...more travel and paid off home for ourselves and our families and supporting our favorite charities. But almost $1B is an unfathomable amount of money. I’d fear that even if we gave family $2mil, some would still feel like they should get more because it’s such a small portion of the winnings. As cheesy as it sounds, relationships are more important to me than money, and history suggests that winning big lotto is not good for relationships. I also like to have a private life, and wouldn’t want to sacrifice that.
Can I just say how much I hate going to performances with the general public? I’m sitting in the best seats in the house tonight watching Philip Glass’s Satyagraha and the guy next to me is taking pictures on his cell phone and the guy behind me keeps taking with his trophy wife. I used to just hate going to rock concerts but now even classical/opera concertgoers annoy the shit out of me.
I need to win the lotto so bad so I can buy out all the seats in the theater. But now that I think about it, it might be pretty pricey to buy out all the seats in here. In this section alone it would be around $144,000! Maybe I can just go to dress rehearsals or something. :/ Or maybe I can do a donation...
Can I just say how much I hate going to performances with the general public? I’m sitting in the best seats in the house tonight watching Philip Glass’s Satyagraha and the guy next to me is taking pictures on his cell phone and the guy behind me keeps taking with his trophy wife. I used to just hate going to rock concerts but now even classical/opera concertgoers annoy the shit out of me.
I need to win the lotto so bad so I can buy out all the seats in the theater. But now that I think about it, it might be pretty pricey to buy out all the seats in here. In this section alone it would be around $144,000! Maybe I can just go to dress rehearsals or something. :/ Or maybe I can do a donation...
You can build your own theater on your gigantic property, and hire the performers to come to you at your leisure.
I already know which lawyer I'd contact (farmvillelover), because our goal after winning would be to quit our jobs asap. Then I'd hire a driver/bodyguard (mostly for the kids), and we'd move out of the house to an undisclosed location until the school year is over. Then we'd go to a South Pacific island for the summer and figure out what we want to do.
But like, what would you tell everyone? If I randomly picked up and moved to a random state for no apparent reason and didn't get a job, bought a nicer house, suddenly traveled more, etc...how am I supposed to hide that from everyone I know?
I feel like they would figure out something was up, unless I manufactured an entire public life that I wasn't actually living, which would be weird. Even if I used 100% for philanthropy, am I supposed to never mention it to anyone? I don't really want a ton of money if it essentially means going into a witness protection program.
You're overestimating the amount of friends and family I see in person regularly.
Also, acquiring property and "moving" on paper doesn't have to be a physical move. BF would gladly house me here so I could have my name on documents elsewhere. All moot if you have to claim in the state of purchase.
ETA I'd actually still stay in my current town. However, if I won tonight, at first I'd say the increase in lifestyle comes from getting married and BF's salary. But that would only get me so far.
I don't see any friends and family regularly since I just moved to the east coast and don't know anyone here! But I loosely keep in touch with a bunch of people and have a large extended family. I just can't see never being truthful when people ask "what have you been up to", never inviting anyone over to my beautiful home, never sharing that I traveled somewhere or talk about a charity I am deeply involved with. Unless you literally never speak with anyone about your life, I don't think it is realistic.
I guess maybe you could tell people you won the lottery, but not disclose how much you won? That might be easier.
Oh my gosh, yes. I would finally have my dream kitchen and some coat closets!
I would also dump money into our local Ronald McDonald House so they could start phase two of their build early.
My 5 year old's small private school always seems to be hovering on the brink of financial sustainability. I would dump a TON of money into their building, programs, and create a trust. They provide education to a number of children who just wouldn't fit in anywhere else, and a possible closure in the future would be devastating on so many levels.
I'm not worried about the general public knowing I've won the lottery.
Oh, and I would also buy myself a ridiculous luxury SUV.
I just realized that I never actually said if I'd want to win.
I think it's just such an unfathomable amount of money--that's where I'm struggling with it. A couple of mil, I could help my family and friends, pay for my son's education wherever he wanted to go, do the home improvements we want, pay off the cars and mortgage, donate to our favorite charities. I would still work. H would still work. My son would continue to go to public school. We could travel (albeit in a broader scope). All of which we do now. We would not move. We would still go to Chili's on Friday nights.
I was talking about 1 billion dollars with my son (he's 7, we were imagining ridiculous things like a castle with a moat, he wants a Lamborghini, lol, and 1 billion Pokemon cards. Lots of laughs--I told him we would stay in our house, but we'd have to hire Jeff the Security Agent--he gave this imaginary person the name).
Someone said upthread that they value relationships more than money (or something to that effect). I absolutely agree and I think that it influencing my thoughts on this subject.
I would worry about security, hence Jeff the Security Agent.
I absolutely would love to win $1 billion dollars. But I would give all but about $20 million away. That seems like the right amount to buy a few things we’ve always wanted, travel more, and allow DH to retire early.
I think it’d be fun to run a foundation, and also to aggressively fund progressive causes and campaigns in our state.
It would be really hard because I don't trust anyone. I couldn't just give 30 million to a charity to mismanage. Lawyers and FAs I just met and who will most certainly just kiss my ass to keep fees rolling in? Blech. But it's too much to manage on your own. The hardest part would be needing to remain living in society so my son could have some semblance of a normal life. But I'd want to live in a gorgeous home in a great place, but then he'd be growing up with jerks in a bubble. The sweet spot of a lottery for me would be probably be clearing 10 million. But if I had to "choose" between 100 and 900 I guess 900 would be better because you could really change things and never run out.
With that kind of pile I would give every family member the same regardless of need. I do think a million would shut everyone up. For nieces and nephews, probably some kind of trust so first spouses don't walk off with most of it. LOL We have very few friends and we'd cut them in for probably the same.
I have not had good experiences trying to make friends since moving where we live now and becoming a parent. We would leave here immediately. Like, lock the door and come back later for the sentimental things. And a big part of the joy of winning to me would be thinking of everyone we have met "I bet you wish you were nicer to us."
I think one of the things that would make it more desirable to win and still live a reasonably happy life is being able to keep it a secret. I live in one of the states that lets you stay anonymous. I wouldn't even tell my family how much I'd won. Honestly, I think I'd still want to work because I love teaching. Beyond a million or two, we'd probably give the rest away.
Oh shit. I totally forgot about my in laws and H’s friends. Initially I was planning for payouts to 20 people. But now shit got much more real. Do you think if I invited them to one of my private classical music performances (sitting in the balcony of course) we’d be square?
Oh shit. I totally forgot about my in laws and H’s friends. Initially I was planning for payouts to 20 people. But now shit got much more real. Do you think if I invited them to one of my private classical music performances (sitting in the balcony of course) we’d be square?
I’m sure it would be fine...
Just like how we spend hundreds each on Christmas presents for my family (4 people) and $15-20pp on his family (10 people).
Ok, probably not. Just cut the amount to his side by two thirds and hope people don’t share details.
I'd want to win. I'd also start a left-wing super PAC, and a domestic foundation ala The Bill and Melinda Gates Foundation. Family and friends would get money put into trusts setup to minimize gift taxes and to keep their dumbasses from blowing it all on stupid shit (my brother's money and one of my SIL's would be gone in a snap otherwise, and I'm not handing out oodles of cash to minors).
I don't have any specific lawyers and/or money handlers in mind, but Bill Gates and Jeff Bezos are both some of the richest men around, so I'm guessing that it wouldn't be too difficult to find out their firms and use them.
I also made a deal with a friend last night to do a first class trip to Harry Potter World if either of us won. 😂
But mostly it's just fun to dream since the odds are not in my favor.
Oh, and while I'd do good things with the money, I would also absolutely buy some totally insane stuff. Like an apartment in Florence and another in NYC and probably a totally ridiculous car that I don't even know exists. And a shitton of shoes. And a diamond infinity band.
Let's be real.
See and I’m over here like I’d buy that Honda Odyssey 😂 (I do have bigger dreams for other areas of my life).
I'm with you. I would get an odyssey, and ger wharevwr catches my eye at Target. Clearly, I dont know what to do with money like that.
"Hello babies. Welcome to Earth. It's hot in the summer and cold in the winter. It's round and wet and crowded. On the outside, babies, you've got a hundred years here. There's only one rule that I know of, babies-"God damn it, you've got to be kind.”
Post by minionkevin on Oct 21, 2018 20:07:47 GMT -5
Yes, I could do a lot of good with that sort of money. First, I would pay off my cleaning lady’s house, pay for her oldest DD’s quinceanera in a few months, and give her a bunch of $$$ for her 6 kids (3 are biologically hers and the other 3 are her sister in law’s kids she and her H have taken in as fosters and are adopting) then I would pay off the SLs of any of my friends. That would probably be only the first million as we’ve been out of school for awhile. I would buy my parents basically whatever they want - a truck and a new house in FL for my dad, a new SUV and a beach house up here for my mom would be good starts, I think. I would do whatever I could to keep my FIL out of my hair, haha. I would set up college funds for all of my friends’ kids, and of course pay for my own kids’. I would give my kids’ nanny a good chunk for herself and to give to her grandkids, since I would eventually quit my job and she’d subsequently be out of a job, at least until/if she found something new. I would take everyone I love on a huge vacation - either Hawaii or Disney World for at least a week, maybe a cruise. I would give a bunch to Kid1’s YMCA program, to ensure they keep running the program in perpetuity. I would buy my 2 BFFs each a house (one is looking to upgrade as their family grows, the other has never lived in a house they/their family has owned). I calculated I could give $100k/day for 20 years to a different charity each day and account for $730MM, not including any investment income/interest, etc. That leaves me $200MM + the interest for the personal endeavors I mentioned above.
I've given this a lot of thought. Nuclear family would get a considerable amount to manage on their own (or in the case of my brother with a trust). I'd pay off mortgages for extended family and then set up a trust so every kid gets a free college education. I'm not handing out money, just making life easier. I have a few close friends from graduate school. Everyone's Student Loans get paid off and a new car for everyone! I'd hire an etiquette coach so my "new money" stench isn't so strong. Hire a trainer, lose weight, do an epic "Pretty Woman" shopping spree with my bestie and then sit back and do nothing for a year until I figure out what I want to spend time on. I don't think I would create my own charity, just set up endowments for a bunch that are already doing good in my community. I would focus the majority of giving/political support on fixing the education systems.
Post by amberlyrose on Oct 22, 2018 13:42:10 GMT -5
Um, yes. First, I'd call farmvillelover, then set up trusts upon trusts. Everyone close to me would get one and it would managed by another family member/friend so no one could be stupid, including us. Like my nephews would have a trust but their aunt (my SIL) would be the executor or whatever. I'd also make it clear that this is their cut and that is it. If my someone decides to spend theirs on a ridiculous home with a large mortgage, that's their choice but I'm not giving them more.
DH and I both love our jobs, but I'd ask my boss if I could go to part time for now until I figured everything out. Some of our coworkers are independently wealthy and have good contacts. Since I WFH, I'd pack my family and my parents up and go somewhere remote for a few months to avoid everyone. While there, I'd hire a personal trainer and chef to get me, H, and my parents to healthy, hire a few experts to teach us about different charities and laws on PACs, and set up a foundation or two. Then I'd come back mentally ready to spend the rest on charity and politics as my full time career, which has always been a dream of mine.
(Also, you know farmer is crossing her fingers that if anyone wins, it is one of us. lol!)
(Also, you know farmer is crossing her fingers that if anyone wins, it is one of us. lol!)
You know, it's funny but estate/trust attorneys don't stand to make a ton of fees for planning even for very high net worth people the way financial planners/advisors do! The most recent clients that were in the hundreds of millions NW and 3 in the billion range, our fees didn't even exceed $250k. At least not for the "planning" part, and that included several trusts and strategy planning/implementation. The big $ in my area of law is in contingency fees, probate fees and litigation cases.
(Also, you know farmer is crossing her fingers that if anyone wins, it is one of us. lol!)
You know, it's funny but estate/trust attorneys don't stand to make a ton of fees for planning even for very high net worth people the way financial planners/advisors do! The most recent clients that were in the hundreds of millions NW and 3 in the billion range, our fees didn't even exceed $250k. At least not for the "planning" part, and that included several trusts and strategy planning/implementation. The big $ in my area of law is in contingency fees, probate fees and litigation cases.
But yes I'd love to have one of you guys win lolz
That blows my mind, because you would think the more $/time for planning means less for litigation later on.
I bought 3 tickets and did the quick pick or whatever it's called when they pick for you and all 3 tickets had a number in common. That seems like a bunch of BS.
I bought 3 tickets and did the quick pick or whatever it's called when they pick for you and all 3 tickets had a number in common. That seems like a bunch of BS.
This is why I always pick my own numbers, quick picks almost never wins
I bought 3 tickets and did the quick pick or whatever it's called when they pick for you and all 3 tickets had a number in common. That seems like a bunch of BS.
This is why I always pick my own numbers, quick picks almost never wins
70% of Powerball winning tickets are machine chosen numbers.