$26 million Powerball winner: No more work for me

[Freejack2]

Hmm so the guy got $17,729,483 after taxes. Put that into something paying 5% interest annually (assuming none was left in to compound) would be $886,474.15 annually.
With 886k a year income a person could live like a king and not lose it all. Anyone care to guess on if he asks his fiancee for a prenup before getting married?

If I had won that much I'd probably bank all but $500,000, and use the 500k to pay off everything owed, start having a house built, and travel the world. At 70k a month to live on I think we could do quite well considering it's more than most people make in a year.

 

[LordThing]

17 mil, eh? Probably invest 10 of it in long term investments 5 in stocks and short term investments and keep 2 of it as "pocket money" Pay off my and my family's debts (parent's and sister's). Even after all that, I probably would have mil and a half to play with for all my spluging needs. I definately would keep working for at least a year until my accountant and lawyer work all the bugs out of my portfolio. Definately would go into business for myself. Maybe some Venture capitol or Networking firm.


Sigh....never will happen, though :/

 

[amnesiac]

I'd give it all to my parents..it'll come back to me sooner or later, and my mom is a financial planner so she'd know best what to do with the cash.

I figure keeping that much money in an account or fund with just 1% interest would be enough to live on for a looooooooong time.

 

[azazyel]

The biggest mistake this guy made was getting on CNN.com. If I won I would make sure that no one knew even if it meant having a lawer claim the prize for me. Sure, there is a chance at getting screwed but I have seen it done before. I figure I could live my normal life for a few years while my money is chillin in an account gaining interest. Then when the time comes I would get a backpack take a cab to the airport and just pick a plane at random and start traveling.

 

[Koing]

17 mill to play with

I'd stick 15 mill in to a bank and I would have a team of advisors to to 'help' me make better of the money for 'life' and not the next 20 years or so.

The othe 2 mill will be spent on gifts for myself (which would probably be a Ferrari £120k), family and friends.

Thats it. I would one hell of a phat house also. It would leave plenty and I plan on making a lot more money from the 17mill.

Then I'd work a job or do something......

 

[Amused]

<< The biggest mistake this guy made was getting on CNN.com. If I won I would make sure that no one knew even if it meant having a lawer claim the prize for me. Sure, there is a chance at getting screwed but I have seen it done before. I figure I could live my normal life for a few years while my money is chillin in an account gaining interest. Then when the time comes I would get a backpack take a cab to the airport and just pick a plane at random and start traveling. >>



I believe buying a lottery ticket gives the state the right to prop you up in front of the cameras to collect your winnings. I'm not sure though, anyone know if you can remain private?

The reason I believe this is there are people who have tried to remain private, but could not avoid having pictures taken and their name published.

 

[gogeeta13]

<< If I won...come on Kansas lottery! I'd put that 17 mil into a loaded fixed account (%5.5 load) that guarantees %4 but usually pays around %6.25. That would be 16 mil of equity and between 640,000 and 1 million a year from interest. >>



exactly, I would take 90% of what i won, and toss it into an account. I would continue my life living off the interest and reinvesting the money so my lump sum grows along with the inflation so my family will always be rich as time goes on

 

[StageLeft]

Remember guys inflation is 2% so it's still not worth throwing into a gauranteed account. At least put half into a nice mutual fund

Anyway with $17 million you could easily setup a little hut somewhere in Switzerland and all your "friends" would never be able to find it. Personally unless I needed cash to pay off a bookey or pay for an operation I'd do anything not to have to ask a family member for handouts just because they'd won a few million. If a friend got rich I wouldn't ask them for money either. that's just tacky and tacktLESS

 

[DanFungus]

9 MILLION is taken out in taxes!!! GEEZ

 

[911paramedic]

<<Looks like he should allocate some of that loot for some dental work.... >>

AHHHHHHHH!!!! That is SO the first thing I was thinking when I saw that pic.


On a very sorry note about millionaire winners:






We had a waitress win millions on our statewide slot here a few years ago, and we were happy it was a local that won. A couple months later she was struck while stopped at a red light by a drunk driver. I will spare the details that a co-worker that was at the scene told me, but she is a quadrapalegic now and her sister (her only passenger) was killed. Very sad story.

 

[sandmanwake]

I believe all but one state requires that the lottery winner's identity be revealed to the press. The argument for doing it this way is so that the state can't just claim someone won the money and then just pocket it. Or even worse, someone working for the lottery people set up a false identity, steal the money, but claim that someone else won it.

 

[azazyel]

Still, if you claimed it about 3 months after the fact I wouldn't think that the publicity would be that big. The news people were probably waiting for him at the lottery office.

 

[Smolek]

<<

<< Looks like he should allocate some of that loot for some dental work.... >>



I agree! :Q >>

 

[Eug]

If you take the 48 million, how is it disbursed?

Hmmm... 17.7 million US. That's $28+ mil Canadian. (Note that in Canada no taxes are levied on lottery winnings, but there is nothing over 20 mil here.)

1-1.5 million - new house
100000 - new toys
1 million - charity
Pay off my debts.

That'd still leave me with 25 million to invest. I'd probably take 10 and stick it in ultra safe stuff. 8 million in higher risk stuff, 5 million in ultra high risk stuff, and 2 million just to have around.

 

[AmigaMan]

I don't know bout you guys, but I just love listening to you people spend this money. It's very interesting, many different ideas, and suprisingly a lot of wise people here who would invest it.
If I won a lottery, I'd invest most of it, and just travel. I miss Hawaii...

 

[SammyBoy]

you guys are on crack!

i understand studies have been done and *blah* (lol, that bunny show).
but still, 17 million is a huge amount of money. 2 million dollars for a mansion. 1 million for cars for him and his family. 2 million tossed around to friends. 2 million invested. and guys, you cant blow a few mill on a vacation! what are you thinking. Anyhow, so you spent tons of money, got all you could ever ask for, and you have 10 million dollars. 10,000,000 dollars! 1% a year on 10 mil is 100,000 a year!

hahaha, you guys like, 1 mil on house, 1 mil on cars, 6 mil on vacation. Ya...if the rest of your life was a vacation riding a private jet and staying in 5 star hotels.....MAYBE, after 25 years, could you spend that much.

Plus that guy ran his own company. He will not be broke ever, and I'll take that bet viper GTS

 

[StageLeft]

<< 2 million dollars for a mansion. 1 million for cars for him and his family. 2 million tossed around to friends. 2 million invested. and guys, you cant blow a few mill on a vacation! what are you thinking. Anyhow, so you spent tons of money, got all you could ever ask for, and you have 10 million dollars. 10,000,000 dollars! 1% a year on 10 mil is 100,000 a year! >>

Exactly - you just blew half of it in 6 months. If you have a subscription to the Robb report there would be no shortage of things to spend your money on. Him having run his own company does say something of his financial abilities, so that is on his side.

 

[Demon-Xanth]

I'd get a section of new road named after me. Because w/ $9M in taxes, you know that I paid for that damn thing!

 

[Viper GTS]

<< Exactly - you just blew half of it in 6 months. If you have a subscription to the Robb report there would be no shortage of things to spend your money on. Him having run his own company does say something of his financial abilities, so that is on his side. >>



Unfortunately it doesn't say much. There is no shortage of "self employed" Americans who are constantly broke, they just want to work for themselves - they have no real business/financial sense.

Viper GTS

 

[Perknose]

<<I'm the sort of guy that would be responsible enough to handle $26 million reasonably.>>

Skoorb, no flame here, but that cracked me up!!

 

[wiredspider]

Here in DE, the winners can remain anoymous if they want too. I believe a few other states have the same right. Here's what I would do with the money :
Put like 10 million in a high interest account, a CD or whatever. I wouldn't touch that for a while(I hope..). Then put 5 million into a savings account where I can use it at my leisure, just use the interest. I would buy 1 or 2 new cars and a nice house. Then I guess I would set aside 125K for college, might need a job someday:Q. Guess I better make that 275K so my bro goes to college too. If anyone ask where all this stuff came from, I'll just say my mom made some really good stock picks a while back and she forgot about them.(something like she bought some cheap M$ and Nvida). Oh yeah, I would pay the anandtech subscriber fee so this board would load faster.

 

[toant103]

"Thursday's jackpot was worth $48 million but Berggren and DeMuynck claimed it in a lump sum of $26,072,769, or $17,729,483 after taxes"




Uncle Sam

 

[Amused]

<< you guys are on crack!

i understand studies have been done and *blah* (lol, that bunny show).
but still, 17 million is a huge amount of money. 2 million dollars for a mansion. 1 million for cars for him and his family. 2 million tossed around to friends. 2 million invested. and guys, you cant blow a few mill on a vacation! what are you thinking. Anyhow, so you spent tons of money, got all you could ever ask for, and you have 10 million dollars. 10,000,000 dollars! 1% a year on 10 mil is 100,000 a year!

hahaha, you guys like, 1 mil on house, 1 mil on cars, 6 mil on vacation. Ya...if the rest of your life was a vacation riding a private jet and staying in 5 star hotels.....MAYBE, after 25 years, could you spend that much.

Plus that guy ran his own company. He will not be broke ever, and I'll take that bet viper GTS >>



With only 2 million invested you could never afford the property taxes and upkeep on a 2 million dollar home, much less the expensive lifestyle you seem to think you'd have.

Property taxes on a 2 million dollar home would be at least $40,000 a year. 60-80,000 in higher tax locations one is likely to live if they want a "rich" lifestyle. Upkeep would be another 20-30,000 a year at least. Right there is your first $100,000 blown just supporting your house.

And remember, you pay full income tax on interest. So your 100,000 is instantly less than $65,000 after fed and state income taxes.

The BETTER plan, and the one that will not make you broke in ten years (your "plan" has you bust in five, I guarantee) is to invest ALL of it, minus any outstanding debt you currently have, earn 5% on a diversified portfolio and get over 800,000 a year. When the economy picks back up, you'll earn closer to 15% and 2.5 million a year.

My plan allows you to have a 2 million dollar home at first (Financed with a 5 year loan), and you can get a bigger one later. It also allows you to be VERY generous with family and friends while at the same time guaranteeing you never go broke.

Folks, NEVER spend your capital if you don't have to. In fact, you should always be ADDING to whatever capital you have, not blowing it on friends and houses you can't afford in the long term. This is where so many go wrong like lottery winners and entertainment stars. They can't fathom how one could spend all that money, but it's a HELL of a lot easier than one thinks.

 

[Lucky]

i'd buy mike tysons 50,000 sqft. mansion that he had on the block for like 4 mil. That would be the sh*t!

 

[Stiler]

if people were smart, put about 27million in banks, draw lotttttt of interst and your set for life, don't facking go buy everything you ever wanted.