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What would you do if you won $40 million?

Now, I wasn't originally going to mention this because I'm not sure how I feel it affects one's view of his actions. Despite looking like a trucker, Tom Crist was a CEO of an electric company or something. Said company was sold a year ago for $1B+, upon which he retired. He got the phone call from Canada Lotto while golfing in Palm Springs.
 
The Money Millions jackpot is apparently over Half a BILLION right now.

If I won a lottery I know I would not line the pockets of an established charity with it. I would probably just give a lot of it directly to the people I thought had the need for it. The rest I would spend on strippers, exotic drugs, and naming stars.

Gary Coleman the brown dwarf star.
 
heyhey said:
I would probably just give a lot of it directly to the people I thought had the need for it. The rest I would spend on strippers [and] exotic drugs
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As would probably many of the people who you thought had the need for it.
 
heyhey said:
The Money Millions jackpot is apparently over Half a BILLION right now.

If I won a lottery I know I would not line the pockets of an established charity with it. I would probably just give a lot of it directly to the people I thought had the need for it. The rest I would spend on strippers, exotic drugs, and naming stars.

Gary Coleman the brown dwarf star.
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Lol
 
You figure that in the US you would take roughly 1/2 that home after taxes. So let's say 20 million to keep it simple. Even if you just stuck it into an account with %3 interest that is 600,000 a year in interest. I could live off of that just fine.

So in short I'd retire and do all the things I want to do. Like travel.
 
Stoked said:
You figure that in the US you would take roughly 1/2 that home after taxes. So let's say 20 million to keep it simple. Even if you just stuck it into an account with %3 interest that is 600,000 a year in interest. I could live off of that just fine.

So in short I'd retire and do all the things I want to do. Like travel.
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Good luck finding 3% interest nowdays... BTW, if I am not mistaken, with lottery winnings you can take "lump sum" which is 60% of the won sum or the whole amount as spread payments over a number of years. You are always better off taking the lump sum of around 25mil, then substract 1/2 in taxes - thats around 12 mil. Certainly will give you social independence, pay for college for your kids and let you travel but not an amount that you could live like a king. I've also heard several stories of (previously poor) ppl winning lottery and spending it all in a matter of few years.

Careful investment would preserve your capital, for sure...
 
dodo said:
Good luck finding 3% interest nowdays... BTW, if I am not mistaken, with lottery winnings you can take "lump sum" which is 60% of the won sum or the whole amount as spread payments over a number of years. You are always better off taking the lump sum of around 25mil, then substract 1/2 in taxes - thats around 12 mil. Certainly will give you social independence, pay for college for your kids and let you travel but not an amount that you could live like a king. I've also heard several stories of (previously poor) ppl winning lottery and spending it all in a matter of few years.

Careful investment would preserve your capital, for sure...
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If you go deposit 20+ million into a bank you get all sorts of little bonuses that normal accounts dont get.

I agree on the investment part of it though. I was just pointing out that simply throwing it in an interest bearing account would earn you money.

I could live exactly how I want and not spend 600k a year.
 
dodo said:
Good luck finding 3% interest nowdays... BTW, if I am not mistaken, with lottery winnings you can take "lump sum" which is 60% of the won sum or the whole amount as spread payments over a number of years. You are always better off taking the lump sum of around 25mil, then substract 1/2 in taxes - thats around 12 mil. Certainly will give you social independence, pay for college for your kids and let you travel but not an amount that you could live like a king. I've also heard several stories of (previously poor) ppl winning lottery and spending it all in a matter of few years.

Careful investment would preserve your capital, for sure...
Click to expand...

I would take the whole amount spread out so I know I never have to worry about money again.
So if I blow everything I have or get robbed or whatever then I know next year I get whole bunch of money so its all good
 
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