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re: If you win the lottery, are you quitting your job and how many people are you telling?
Posted on 9/13/23 at 3:42 pm to SwampyWaters
Posted on 9/13/23 at 3:42 pm to SwampyWaters
Let's say $500 million. I'd stay in my job long enough for a smooth transition but I would not be doing much actual work. I'd take $100 million for my personal use, and the rest after paying taxes would go to my charitable foundation for local causes. My new job would be managing my investments and the charitable foundation. I would train one or two of my kids to take over for me and run the charitable foundation eventually, and manage its investments with the investment profits going to their salary and charitable causes we select, while maintaining the assets of the foundation so that it can last a while. But the foundation would not be named after me. It would have a generic name. Everyone who cared to would find out it is me, but I would not go around trumpeting it.
4
Posted on 9/13/23 at 3:45 pm to vistajay
quote:Exactly this.
Let's say $500 million. I'd stay in my job long enough for a smooth transition but I would not be doing much actual work. I'd take $100 million for my personal use, and the rest after paying taxes would go to my charitable foundation for local causes. My new job would be managing my investments and the charitable foundation. I would train one or two of my kids to take over for me and run the charitable foundation eventually, and manage its investments with the investment profits going to their salary and charitable causes we select, while maintaining the assets of the foundation so that it can last a while. But the foundation would not be named after me. It would have a generic name. Everyone who cared to would find out it is me, but I would not go around trumpeting it.
Posted on 9/13/23 at 3:47 pm to vistajay
quote:
But the foundation would not be named after me. It would have a generic name.
"O" THE ROSY FINCH BOYZ, L.L.C.
This post was edited on 9/13/23 at 3:48 pm
Posted on 9/13/23 at 3:50 pm to vistajay
quote:
I would train one or two of my kids to take over for me and run the charitable foundation eventually, and manage its investments with the investment profits going to their salary and charitable causes we select, while maintaining the assets of the foundation so that it can last a while. But the foundation would not be named after me. It would have a generic name. Everyone who cared to would find out it is me, but I would not go around trumpeting it.
along similar lines, if we're talking the 100MMs area, i'm going to go build a business on the wrong side of the tracks in my town and offer child care and transportation to the lower income families. if it fails, tax write off and i tried.
i've read that plenty of rich folk do this as a service to their communities to give jobs and have an investment, but also use it as a giant tax write off if it goes poorly. i do genuinely want to help, but i'm also not giving something for nothing to able bodied people.
Posted on 9/14/23 at 8:51 am to vistajay
quote:I actually know someone who did this. The money was from the sale of a business though and not lottery. He has many children so it is really cool to see them working for charity yet being extremely fortunate as well.
My new job would be managing my investments and the charitable foundation. I would train one or two of my kids to take over for me and run the charitable foundation eventually, and manage its investments with the investment profits going to their salary and charitable causes we select, while maintaining the assets of the foundation so that it can last a while.
This post was edited on 9/14/23 at 8:52 am
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