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Started By
Message
You win the Powerball. Describe your first 10 steps.
Posted on 11/28/12 at 8:17 am
Posted on 11/28/12 at 8:17 am
For me
1. consult with attorney and accountant that are both experienced with large money payouts
2. advise work that I will be on emergency vacation until it runs out.
3. Consult with CFP or money manager
4. Allow my father to retire.
5. Extended vacation with wife on our savings so we can consider our options on how and who to share the money with. Also, decide on which charities/churches we will bestow our fortune on.
6. Claim Prize and disburse fortune into decided accounts
7, 8 and 9... Not really sure where I would go from here. I would like to purchase a few medium sized businesses that are currently profitable and give family members jobs. I would hope that savings interest and business investments would allow me to spend freely without ever putting a dent in the principle.
I ask this question because OT lounge has tons of silly answers. What would the thoughtfull and pragmatic of the money talk do with their winnings?
1. consult with attorney and accountant that are both experienced with large money payouts
2. advise work that I will be on emergency vacation until it runs out.
3. Consult with CFP or money manager
4. Allow my father to retire.
5. Extended vacation with wife on our savings so we can consider our options on how and who to share the money with. Also, decide on which charities/churches we will bestow our fortune on.
6. Claim Prize and disburse fortune into decided accounts
7, 8 and 9... Not really sure where I would go from here. I would like to purchase a few medium sized businesses that are currently profitable and give family members jobs. I would hope that savings interest and business investments would allow me to spend freely without ever putting a dent in the principle.
I ask this question because OT lounge has tons of silly answers. What would the thoughtfull and pragmatic of the money talk do with their winnings?
14
Posted on 11/28/12 at 8:46 am to Lookin4Par
Hookers and blow in all 50 states.
Posted on 11/28/12 at 8:50 am to Lookin4Par
quote:
I ask this question because OT lounge has tons of silly answers. What would the thoughtfull and pragmatic of the money talk do with their winnings?
quote:
Hookers and blow in all 50 states.
So much for that.
This post was edited on 11/28/12 at 8:51 am
Posted on 11/28/12 at 8:57 am to Lookin4Par
1. Change phone number. Delete any social media
2. Claim prize. Receive millions of dollars.
3. Quit job. Buy a new car and house.
4. Put a million into annuities for both mother and father to give them a 6 figure income for life, also so dad doesn't blow it all.
5. Repeat step 4 for brother and sister.
6. Move money around into several different financial institutions with good track records. Would not want all of that money with just one.
7. Take a few million and invest in real estate, different indices, and ETFs.
8. Work with an estate planner/attorney.
9. Travel the world.
10. Start up the business I've been planning for.
2. Claim prize. Receive millions of dollars.
3. Quit job. Buy a new car and house.
4. Put a million into annuities for both mother and father to give them a 6 figure income for life, also so dad doesn't blow it all.
5. Repeat step 4 for brother and sister.
6. Move money around into several different financial institutions with good track records. Would not want all of that money with just one.
7. Take a few million and invest in real estate, different indices, and ETFs.
8. Work with an estate planner/attorney.
9. Travel the world.
10. Start up the business I've been planning for.
Posted on 11/28/12 at 9:18 am to gatorsimz
Here's a question:
I'm currently living in Texas, would I be able to change my official residence to Houston after I had won, but before I had claimed the prize?
1) consult 3 sets of attorneys and 3 sets of accountants
2) make it rain in a shitty strip club
3) 2 week vacation with my closest (smartest) group of friends to discuss what I should do.
4) Ignore the advice from 1 and 3 and buy the maltese falcon
ETA: Start my own Paulson style hedge fund, and short the ever loving crap out of every company that I hate.
I'm currently living in Texas, would I be able to change my official residence to Houston after I had won, but before I had claimed the prize?
1) consult 3 sets of attorneys and 3 sets of accountants
2) make it rain in a shitty strip club
3) 2 week vacation with my closest (smartest) group of friends to discuss what I should do.
4) Ignore the advice from 1 and 3 and buy the maltese falcon
ETA: Start my own Paulson style hedge fund, and short the ever loving crap out of every company that I hate.
This post was edited on 11/28/12 at 10:12 am
Posted on 11/28/12 at 9:36 am to Lookin4Par
Hire poodlebrain as my financial adviser
Posted on 11/28/12 at 9:59 am to Lookin4Par
1. Pay off student debt.
2. Who gives a shite I don't have student debt.
2. Who gives a shite I don't have student debt.
Posted on 11/28/12 at 10:07 am to TheHiddenFlask
quote:
2 week vacation with my closest (smartest) group of friends to discuss what I should do.
I'm pretty smart fyi.
I guess my steps would be:
1. Hire me
2. Hire accountant (staff) and tax/succession attorney
3. Pay off home
4. Pay off car
5. Buy my daughter at home at LSu
6. Buy home in Orlando
7. Buy Ferrari
8. Fund 529 plans for kids
9. Install elevator in my house
10. Rub one out on a million dollar of cash.
Posted on 11/28/12 at 10:20 am to Lookin4Par
quote:
You win the Powerball. Describe your first 10 steps.
My first 10 steps would probably all be on air...
Posted on 11/28/12 at 10:37 am to Lookin4Par
First step: Don't tell anyone except that attorney you hired. Second step (in Louisiana): Form a trust with a meaningless name to collect the money. I think some states have laws where you have to publicly claim the prize, but in Louisiana you can have a trust claim it and therefore avoid having your name out there. In 2005 "The Dutchess Trust" won $23MM and in 2010 the "H&N Family Partnership" won $85MM, both in Louisiana - much smarter to stay anonymous unless you like being hit up for cash everywhere you go.
Hell, in North Louisiana broke dicks become millionaires overnight with oil - I'd just tell people they drilled a well on my land if they asked why I was suddenly so flush. I would NEVER tell my friends or non-immediate family.
Also, I would get the hell out of Dodge for a while. After collecting the money and getting it in safe accounts I would travel the world for a month or two and let it sink in. Then go see a guy at Goldman Sachs about how to stay rich forever.
Hell, in North Louisiana broke dicks become millionaires overnight with oil - I'd just tell people they drilled a well on my land if they asked why I was suddenly so flush. I would NEVER tell my friends or non-immediate family.
Also, I would get the hell out of Dodge for a while. After collecting the money and getting it in safe accounts I would travel the world for a month or two and let it sink in. Then go see a guy at Goldman Sachs about how to stay rich forever.
This post was edited on 11/28/12 at 10:43 am
Posted on 11/28/12 at 10:38 am to TheHiddenFlask
quote:
Ignore the advice from 1 and 3 and buy the maltese falcon
Love it
Posted on 11/28/12 at 11:07 am to Lookin4Par
I will buy Chicken and his cronies out just so I can have "ADMIN" by my name.
Posted on 11/28/12 at 11:20 am to Lookin4Par
everyone skips this part... but i would sign the back of the ticket and go to a bank and get a safety deposit box.
Posted on 11/28/12 at 11:21 am to GaryMyMan
quote:
Also, I would get the hell out of Dodge for a while
this absolutely needs to be done. gtfo out of town so people forget about it
Posted on 11/28/12 at 11:32 am to bryso
1. Consult an attorney and create a trust so that my mom, sister, and I would be equal winners and would not have to be taxed separately.
2. Buy a Mercedes G63 AMG
3. Buy a bad arse house in Oxford
4. Eat at city grocery or Boure every night
5. Finish school and get my CPA
6. Donate 50 million to Ole Miss athletics and have the new basketball stadium named after me.
7-10 make money off interest.
2. Buy a Mercedes G63 AMG
3. Buy a bad arse house in Oxford
4. Eat at city grocery or Boure every night
5. Finish school and get my CPA
6. Donate 50 million to Ole Miss athletics and have the new basketball stadium named after me.
7-10 make money off interest.
Posted on 11/28/12 at 12:19 pm to Lookin4Par
1. Consult with an estate attorney, form an LLC or Trust
2. Consult with a well-established financial consultant.
3. Put in my 2-week notice at work then oh-so-coincidentally end up being sick for the next two weeks, only coming in on my last day so I could say goodbye, get a free meal out of the deal and clean out my desk. I like my job and most of my co-workers, otherwise I would just go in with a mariachi band and dance as I handed my boss a note that said only "I quit", then dance out.
4. Donate to a few charities
5. Pay off any bills my family has
6. Buy stuff (new house, furniture for it, clothes, new vehicle, get my car touched up a bit)
7. Scuba lessons (which will come in handy when I cruise the Florida coast and/or the Mediterranean in my new yacht)
8. Secretly pay off bills for friends that I feel really deserve it (mortgages, student loans, etc)
9. Take some classes, maybe work on a History degree, 2nd language, etc
10. See the world. Might just spin a globe, pick a spot at random, then go there for a few days/weeks/months (depending on how much I like the place once I got there).
Honorable Mentions:
Buy a village
Buy an aircraft carrier
2. Consult with a well-established financial consultant.
3. Put in my 2-week notice at work then oh-so-coincidentally end up being sick for the next two weeks, only coming in on my last day so I could say goodbye, get a free meal out of the deal and clean out my desk. I like my job and most of my co-workers, otherwise I would just go in with a mariachi band and dance as I handed my boss a note that said only "I quit", then dance out.
4. Donate to a few charities
5. Pay off any bills my family has
6. Buy stuff (new house, furniture for it, clothes, new vehicle, get my car touched up a bit)
7. Scuba lessons (which will come in handy when I cruise the Florida coast and/or the Mediterranean in my new yacht)
8. Secretly pay off bills for friends that I feel really deserve it (mortgages, student loans, etc)
9. Take some classes, maybe work on a History degree, 2nd language, etc
10. See the world. Might just spin a globe, pick a spot at random, then go there for a few days/weeks/months (depending on how much I like the place once I got there).
Honorable Mentions:
Buy a village
Buy an aircraft carrier
This post was edited on 11/28/12 at 12:52 pm
Posted on 11/28/12 at 12:29 pm to Bard
Hookers, blow, Viagra, repeat.
Posted on 11/28/12 at 12:42 pm to bryso
quote:
gtfo out of town so people forget about it
I don't know about your family and friends, but I'm pretty damn sure mine wouldn't forgot I just hit the powerball jackpot.Posted on 11/28/12 at 12:45 pm to reb13
quote:
reb13
That might be one of the worst top 10s I have ever seen.
This post was edited on 11/28/12 at 12:46 pm
Posted on 11/28/12 at 12:58 pm to Lookin4Par
1. Personal Submarine
2. Diesel Powered MechWarrior
3. Flying Car
4. Helicopter Motorcycle
5. Replica Batmobile
6. Flying Hovercraft
7. Water Jet Pack
8. Tron Motorcycle
9. Bowling Ball Billiards
10. Game of Thrones Iron Throne
And probably everything else at thisiswhyimbroke.com
2. Diesel Powered MechWarrior
3. Flying Car
4. Helicopter Motorcycle
5. Replica Batmobile
6. Flying Hovercraft
7. Water Jet Pack
8. Tron Motorcycle
9. Bowling Ball Billiards
10. Game of Thrones Iron Throne
And probably everything else at thisiswhyimbroke.com
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