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re: $2B Powerball winner is already burning his money up
Posted on 9/20/23 at 12:24 pm to Arkapigdiesel
Posted on 9/20/23 at 12:24 pm to Arkapigdiesel
quote:Kind of makes sense to invest in real estate then doesn't it?
He'll wind up broke, and owing more in debt than he thought was imaginable
1
Posted on 9/20/23 at 12:26 pm to GetCocky11
quote:
I'm not an idiot, I would make safe investments, set up my family, and live a modest lifestyle full of travel and maybe get a low-stress part-time job
This is the most off the charts bullshite statement ever.
You’ve got 620 million after taxes and you’re going to work a part time low stress job just to “get out and do stuff”
I’ve read some insane bullshite on this board, but this might be the most insane.
You’re going to do what everyone else does. Go have fun and live the life you never imagined you could. Doesn’t mean you’re going to blow it all, but you certainly ain’t holding back on impulse purchases no matter the price tag.
Does “modest travel” mean flying first class all over the world? Or you just gonna buy a low cost RV and camp around the lower 48.
This post was edited on 9/20/23 at 12:28 pm
Posted on 9/20/23 at 12:27 pm to The Egg
A big chunk of US dollars is nothing but a rapidly melting ice cube at this point. Have to dump most of it into something with actual lasting value ASAP.
Posted on 9/20/23 at 12:29 pm to The Egg
Some real estate chick just made 20 years salary
Posted on 9/20/23 at 12:29 pm to Gifman
quote:
Sounds like he's just spending money to spend it
Posted on 9/20/23 at 12:30 pm to Solo Cam
quote:
Kind of makes sense to invest in real estate then doesn't it?
Not in overpriced mansions. Why the majority of athletes in the NFL and NBA go broke within a few years of retiring, never learned how to be responsible with their wealth. It's why giving poor people money is not a solution to ending poverty, too uneducated to know what to do with it.
Posted on 9/20/23 at 12:30 pm to TBoy
quote:
Sounds like he's doing the California "buy, hold and sell" investment program. This may be an investment move that involves advisors and real estate agents. If you have cash and need investment vehicles with a low risk of depreciation, if done well this may produce good results
Problem with Real Estate is unless you are unloading it quick, the property tax ends up being a problem, especially with multi-million dollar homes.
It's not the most sound strategy unless he rents them out.
Posted on 9/20/23 at 12:33 pm to JohnnyKilroy
I agree. I’m not worried about making anymore money… just want my money as safe as it can be.
Posted on 9/20/23 at 12:37 pm to Geauxgurt
quote:
the property tax ends up being a problem, especially with multi-million dollar homes.
The guy could make 20-30 million a year in extremely low risk, passive investments. Property taxes on those properties comes out to probably around a million a year if not less.
I can almost guarantee his property tax to income ratio (assuming the rest of the winnings aren’t just sitting in cash, which they definitely aren’t) is probably lower than most of the posters in this thread
This post was edited on 9/20/23 at 12:38 pm
Posted on 9/20/23 at 12:38 pm to Geauxgurt
Also the upkeep on sprawling properties. Utility costs as well. Hopefully he’s using his money to generate income. Otherwise, living in the red so to speak, will lead to ruin.
When it’s time to sell those homes, they don’t sell quick. They typically sit. It’s why I don’t understand developers building homes tagged in the hundreds of millions. The market for buyers of those properties is so minuscule that often times sellers are taking a loss to unload it.
When it’s time to sell those homes, they don’t sell quick. They typically sit. It’s why I don’t understand developers building homes tagged in the hundreds of millions. The market for buyers of those properties is so minuscule that often times sellers are taking a loss to unload it.
Posted on 9/20/23 at 12:40 pm to Ace Midnight
quote:When I hear this I always wonder if we just have differing definitions of modest.
If $600m fell out of the sky and landed at your feet, tomorrow, you would live in a modest house? GTFO.
Meaning, maybe that poster means he'll upgrade his $400k home to a $1mil home, but he still considers that modest, and he just means he won't buy a $50mil home.
But otherwise, agreed. There are a shite ton of exit ramps between modest and extravagant spending, and if you won $600mil, I just don't know why you'd want to keep your same house/car and not just get you something a bit nicer. Treat yourself, you probably worked the past 20-30 years, do something nice for yourself.
Posted on 9/20/23 at 12:42 pm to Geauxld Finger
quote:
You’re going to do what everyone else does. Go have fun and live the life you never imagined you could. Doesn’t mean you’re going to blow it all, but you certainly ain’t holding back on impulse purchases no matter the price tag.
No way in hell I would buy an overpriced vehicle (imagine the insurance rates in La
) I wouldn't buy a huge mansion. I would rather have a few camps a place at the beach and just golf and fish the rest of my life. quote:
lying first class
would definitely only fly first class and if i did cruises it wouldn't be carnival
Posted on 9/20/23 at 12:45 pm to Geauxld Finger
quote:
You’ve got 620 million after taxes and you’re going to work a part time low stress job just to “get out and do stuff”
I’ve read some insane bullshite on this board, but this might be the most insane.
It’s one of my favorite takes on here.
Posted on 9/20/23 at 12:47 pm to Pedro
quote:There's a huge space between not changing much and blowing all of your millions
You're right and I almost guarentee I will never go buy a lottery ticket, but in my mind why would I want mulitiple millions of dollars just to blow it all and end up in the same boat im in now 10 year later?
Posted on 9/20/23 at 12:49 pm to The Egg
I would spend all of the money in the pursuit of having sex with Dua Lipa.
Posted on 9/20/23 at 12:50 pm to Sun Belt Billy
quote:He's likely getting 10s of millions in yearly interest.
Question is how is he gonna pay for that yearly tax bill and associated fees once the money runs out.
Like the 1 dude said, it's around $600k a week in interest.
Posted on 9/20/23 at 12:53 pm to dukke v
quote:
I’m not worried about making anymore money… just want my money as safe as it can be.
You're going to be spending money, most likely a decent amount of it.
So in order to keep your money "safe", you need to be making money.
Luckily its easy to make money when you have that much money.
Posted on 9/20/23 at 12:53 pm to The Egg
quote:
2B Powerball winner
quote:
collected a lump sum payment of $628.5 million after taxes.
Leaving 1.4 bn on the table would depress the shite out of me even with winning that much
quote:
He's already spent $76 million acquiring 3 mansions in California.
This idiot will do this not thinking about upkeep and property taxes and be broke in under 5 years.
If you can’t control yourself and invest most of it to live off the dividends then just take the annuity
Posted on 9/20/23 at 12:55 pm to Pax Regis
quote:Someone school me on this, right now with interest rates you buy in cash, but if you go back 3 or so years when you could get rates around 2.5%, you finance all big purchases, right?
He’s got the money. He s buying in cash. Frankly seems a lot smarter than “hookers and blow”
Posted on 9/20/23 at 12:58 pm to Epic Cajun
quote:Another poster touched on it, difference between winning $10mil and something like this with $600mil.
Right, you'd still be making over 2 million per month on interest alone. I don't think I would be making sane decisions if I had 2 million dollars to spend every month without losing any of the lump sum.
I'd spend the frick out of my money because I could, and I still wouldn't be bad with money just because I'd have so much to spend.
$2mil a month. I'm flying only the nicest private planes, traveling a lot. When traveling, I'm getting the absolutely best penthouse suite in the best hotel in the area, eating at the nicest restaurants....all of this won't even begin to put .1% of a dent in my wealthy, so I don't see any reason not to live it up.
And you'll doo all of that and still not come anywhere near $2mil a month. I guess plus I have 2 kids at 12 years old, so they gotta do school shite, so I'm probably overestimating just how much shite I'd be doing as I'm not factoring in simple parenting and school and shite.
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