Mega-Millions Lottery Over $300 Million

[moneywhisperer]

Will you play when the lottery gets this high?

What would you do with a $200 Million Lump Sum Payment? You need a plan, right?

[Kung Fu Panda]

NPV is about 50% and then taxes are another chunk, so you end up with about 120M after Taxes. I plan to buy a house without pesky neighbors, and a yard big enough to have a dog pond for my Golden Retrievers. And I will of course entertain every single wild-ass hare-brained investment idea that every thinks-they-are-geniuses comes to me with. (J/J)

[la808]

California's Mega Million Jackpot is really up there now and yes we have been playing. I have great plans for the money that I know we are going to win.

[Value Buy]

Jan 4, 2011 9:22:03 GMT -5 @daphne87 said:

Karma for Tom and the hair-brained schemes!!!

I'd invest, fully fund every retirement account possible and let my husband quit working. Also, buy two new cars. Oh and set up a trust fund for DD. Oh yeah, also .... There SO much to do with imaginary money!!

Ah, I would not bother funding a retirement account, unless it is someone else's.
Talk about now having some money problems.......
Your retirement funds would be taxed at a high rate upon distribution due to your new high income level due to the profits from your winnings.......
Me..... I would seriously look at making some poor honest citizens, through no fault of their own, due to job losses, health issues, etc, making them financially whole again. I know it would not help everyone, but if they could "pay it forward" in the future, it could start a trend.

[Anne_in_VA]

I'd buy DH a new car, we'd buy our dream house and I'd invest the rest. I'd gift some to my siblings and our kids, but other than that I'd invest most of it so DH and I won't have to work if we don't want to.

The gifts to my siblings would be in the form of trusts since my two sisters are poor money managers and they'd blow through it pretty quickly I think. I'd gift my brother outright since he's pretty financially savvy.

I'd set up trusts for the kids and grandkids so the grands could have their college paid for. I'd also set it up so that they couldn't spend the principal, but only get the income from the trust unless it was for education. Not sure how else I could structure all this, but a fee only financial planner and an attorney would be able to point me in the right direction.

I'd also give some to charity - the local abused women's shelter, food bank, SPCA, etc.

[Cookies Galore]

I would buy the house down the street that we covet.
It's not for sale, you say?

<waves a wad of Benjamins>

It is now!

[frep]

Wow, I might have to actually buy a ticket. If I win I could get me some new golf clubs =)

[The J]

I'd probably blow through a million bucks in like the first weekend. Then I'd have to be responsible with the rest.

[Opti]

I'd take the multi-year pay out to insure I have significant money twenty to thirty years from now. I'd take my time planning investments, house, etc.

I'd definitely do some grocery, car, and clothes shopping shortly after
the first check arrived. ;D

[ummboutthat]

Jan 4, 2011 11:08:36 GMT -5 Opti said:

I'd take the multi-year pay out to insure I have significant money twenty to thirty years from now. I'd take my time planning investments, house, etc.

I'd definitely do some grocery, car, and clothes shopping shortly after
the first check arrived. ;D

Thank you optimist4lif!
I too would want payments. cause no matter how I can now say I would be set for life and wouldn't spend all the money. It WILL be 100% different once I receive the lump sum. Cause I was thinking a mansion, boat, and (business or property) can be purchased all at one time!
so screw that give me payments, so I can not make outrageous purchases at one time.

[mtshastawriter]

I would buy all of the parcels of land around us to ensure that no one ever built too close to our house.

[Kung Fu Panda]

Payments?? Awww come on...your smarter then to fall victim to the lottery curse! ONLY 60% of lottery winners file for bankruptcy..surely you would do better than that!!

[dianartemis]

I'd probably blow through a million bucks in like the first weekend. Then I'd have to be responsible with the rest.

Love this!

[Cookies Galore]

Jan 4, 2011 11:45:18 GMT -5 deminmaine said:

I just liquified all my assets other than real estate to buy Mega Millions tickets.

You can't lose!

[Deleted]

I wouldn't do anything differently for about the first 6-12 months until I had a concrete plan and adviser in place, except maybe pay off mortgages for both parents and ourselves. I would want to stay in touch with reality for as long as possible. Maybe start up a golf school for underprivileged kids?

[Wisconsin Beth]

I don't know if I'd opt for payments or lump sum. I'd need to determine the tax consequences first and discuss with DH how we'd want to handle the money.

I did tell my sister yesterday that if we hit the lottery (Powerball, not this one) that I'd pay for 1 year of tuition for her daughter. $42K per year and she's looking at a 7 year degree... If we'd hit a big one (over 150M), I'd want to help all 8 nieces and nephews (only 2 are hers, the other 6 are from 3 other siblings) with tuition plus our own 2.

[Nazgul Girl]

" NPV is about 50% and then taxes are another chunk..."

Texas Tom, what is NPV ? I found one definition that says it's Net Present Value, but I think that's just an accounting term. As far as I know, the taxes would be the only thing reducing the payout.

If we won, we would pay off mortgages for anyone in our family, give each neice and nephew some money to start their lives with, pay off all student loans in the family, and also give my brother and sister a big hit of $$. I would also want to fund the education of some deserving students, and pay off the mortgages of three or four families in our area who are losing their homes to foreclosure.

[mudflap81]

I would have a very long and boring meeting with my attorney, CPA, and bank. I don't think the bank would let me walk in with a check in range of $120M.

I'd also go rent a house, get a new post office box, get a new and private phone number, and get a different car with new license plates. basically ensure that no one can find my family.

[The J]

Net Present Value is the correct term. If you take an annuity (like the lotto) as a lump sum distribution (the one time payout), a discount rate is applied to determine what the NPV is. That's why the lump sum is always less than stated jackpot -- it's the NPV of the jackpot.

[so1970]

i could make life alot better for a few people or make life a little better for a lot of people.

[moneywhisperer]

Guess I better get my butt in gear and go get my tickets!! Lots of good ideas so far!

I'd hole up with a CPA & Attorney and figure out how to set up a family corporation to take in the millions - woo hoo - can't wait to see all those zeros on a check!!!

[shanendoah]

Depending on the actual amount, here's the order we would do things...

1) Pay off student loans
2) Pay off mortgage
3) Set money aside for DH's college costs
4) Buy a house better suited to our needs than our current one
5) Buy the property on which we would build our retirement dream home/dog rescue ranch
6) Fix up current home and rent it out
7) Buy the rental property currently owned by MIL. Set money aside for MIL's costs - move her in to one of those facilities that takes you from independent living up through SNF care.
8) Set money aside to help DBro pay off debts/buy a house
9) Pay off mortgages for both of my parents
10) All of the cousins/nieces/nephews get fully funded college
11) Create/contribute to college funds for children of our closest friends
12) Create scholarship endowment

[The Home 6]

Cruise around the world, baby. TWICE.

[crockpottin]

I don't generally play the lotto...but if I won I'd quit working full time. I think I would still work part time to stay busy, but it'd be way easier work than I do now, that's for sure.

It's nice to dream, isn't it ;D

[sesfw]

After a visit with my attorney, I will take the cash option and split it 5 ways. Hubby, myself, 3 adult kids.

[DVM gone riding]

I might immediately cut work to 3-4 days a week and no on call but otherwise I would wait 6 months to make big decisions.
Guess I better go buy a ticket
What I really want to do if I hit a big dollar amount is open up an equine rehab/rescue

[dcmetrocrab]

Lawyer up, CPA, and financial advisor. I'd take a week off from work while figuring things out. As soon as it's evident I'm in the clear, I'd resign from work citing a desire to return to school. (true)

[Kung Fu Panda]

It wasnt me either...

[moneywhisperer]

Not me this time, but 2 lucky winners in washington - I guess it's a big enough pot to split!

[michelyn8]

I didn't win the big one but I did win $20. I played $5 and chose my age for the Mega Ball on two sets and since I also played my BF's b-day on one set with my age and my daughter's on another set with my age, I got two sets with 2 + Mega Ball.

So while I didn't win big, at least I recouped my "investment" with a small profit. ;D