If you won 30 million dollars..

[J_Walker]

How would you spend it? Or just save it?

I was watching the news today, how this guy won the lotto, and it was like 100 some million dollars, and 5 years later. hes broke.

Got me thinking.. how I'd spend money like that. maybe not as high. but still..

Well after I payed my federal taxes [No state tax on the lotto here in Florida] for that amount of money, I think its 39% for over $400,000+

so that would leave me a cut of about 18,300,000 give or take.

first thing I'd do with it.. Buy myself a motoguzzi [GRISO 8V SE]

After that.. Buy a fixer upper gokart!

Go to the BEST machinist school I could possibly go to - not the most expensive!

Apprentice for maybe 2 years with someone in their shop after school.

After that.. some really nice quality machining equipment! Lathe, vertical mill[maybe even CNC If I felt up to learning some CAD.] plasma cutter.. An anvil, a hydraulic hammer/anvil thingys.. [don't really know the name, know the use tho! QUICK AND EASY BILLETS!]

Tone of milling equipment/tooling!

Buy my parents new cars.. [my mom really needs a new car..] something gas efficient! No matter how much I'd like her to drive an Audi! and my father has always wanted a corvette, so maybe get the new stingray for him..

Finally move out of my parents place.. [hey why move out when you can keep living rent free for a few more years ]

Something cheap.. with about 20+ acres.. nothing more then $500,000.. I'd like to still be able to afford my home if all my new ly founded money disappeared the next day.

That's all I got really.. I'd work like a normal guy paying my bills with the money I make from working.

 

[machinist@large]

$$$$$$$$$$

I'd hire a d*** good investment broker/ adviser, pay off all current bills (medical and mortgage) and hire a pair of lawyers; one to actually represent me, and one to deal with all the "Long Lost Relatives" that magically appear when you win a prize like that.......

Edit; I'd be buying a new Guzzi as well, but it would be the V7 Special, to go along with my '75 850T.....

 

[ML-TOYS]

I'd work like a normal guy paying my bills with the money I make from working.

No you wont, every person says that.

Now i would buy a bionic heart so i dont have to go thru all the problems like yesterday, had a defibrillator put in to keep me safe and alive.

 

[Doc Sprocket]

You made it! Glad to hear it!

Yeah- really... All that money, and you're going to continue to slave away? I think not!

 

[machinist@large]

No you wont, every person says that.

Now i would buy a bionic heart so i dont have to go thru all the problems like yesterday, had a defibrillator put in to keep me safe and alive.

A defibrillator?!? A pacemaker wasn't good enough?!?

 

[B.M.800]

I would be buying some new undies....

 

[devino246]

I'd be investing about a third of it in an index fund, about 1/4 in a mutual fund specializing in bonds, maybe another 1/4 in individual securities, and using the rest to buy a large farm, build a nice house and HUGE garage, and live on a small fraction of my securities yield. I'd also be buying the best DSLR I can find and traveling the world.

FWIW...
Investing all of the $18,300,000 in securities (stocks and bonds), even a conservative yield of 4% would mean that one would be making nearly $2,500,000 (on average) a year, in 2044. You would also be worth $83,046,122.74. The first year's yield would be $732,000. I can post the spreadsheet, if anyone's interested.

I'd hire a d*** good investment broker/ adviser

I'd rather schedule an exam with a proctologist than hand that much money over to a financial adviser. A good index fund would yield more and cost less, plus you don't have some crock playing with your money.

 

[J_Walker]

You made it! Glad to hear it!

Yeah- really... All that money, and you're going to continue to slave away? I think not!

You can't say that...

Most people are reasonable. I wouldn't touch the money for maybe a year after I got it. Let the "shock" settle down.. also, would keep them family members off my back, cause they wouldn't know...

Plus maybe 95% of my family knows not where I even live.. Not much of a family life here, so I'm good.

Edit; and they couldn't find me through facebook, because I dunnot have have one..

 

[J_Walker]

I'd be investing about a third of it in an index fund, about 1/4 in a mutual fund specializing in bonds, maybe another 1/4 in individual securities, and using the rest to buy a large farm, build a nice house and HUGE garage, and live on a small fraction of my securities yield. I'd also be buying the best DSLR I can find and traveling the world.

FWIW...
Investing all of the $18,300,000 in securities (stocks and bonds), even a conservative yield of 4% would mean that one would be making nearly $2,500,000 (on average) a year, in 2044. You would also be worth $83,046,122.74. The first year's yield would be $732,000. I can post the spreadsheet, if anyone's interested.



I'd rather schedule an exam with a proctologist than hand that much money over to a financial adviser. A good index fund would yield more and cost less, plus you don't have some crock playing with your money.

I'd rather just buy gold bars... and sell as needed.

 

[devino246]

I'd rather just buy gold bars... and sell as needed.

That would be an enormous waste, and at this point, you'd be more likely to net a loss. The idea is to "buy low, sell high", not buy it when it's over-priced and over-hyped, then sell for a loss


This is always a good read: The Intelligent Investor

 

[ML-TOYS]

You made it! Glad to hear it!

Yeah- really... All that money, and you're going to continue to slave away? I think not!

Thanks, real sore now though

 

[Doc Sprocket]

You can't say that...

I DID say that- but I wasn't necessarily talking about you, but more of a general statement. With a stupidly large figure like that, there's just no reason to have to bust your butt. You can make a few investments, and live VERY comfortably, whilst pursuing your hobbies full-time.

 

[J_Walker]

I DID say that- but I wasn't necessarily talking about you, but more of a general statement. With a stupidly large figure like that, there's just no reason to have to bust your butt. You can make a few investments, and live VERY comfortably, whilst pursuing your hobbies full-time.

Yeah, that was my general idea. but use my hobbies as a source of income to pay for things like Taxes, city water, TV..

I get board easily when I'm not doing something productive.

 

[Doc Sprocket]

Yup. Me too. That's why I'm here. And there. And everywhere.

 

[exenos]

Nothing.




I'd lock it into investments for 10 years and wait. Complete my schooling, work for 5 years and retire. Not sure whether I'd buy a few hundred acres of land up near Haliburton/Minden Or move out west to the rockies.

 

[devino246]

Nothing.




I'd lock it into investments for 10 years and wait.

...and hope that the market continues to climb, rather than "double dip". I can't wait to see where it goes from here. Wonder if another big boom is coming.

 

[exenos]

...and hope that the market continues to climb, rather than "double dip". I can't wait to see where it goes from here. Wonder if another big boom is coming.

Eh, guess I didn't use the right terminology. I was meaning lock it away so I cant access it for 10 years. And I'd do it immediately after my grubby little hands got a hold of it, other wise I wouldn't have the willpower.

 

[devino246]

Eh, guess I didn't use the right terminology. I was meaning lock it away so I cant access it for 10 years. And I'd do it immediately after my grubby little hands got a hold of it, other wise I wouldn't have the willpower.

Of course the 10 years is generally long enough to see a gain, regardless of any troughs. A couple of good mutual funds certainly wouldn't be a bad idea. Unfortunately, it generally takes a smart person to get rich and an even smarter one to stay rich. You could always make your bank really, really happy by dumping large sums into CD's.


Here's a quote for J_Walker:

[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

-Warren Buffett

 

[OzFab]

I'm with Pat (machinist@large) on this one; invest the bulk, buy a well established business to keep the money coming in, house, financial "gifts" for the kids & a few toys...

 

[CaptCanadia]

I would make a giant lake somewhere beautiful and build a nice size house next to it with a big boat house for my mom. Something like this:

I wouldn't mind living their either


I cant believe the gov would tax you that much, that's just stealing right there. How much is state tax on that usually?