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Espiritus_Corvus's avatar

What are you going to do with your Powerball Winnings?

Asked by Espiritus_Corvus (17269points) January 13th, 2016

If you take it in one, lump sum, it will pay out to around $900 million.
C’mon. Dream a little dream with me…

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13 Answers

Espiritus_Corvus's avatar

I’m getting a new laptop, for starters. Then call somebody. Like Goldman Sachs.

RedDeerGuy1's avatar

I’m starting my own free youtube university and include structure for getting a free degree and trades. K – ph.d. with the extra I am sleeping in a ordering out for a year.

Darth_Algar's avatar

I’d spend it all on hookers and opium.

jca's avatar

On the news, they had a lawyer giving advice. He said sign the ticket, leaving space for the name of a trust you might set up. Put the ticket in a safe place like a safe deposit box. Set up a trust or something like that, under the advice of a CPA or CFP. Take a few days off in case the media is going to camp out at your house.

Main advice : if you think you won, check the date and numbers several times and then take a break and check again. Many people call the attorney and then upon double checking, realize that they were mistaken and didn’t really win.

He suggests taking the one lump sum and not doing the annual payout, unless you think you’re the type that will blow it.

I’d consult with a close relative who is a CPA /CFP. I’d set up a fund to keep my name off it as much as possible. I’d buy a house and help out friends and family. I have about 30 people including about 5 Jellies I’d help out. If I won a billion, after taxes, I’d give out a million each at minimum. Close friends and family I’d eventually give out more to.

Love_my_doggie's avatar

I here tell that I need to buy a ticket before I can win. That’s something I’ve never done. Sigh…

ucme's avatar

Loose change dear boy, loose change.

ibstubro's avatar

I once told a co-worker that if I ever won the lottery, I’d give her a million (I much admired both her work ethic and positive attitude.) so I would have to honor that.

I have a cousin that was widowed by her highschool sweetheart at the age of 53 who is living in a one bedroom apartment. I’d buy her a nice house and set up a trust fund to pay all taxes, insurance and upkeep in perpetuity (if she was good with money she wouldn’t be where she is.). Probably another million.

I’d probably cap expenditures for the first year, gifts included, to $5m.

A year later, I’d roll out a long term strategy. I’m more interested in preserving the Rain Forest and environment issues than I am man-made problems. $900,000,000 could curb a lot of stupid, cure little.

Cruiser's avatar

I would start by setting up a trust fund with $10,000,000 invested in something like a money market and use the yearly interest to make an annual donation/contribution in perpetuity to the Serious Fun Network which is a charity started by Paul Newman that offers camping opportunities for kids with cancer. Just earning 5% interest on the trust fund would send 200 kids to camp each summer. I would start a similar trust for a youth drug and alcohol rehab clinic.

I would also start a jobs training company for handicapped and disabled people that would provide all sorts of job training by soliciting outsource work from area companies. I use one of these types of companies for stuff I make and think it is one of the greatest programs ever.

Then I would pay off the loan on my company, fire my other partner and split hers and my salary among the 7 remaining employees.

I would of course pay of my mortgage and all those of mine and my wife’s families. I would then buy St. Anthony’s Key resort on Roatan Island and re-name it the Mansion and invite Jellies to bring their families any time they wanted. I would also buy a submarine to dive around the reefs there.

That’s just the first 100 million….

Dutchess_III's avatar

First I will call a lawyer and ask what the hell to do now.

Then I will call my cousin up and laugh, “HA HA HA HA HA!!!”

Then I will call a reunion of all Jellies. We will have it on an island, all expenses on me. All meals will be pot luck. We’ll just hang out and drink and eat and throw books at each other and yell, “PROVE IT!!!”

Then I will sell my house, or perhaps give it away to a deserving single mother. Then I will buy up some land in this one particular town where my son lives. I will build a house on that land. It won’t be a monster, by any means, but it will have the coolest stuff around! Swimming pools that open and close, a tunnel for the grandkids to go through to get to my house so they don’t have to cross the road, a play ground, a pond, woods…..

I’d pay off the mortgage for the my kids who have houses, and buy a house for those who don’t.

Then I will set up trust funds for college for the Grandkids.

Espiritus_Corvus's avatar

”... and throw books at each other and yell, “PROVE IT!!!”

One house with indoor/outdoor pools, playground and amenities: $7,000,000.
Books: $100,000
Throwing them at each other and yelling, PROVE IT!!!: Bloody fucking priceless.

Dutchess_III's avatar

LOL! It would be!

katykit's avatar

I will buy orphanages and then bulldoze them in front of the children.

SecondHandStoke's avatar

In some small way change the world for the better.

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