What will you do when you win the Powerball?

saw50st8

Mon, Jan 11 2016, 6:24 am

It's always fun to dream :-) (I didn't buy a ticket)

1) I would quit my job and so would DH
2) Consult a financial planner about long term strategies to maximize the money over the long term for us, our families, our shul, schools and tzedaka organizations
3) Travel the way I've always wanted to - instead of summer camp, we would pick a new area of the world and enjoy!
4) Finally have someone else to scrub my toilet

spring13

Mon, Jan 11 2016, 6:28 am

imasinger wrote:

Not to burst anyone's bubble, but something like 70% of lottery winners have burned through everything within 5 years and are struggling thereafter. And lottery winners are apparently twice as likely to file for bankruptcy as the general population.

It's a nice dream, but the reality often doesn't measure up.

See the link in my earlier post (I think it's on the first page). It's definitely true that a lot of lottery winners have had serious problems, but it's also possible to manage the money and everything intelligently and safely. I'm still looking for another interesting article I read about how to keep things as anonymous and quiet as possible. Even though it's ridiculously unlikely that I'd ever win such a thing, it was interesting to read and think about.

gp2.0

Mon, Jan 11 2016, 6:29 am

lol at people buying a rental house. you can buy thirty fancy apartment buildings in the middle of Manhattan, a management company to run them while you tour the world, hop on a rocket to see outer space, and still have money left over to pay your children's weddings, your grandchildrens weddings and your great grandchildrens weddings.

saw50st8

Mon, Jan 11 2016, 6:38 am

gp2.0 wrote:

I would definitely consider buying some apartment buildings so that my kids and grandkids have a way to earn a living and feel like respectable human beings. I don't think it's great to send kids off into the world saying "I'm rich, so go ahead and be spoiled by not doing anything with your life."

mommy3b2c

Mon, Jan 11 2016, 6:38 am

gp2.0 wrote:

This. I'm actually laughing at peoples replies. LOL

livinginisrael

Mon, Jan 11 2016, 7:04 am

I was visiting an older man on shabbas so I asked him if he bought a ticket to which he said no. I said " why, you don't think you'll win?" he said " no! of course ill win! im just afraid ill get killed"

Ihatepotatoes

Mon, Jan 11 2016, 7:11 am

I know I wont win so why not dream? my idea is that I don't need that much money, and definitely not the fame . so I would sell my ticket for 30 40 million, invest that in a house, and put the rest away in a bank. are you allowed to sell a ticket?

mfb

Mon, Jan 11 2016, 7:20 am

I think people don't realize how much money it is.
If you win 1.3 billion and then after taxes you can probably still be left with at least 500 million.
Give half to all different tzedakahs, and you'll still have 250 million.
Then you have $2.5 million just to live your daily life for the next 100 years.
So what will you do with $2.5 million?

Enjoy your dreams!
Some of them seem like you can have your dreams with way way less than this powerball winning!

gp2.0

Mon, Jan 11 2016, 7:33 am

mfb wrote:

$2.5 million is 2,500,000
$250 million is 250,000,000

Which comes out to approximately 10,000 a day for the rest of your life.

So what would you do with $10,000 per day? LOL

Rosemarie

Mon, Jan 11 2016, 7:41 am

Its definitely fun to dream.
And I know what I would do with the first few million. (House, new school building...) But in reality, I have no idea what I would do with such vast quantities of money! Most of the replies here are addressing the first few million. Then what?

I guess I would hire a top notch lawyer and/or financial advisor, and invest most of the money, living off interest (that alone could be a few million a year if invested wisely). And giving lots of tzedaka...

I hope not to drastically change my lifestyle. I am not a big spender, hate shopping... So while I would spend on upgrades that make life more pleasant (I.e. fly first class), I dont think I would prance around in jewelry or clothing that cost a fortune each...

I would also first have to figure out if there is a way to stay anonymous
before I claim to ticket.

causemommysaid

Mon, Jan 11 2016, 8:58 am

Since I would take the lump sum payment, after taxes I would be left with about $500 million. I would invest the principal and then each year take the interest earned, pay my tax and then divide the rest in half.

I would spend the first half and reinvest the second half so my wealth grows even more.

I would hire a top notch financial team of lawyers, analysts, consultants, and accountants and then have an oversight team to make sure everyone is being honest.

I would also make sure to teach my children how to manage money and finances so they wont squander it after I'm gone.

As for how I would spend the interest earned- I am sure I can come up with ways. At that point I can comprehend the numbers since it will only be a few million . Travel, charity, luxuries, cook, nanny, hobbies, etc

smss

Mon, Jan 11 2016, 9:19 am

gp2.0 wrote:

Maybe they don't WANT to do that.
Why are you laughing at people for having simple material aspirations? I think it's nice that so many people would like to continue leading relatively simple lives, with a few extra luxuries.

amother

Denim

Mon, Jan 11 2016, 9:27 am

U know what I would do?

I would go to the jewelry store and buy myself absolutely beautiful diamond studs that cost a sick amount of $. I just would. I would do something nice and beautiful for myself and wear them always.

Then after that, I would get into all the tzedakas and all.

But for once, I would get me something first. Just once. Then I can take care of all the other ppl.

amother

Blonde

Sun, Jan 17 2016, 6:10 pm

I know this isn't relevant anymore, but it was never relevant.
I'd hire a financial advisor and a lawyer.
I'd buy a house and furnish it.
I'd give money to my parents, to other family, to people I know who really need it.
I'd donate some money.
It's pretty likely I'd get divorced. It's likely I'll get divorced anyway and I don't know if the money would make it worse or better.

I'd buy a place in Jerusalem.
I'd invest and I'd set up money for my kids to get when they are older, and then even older so they can set up future generations.
I'd have a find for day school and college and grad school for my kids, for retirement for me.
I'd travel. I'd got to Italy and Spain and morocco and India and Thailand.
I would study and work doing whatever I love without having to worry about money.
I'd get a housekeeper and a nanny. And a personal trainer. And lovely things to wear (which sadly I don't have now).
I would donate to various causes and I'm sure they'd coming chasing me. I'd probably hire a philanthropy advisor, I bet there is such a thing.
I'd also set up a Jewish school with progressive teaching methods.