Frenchy said:Political comment
Don't go there.
Frenchy said:Political comment
Don't go there.
In reply to EastCoastMojo :
I apologize. I was trying for funny.
Pete Gossett said:In reply to Adrian_Thompson :
I’m personally thinking about becoming an evil villain. It sounds so much more freeing.
Over crowded carrier choice, I"d look else where!
EastCoastMojo said:In reply to Adrian_Thompson :
I for one look forward to our new overlord. I hope you will consider me for the position of henchman if you win.
Certainly, but only if Margie gives me the OK. I wouldn't want to poach GRM's best hench..errr..person, henchperson?
Set up a holding company and list all the relatives and charities I like as partial owners of the ticket at percentages based upon how much I like them.
frenchyd said:The idea of winning 1.6 billion and having to spend or donate all those millions in a honestly worthwhile fashion makes me sick to my stomach.
That would quickly turn into serious work!
Investing it? Why on earth would you want more? As it is you likely will ruin your children’s and family members lives. Who really has experience dealing with that sort of income?
I could not spend the rest of my life in frivolity either way. To have giving money away be the 'serious work' I do, I should be so lucky.
And yes, investing it would be critical to maximizing the ability to build a legacy in how you donate it. The after tax on the cash prize is like $570M. Donating the equivalent of $15M per year, adjusted 3% per year for inflation, you'd run out of money to donate within 26 years even if you didn't spend a dime of it on yourself. Even if you took the annuity and had it total to closer to $1B after taxes, it would be gone in less than 40 years. Meanwhile you could keep $20M for personal use/distribution, and with the remaining $550M targeting a modest/conservative average of 6% annually, you could donate that same annual $15M inflation adjusted equivalent indefinitely...Forever.
As to ruining your kids and families lives, the answer primarily lies in your subsequent question. Even if none of us have that kind of experience, plenty of other people out there do. Some have handled it poorly, some have handled it wisely, but all can be learned from. Not that it will be easy, that there won't be a steep learning curve, nor that there won't be mistakes made along the way...But it most certainly CAN be done successfully. To put it into perspective, we're talking about suddenly having something in the neighborhood of 0.65% of Warren Buffet's net worth. While I'm no Warren Buffett, I could probably manage to learn to be at least 0.65% of him.
Driven5 said:frenchyd said:The idea of winning 1.6 billion and having to spend or donate all those millions in a honestly worthwhile fashion makes me sick to my stomach.
That would quickly turn into serious work!
Investing it? Why on earth would you want more? As it is you likely will ruin your children’s and family members lives. Who really has experience dealing with that sort of income?
I could not spend the rest of my life in frivolity either way. To have that be the 'serious work' I do, I should be so lucky.
And yes, investing it would be critical to maximizing the ability to build a legacy in how you donate it. The after tax on the cash prize is like $570M. Donating the equivalent of $15M per year, adjusted 3% per year for inflation, you'd run out of money to donate within 26 years even if you didn't spend a dime of it on yourself. Even if you took the annuity and had it total to closer to $1B after taxes, it would be gone in less than 40 years. Meanwhile you could keep $20M for personal use/distribution, and with the remaining $550M targeting a modest/conservative average of 6% annually, you could donate that same annual $15M inflation adjusted equivalent indefinitely...Forever.
As to ruining your kids and families lives, the answer primarily lies in your subsequent question. Even if none of us have that kind of experience, plenty of other people out there do. Some have handled it poorly, some have handled it wisely, but all can be learned from. Not that it will be easy, that there won't be a steep learning curve, nor that there won't be mistakes made along the way...But it most certainly CAN be done successfully. To put it into perspective, we're talking about suddenly having something in the neighborhood of 0.65% of Warren Buffet's net worth. While I'm no Warren Buffett, I could probably manage to learn to be at least 0.65% of him.
The Amish have a saying that I live by. Celebrate work!
If your idea of work is reading and digesting spread sheets then I guess you are cut out to be the sort of person who would find investing a rewarding life.
However if your children aren’t and you are the standard they compare themselves to they will likely have trouble finding themselves. Lost children of wealthy parents tend to have miserable lives. Maybe yours will be the exception that proves the rule? I certainly hope so. Same with family members you share your luck with.
As for donating to charity. Please follow the McDonalds fortune. All those Goodwill stores have turned from a modest charity trying hard to help people into a corporate enterprise who’s real benefactor is the CEO. Maybe if I were put in that position I’d do no better
i just know people who have come into major wealth and how hard it is
Eh, I might suck at being rich but I'm willing to give it a try. 
EastCoastMojo said:Eh, I might suck at being rich but I'm willing to give it a try.
I've spent the last 31 years being dirt poor, I'm ready to try the other side.
Which reminds me of another thing I'll have to do. Follow my berkeleying uncle douchebag and his family around the country putting up billboards everywhere they live expressing what massive pieces of infected dog E36 M3 they are.
RevRico said:EastCoastMojo said:Eh, I might suck at being rich but I'm willing to give it a try.
I've spent the last 31 years being dirt poor, I'm ready to try the other side.
Which reminds me of another thing I'll have to do. Follow my berkeleying uncle douchebag and his family around the country putting up billboards everywhere they live expressing what massive pieces of infected dog E36 M3 they are.
Man, so sorry for you. Can I recommend you invest that billboard money in therapy and weed instead. Better being a happy billionaire than an angry one.
It would be nice to invest in some companies that would create decent jobs for folks.
Ian F said:It would be nice to invest in some companies that would create decent jobs for folks.
Bad news, there's an inherent conflict between a company providing decent jobs (or otherwise being a responsible and upstanding entity) and allowing random people to invest in it. What you could do, is buy out some companies and order them to treat their employees well.
I don't waste money on lottery tickets but if I found a winning ticket in the trash, I'd set myself up with a decent upper-middle class income, retire, and spend the rest on activism to un-berkeley the world, starting with doing something about climate change before we wreck the only habitable planet in sight. Totally fixable problem that only lacks political will, which I would be empowered to bend.
I know a lot of the .01%ers. Or I did, in a former life when I was caddying. I'd google search a few of these folks, and some of them had BIG money.
Most of them were happy. Most of them you wouldn't have known they were wealthy if you didn't know about the country club membership. They didn't drive Ferraris, they drove Lexus's or Audi. A few Suburbans or Tahoes and a few minivans. The sports cars were all older folks.
One guy was probably worth close to 9 digits. He retired at 33 and became a teacher. He seemed to be very happy.
In reply to GameboyRMH :
I suppose my comment was too simplistic. I'd like to start companies that would employ people and rather than trying to make money off the investment, keep reinvesting any profits back into the company to hire more people. What kills so many companies is when they use debt to expand and then become beholden to those lenders at the expense of really growing the business. I'd be happy letting the business grow naturally and then getting my investment back by selling the company to the employees.
I have no interest in changing the world. I have no interest in activism. But that amount of money allows a lot of good to be done. I would have some fun and do some good and build some cars and trucks and motorcycles and bicycles and airplanes and probably trains.
In reply to Adrian_Thompson :
I don't understand what's wrong about wanting to make people feel the way they've made you feel. All the money in the world won't make things right, but the pleasure I would get publicly shaming them in such a way would eventually start to make up for things.
Besides, billboards are cheap, relatively. Digging a hole and planting a billboard runs about $250k, renting them ranges from $1800-3500/month, at least locally to me when I was building them. I know the prices change regionally, but would you even notice such a small amount every month? That's like change in the couch cushions compared to the investment portfolio.
frenchyd said:As for donating to charity. Please follow the McDonalds fortune. All those Goodwill stores have turned from a modest charity trying hard to help people into a corporate enterprise who’s real benefactor is the CEO.
I can't find any connection between the McDonald's fortune and Goodwill. Perhaps you mean the $1.5B Joan Kroc (McDonald's fortune) one time donation to Salvation Army used specifically for the construction and operation of community centers across the country?
Ian F said:In reply to GameboyRMH :
I suppose my comment was too simplistic. I'd like to start companies that would employ people and rather than trying to make money off the investment, keep reinvesting any profits back into the company to hire more people. What kills so many companies is when they use debt to expand and then become beholden to those lenders at the expense of really growing the business. I'd be happy letting the business grow naturally and then getting my investment back by selling the company to the employees.
I think the description you are looking for is "Private Company", as in: no stock, no stockholders. I work for one now, used to work for a somewhat large public company... big difference. They are not REQUIRED to endlessly expand. Of course not all private companys are great, but they certainly have more freedom to be than a public one. I had no idea this company was private when I interviewed. I told them they should definitely use it as a selling point to prospective new hires.
As a note on being rich: There is a certain skill to it. You have to learn to be rich and how to deal with the various aspects of it. Clearly some are not, many of those are lottery winners, some of those are now poor again. One thing they seem to not understand: Understanding the difference between money and income!
Driven5 said:frenchyd said:As for donating to charity. Please follow the McDonalds fortune. All those Goodwill stores have turned from a modest charity trying hard to help people into a corporate enterprise who’s real benefactor is the CEO.
I think he is referring to this:
“CEO and owner Mark Curran profits $2.3 million a year. Goodwill is a very catchy name for his business. You donate to his business and then he sells the items for profit.”
https://www.snopes.com/fact-check/executive-salaries-charities/#cRTMosLyDjlF2iuc.99
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In reply to aircooled :
And it's important to note that Goodwill is a $3.5 billion / year organization with 105,000 employees. Their CEO making $712k/year, while a lot, is not unusual or remarkable. The management of a non-profit is no less challenging than the management of a for-profit company.
It's mildly amusing that the MM jackpot is up to 1.6 B (given the title of this thread) and nobody is even mentioning the fact that the powerball is up to 690something million. Not exactly chump change.
Theoretical question. How would it feel to win one of the "almost but not quite" prizes when the jackpot is absurdly high. You know the hit 5 digits but not the final one and win a million. Life changing to be sure but to know how close you were to the REAL money would be heartbreaking.
In reply to KyAllroad (Jeremy) :
I’d be ok with a little heartbreak.
I'm OK with runner up!
KyAllroad (Jeremy) said:It's mildly amusing that the MM jackpot is up to 1.6 B (given the title of this thread) and nobody is even mentioning the fact that the powerball is up to 690something million. Not exactly chump change.
Theoretical question. How would it feel to win one of the "almost but not quite" prizes when the jackpot is absurdly high. You know the hit 5 digits but not the final one and win a million. Life changing to be sure but to know how close you were to the REAL money would be heartbreaking.
A million dollars seems like real money to me
In reply to KyAllroad (Jeremy) :
runner up = retirement. Or at least really close to it.
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