Mega Millions is at $470M

mtn said:

Couldn't sleep last night. Started making spreadsheets just to see what I'd do with how much--this is all the cash option, before tax (tax was considered in my calculations though). 

$5 million, the wife would no longer work. She'd probably start her own business. I might change careers, and I'd probably also add onto the house. 

$10 million, we're getting close to retiring. 

$15 million, retired, add onto house, and I'd have a single vacation home. 

$20 million, add on another vacation home. 

Doesn't change much (bigger/nicer boats maybe) until we get to $75 million. Around there, I have people to worry about all of my stuff.

When it was at a billion, I made a spreadsheet of taxes and how much I could make just sticking it in the bank and investing.  I've kept the spreadsheet and every once in a while update it with the latest cash value number.  At the current rate, once I paid everything off and spent a little extra (new house, car, etc), at 3% interest, we'd clear about $4 million a year.  I honestly think I'd have trouble spending that much money.  I guesstimated that we'd live on half a million a year and have plenty.  If I could get 11% (which I would guess wouldn't be too hard), it jumps to like $15 mil a year.  If I stayed at the half a million yearly spend, I'd be a billionaire in 20 years.  (All pre-tax, so technically less, but since I'm dreaming, might as well make it fun). 

Maybe I'll remember to spend $2 this week and buy ticket.  It it a waste?  Sure, but the sheer entertainment and dreaming is worth the $2.

-Rob

So, who's got the most outlandish motorsport related plan once you/we/I win the half billion? 

Assuming spousal approval (would NOT be forthcoming) I'd start a race team, probably in IMSA, sponsored by my new chain of weed dispensaries so we can get back to the old days of IMSA standing for 'International Marijuana Smuggling Association'  Then I'd talk to IMSA officials about building a 962 Tribute car (current LMP2/DPI chassis with lookalike bodywork and tribute color scheme) to run at the big races alongside my GTD and LMP2 cars.  If the team was any good I'd look into expanding into Indy car with a real driver.  I"d obviously get trained and do a bazillion hours in the cockpit to be one of the GTD drivers, but beyond that I'd be looking a hiring pro's.  One each from the USA, UK and France.  Having a French driver on the team makes LeMans entry far easier.  Of course I"d fly to races in my private jet, also in the same logo :)

rob_lewis said:

mtn said:

Couldn't sleep last night. Started making spreadsheets just to see what I'd do with how much--this is all the cash option, before tax (tax was considered in my calculations though). 

$5 million, the wife would no longer work. She'd probably start her own business. I might change careers, and I'd probably also add onto the house. 

$10 million, we're getting close to retiring. 

$15 million, retired, add onto house, and I'd have a single vacation home. 

$20 million, add on another vacation home. 

Doesn't change much (bigger/nicer boats maybe) until we get to $75 million. Around there, I have people to worry about all of my stuff.

When it was at a billion, I made a spreadsheet of taxes and how much I could make just sticking it in the bank and investing.  I've kept the spreadsheet and every once in a while update it with the latest cash value number.  At the current rate, once I paid everything off and spent a little extra (new house, car, etc), at 3% interest, we'd clear about $4 million a year.  I honestly think I'd have trouble spending that much money.  I guesstimated that we'd live on half a million a year and have plenty.  If I could get 11% (which I would guess wouldn't be too hard), it jumps to like $15 mil a year.  If I stayed at the half a million yearly spend, I'd be a billionaire in 20 years.  (All pre-tax, so technically less, but since I'm dreaming, might as well make it fun). 

Maybe I'll remember to spend $2 this week and buy ticket.  It it a waste?  Sure, but the sheer entertainment and dreaming is worth the $2.

-Rob

 

This is very similar to me.

Seriously, spend a few months at a resort... that is only about $100k. Get a private chef--Maybe $80k? Butler, $80k, maid, $40k, nanny, $50k. Captain for my giant ass boat, $100k. Then maintenance, taxes, etc. on my boats, cars, properties... maybe $2M a year, tops? Unless you get into a private jet, I can't work out how you're spending that much annually.

Do you guys pick your own numbers or let the machine pick 'em? 

I won the lottery on Sunday.  Just $10 but it's a start.

I've always had really weird luck, both good and bad so it really wouldn't surprise me to win the PowerBall (or whatever).  Last summer we bought a travel club membership and for the rest of my life I can book weeks at resorts across the globe for 50-80% off their regular price.  Millions in the bank would allow me to spend a LOT of time traveling to somewhere new and warm.  It'd be fun to go to autocross events wherever I was on a given weekend and just buy someone's car, drive it and then toss them back the keys after flogging it all day.

My philosophy is that the $2 ticket means that I'm a Schroedinger millionaire until I check the numbers.  Cheaper than a trip to the casino and much more pleasant.

EastCoastMojo said:

Do you guys pick your own numbers or let the machine pick 'em? 

Used to have a set I'd picked but now I have a random set that I check and replay each week.

I just get 'quick picks'  Unless you've got an inside line to the flying spaghetti monster, the odds are the same picking or random.

My walk away from work tomorrow number is 20 times my gross salary.  That gives me a small increase in my current standard of living with a cost of living increase each year while never touching the growing capital that can be handed down to future generations.  the rest is just gravey.

Most outlandish motorsport way to blow money? Go Unlimited Aircraft racing in Reno. Maybe have Scaled Composites build me a plane, ala Pond Racer. That's a good, clean, dangerous way to blow millions with zero profit by winning.

EastCoastMojo said:

Do you guys pick your own numbers or let the machine pick 'em? 

For the big payouts, $500+ million, I have a 2 part system. Step 1, talk to everyone who gets quick picks and see what numbers DON'T show up. The  Powerball in particular. Step 2, do quick pick with the Powerball number nobody seemed to get from their quick picks. When the Powerball was the billion, I knew a couple people who'd spent hundreds on quick pick tickets, and not a single one of their picks had the Powerball as 13. Guess what the winning power ball number was?

If that system isn't an option because I'm feeling extra anti social, I'll just get $10-20 on quick picks and one ticket of specific numbers. I won't even play for less than $350 million though, despite knowing I could live very comfortably the rest of my life with only $2 million. 

Most I've ever won was $1200 on the daily pick 4, and I was a little kid then. Sunday's we'd go to breakfast then my mom would go shopping and play the numbers while dad and I went trap shooting. I always picked the same number every week, and it came up just the one time. 

Adrian_Thompson said:

Assuming spousal approval (would NOT be forthcoming) I'd start a race team, probably in IMSA, sponsored by my new chain of weed dispensaries so we can get back to the old days of IMSA standing for 'International Marijuana Smuggling Association' 

I love this idea!!  I don't partake in that type of vice (but probably would try it when it becomes legal in my state) and have always thought that being a craft grower would be pretty cool.  Like a craft brewery, catering to unique and special blends, exclusively.  When you're successful with IMSA, can we branch into Nascar?  Only because of the sheer hilarious factor.  Or, if you want to do Formula racing, I've got a great driver (my son) and an up and coming star I know very well (Pato O'Ward) and we could start an F1 team sponsored by the same.  But, the car needs to be a ridiculously crazy livery, like neon green and pink or something.  Just to shake up the traditional conservative (OK, Force India's pink stands out) colors.

-Rob

Adrian_Thompson said:

So, who's got the most outlandish motorsport related plan once you/we/I win the half billion? 

Assuming spousal approval (would NOT be forthcoming) I'd start a race team, probably in IMSA, sponsored by my new chain of weed dispensaries so we can get back to the old days of IMSA standing for 'International Marijuana Smuggling Association'  Then I'd talk to IMSA officials about building a 962 Tribute car (current LMP2/DPI chassis with lookalike bodywork and tribute color scheme) to run at the big races alongside my GTD and LMP2 cars.  If the team was any good I'd look into expanding into Indy car with a real driver.  I"d obviously get trained and do a bazillion hours in the cockpit to be one of the GTD drivers, but beyond that I'd be looking a hiring pro's.  One each from the USA, UK and France.  Having a French driver on the team makes LeMans entry far easier.  Of course I"d fly to races in my private jet, also in the same logo :)

 

 

I'd want to buy my local track Hallett. Upgrade the facilities, keep the original layout completely intact, but buy some of the surrounding land to add an extended option like they've done at Thunderhill and places like that.

I wouldn’t quit my job but it would be much less stressful until they fired me, I give it three weeks. 

I'm 35.  If I took home $2M after taxes I wouldn't work anymore.  If I took home $1M I would consider not working.

In reply to mtn :

$15mm to retire? Dang man. That would support spending of like $600k/year without touching the principal. I don’t need anywhere near that much. 

Wally said:

I wouldn’t quit my job but it would be much less stressful until they fired me, I give it three weeks. 

I wouldn't immediately quit my job, but I would call DW and tell her to march up front and resign effective as soon as she is done speaking.  We can survive on my salary until dem checks start rolling in.

dculberson said:

In reply to mtn :

$15mm to retire? Dang man. That would support spending of like $600k/year without touching the principal. I don’t need anywhere near that much. 

You're not looking closely enough at my numbers there. $15M cash option would get you about $9M after tax, so $270k annually (I use a 3% safe withdrawal rate instead of 4%). Additionally, I'm including some significant familial help for some folks with debilitating illnesses that would greatly reduce the number. Dreaming, remember?

In reality, the $10mm could easily get me there, but I'd probably still be working--just in a very different job. And I'd take a few years to "change" my career at that point to not raise suspicions. Maybe teaching. Teaching Gym or drivers ed.

Duke said:

Wally said:

I wouldn’t quit my job but it would be much less stressful until they fired me, I give it three weeks. 

I wouldn't immediately quit my job, but I would call DW and tell her to march up front and resign effective as soon as she is done speaking.  We can survive on my salary until dem checks start rolling in.

Yeah, my wife is miserable in her current role. We'd do the same. We're pretty close to doing the same as it is and tightening the belt in other places.

Adrian_Thompson said:

 

 

My walk away from work tomorrow number is 20 times my gross salary.  That gives me a small increase in my current standard of living with a cost of living increase each year while never touching the growing capital that can be handed down to future generations.  the rest is just gravey.

Using that metric would put my number to walk away a lot closer to 500K than a million. 

I need to make more money.

EastCoastMojo said:

Do you guys pick your own numbers or let the machine pick 'em? 

I suggest picking numbers 32 and above…it won’t improve your odds of winning but if you do win, you’ll likely have fewer people to share it with since others frequently pick numbers based on special dates (birthdays, anniversaries, etc.)

ProDarwin said:

I'm 35.  If I took home $2M after taxes I wouldn't work anymore.  If I took home $1M I would consider not working.

34 here, $1-2M take home is where I quit but my wife keeps working. 

mtn said:

Duke said:

Wally said:

I wouldn’t quit my job but it would be much less stressful until they fired me, I give it three weeks. 

I wouldn't immediately quit my job, but I would call DW and tell her to march up front and resign effective as soon as she is done speaking.  We can survive on my salary until dem checks start rolling in.

Yeah, my wife is miserable in her current role. We'd do the same. We're pretty close to doing the same as it is and tightening the belt in other places.

It's surprising what a difference in perception (misery) it makes when you really no longer need the job. Having the ability to walk away any time makes the job and atmosphere feel completely different.

In reply to Nick Comstock :

You and me both, brother.

$270,000/year? I'd been happier than a pig in E36 M3 for half that.

I wouldn't quit immediately. Mainly because I wouldn't want to screw over my coworkers who have to figure out how to replace me, which has proven difficult right now as nobody else wants to tolerate work on-site like I have.  I'd probably give them a couple of months.   Of course, being able to afford a nice house with an ocean view and commuting to the office if a Ferrari would make this assignment easier to deal with. 

Interesting that not one of you have yet said you'd want to parlay the money into either Hollywood celebrity or political office.

Buying my way into movie stardom would be pretty awesome.  Politics has just become too slimy for my tastes (and I've quite literally crawled through a swamp at night).

Ian F said:

commuting to the office

Of all of the things I could do with that money, none of them involve something that would result in commuting.  Even in a Ferrari.