What would you do with $250 million bucks...

[dscurlock]

a 7-11 clerk or some convenient store employee won the powerball
from MO, a big $250 million dollars.

Sir, I do not know you, but I could use some of that money...
I did contribute to your cause

What would you do with $250 million dollars?

[keepinitreal]

dental implants

[junker]

i had a friend that won about 1.5 million in the california lottery years ago...he quit work and literally drank himself to death within 5 years....apparantly it wasnt enough to get a new liver .......

[DeadManCrawling]

The man who won the big Powerball the other day has NO idea how much his life just changed. I do not imagine good things are in his future unless he wakes up very quickly and realizes how different his world just became.

There is no escape when something like this happens. So many dream of it, but so few are really prepared. He seems like a nice guy, I hope he wakes up in time.

[tigergem]

What would I do with it? That's a lot of millions. 250 of them. Wow. Ok. What would I do with it. Not knowing how much of that is automatically gone in taxes...

Buy a shotgun.

Hire the best lawyer on the block.

Hire the best financial advisor on the block.

Ok the best don't live on this block. Maybe a different block. Or ask Warren Buffet who he recommends.

Get my dental work done.

Set up trust funds for my children and my brother.

Move my parents.

Get some land where I could build a solar powered sustainable organic farm. Personal sized. Not commercial sized.

Finally start the charity organization that I have been dreaming about with a suitable endowment and hire excellent grant writers so the State of Texas can't screw over people in need of Deep East Texas ever again by absorbing Federal funds back into the treasury because the money was "unclaimed" by block grant recipient organizations. grrrr....

Be secret santa or the fairy godmother to my family and known friends. But just ONCE, and probably relatively modestly.

Oh. I guess I would have to pay off my chapter 13, huh? hehehe. No problem buddy.

Try to invest wisely.

I'm already quite practiced at living off the grid and flying under radars, living simply and frugally and I don't have a lot of ambitious material wants. I like cars with powerful engines, but I would probably only have two, and simply owning two vehicles would be my personal "splurge". Some sporty little thing for me, and something more sensible for hauling the dogs on day trips. Frugality is an ingrained thing, so I don't see myself spending it all. Ever. I'm not all that into shopping, fancy clothes and jewelry, and I've already traveled as much of the world as I really want to. I think I would be ok if I surrounded myself with the correct people to help me achieve the goals I have in mind, all of which are literally, quite down to earth.

The wildest, craziest thing I foresee myself doing is funding the political campaign of somebody who can unseat my congressman. I think there are limits on that, but I would love to see that guy ousted.

What would you do with it dscurlock? I mean... since you asked the question...

[nc73]

spend it.

[AngelinaCatHub]

Here is my opinion. I'm a winner every time I do not play. I win a buck. We had money once, and it went fast to other people.

We are far happier now, that we have been on both sides of that fence.

If it were to happen, yes, I would put a very large part of it into a C heritable Remainder Unitrust. We have one and by law you must take 5% a year minimum. You pay minimal taxes as in regular income and get a tax write off as well so no income tax on that amount. You can take a portion up front with heavy tax but as your own trustee, it can go to several charitable organization, but it is irrevocable.

This would insure not out living the funds due to stupid drinking or doping or the vultures you would have to stem off.

I have heard multiple stories of those who won and nothing good about the use of the fortune except premature death.

Money does not buy happiness. Contentment does and right living will. Values are more important and money is the least of wealth. Wealth comes in character and self respect. That is what a really wealthy person has.

The enemy I had that cause our demise considered his million as three things. "A tool, A ticket, A weapon". He used the third the most. He now, by God or Karma whatever you wish, is totally quad bypassed, under total kidney failure and dialysis, and stroked. You figure what his money bought him.

No, I don't want to win that kind of money. It is a poor man's tax and his fantasy retirement fund. 'Hub

[helpmeout]

I would buy a different home, free and clear, buy a Hybrid and save the rest for when I retire, my kids need braces and go to college.

I would also take a 2 week vacation (some of it would have to be without pay, but with $250 mil, I think I will be okay this one time) where the kids and I go to Disneyworld and Hawaii.

[MSbklawyer]

Big ol' cabin class sailboat. Then I would spend the rest of my days sailing from port to port to port in locations all over the world where I'd go ashore, meet the locals, do some fishing, drink some beer, see the local sights &c. Think: Rich beach bum.

[blessed]

I'd try my hardest to keep my identity a secret. I guess there's a couple things you can do to claim the money without the media involved.... hire a lawyer and/or financial adviser, I'd have to do some homework on that.

I'd buy a cul-de-sac, yes the whole thing, near my parents and move my family & my siblings into a house of their own. Set up to pay the taxes and utilities for a year or more.

We have a fixer-upper and I can't decide if I'd gut it and have fun remodeling or just walk away. Half of me wants to see this house turned amazing.

Buy new cars, nothing extravagant, just new.

Set up retirement and college funds.

Give a crapload to a charity I have worked with for years.

[junker]

what better way to spend it than to share it with the folks on this forum...i mean, most of us are here because we have a some financial concerns sometime in our lives....and most here have filed or are thinking of filing bk....so what better way to spend it than to give to all of US in need.....so when its my turn and i hit the big one...be sure to send me your emails so i can start cutting the checks and get them out to you......

[banca rotta]

I agree with blessed. Even though lotto winners are publicly announced it's best to keep this a secret if possible and not to flaunt it.

Since some or most of us here feel we are heading to a greater depression then before you can be certain that a lotto winner will be a victim of a kidnapping or armed robbery of some sort.

I would however invest some of it in some kind of re-training program such as opening a vocational training center in metro Detroit for example to help educate old style industrial age union workers to modern day information age specialist.

I'm not very big with traditional charities since the problems never seem to get solved. I prefer to invest in real useful education that helps those who want to learn.

[tigergem]

A woman I worked with many years ago won the lottery. Sadly, she didn't quit working. She just became unbearable to be around. Developed quite a nasty arrogant attitude. Bought herself one of the first million dollar McMansions in the area's first gated community (which I am so happy to say is no longer all that...not even there...), a new car, a bumper sticker that said "As a matter of fact I do own the road." That was like 20 years ago.

[onwards]

Well, it's not really $250M; more like a quarter of that counting taxes and assuming he is taking a lump sum payment.

Regardless, I wouldn't do that much different, to be honest. I'd pay off existing debt - mostly the house and car. I'd set up trust funds for the kids. I'd allocate a couple of million for a "don't care" fund, essentially a kitty where I use it for anything stupid and wasteful that crosses my or my family's mind, just to get it out of our system. I'd set up a similar sized one for helping people we care about in their pressing problems. The rest would go into an investment bank and managed like a retirement fund (4% withdrawals).

And no, I wouldn't quit my job, but then again, I own my business so I kinda like it I would invest some money in it though for sure.

EDIT: of course, I'd have to buy a lottery ticket first.

[justbroke]

All spending aside...

I think this person is already in trouble. No one should be claiming a lottery prize within 5 days of the drawing. Seems no planning was done. First thing to do is hire an attorney. Second a financial planner.