If I won the powerball....

[Hoosier8]

I'd build a home range!

And....

Have an ingo party!

Advice from Mark Cuban:

• [The first thing you should do is] hire a tax attorney.
• Don't take the lump sum. You don't want to blow it all in one spot.
• If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
• If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
• Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
• You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.

He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. "

 

[Bigtanker]

How do I do that?

Edit: Never mind, I'm on it.

Edit: Done!

Awesome. Rep inbound.

 

[IndyDave1776]

Advice from Mark Cuban:

• [The first thing you should do is] hire a tax attorney.
• Don't take the lump sum. You don't want to blow it all in one spot.
• If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
• If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
• Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
• You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.

He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. "

All things being equal, I wouldn't even question this. On the other hand, what guarantee is there on the long term solvency of the fund from which the installment plan is paid? Assuming that the difference is based on the fund managers making money on the bulk of the balance, presumably supplying both the larger return on winning and a profit for the fund, why could one not expect to make a more generous profit on the money himself rather than splitting the difference with a fund manager over whom he has no control? What if the fund goes insolvent?

 

[RobbyMaQ]

My understanding is that the winnings (long term payments) cannot be willed or passed on. Unsure if it can be applied to a trust. Whereas one lump sum is in your possession immediately, and can be left to heirs.
With my luck, I'd win, take the long haul payment, and die the next day.

 

[IndyDave1776]

My understanding is that the winnings (long term payments) cannot be willed or passed on. Unsure if it can be applied to a trust. Whereas one lump sum is in your possession immediately, and can be left to heirs.
With my luck, I'd win, take the long haul payment, and die the next day.

There is that as well. I have my reasons why I don't expect to live to be older than dirt, but my first issue would be that of the money actually being there for the long haul, and being worth anything when we get there. The lump sum converted into things that are intrinsically valuable or usable in bad times will do much more than either cash depreciated to the point where a week's groceries cost the money we are accustomed to making in a year, or worse yet, the payout turns into an IOU like the Illinois lottery has become at the present time.

 

[Cameramonkey]

All things being equal, I wouldn't even question this. On the other hand, what guarantee is there on the long term solvency of the fund from which the installment plan is paid? Assuming that the difference is based on the fund managers making money on the bulk of the balance, presumably supplying both the larger return on winning and a profit for the fund, why could one not expect to make a more generous profit on the money himself rather than splitting the difference with a fund manager over whom he has no control? What if the fund goes insolvent?

THIS. Isnt Illinois' state lottery giving out IOUs to winners due to budget disagreements in their statehouse? Somebody's state is/was if I was off. I just recall the headline a couple months back about lottery payouts not happening due to a lack of a finalized budget. Oh, and some states sending IOUs instead of tax refunds is also not so reassuring.

But I can appreciate his idea. Me? I'll take the chance and let my financial planners make the best decisions after taking that lump sum; I cant say I trust the long term solvency of those coffers.

ETA: I could see if the SHTF financially that a state could claim they were unable to fulfill their obligation to pay out on lottery winnings and get away with it pretty easily. I mean, whats the likelihood that the masses are going to pay attention and feel sorry for somebody getting paid $50k/week? They are likely to say "Screw that guy!" and the lottery winner "victim" will get absolutely ZERO support from the populous, allowing them to skate. (unless the winner manages to sue them into compliance) I guess my point is there would be absolutely zero sympathy if the structured payout were to end prematurely contrary to the contest rules/agreement.

 

[actaeon277]

https://www.indianagunowners.com/fo...baltimore-batman-dead-another-loss-world.html

 

[Hkindiana]

You could buy the playboy mansion for $200 million, provided you don't mind Hugh Hefner as a roommate until he dies.

 

[churchmouse]

If we win this I want all of the money right now. I trust no Gov. official with any amount that big. Plus, at our age we would not see the end of the pay outs anyway.
Give it to me, I will hire someone to watch it and I will watch them.....very closely.......

 

[AngryRooster]

Not really a "what I would do" post, but I bet these people had some huge fantasies for all of 20 minutes.

Workers 'won' $949M Powerball - for 20 minutes | Fox News


That's a major suckage moment.

 

[churchmouse]

Not really a "what I would do" post, but I bet these people had some huge fantasies for all of 20 minutes.

Workers 'won' $949M Powerball - for 20 minutes | Fox News


That's a major suckage moment.

 

[pudly]

My understanding is that the winnings (long term payments) cannot be willed or passed on. Unsure if it can be applied to a trust. Whereas one lump sum is in your possession immediately, and can be left to heirs.

From the Powerball FAQ:

WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?

The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate.

Powerball has a FAQ?

 

[historian]

Good advice: https://www.reddit.com/r/AskReddit/..._a_656_million_dollar_lottery_what_do/chba5nw

 

[lovemachine]

If I win the powerball, I'll buy a 1911.

 

[VERT]

If I win the powerball, I'll buy a 1911.

If you win the powerball I would sell you my 1911.

 

[IndyDave1776]

From the Powerball FAQ:


Powerball has a FAQ?

Good information, but it still doesn't help with concerns about the money actually being there down the road or it getting severely devalued such as to produce a significant loss versus cashing out up front and buying tangible assets.

 

[Tactically Fat]

If IndyDave1776 wins, I'd like to apply for a job on his homestead. I can get into the whole watchin' the trees grow gig.

And if *I* win, and I just know that I will, I think that I'll buy out Ropkey's Armor Museum. Maybe even the whole property (which is for sale right now...ahem). I'd even keep Skip on as chief mechanic and head bottle washer to maintain my newly acquired fleet of military vehicles.

 

[pudly]

Good information, but it still doesn't help with concerns about the money actually being there down the road or it getting severely devalued such as to produce a significant loss versus cashing out up front and buying tangible assets.

I agree with you on that, but just wanted to correct some misinformation for those who might be inclined that way. Annuities are one way to keep people from going nuts and bankrupting themselves in a couple of years, but there are better ways for those who can handle the responsibility that comes with good fortune.

 

[historian]

If I win the powerball, I'll buy a 1911.

Why would you buy a piece of junk like that! I mean, those and CZs are worse than Hi-Points!

 

[pudly]

Why would you buy a piece of junk like that! I mean, those and CZs are worse than Hi-Points!

So, maybe buy the Hi-Point plant then? Go big...

Edit: Here is a mind-blowing thought. The Hi-Point 1911.