After I win the Powerball

[Magikod]

Bought my ticket!

[Jasonew6]

If I won Powerball:

Pay off all debts.
Put $100M in the bank and live off the interest.
Retire and buy a house in Cincinnati
But Reds and Bengals season tickets.
Buy a Corvette.
Buy a Condo in south Florida and become a snowbird between football season and baseball season.

[RhythmicGeek]

Originally Posted by Jasonew6

Put $100M in the bank and live off the interest.

People say this, but in truth you only need $10M, or less to be honest. That amount would give you $100k a year for 100 years. Granted, cost of living could be different, so maybe $20M to be on the safe side. Doesn't need to interest bearing, just secure. That way it is not as dependent on the market.

[need2mellowout]

In reverse order if I won $300 million (in for $15):

3. $150 million Always wanted to do a non-profit real estate foundation named need2help or need2bkind, etc. Buy downtown/inner city parking lots especially by stadiums so the homeless/people living out of cars can stay at night. It would be secured with video and security plus provide port-o-potty's or preferably big trailer with men's/ladies bathrooms and showers. During the day or special events typical rental parking lot. Would love it to expand to buying motels to provide rent free interim housing for families/vets/homeless without mental issues.

2. Party all expense paid on a private island for my friends especially the ones that we always do the adult-only trip every year. Get a house on the lake in the mountains, place on the beach and Class A RV to travel the US with the wife. Set up the kids, family and friends.

1. This would be like Fight Club for me. I'd tell no one except wife. Sign back of ticket, make copies, scan & upload to private Skydrive. Take ticket to safe deposit box at bank. Find the best Tax attorney/CPA firm to discuss options and arrange a line of credit. Talk to a security firm. By the time my daughter is done with school year in May everything should be ready to pack up and move. Claim prize.
A lot of this depends if you have to come forward and become public.

I try to play the largest pot every week and always want half to do good and other for personal.

[XenoMorph]

Originally Posted by RhythmicGeek

People say this, but in truth you only need $10M, or less to be honest. That amount would give you $100k a year for 100 years. Granted, cost of living could be different, so maybe $20M to be on the safe side. Doesn't need to interest bearing, just secure. That way it is not as dependent on the market.

Which to make it secure you'll need a bunch of 100,000 dollar accounts where the interest is transferred to a spending account (because only 100,000 per account is federally secured. correct?)

[Nebuchadnezzar]

Well, I've heard that if you're going to win the lottery, your best bet would be 12.5 million or more. The reason why is because people who have lived their lives paycheck to paycheck or month to month tend to not know what to do with all that money. Many give a lot away or fall for scams, invest badly and just go hog wild with it and before they know it, there's not much left.

It used to be all you needed was 1 million and you could live comfortably off the interest for the rest of your life. Now, like Matt said, it takes at least 10 million. 20 years from now, it'll be 25 million.

[RhythmicGeek]

Originally Posted by BengalsFan024

Which to make it secure you'll need a bunch of 100,000 dollar accounts where the interest is transferred to a spending account (because only 100,000 per account is federally secured. correct?)

Depends on what route you take. You are correct on that being the amount insured by the FDIC (though it may be a little higher now) but you could also have yourself a safe built and stash it in cash or some other liquid asset outside of the financial system. I know a guy who did this, there are still coffee cans you can find buried around his land with several thousand inside each. He died about 10 years ago with very few people knowing what he did with his money. Needless to say, I take my metal detector up sometimes.

Originally Posted by Nebuchadnezzar

Well, I've heard that if you're going to win the lottery, your best bet would be 12.5 million or more. The reason why is because people who have lived their lives paycheck to paycheck or month to month tend to not know what to do with all that money. Many give a lot away or fall for scams, invest badly and just go hog wild with it and before they know it, there's not much left.

It used to be all you needed was 1 million and you could live comfortably off the interest for the rest of your life. Now, like Matt said, it takes at least 10 million. 20 years from now, it'll be 25 million.

I wasn't even talking about interest, but somewhere between 6.5 and 7 million will get you $100k a year on interest with a 1.5% savings account which is is generally talked about with what would be needed to live off the interest. That's the best rate I could find right now, most are below 1%. I always use $100k a year as a benchmark, but that's just me.

It is true, though. Much like NFL players and such, so many people who get money after having none have no idea what to do with it and just end up broke. It is sad.

Me, if anyone I know hits it, I will be offering my services as a personal accountant and financial adviser.

[RumbleCat]

Originally Posted by Interceptor

If you are going to pound salt, could you at least scrape your knuckles first?

I have no idea what this means. But then, I find that to be the case a lot around here.

[gmdino]

Originally Posted by BengaliJack

Can do alot of good with money like that. I cant see it rolling over....the amount of money would be astronomical. I hope who ever wins decides to help out their community during these hard times

My wife works at a community food bank. Besides our church and school I see a nice contribution to them if we hit the lottery.

I'd also set up college funds for my kids and nieces and nephews besides the usual stuff of paying off bills.

I'd also still go to work.

Seriously.

I'd love my job if I knew I didn't NEED to be here!

[RumbleCat]

Originally Posted by Nebuchadnezzar

Well, I've heard that if you're going to win the lottery, your best bet would be 12.5 million or more. The reason why is because people who have lived their lives paycheck to paycheck or month to month tend to not know what to do with all that money. Many give a lot away or fall for scams, invest badly and just go hog wild with it and before they know it, there's not much left.

It used to be all you needed was 1 million and you could live comfortably off the interest for the rest of your life. Now, like Matt said, it takes at least 10 million. 20 years from now, it'll be 25 million.

Neb, Neb, Neb.

I am 48 years old with a life expectancy of possibly 10 - 12 years. If I were to win $10 mil in a lottery, after I've lived paycheck to paycheck, most of my life, I promise you I would be just fine. I have no real friends, I'm single now, and my only child is gone. I'd use some to get myself healthy again. And then probably do light traveling. Maybe.

EDIT: I'd also use some to pay someone to get the white edges off of the sig.

EDIT: See adjacent powerball thread.

[RumbleCat]

Sweet!

[Jasonew6]

Originally Posted by RhythmicGeek

People say this, but in truth you only need $10M, or less to be honest. That amount would give you $100k a year for 100 years. Granted, cost of living could be different, so maybe $20M to be on the safe side. Doesn't need to interest bearing, just secure. That way it is not as dependent on the market.

My bank pays me an interest rate of 0.15%. That might be higher with $100M in there, but that is what I am basing it on. $100M would pay me 150K a year.

[RhythmicGeek]

Originally Posted by Jasonew6

My bank pays me an interest rate of 0.15%. That might be higher with $100M in there, but that is what I am basing it on. $100M would pay me 150K a year.

It would likely be higher. I, myself, if I won the lottery my money would likely be going with Wells Fargo or HSBC, HSBC being more likely as it is more accessible globally and, quite frankly, I'll be globe trotting a bit.

So their APY is .4% for that type of money, $25M would put you at $100k at that mark, $37.5M for $150k.

But, I wouldn't mess with that anyway, to live off of interest. $20M set aside, would just pull of that amount if need be to live. Would provide $200k a year for 100 years, tax free at that because it would not be income after the initial receipt of the money. The rest would be to help others and live life for a bit.

[need2mellowout]

My wife will talk me into the Disney Vacation Club and I'll do it cause it would be like buying a case of beer.

[Orange and Black Attack]

I got the power ball number and one other number right.