Say you're at your desk, you know the lottery is just a task on the poor but you buy in anyway just for the fun of it, and you win the $500MM jackpot. You are now gonna get $25MM every year, which after uncle Sam takes his cut in the city will net out to ~$11.25MM. What do you do? Do you stay in banking? Quit and start a fast food company? I'd love some thoughts.
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Probably just go to bed and wake up again. Forget I ever did win and put it into the market for 15 years. Then wake up as a billionaire and buy Michael Dell's penthouse in NYC.
I mean unless you are a *really* big spender, you could just live off one year's savings and then not touch the rest until you're a billionaire.
Crack
I’d take it all as a lump sum in pennies and pay to have the pennies dropped on the city of Hoboken in one giant wave. That’ll teach em
Um...
Why so much petty?
haha?
I've always wondered...does lottery winnings (where it's guaranteed X amount for Y years) ever count as income for mortgage purposes?
Eg in OPs scenario, after 1 year would he qualify to buy a $50m house on mortgage having put down $10m deposit?
I'd imagine it should / would be treated as any other annuity and flow through as income.
If you work after earning that much you have no life.
I would honestly probably go to medical school - it's funny how school seems a drag when you're young but looking back on it, it was a great experience. I was too dumb to do medicine back then but could make a good fist of it now and I find the subject very interesting. I'd also for sure seed a foundation - not sure how much of the money I'd put in, but it would be a decently hefty amount. And I would buy cars (I love cars) and travel a lot as well I think. And I'd....have an active dating life. I'd also consider becoming a detective in homicide or something; I think that must be a very interesting job but it obviously doesn't pay well - since I'd be independently wealthy, I could do it for a hobby like Mike Lowry in Bad Boys.
I would love to just go back to school and learn. I've always wanted to study English literature since so many of the classics need classroom discussion and lecture to really understand and appreciate. I'd also go for degrees in math, film, sociology, architecture, political science, etc. I definitely have a very strong love for academics.
My parents would have loved you.
Immediately quit job. Do nothing for a few weeks while organizing my Financial and Legal resources to build out a plan.
Family office and give my parents enough $ to travel for a few years
I would quit my job immediately.
No kidding. Like, that hour.
Buy my mama a nice ass house
Buy property on a lake, build a house and a big ass gym. Then some cars and start some company
I'm in PE these days but no way in hell I'd keep working the grind. I'd quit as soon as I confirmed the $ hit my account. I'm not ashamed to admit I've fantasized about this type of shit. Summary plan:
First move: Engage tax accountants and lawyers to make sure I get what I'm supposed to at the end of the day and stay onside los federales
Second move: Fuck off to some exotic beach town for a month while the press and hype dies down.
Third move: Take care of my immediate family - Mom & Dad will never have to work again. Buy them a place in that neighborhood out of town they've been talking about for years. Blind trust for siblings.
Fourth move: Open family office to manage my assets. Either go excessively big on office (IE top floor of best building or something equally stupid), or build custom office somewhere outta town, a la Axe Capital .
Fifth move: Buy all the real estate I've ever wanted - lakehouse, Whistler Chalet, Maui beach house. Build a custom house on one of the Georgia Strait or San Juan islands. Pick up the dream cars - Singer Porsche, F40, '67 Shelby GT500, NSX (Honda, not Acura), Ford GT40... etc.
I realize you can't do all this on the $25m pre-tax per year you outlined, but its fun to dream
I think the biggest hurdle would be the family office, you'd really need to save for that. But for the rest, if you spend five or six years just living off of $200k/yr and invest the rest you could definitely get all the real estate (a few mil goes very far, depending on what your priorities are) and a decent number of the cars. Original GT40 might be tough.
You're absolutely right. Realistically, I'd need to accumulate several years worth of payments to effect #3, #4 & #5. Probably would be forced to buy a kit GT40 or spend 1+ yrs lottery payout on an authentic one at auction.
$11m post tax isn't enough for all the real estate. Could spend that much on one place in either Maui or Whistler...
I've been lucky enough to have wealthy mentors, and most all in one form or another say if you are lucky you will get rich once... very few people are lucky enough to get rich twice. Be careful in how you manage and spend your money.
That's why not much would change for me.
I would likely upgrade my car from the 10 year old clunker I'm currently driving, and I would invest in a place to call home (nothing extravagant). However, I would still work the same job and wear the same clothes. I don't intend to think that I know everything about finance and much of my job helps my education.
I also don't intend to think that I know enough about wealth management to properly invest $11.5mm per year, so I would find a wealth manger to help organize my thoughts. After some time when I've established a nest egg and have garnered enough confidence in my own ability to manage money, would I consider investing in more entrepenurial activities like realestate or small businesses. Even then I would start off small and work my way up, buliding recurring cashflow and not over-leveraging myself.
Why in god's name would you even consider remaining in banking?
1. Buy a jet
2. Get on said jet to go island shopping
3. Buy island
4. Build house and racetrack and buy cars
5. repeat steps 2-4
[Deleted due to controversy]
Idk man, it’s pretty hard to find someone who genuinely clicks with you and loves you. Everyone has fantasized about running away with someone more attractive, but I have never once heard that going well in the long-run.
Just gotta love the one you’re with
True. Shes the only gf ive had thats why I would be kinda confused on what to
Dont gotta MS me i was just sayin
1.) Engage lawyers, accountants etc. to get all my ducks in a row
2.) Quit job
3.) Work on side company fulltime
4.) Plan/execute trip around the world to see all of the stuff I haven't yet
5.)?????
6.) PROFIT!!!
Fund Antifa and alt-right movements that occupy the same geography and orchestrate some small civil wars for fun
Realistically, I'd quit my job to fund/help the movement of recreational drug legalization across the US
1- Move to Miami, Florida or another area with very good nightlife and buy a massive house with cash
2- Buy one of the best nightclubs there and make it even better. Once it's generating solid cash flow for me, buy the next best nightclub and do the same thing
3- Make connections with famous music artists, models, etc.
4- Start having private parties with said celebrities
5- Live a Dan bilzerian esc. life without the Instagram bullshit because I'm not getting cancelled
First off, I'd take the lump sum. I would never take the Annuity. Using June 7, 2019's $522 Million drawing as a proxy, $522MM is worth $340MM if you take the cash option. Figure you lose ~50% of that in taxes. So you're left with ~$170MM. From there, square away all the estate planning and legal stuff so I'm on the right side of the law. And then divide my wealth into 5 buckets. $20MM as free cash to spend as I'd want. And the other 4 buckets are divided up into Income Generating funds (how much do I need to live comfortably per year if I choose to focus on never working again while minimizing my tax impact), Real Estate, Market Investments, and Cash Generating businesses. While I'm less concerned with the RE and Market Investments, I would look into how to benefit through franchising and figure out what opportunities would be great to get involved in. It's not glamorous, but give me a few franchises with good FCF and I'll take that quite happily.
Yea, not a chance I keep working in banking. Take the lump sum, do some estate plan and buy a ranch in the middle of nowhere so that nobody can bother me.
I would build a heavily-armed, self-sustaining, off-the-grid bunker complex in the Alaskan wilderness with my family and invite a few other like-minded ideologues who are committed to the cause to join me. I will lead my loyal followers towards a new dawn as we build a new civilization in my image. After a few generations and the collapse of the United States have come and gone, my warrior-descendants will sweep down across the continent like a Mongol horde and reclaim their birthrate. Praise be to God.
I would use my wealth to become close to an NBA team and volunteer my time until I have enough experience to get a job in the front office. It's such an old boys club I think it could be done. Or just donate enough to a college bball team and work there.
I'd probably completely check out from reality. I'd buy a mansion in the Rockies and just snowboard every day.
Luckily I'm a guy with simple tastes, as is my Mrs. I'd take 10-15m to buy a nice house, secure some income and kids university. Also do some helping here and there.
Then take the bulk of $ into a newly created foundation, and use it wisely in charity, the like to helping people learn to catch the fish, not give them a fish. I would love to run the foundation, together with some people with knowhow on how to get best impact. In parallel open the asset management part to help evergreen fund the operations of the foundation.
That would be my pleasure, if I win the lottery...
I would quit my job immediately, burning several bridges along the way by telling multiple senior bankers to go fuck themselves. I've always aspired to have my own CRE development shop, but money is a big motivator in that, so I would likely just put LP money into projects w/ developers I'm already familiar w/, throw a huge chunk into the market, and bank the rest. Certainly would never, under any circumstances, consider working for someone else if I had money.
My dream is to quite my job by telling my group head to never speak to me again... unless he's raising capital for a sick startup, in which case he can contact reception at my new family office.
Coke and hookers
head to Hollywood and act.
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