Lets say you were to win the powerball.... (1 Viewer)

[bornnraisedwhodat]

What do you do with the money? I mean literally, do you deposit the whole amount into 1 bank/bank account? Is that smart since deposits are insured only up to 250k I believe? Do you put it seperate accounts or banks? Do you purchase private deposit insurance or something?

Obviously this is something I will never put to use, but I am just curious.

 

[Charlie Brizzown]

PayPal it all to Andrus.

 

[SaintBrad]

Pretty sure I would dump off several millions to childrens mercy hospital for families in need. Also, start my own animal rescue charity. invest into several companies. Start my own company. Go to Australia for a visit. Do some traveling. Buy a truck, a home with 20 acres, and a fully restored 70 chevelle SS and impregnate a few mid 20's beauty queens.

Die happy.

 

[bornnraisedwhodat]

Obviously, I know for a long term stand point, you want to invest, give to charity and all that stuff. But Im talking day one, the Powerball people hand you a check for 500 million dollars. What do you do with it. Do you got to Whitney and say I want to deposit this? lol

 

[efil4stnias]

no.

Several banks...mainly overseas ( Switzerland etc )

Turn alot of that into gold/silver holdings.

Incorporate.

 

[zeetes]

um, let's just say i wouldn't tell a sole and pray that my name doesn't hit the media.

 

[rob22278]

You start a trust for tax purposes (also if you want to remain anonymous). That $500 million is worth about $320 million as a lump sum cash payment, then after taxes the check would be about $195 million (after withholding).

 

[billinms]

I'd have to find a decent money manager to help me put away the bulk of it, and of course buy a new house and cars. I'd pay off any debt my immediate family members have and give a chunk to a few charities. After that I'd spend a few mil in a completely irresponsible way. Oh, and a nice donation to the site.

 

[Jeff Miller]

I would take the one time payout of $237,500,000 and live off the interest which should be around $490,000 a month (based 2.5% interest a year)

I'd have do some research as to where to store the principle. I wouldn't keep it in a American bank, not with the current trend of left wing politics in this country that doesn't want to view a person's cash wealth as their own property.

After that i'd buy a Superdome suite, a condo in New Orleans, and beach side lot in Puerto Rico.

 

[coldseat]

You'd certainly don't want to put it all in one bank account. You have to spread it out over several different banks/investments/securities etc. You'd most undoubtedly need help, but the question would be who. You'd want the best advice possible without getting screwed over. And that's the most important decision you have to make because the sharks will be out to try and take advantage and get a piece.

It would take a team of a lawyer/estate planner, CPA, and investment manager. You'd want to meet with all three separately and then together (once you've made your decision) and get the most reputable possible doing a lot of work on checking reference and not being as concerned with what they will charge (you certainly don't want to go cheep to save money and then get screwed over). Also, all three should come from different companies so that your advice isn't just coming from one brain trust. Come up with a plan to spread out the money making sure you have enough liquid for the short term and having a plan for the rest. Most likely set up a trust. Then go to the lottery office and claim you check.

Yes, I've thought about this because I will win the $550 million dollar powerball jackpot.

 

[Twyst]

I'd give it all to Bernie Madoff and have him invest it for me.

 

[antipop]

um, let's just say i wouldn't tell a sole and pray that my name doesn't hit the media.

i'd find out

 

[gwballin]

The jackpot for Saturdays drawing is 475 million, the cash payout is 302.4 million. I'd take the cash and after taxes (fed and state) I'd have about 155 million left.

First I'd set aside around 5 million to buy a house/toys/vacations/etc.

10 Million in laddered 5 year CD's to stay somewhat liquid.

60 Million in Stocks - S&P 500 represented companies would work for my purposes

40 Million in Treasury Bonds

40 Million in Muni Bonds

 

[SaintArchieManning]

I would disappear.

Literally. Completely off the grid- new name and everything.

Move somewhere like Switzerland and completely start over.

It would be amazing.

 

[UncleTrvlingJim]

You have a year or something like that to claim the money. Take your time and find yourself a good lawyer and investment manager. Then claim the money.