What would you do if you won $47 Million?

[prohornblower]

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It's not like your getting 47 million every year. It's a 1 time event and yes it is a lot of money but I don't think you can hand out 50k to every family member every year (I assume your talking about immediate family). If this is a lotto. First of all it's heavily taxed. Second of all are you taking it all at once and does this include that. If it does, then it's a rather large sum of money. If it isn't, you cut is going to be even smaller. Let's say you take it for 20 years. Thats only a little over 2 million a year pre-taxes and about 1.5 million after taxes. So giving out let's say 50k a year, is a large sum of money for this prize although you could easily survive. Let's say you do take it in a lump sum. The interest alone if you get a decent rate should let you survive for a long time but it's not world changing money but rather life changing money and many lottery winners haven't spent their money wisely.

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Thank you. Many lotto-winners have absolutely no clue what they can and can't afford.

[posnera]

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Plus, why would I end up in a trailor if I'm stingy with my money?.

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Wishful thinking?

[guids]

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It's not like your getting 47 million every year. It's a 1 time event and yes it is a lot of money but I don't think you can hand out 50k to every family member every year (I assume your talking about immediate family). If this is a lotto. First of all it's heavily taxed. Second of all are you taking it all at once and does this include that. If it does, then it's a rather large sum of money. If it isn't, you cut is going to be even smaller. Let's say you take it for 20 years. Thats only a little over 2 million a year pre-taxes and about 1.5 million after taxes. So giving out let's say 50k a year, is a large sum of money for this prize although you could easily survive. Let's say you do take it in a lump sum. The interest alone if you get a decent rate should let you survive for a long time but it's not world changing money but rather life changing money and many lottery winners haven't spent their money wisely.

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[censored] the tax discussion, the op said 47 million, Im not going to be a nit and figure in taxes. I take that 47 million, I give 5 million to my parents. They put it in the bank, earn interest off it, thats a quarter million a year, they hvae to spend w/ no mortgage anymore becuase I bought their house. But, Im sure my parents who payed about 50k for my high school education, fed, clothed, housed, bought me my first car, etc, wouldnt take insult to the fact that I dont trust them enough to "allow" them to have more than 10 or 20k a year.

[disjunction]

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The point is, you don't want to give away so much, that they wouldn't feel the need to continue working. Let them keep earning their own living, while being gently padded by you.

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The last thing you would want is people who think they can literally live off of you at no effort. Trust me, family or not, people can change. You don't want to ruin someone's life by overcompensating them.

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I agree with these completely. Random "family members" should not think they can freeload off of **YOUR** hard earned windfall.

[prohornblower]

WW, your girlfriend keeps getting hawter.

[SomethingClever]

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This seems like a weird and paranoid plan.

I'd just quit my job and enjoy doing whatever the hell I wanted.

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you'd be rolled for 0.10/0.20 by your requirements too!

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[capone0]

Okay if i got 47 million clear of taxes then maybe your stuff makes sense otherwise it doesn't. 10k isn't a ton of money but it is still a considerable amount of money especially if it is given each year. If I was given 10k a year I'd be damn happy. Yes your parents might deserve considerably more but my brother does not.

[guids]

Me and you WW would get a long nicely, thats about teh way I would roll. Except I have about 5 or 6 friends and we made a pact if anyone ever wins over 35 mill, we have to buy the car of their choice under 500k which has already been predetermined. So Id have to get a GT40, some kind of Lambo, a GT500, an S600, and the Batmobile before I could get anything else.

[prohornblower]

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[censored] the tax discussion, the op said 47 million, Im not going to be a nit and figure in taxes.

But, Im sure my parents who payed about 50k for my high school education, fed, clothed, housed, bought me my first car, etc, wouldnt take insult to the fact that I dont trust them enough to "allow" them to have more than 10 or 20k a year.

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Wow. Be a little more ignorant. First of all, I previous poster asked if it was pretax or post-tax. I said pre.

Secondly, my parents didn't spend $50K on my high school and first car. No wonder you can't understand the value of $10K/year/family member. My parents raised me to earn my own way. I never got help with my car payment or insurance, etc. Went to public H.S., and public University (which I fully paid for). They taught me to respect money, and thus, I would expect them to reciprocate.

If I was in your shoes, and had a Super Sweet 16 birthday party with toys and gadgets, I suppose I'd be a little more willing to throw money at other people without thought of consequence.

Good luck.

[Sponger.]

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Yes your parents might deserve considerably more but my brother does not.

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Nobody "deserves" any of it. I'm not saying I wouldn't set my mom and brother up, but thinking like this is stupid.