What would you do if you won $47 Million?

[prohornblower]

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Being incredibly selfish with 'your' fortune and your immediate family is something else. Really something else.

Imagine if your offspring became insanely wealthy one day, and their show of love and appreciation to you was paying your grocery bills. I'd probably send the <$200 a week back after I had cleaned myself with it, or give it to charity.

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Yeah, I guess I'd hate my son for giving me free money every year.

[inferno]

keep it all formyself

[Dids]

My plan.

Keep going to work, however, the first day I would have a throne deliveryed and would work from that throne for the rest of my time there. I may or may not have people feed me grapes.

[disjunction]

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[ QUOTE ]

Being incredibly selfish with 'your' fortune and your immediate family is something else. Really something else.

Imagine if your offspring became insanely wealthy one day, and their show of love and appreciation to you was paying your grocery bills. I'd probably send the <$200 a week back after I had cleaned myself with it, or give it to charity.

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Yeah, I guess I'd hate my son for giving me free money every year.

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"Ten thousand isn't enough for you? Here, here's twenty thousand. No, take 50. Screw that, here's the whole 47 million. I'll live in a shack. Does that make you happy? Are you happy now? I'm not crying. Take it, Take it, TAKE IT!!! Can't you see? $47 million is nothing, nothing. I'd give it all back if I could. All I ever wanted from you is your approval. WHY IS NOTHING I EVER DO GOOD ENOUGH FOR YOU??!!! I'm not crying. Every day I got up, played the lottery, in hopes that someday, if I won, I can buy your love. And now I know what it costs. 47 million. So take it, take it all. Just don't call me son anymore."

So I'd either give it to them like that or buy them a really phat car. I'm 50/50 on it.

[prohornblower]

OK, fine, I've reconsidered. I'd take the money up-front in a lump sum. That is like half. So that's about 23.5$M, after taxes it's about $13M.

I'd give my dad $3M so he can live freely for his remaining 30 years. I'd give my mom $3M so she can as well.

That leaves me with $7M. I'd give my two brothers $1M each, and my sister $1M, leaving me with $4M. I'd then throw outrageous parties for all of my friends, and buy a bunch of "Lambo's" and whatnot. I'd also buy cars for all my friends and pay off their student loans, and buy them plasmas and gold teeth.

I would have no regard for my future nephews and nieces.

I'm 100% that I could live a lavish lifestyle with what I have left, for another 50+ years. Oh yeah, owning multiple homes in various countries.

[guids]

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OK, fine, I've reconsidered. I'd take the money up-front in a lump sum. That is like half. So that's about 23.5$M, after taxes it's about $13M.

I'd give my dad $3M so he can live freely for his remaining 30 years. I'd give my mom $3M so she can as well.

That leaves me with $7M. I'd give my two brothers $1M each, and my sister $1M, leaving me with $4M. I'd then throw outrageous parties for all of my friends, and buy a bunch of "Lambo's" and whatnot. I'd also buy cars for all my friends and pay off their student loans, and buy them plasmas and gold teeth.

I would have no regard for my future nephews and nieces.

I'm 100% that I could live a lavish lifestyle with what I have left, for another 50+ years. Oh yeah, owning multiple homes in various countries.

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Ya, sure, change it from almost 50 mil to under 20m so you can prove to us how you arent a cheap piece of [censored]. Awesome misdirection mister blaine.

[prohornblower]

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OK, fine, I've reconsidered. I'd take the money up-front in a lump sum. That is like half. So that's about 23.5$M, after taxes it's about $13M.

I'd give my dad $3M so he can live freely for his remaining 30 years. I'd give my mom $3M so she can as well.

That leaves me with $7M. I'd give my two brothers $1M each, and my sister $1M, leaving me with $4M. I'd then throw outrageous parties for all of my friends, and buy a bunch of "Lambo's" and whatnot. I'd also buy cars for all my friends and pay off their student loans, and buy them plasmas and gold teeth.

I would have no regard for my future nephews and nieces.

I'm 100% that I could live a lavish lifestyle with what I have left, for another 50+ years. Oh yeah, owning multiple homes in various countries.

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Ya, sure, change it from almost 50 mil to under 20m so you can prove to us how you arent a cheap piece of [censored]. Awesome misdirection mister blaine.

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I didn't change anything. You just aren't a good communicator on the listening end of it. $47MM in the lotto = ~$13MM up-front net.
You just don't like to consider important stuff, like taxes first and foremost. Important stuff to you is your Super Sweet 16 birthday party and buying stupid fun stuff for your pals.

I hope you don't turn into one of those millionaires who doesn't pay taxes and stuff because he's greedy and needs to spend money making himself and his friends look cool.

[FishNChips]

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OK, fine, I've reconsidered. I'd take the money up-front in a lump sum. That is like half. So that's about 23.5$M, after taxes it's about $13M.

I'd give my dad $3M so he can live freely for his remaining 30 years. I'd give my mom $3M so she can as well.

That leaves me with $7M. I'd give my two brothers $1M each, and my sister $1M, leaving me with $4M. I'd then throw outrageous parties for all of my friends, and buy a bunch of "Lambo's" and whatnot. I'd also buy cars for all my friends and pay off their student loans, and buy them plasmas and gold teeth.

I would have no regard for my future nephews and nieces.

I'm 100% that I could live a lavish lifestyle with what I have left, for another 50+ years. Oh yeah, owning multiple homes in various countries.

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you went from $47Mil in the OP to $13M here. I see how you did it, but it totally effs up the whole discussion. $13Mil isn't enough to do whatever you want for anyone that you want.

I think everyone's beef with your stipend plan is that it seems to say "hey, I don't want you leeches asking for [censored], so I'm gonna set up a plan and that's what you're gonna get. Also, I don't trust you to handle it corretly, so I'm gonna give it to you once a year so you don't blow it all and come back for more." This sort of thing wouldn't sit well with me.

Since we transitioned to "what would you do with it" I'll chime in (and I'm assuming that the $47 mil was the lump sum so screw you're $13mil answer)

$47mil:

$5mil to charity
$ max IRA contribution (1Mil?) to help minimize taxes
$16mil to taxes

So that leaves me with $25mil to figure out what to do with.

Start with immediate family: $2.5mil to each set of parents
3 Brothers (1 has a family) : 500k to the single guys / 750k to the family guy

18.25mil left:

pay off current house (500k)
buy new house 2mil (though I might do a mortgage and invest the $$$ -- wud have to figure out what made more sense).

10mil @ 5% = 500k annual income, so that sounds like a good investment amount

7.75mil left = um, what the hell do we do with that?

grandma gets somewhere in the 750k range because she's an awesome grandma and she needs a comfy place and not to worry about $$$ anymore.

Between my wife and I we have about 30 cousins so lets say 500k total for this group

12 aunt/uncles - 500k for this group
actually, make that 1Mil for this group - I've got 1 aunt/uncle that have had my other grandma living with them for 10+ years and they could really use a bigger house, so because my grandma is kinda awesome and they are super incredibly amazing for taking care of grandma, they get a house somewhere between 750k and 1Mil (its SoCal, so this isn't going to be a palatial mansion, its just going to be a bigger place).

So now I've done family and I've got $5mil left.

We've got enough close friends that we'd like to just give a little something to, so maybe 500k here. Dunno, maybe 1Mil.

So 4Mil left : Wife and I can't really travel for the next 6 - 12 months and really we can't do a serious trip (>1week) for anther couple of years (babies). Figure that we blow 1Mil on clothes / toys / fun over the next year. That leaves 3Mil that I'm not sure what we'd do.

I guess I get a 100k br to lose playing 20/40 live.

Honestly, $3mil more into investments and then we pull that out as we'd like to have it for travel / fun. Maybe we take the interest from this and travel with it every year.

~FishNChips

[Andrew Karpinski]

There are two people I would 'take care of' for the rest of their lives, my sisters. Each week I'd mail them a cheque for some random amount w/ a letter from me wherever I was.

Next, I'd throw an awesome week long party for my friends at one of my friends places. Nothing too crazy and extravegant, just lots of booze and lots of food and lots of friends. I don't think I'd give them any money but I'd probably buy something for each of them and give it to them privately.

After that? I imagine I'd find the biggest poker game in Canada and play it.

[trapsetter]

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phb,

Your "get out of Dodge" plan is weird as hell.

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Of course it is. As would be having $47MM pre-tax dollars thrown into my $35K/year-making lap.

Would you not feel at all tense about you and your wife/GF's health and well-being in the ensuing days?

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I don't think this is unreasonable. If you stick around in the state you won the lottery in, at best, you're going to get a ton of unwanted attention. At worst, you could be in danger. Plus, wouldn't you want to take a sick vacation if all of a sudden you had a massive windfall of cash like $15 million cash fall into your account? I'd travel the world for 2-3 months at minimum.