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#61
06-06-2006, 03:16 PM
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Re: What would you do if you won $47 Million?
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[ QUOTE ] [ QUOTE ] Uh, do you realize how little 10k per year is? Thats basically nothing. OOOO AND EXTRA 1K A MONTH whoopdee [censored] doo. My parents raised me to think that there is no way they would be ruined by having 5 or 6 million thrown at them. I would love to give my dad the chance to not work 45 hours a week, so he could go fishing, spend time with my little brother, etc, my mom, actually she would probably keep working even with all the money only becuase doesnt have to work now, but enjoys being a teacher. The rest of my extended family is very well off anyway, so Id just get them stupid, awesome stuff, that they wouldnt ever buy for themselved. Man, I hate to think about all the money your parents wasted burning you with cigarettes when you were a kid, becuase that is the only way I can see your reasoning for thinking like that. [/ QUOTE ] Dude, seek therapy. I'm assuming I will live another 50 years. My brothers and sisters would end up receiving $500,000 over this period. NOT COUNTING any interest they'd earn on their "investments". But I shouldn't expect someone who would want to blow money on "stupid, awesome stuff" to appreciate the value of $10K per year per family member. Relax. [/ QUOTE ] 500k over 50 years, is still nothing. Trust me, if anyone in this thread needs therapy its you. [/ QUOTE ] $47MM after taxes is what...about $26MM? I have 5 immediate family members. That means I will pay out roughly $2.5MM dollars throughout the course of my life, NOT COUNTING ANY AND ALL OTHER EXPENDITURES I INCLUDE THEM IN. This amount does not include birthday gifts, christmas gifts, graduation gifts, wedding gifts, etc. 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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#62
06-06-2006, 03:16 PM
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Re: What would you do if you won $47 Million?
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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#63
06-06-2006, 03:16 PM
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Re: What would you do if you won $47 Million?
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The first thing I would do would be to buy one of these bad boys:  [/ QUOTE ] That's a richman's flashlight. You might as well get a shirt that says "I just won 47 million.
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#64
06-06-2006, 03:17 PM
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Re: What would you do if you won $47 Million?
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I'm talking about how everyone I know would suddenly be expecting me to give them money or pay for everything we do. [/ QUOTE ] I'd throw a sweet party for all my friends and family, but after that I woudln't expect they'd ask for anything out of the ordinary.
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#65
06-06-2006, 03:17 PM
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Re: What would you do if you won $47 Million?
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[ QUOTE ] [ QUOTE ] 10k a year, you are a [censored] cheap, selfish, bastard. [/ QUOTE ] [ QUOTE ] If you were my kid and gave me 10k a year, Id disown you, thats [censored] insulting. [/ QUOTE ] This absolutely requires explanation. OP, were you repeatedly abused by your family? Were you sold to work in the salt mines at age 6? Otherwise, Guids quoted for truth. [/ QUOTE ] $10K was just a number. I didn't give it too much though. I could probably go as high as $20K. The point is, I don't want to give someone enough to where they feel compelled to quit earning their own paycheck, and live off of me. It is solely intended to be cushion money. There is a fine line somewhere. Not sure what it is.$10K-$20K sounds close to it. [/ QUOTE ] I'm not positive, but I think you can 'gift' someone 10k a year tax-free. That's what I'd probably do, but I wouldn't be so caught up in giving people cash. I would sit down with my close friends/relatives and see if there is anything that they want. I would probably set aside up to 4-5 million dollars to just buy people things. This way taxes don't come into play (i don't think..) I would get my parents a really nice house... maybe not pay for allll of it right away, but I would pay for a huge chunk and then take care of the rest later, once my nest egg starts to swell from investing. Since I'm 21, I would buy a huge party house for me and my friends that has a ton of bedrooms, party rooms, awesome hot tubs, pools, game rooms, the works basically. It would be the ultimate house. I would spend probably 5 million just on an awesome house that will hold huge parties. It would basically have everything that I'd ever want. I would just be honest with my relatives/buddies about my money. I would tell them to put themselves in my position and realize that I can't just be giving huge amounts of money away / buying everyone houses,cars, whatever. With that being said, I wouldn't leave any of my friends out to dry. We would go out and party ALL the time and I would pick up all or at least the majority of the ticket wherever we went. As soon as I got the initial purchases out of the way, I would invest the rest (if it's after taxes there will probably be 20 million or so left). If I had 20 million earning 5% a year I would be making a million every year with no work. That is enough that I wouldn't have to really dip into the 20 million at all. Basically my life would be awesome, and I would try to make everyone's life around me awesome as well.
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#66
06-06-2006, 03:17 PM
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Re: What would you do if you won $47 Million?
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[ QUOTE ] If you were my kid and gave me 10k a year, Id disown you, thats [censored] insulting. [/ QUOTE ] This is the point. Nobody cares if you get disowned when you have 47M. The roles are reversed. [/ QUOTE ] I don't even talk to my parents. That's just the kind of relationship we have. But even I care if I get disowned. You seem to have a weird power struggle thing going on with your family.
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#68
06-06-2006, 03:18 PM
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Re: What would you do if you won $47 Million?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] 10k a year, you are a [censored] cheap, selfish, bastard. [/ QUOTE ] [ QUOTE ] If you were my kid and gave me 10k a year, Id disown you, thats [censored] insulting. [/ QUOTE ] This absolutely requires explanation. OP, were you repeatedly abused by your family? Were you sold to work in the salt mines at age 6? Otherwise, Guids quoted for truth. [/ QUOTE ] $10K was just a number. I didn't give it too much though. I could probably go as high as $20K. The point is, I don't want to give someone enough to where they feel compelled to quit earning their own paycheck, and live off of me. It is solely intended to be cushion money. There is a fine line somewhere. Not sure what it is.$10K-$20K sounds close to it. [/ QUOTE ] I can see brothers/sisters/friends but you parents only get $10-20k ?? You lived off them for 18 (or more) years the least you could do is pay off all thier bills and mortgage and set them up so they can retire, unless they were way in debt and had some huge mortgage it wouldn't cost you that much of your $47mil
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#69
06-06-2006, 03:19 PM
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Re: What would you do if you won $47 Million?
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$10K a year is "a cushion"??? You obviously have no idea what the value of money is. I'd bet you would end up being one of those lottery winners on Dateline - "Lotter Winners Living in Trailer Parks - How did they blow that much money that quickly?" [/ QUOTE ] It should be noted that I live in Houston, which is one of the cheapest cities to live in. Please don't assume me and my family members live in NY, London, Tokyo, or San Jose. Plus, why would I end up in a trailor if I'm stingy with my money? It would be the other people who want to "buy cars and pay off school loaans for all their friends" would would end up broke. Many many millionaires end up going broke because of this mentality.
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