Home Forums Hunting & Shooting Hunter's Campfire Lottery winning question

a variety of diversified passive investments to enjoy a modestly rich existence and then some play money to do things like donate to local organizations, set up scholarships, buy large tracts of land to put it in a trust for conservation and various philanthropic stuff.

oh and hookers and blow too. almost forgot.

Put it in a trust, one at the time 'marry' all of my own kids and grandkids............... give them money, because gifts to a 'spouse' are NOT taxed with the gift tax............ the gift tax is 40% by the way.

If the Government wants to make a joke of marriage, then I can use that.

There is NO gift tax or inheritance tax for gifts up to $23,000,000 for a married couple (thank you President Trump). That's in addition to (a) setting up a 529 fund to pay for college educations and (b) donating $15,000 per year to anyone you can think of. All that is tax exempt too. The Bolsheviks promise to lower the $23mm exclusion to $3.5 million if Creepy Joe gets elected.

I don't bet on the lottery but when I sold my company I set up irrevocable trusts for my descendants in perpetuity. No Inheritance taxes forever. Also, they are exempt from lawsuits, divorce proceedings, etc. Ever wonder why the Kopechne family didn't sue Teddy? A money manager manages my funds and, at my direction, sends me a monthly check.

Contrary to what someone posted above, a good money manager (check references) will not squander your money.

Probably come up with a way to put young kids from bad situations onto a good path. Don’t know if that would mean an orphanage-like setup or something else. It just tears me up seeing little kids grow up in homes with no food, physical abuse, and worse. Many couldn't be worse off if someone smoked the parents and they went into foster care. And that is a horrible situation. Don’t see how I could be rich and simply spend my life enjoying the trivial benefits of that money. Would have to use it in some way to right some of the wrong in this world.

I’d start buying Governor's tags and tuck the rest away for retirement.

I'd buy land with half of it, around here land prices are fixin to boom. the other half I would invest through a financial advisor.

I would do what I currently do and sit down with my Fidelity advisor and work out an appropriate solution.

Abststract question?

One of my Ontario friends is big on buying tickets, sometimes I'll buy a ticket, and mark it with both our names.

It's all for fun, I tell him if we won, and did not know it yet. And here we've been going around being nice to people when we didn't need to.

I heard a guy call in to the Dave Ramsey show that had won one. Dave told him to hire a Tax attorney, a CPA, and a financial advisor. None that work on percentage. And if you ever feel or suspect they don't have your best interest fire them.

To start with, I wouldn't tell anyone other than my wife about the money until it was all in hand and invested. The fewer people who know about it, the better, especially relatives. If the wife can't keep her mouth shut, don't tell her about it either.

You do know, we are better off as we are.

The follow-up stories we read on these 'rags to riches' situations is downright depressing. Within just 10 years it seems, most these folks lives just turn into train wrecks. The most dangerous job in the world used to be a child movie star...but maybe it's sudden wealth.

Land land land.

Anything else is make believe.

I would spread it around and deposit it in a bunch of banks and not spend a penny until one month went by. By then it would sink in the money was mine and not something to just pizz away.

depending on how much were are talking......right here......bob

One thing I've often thought of would be to buy a bit chunk of property
and follow the Thomas Magnum thing.

Buy it under an alias, then go to live there as a down on my luck friend of a group
of doctors and lawyers that bought it, and hired me to manage it.

If I had claimed the money with a trust, my new community would never
know I was filthy rich. They would think i was a Redneck hanger on living
on my rich friends money. That's ok. I wouldn't care they thought I was
living in someone else's nice house, getting nice trucks every few years for
"The Farm"....

Not really. But I'll stipulate that's because few, very few, are prepared (taught) how to handle any amount of money, let alone large lump sums.

Pick a number, 50 million? I've got a good tax man, he's very good for the working class / farmer class. He would probably get fired in favor of a great tax man that is used to dealing with protecting larger holdings. I would seek out a very good estate planner. Third, a wold class real estate broker that is used to dealing with larger real estate transactions.

As far as the money? About 5 million goes into a very diversified stock market portfolio. That should produce around $500K in income a year, which is a lot of money where I come from, more than necessary to satisfy all needs and many wants.

20 million goes into a real estate account to purchase properties as they come up for sale around the farm. The goal is enough land to be able to manage it for both live stock and wild life, so I can shoot deer and elk off my porch in my dotage.
10 million goes into the farm for a capital expansion project, including greenhouses, co-generation plants, a mini hydro plant and three pivots.
5 million goes into a trust to benefit any future grand kids, nieces and nephews, to get them off on the right foot in life. It would be set up to reimburse them for college expenses at a decent school to study something sensible, and would match down payments on houses, etc. No freebies per se, but some boosts along the way to adulthood.
The final 10 million goes into a charitable trust for the benefit of local youth, particularly those "at risk" of following into their parent's footsteps. I still have not seen any model that deals with this issue successfully, consistently and economically. It would be by far the biggest challenge, and probably the most frustrating, but potentially the most rewarding.

Not that I've thought about such things much.. .

That's exactly right, which is one of the reasons for starting this thread.

Most folks will dream of possessions or travel or charitable acts for kith and kin or whatever, but few will think about how to actually accomplish that without blowing it all and ending up with nothing. We all tend to have a certain economic mindset, i.e. we can only safely handle the amount of money we expect or are comfortable with; the "millionaire mind" is what one author called it. Folks that can wisely manage $80,000 per year might quickly lose 20 million dollars until they are back at their former level of comfort. Same with those comfortable with $250,000 per year, they might go crazy with 100 million.

Or not. To be honest, I don't really know what I'd do with a 100 million dollar lottery payout but would most likely see it as almost a burden. Beyond a good house in a decent location and reliable transportation more possessions just means more stuff you have to maintain. You can only travel so much, and at this age my monthly budget for hookers and blow probably wouldn't exceed $1000.


I'm a tactician and planner at heart - individual goals are as numbered as the people on Earth but the paths people will take to reach those goals is what interests me. Ending up with nothing actually isn't a bad goal if you don't want to leave a big estate but timing that nothing with an unknown end point is an interesting problem.

As long as we are just speculating, I always felt that college bound kids got all the gravy as far as grants and scholarships, and that's not a bad thing. But if I had some fun money, I'd like to think up a scheme to help young people showing a willingness to work, maybe some potential talent, to further themselves in skilled trades. Maybe provide some financial help to young men who have talent and skills to start a small business, kind of a Mike Rowe thing. I think it would be fun to watch young people with a little "fire in the belly" reach their dreams.

Definitely hire some professionals. A CPA, tax attorney, and investment person come to mind. I would be very involved and start a on a new career of wealth management.