Lottery thread part II - 865m Mega Millions Jackpot, 730m PowerBall Jackpot

[JS19]

I do hope a large group of people or someone who's had a rough go of it in life wins though. Can't even begin to think how I'd spend/invest $600 million (even a fraction of it, really)... mind boggling.

Spend a modest amount on living expenses like a better home, new car and the like (without being overly flashy, because **** that nonsense about people begging to me). Work a job just like everyone else would (maybe retire earlier to travel around the world).

Put the rest in a high-interest savings account. Use the money acquired monthly to donate and for family. Frankly, I'm extremely close with my family, so I'd probably split up 600mil 4 ways. 150mil is still a lot of ****ing money.

 

[beowulf]

Spend a modest amount on living expenses like a better home, new car and the like (without being overly flashy, because **** that nonsense about people begging to me). Work a job just like everyone else would (maybe retire earlier to travel around the world).

Put the rest in a high-interest savings account. Use the money acquired monthly to donate and for family. Frankly, I'm extremely close with my family, so I'd probably split up 600mil 4 ways. 150mil is still a lot of ****ing money.

Putting into a high yield savings account would be a terrible thing to do. Not only is it terribly low return, bank accounts are only protected up to $100K by the Canadian Deposit Insurance Corp...

While a Canadian bank going under is not likely, who knows with the way the world is these days.

 

[JS19]

Putting into a high yield savings account would be a terrible thing to do. Not only is it terribly low return, bank accounts are only protected up to $100K by the Canadian Deposit Insurance Corp...

While a Canadian bank going under is not likely, who knows with the way the world is these days.

What would be a wise way to protect the 600mil? Keep it all in cash?

 

[beowulf]

What would be a wise way to protect the 600mil? Keep it all in cash?

As always diversity in your investments, even when you don't have $600M. Also breaking down your investments into the level of risk you want i.e 20% high risk, 30 medium and 50% low etc. Also if you want return on a regular basis for living expenses you can look for blue chip stocks and those known to regularly have dividends such as the Canadian banks and telecom companies that pretty much always have a dividend of 5%.

 

[Number 57]

Spend a modest amount on living expenses like a better home, new car and the like (without being overly flashy, because **** that nonsense about people begging to me). Work a job just like everyone else would (maybe retire earlier to travel around the world).

Put the rest in a high-interest savings account. Use the money acquired monthly to donate and for family. Frankly, I'm extremely close with my family, so I'd probably split up 600mil 4 ways. 150mil is still a lot of ****ing money.

I think there are a bunch of ridiculous statements in this thread re; winning such a big jackpot. First of all, no way you would keep working your day job. Only way I would is if my job is my ''passion'' (supposed I love photography and I was working in that field), maybe I would continue working on my terms, i.e. no 9 to 5 with only weekends off.

Second of all, no way you sit on that money for a year, taking the time to ''think it through'' or whatever. Soon as you know you won, hire a bunch of advisors and spend a couple of weeks figuring out a good plan. Draw up a will asap because you never know what can happen to you in life. And since you could die any time, spoil yourself and do that trip you always wanted to do, go to Vegas with your friends, buy that dream car and move to your favourite neighbourhood.

I am not saying that you should burn as much money as possible early on. I am just saying that it's dumb to sit around and wait for a year and keep working. I mean, come on. Figure out some savvy investments with your advisors and then draw up a list of things you want to do with all that money, and get on with it. Give some to your family/friends and charities, travel, spend time doing what you really love (passions), give your time to help out people, invest in companies you believe in, treat yourself to the best and nicest restaurants/bars, etc.

Don't sit around waiting doing nothing. The possibilities are meaningless. And for god's sake, quit your fricking day job asap.

 

[John Price]

But if you quit working how would you be able to keep money flow

 

[kingskring]

HF is slipping.. Its been at 1.4 billion since this AM

 

[The Joker*]

It's bound to reach over $1.5b. Definitely a large sum of money for any random person to be coming into. I hope they use it to make the world a better place instead of consuming lavishly.

I am Jack's wasted life.

 

[beowulf]

It's bound to reach over $1.5b. Definitely a large sum of money for any random person to be coming into. I hope they use it to make the world a better place instead of consuming lavishly.

I am Jack's wasted life.

Maybe the winner can make everyone vegan right?

 

[The Joker*]

Maybe the winner can make everyone vegan right?

If you feel that's something that would make the world a better place, then absolutely!

 

[John Price]

LOL the news just showed Canadians streaming across the US border to play POWERBALL.

 

[Kamal007]

What time do they stop selling tickets for this lottery? I want to cross the border but won't have time until wednesday

 

[Kamal007]

If I win, I am buying hfboards... Babe threads for all

 

[John Price]

Wednesday night so if you cross over on Wednesday morning you're good

 

[Dog]

If I win, I am buying hfboards... Babe threads for all

damn

 

[JS19]

I think there are a bunch of ridiculous statements in this thread re; winning such a big jackpot. First of all, no way you would keep working your day job. Only way I would is if my job is my ''passion'' (supposed I love photography and I was working in that field), maybe I would continue working on my terms, i.e. no 9 to 5 with only weekends off.

Second of all, no way you sit on that money for a year, taking the time to ''think it through'' or whatever. Soon as you know you won, hire a bunch of advisors and spend a couple of weeks figuring out a good plan. Draw up a will asap because you never know what can happen to you in life. And since you could die any time, spoil yourself and do that trip you always wanted to do, go to Vegas with your friends, buy that dream car and move to your favourite neighbourhood.

I am not saying that you should burn as much money as possible early on. I am just saying that it's dumb to sit around and wait for a year and keep working. I mean, come on. Figure out some savvy investments with your advisors and then draw up a list of things you want to do with all that money, and get on with it. Give some to your family/friends and charities, travel, spend time doing what you really love (passions), give your time to help out people, invest in companies you believe in, treat yourself to the best and nicest restaurants/bars, etc.

Don't sit around waiting doing nothing. The possibilities are meaningless. And for god's sake, quit your fricking day job asap.

Why not? It's possible for people to keep their fortune AND work a job (provided that the job is your passion like you said, if not then sure). Plus, there's always the threat that you overconsume and that 600mil becomes 6 cents. At least when you keep working, you continue the money flow as Mikecuincle said. Personally, I don't like attracting attention to myself, which is why you won't see me buy a huge unnecessary mansion. The other advice such as getting advisors and drawing up a will are worthwhile and I should've thought that out.

 

[Dave]

I was thinking about winning this as a canadian. I'd probably feel guilty as hell winning it and having our government reimburse the US for the amount deducted for taxes. Essentially the canadian tax payer would be giving you like $1 billion.

If that is in fact how it works. I always heard that if you win something in the US our government covers the deductions.

 

[JS19]

I was thinking about winning this as a canadian. I'd probably feel guilty as hell winning it and having our government reimburse the US for the amount deducted for taxes. Essentially the canadian tax payer would be giving you like $1 billion.

If that is in fact how it works. I always heard that if you win something in the US our government covers the deductions.

And then Trudeau sees the deductions.

 

[beowulf]

I was thinking about winning this as a canadian. I'd probably feel guilty as hell winning it and having our government reimburse the US for the amount deducted for taxes. Essentially the canadian tax payer would be giving you like $1 billion.

If that is in fact how it works. I always heard that if you win something in the US our government covers the deductions.

I thought so too but this one article from the Globe says no...

U.S. lotteries

The Internal Revenue Service is not as kind to prize winners. Canadian residents who win U.S. prizes or awards, including gambling winnings, will pay a 30-per cent withholding tax to the IRS. If you’ve got provable gambling losses you can file a U.S. tax return – a 1040NR – to recover some of the tax you’ve paid to the United States. Don’t expect to claim a foreign tax credit in Canada for any U.S. taxes paid on these winnings – it’s not permitted.

http://www.theglobeandmail.com/glob...g-not-so-fast-says-the-taxman/article9132591/

 

[kingsholygrail]

People complaining about losing 30% of 1.4billion.

 

[njdevscup30]

People complaining about losing 30% of 1.4billion.

I bet it's the same people who complain that the rich should pay more in taxes

 

[Ceremony]

600 million dollars and "I'd still work a job just like everybody else would"

Fooling absolutely nobody

 

[beowulf]

I bet it's the same people who complain that the rich should pay more in taxes

Hypocrites.

 

[beowulf]

600 million dollars and "I'd still work a job just like everybody else would"

Fooling absolutely nobody

You would stop being an author?

 

[Blueline Bomber]

I'd quit my job and START being an author. Wouldn't have to worry about paying rent, utilities, etc.