You Just Won the $630 Million Jackpot - What're You Going to do with the $?

Submitted by XM - Mt 1822 on July 21st, 2022 at 9:17 PM

Mates,

What are  you going to do with the $630 million?  Sure, taxes, etc, puts it down to a paltry, say, $450 million, but that's a lot of cabbage.  Do you take it in a lump sum?  Do you take it all in one shot?  Invest?  Charity?  Fund the [fill in your avatar name here] Coaching position for [fill in sport here] at U of M?  

Dish.  What do you do with all that money? 

XM 

NittanyFan

July 21st, 2022 at 9:23 PM ^

The first thing I do is hire a personal chef and a personal driver.

If I want pork chops at 2:30 AM, it will happen!  If I want to be riding shotgun and eating Del Taco at 2:30 AM, that can happen to.

crg

July 21st, 2022 at 9:27 PM ^

Mostly charity - hard to justify having multiple millions of dollars just siting when people are suffering, homeless, starving, and lacking in educational opportunities.

Still keep enough to pay off debts and have a reasonable (i.e. modest) living.

moldee_raspberry

July 21st, 2022 at 9:32 PM ^

Buy a winter residence in Argentina, a loft in Tribeca, open a family office, and executive produce film festival films.

+ Donate some to groups working so less people go to prison. 

Robbie Moore

July 21st, 2022 at 9:36 PM ^

Cut the soles off my shoes, climb a tree and learn to play the flute.

Seriously though...I'd buy a nice but modest home in a small town in the interior of Portugal. Then purchase the local futbol team and make sure it had sufficient funding to compete in the third division or whatever of the Portuguese League. The rest? Microfinance. All over the country.

Why small town Portugal? Because  in my experience they are the nicest people in the world.

Mgopioneer

July 22nd, 2022 at 12:38 AM ^

me too! I still can't grasp that only 4% of  cancer research money is spent on Pediatric cancer at the federal level. Good thing there's good charities dumping money into research and providing other ways to help the kids and their families .. There's several charities I'd love to write a 6 figure check too. 

Side note* if you haven't heard dicky Vs speech when he accepted the Jimmy V award,I highly recommend it. was incredible! 

 

Fuck cancer

NotADuck

July 21st, 2022 at 9:43 PM ^

My initial thoughts go to paying off all my debt and buying a modest house to start.  Nothing too big or fancy, just something with at least 3 bedrooms and 2 bathrooms and something on the beach.  After that?  I don't know.  Probably travel and learn the world.  I'll admit my ideas are selfish but I don't know much about charities or which ones to donate to.  I'd have to figure that out.

Also I'd probably throw about 50k at bitcoin and etherium just to see what happens in 1 or 2 years after the market recovers.  Maybe some other stocks too.  Not sure which ones.

Robbie Moore

July 21st, 2022 at 10:26 PM ^

Canning the levity for a moment. Having that kind of wealth suddenly show up would likely create a boatload of curses. For a few...

Family members from near and far hating you because you didn't give them "enough."

Dealing with friends you never were aware you had.

Having no temptations you couldn't finance.

It would take a lot of discipline not to have your life become unmanageable. And sudden wealth and discipline are two things that you will seldom see in a sentence together. 

Amazinblu

July 21st, 2022 at 10:04 PM ^

First, I would set up trusts for my children to continue and complete their college education - as well as provide a foundation for their lives.  Part of the trusts would be structured to provide for the education of (what I hope) will be grandchildren many (or at least several) years from now.  I would clearly state my preference is that educational funds be used to attend The University of Michigan, if the grandchildren are offered Admission.

Second, I would endow a chair - probably in the College of Engineering, in the name of my parents.

Third, I would take a chunk of the money - working with my financial advisor  - so, the interest on the capital is what we’d live off of.

Fourth, I’d create a separate charity, and use some of my free time to evaluate causes and contribute to them annually.  One cause that would be a priority would be Alzheimer’s / Dementia research.  Childhood cancer, noted above - is also a fantastic cause.

Fifth, I’d golf more - my short game needs a lot of attention, and - probably buy a condo / house near Ann Arbor - so we could visit the kids as often as we’d like, and wouldn’t have too far of a drive on home football Saturdays.

Sixth, I’d see if we could increase the number of football season tickets we have, and plan for fantastic tailgates at every home game.

Seventh, after all this is set up - I’d write a letter to my boss, telling him that I was resigning.

Blue@LSU

July 21st, 2022 at 10:06 PM ^

I don't have any real desires for fancy things. Also no kids. So I'd probably keep enough, maybe half, to invest and make sure that my large extended family (> 60 relatives) and close friends could live comfortably. The rest I'd donate to no-kill animal shelters and medical charities.

And of course I wouldn't forget about my MGoBrethren:

  • New farm machinery for XM (round bailer?)
  • A lifetime supply of Miracle Whip for RobF (and I'll make sure you eat it all, Rob).
  • An all-expense paid camping trip for everyone on the board. Real classy-like. With raisins in the cookies even. 

XM - Mt 1822

July 21st, 2022 at 10:18 PM ^

aw, blue, very kind of you to even think of that.  for those that don't know, a round baler is a piece of machinery that turns your cut hay into big (4-600 lbs), beautiful round hay bales. 

that one there costs about $50K.  at some point i hope to find a used one in good condition.  in the mean time we'll have to get along with our old square baler. 

HighBeta

July 21st, 2022 at 10:17 PM ^

The math is:

Taking the one time payout? It's about $230MM after Federal taxes. Using various tax free investments, you would see about $155,000.00 per week, again after Federal taxes, every week, just for waking up that morning.

Relocate to a state with no income tax(es). Spend the income and donate as you see fit.

UMForLife

July 21st, 2022 at 10:19 PM ^

Hard one.

Open an addiction facility for poor and make it look like the ones in Hollywood, my passion. Of course, make sure there is enough money for my friends and family and for the future of kids in the family. Give some to MGoBlog, my favorite place to hangout. Give zero dollars to politicians. Fuck them.

Well, it will never happen for me. I never play lottery. 

WhoopinStick

July 21st, 2022 at 10:31 PM ^

Payoff all the debt for everyone in my extended family and give them all some money - not so much that it changes who they are, but enough to make them happy. 
Buy a lake house up north and probably also a place down south.  
Retire
Book and pay for a fly-in fishing trip for me and a bunch of my friends, and probably schedule several more vacations for me and my friends. 
Travel the world with my wife. 
Just for starters,,,

St Joe Blues

July 22nd, 2022 at 7:59 AM ^

I've thought about the pay off debt thing for relatives. I love the idea. My problem is that the bad habits that got them into debt will still be there. I think I'd set up a matching fund for them. For every dollar they pay off, I'll pay off another dollar. I'd also require them to take the Dave Ramsey course and follow his baby steps.