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Mega Millions at $400 million (cash option $216 million)- 3 things you'll buy

Aside from the obvious things, like getting someone to manage it so I've got enough to live on every year, paying off all debts and setting aside money for the kids...

1) Family: Fund HuskyDeac's hostel or whatever business idea he wants; Make sure all parents are taken care of, etc.
2) Travel: Give the grandparents some quality time with the grandkids and take a nice trip somewhere in Europe and then to Vegas for a few days.
3) Wake: Set up some sort of fund for the school and for the Deacon Club.

Later: Use my wealth to buy my way onto Augusta National for a foursome with my Dad and a couple of friends. Repeat this action at other awesome courses around the country.
 
mattwfu99 said:
Aside from the obvious things, like getting someone to manage it so I've got enough to live on every year, paying off all debts and setting aside money for the kids...

1) Family: Fund HuskyDeac's hostel or whatever business idea he wants; Make sure all parents are taken care of, etc.
2) Travel: Give the grandparents some quality time with the grandkids and take a nice trip somewhere in Europe and then to Vegas for a few days.
3) Wake: Set up some sort of fund for the school and for the Deacon Club.

Later: Use my wealth to buy my way onto Augusta National for a foursome with my Dad and a couple of friends. Repeat this action at other awesome courses around the country.
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Unfortch, membership at Augusta is one thing that cannot be bought. Maybe Pine Valley?
 
scooter84 said:
Unfortch, membership at Augusta is one thing that cannot be bought. Maybe Pine Valley?
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yeah, but I guarantee there are some members who would like to schmooze a wet-behind-the-ears mega-multimillionaire. gotta find that next sucker *cough* investor somewhere.
 
So when I win this thing, what's the best way to go about? The $341 million is after taxes I assume. So are there more taxes to be taken out? If so, how can I avoid this - donating to charity (how much?)? Then what?
 
YoungBuck95 said:
So when I win this thing, what's the best way to go about? The $341 million is after taxes I assume. So are there more taxes to be taken out? If so, how can I avoid this - donating to charity (how much?)? Then what?
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341 is the lump sum amount you can take instead of receiving the prize as an annuity. You'd pay 35% of every dollar over 1 million in taxes + state taxes
 
IamThunderbolt said:
341 is the lump sum amount you can take instead of receiving the prize as an annuity. You'd pay 35% of every dollar over 1 million in taxes + state taxes
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think that's 39+% now. You also pay full state tax unless your state has a special rate or exempts lottery winnings from taxation. For example, a winner in Virginia will pay 39+% federal, plus 5.75% state tax.
 
YoungBuck95 said:
So when I win this thing, what's the best way to go about? The $341 million is after taxes I assume. So are there more taxes to be taken out? If so, how can I avoid this - donating to charity (how much?)? Then what?
Click to expand...

See post 80 for my plan. It was based on $300 million, not $341 million, so the numbers will have to be adjusted some. Short answer, put 50% in a donor advised fund.
 
WFU71 said:
think that's 39+% now. You also pay full state tax unless your state has a special rate or exempts lottery winnings from taxation. For example, a winner in Virginia will pay 39+% federal, plus 5.75% state tax.
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Amazing what a racket this is for gov'ts as a whole. They only payout half of the ticket revenue. Then of the half they payout, they take almost half back.
 
One of the winning tickets was sold at the newsstand in my building. I never go in there and didn't even know they sold lottery tickets. Doh!
 
1. Donate Money to Wake to Build a new Football Practice Complex
2. Sell the house I'm currently Renting out in Seattle that I cannot afford to sell because I bought it in 2006.
3. Church, Charitable Giving, Start a foundation, Do some fun stuff with the giving, buying toys for underprivileged kids, Setting up homeless folks with jobs, suits, education opportunities, homes etc.
 
SDeacz said:
1. Donate Money to Wake to Build a new Football Practice Complex
2. Sell the house I'm currently Renting out in Seattle that I cannot afford to sell because I bought it in 2006.
3. Church, Charitable Giving, Start a foundation, Do some fun stuff with the giving, buying toys for underprivileged kids, Setting up homeless folks with jobs, suits, education opportunities, homes etc.
Click to expand...

signing bonus? the BALLER pad
 
SDeacz said:
More like a lemon of a townhouse we've had 2 frozen pipes and a sewage pipe burst in. All covered but a nightmare.
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Oh. And the pipes busted while I was 2000 miles away in DC and couldn't attend to that problem for another month.
 
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