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Picked up my $400 million Power Ball ticket today. What should I do with the money?

I'd pay Eminem to name drop me in a new song so that I can live in infamy like Mekhi Phifer.

I would use my wealth to influence politicians to institute public corporal punishment for people who leave their shopping carts loose in the parking lot or those who throw their cigarette butts out their car windows.
 
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I'd give to my favorite nonprofits, put some extra money into the company to hire additional staff, buy a beach and mountain home, pay off student loans, start a scholarship at wake for middle class students from my honetown, and buy a car. The rest would just go into savings. We'd both continue to work because we love our jobs.
 
I'd give Wake a lot of money contingent on [Redacted] being immediately fired.

I'd get together a group of investors and buy a sports franchise.
 
WakeGal said:
I'd give to my favorite nonprofits, put some extra money into the company to hire additional staff, buy a beach and mountain home, pay off student loans, start a scholarship at wake for middle class students from my honetown, and buy a car. The rest would just go into savings. We'd both continue to work because we love our jobs.
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RIGHT.
 
leftcoastdeac said:
RIGHT.
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I definitely would and my husband very likely would. We're at a point where we love our jobs, no kids, and come from families with either middle class or lower class backgrounds. We've always said we want to make something big of ourselves. If anything, I could see my husband starting his own business but would still work.
 
DeaconBrews said:
First I would move to a more secure location and go off the grid for a while.

Then I'd save Wake Forest basketball

The rest would be in various accounts and I'd live off the interest.
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First I'd buy a huge waterfront property and a Lamborghini Aventador. Then... the fun begins.

Step 1: Call Ron Wellman and tell him the I would like to donate 75 million to Wake Forest Athletics, but I had to meet with him in person first.

Step 2: Completely overhaul the football and basketball on campus facilities and make them on par with some top tier programs. Have them named after me. Own a suite in BB&T for life. Own 2 adjoining suites in the Joel for life (renovate both to my liking) and make sure that they stayed in my family at least 10 generations.

Step 3: As I'm about to sign the check, I suddenly pull it back and lay down my last condition. It would go something like this:

Me: "Before I give this to you, 2 things are going to happen. First, you are going to let Deacvision7 fire Jeff [Redacted] while I watch."
RW: "But, but, but..."
Me: "Do you want 75 million or not?"
RW: "Okay, so what's the 2nd thing?"
Me: "You are going to let me personally come in and fire you. Then I'm going to appoint an Athletic Director that is fit to run this show."
RW: "Well that doesn't seem fair..."
Me: "Get the fuck out because you're motherfucking fired! Get me DV7 on the phone!"

Step 3: Buy a sweet house in a gated community in Winston.

Step 4: Marry some dime piece.

Step 5: Sit back and watch as our Demon Deacons win fuckin' CHAMPIONSHIPS under the leadership of John Currie, Shaka Smart (or Phil Jackson), and Nick Saban.

ETA: Best part is if Brews wins, I'm going to be running the AD myself with the support of his money. Wake Forest will be a much better place either way.
 
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Give my parents/HTTDs parents a bunch of money, pay off our siblings loans, give a bunch to charity. Buy a few houses, a new car, have/adopt a bunch of kids. Travel a bunch!
 
Not give a cent to any charity abd find new and innovative places to make it rain and start a youtube web series about it
 
HeavyPetter said:
Not really.

ETA: yeah, that's probably about right if you take the lump sum you get about two thirds, federal tax is 25% and state is about 3%. So, 190 to 195 million.
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25% federal withholding, but you will still have a shit ton more tax to pay come April 15. Most of that is going to be taxed at 39.6%, so don't go blowing that 190 million before coughing up to Uncle Sam.

I would take about half of what I get and put it in a donor advised fund to minimize my tax burden this year and have funds to dole out to charities of my choice in perpetuity.
 
Wakelaw2006 said:
25% federal withholding, but you will still have a shit ton more tax to pay come April 15. Most of that is going to be taxed at 39.6%, so don't go blowing that 190 million before coughing up to Uncle Sam.

I would take about half of what I get and put it in a donor advised fund to minimize my tax burden this year and have funds to dole out to charities of my choice in perpetuity.
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So there's the immediate 25% and then there's the regular income tax hit. That sucks. So are taxes before or after the 25% tax?
 
It's not a separate 25% tax - that is just the percentage they withhold. It's basically the same as your paycheck - it doesn't matter what gets withheld, you still owe tax at the end of the day on the gross amount (after deductions and credits). If too much was withheld, you get a refund. If too little was withheld, you have to pay (and maybe make estimated tax payments going forward).

The state withholds 25% on the gross amount you receive (looks like the cash option is $230 million or so right now), so they would withhold $57.5 million. But, you are going to owe 39.6% on $230 million (at that point, marginal rates don't really matter), so you are going to have another $33.5 million or so to pay. It actually may be more than that - I'm not sure if the new 3.8% medicare tax applies to lottery/gambling winnings or not.
 
Got it. Too bad Romney didn't win so I could have kept more of my future lottery winnings.
 
No one here has put in a bid for a professional sports team? This thread is so LOWF
 
voice activated elevators at wake
travel all over the world
donate the rest and act like it never happened
 
DeacGeneral11 said:
First I'd buy a huge waterfront property and a Lamborghini Aventador. Then... the fun begins.

Step 1: Call Ron Wellman and tell him the I would like to donate 75 million to Wake Forest Athletics, but I had to meet with him in person first.

Step 2: Completely overhaul the football and basketball on campus facilities and make them on par with some top tier programs. Have them named after me. Own a suite in BB&T for life. Own 2 adjoining suites in the Joel for life (renovate both to my liking) and make sure that they stayed in my family at least 10 generations.

Step 3: As I'm about to sign the check, I suddenly pull it back and lay down my last condition. It would go something like this:

Me: "Before I give this to you, 2 things are going to happen. First, you are going to let Deacvision7 fire Jeff [Redacted] while I watch."
RW: "But, but, but..."
Me: "Do you want 75 million or not?"
RW: "Okay, so what's the 2nd thing?"
Me: "You are going to let me personally come in and fire you. Then I'm going to appoint an Athletic Director that is fit to run this show."
RW: "Well that doesn't seem fair..."
Me: "Get the fuck out because you're motherfucking fired! Get me DV7 on the phone!"

Step 3: Buy a sweet house in a gated community in Winston.

Step 4: Marry some dime piece.

Step 5: Sit back and watch as our Demon Deacons win fuckin' CHAMPIONSHIPS under the leadership of John Currie, Shaka Smart (or Phil Jackson), and Nick Saban.

ETA: Best part is if Brews wins, I'm going to be running the AD myself with the support of his money. Wake Forest will be a much better place either way.
Click to expand...

this is poetry
 
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