what would you do with $640 million dollars!

[kagome26isawsome]

Tonight is the mega millions drawing and it is up to $640 mill (it keeps going up!!!). My question for you is what would you do if you won it!

What i would do:

1. Give some to my parents, my sister and my best guy friend (george)

2. Save up for me to continue my education (going for Bachelors and masters)

3. Probably move out of my parents house

So what would you do? XD

Edited March 30, 2012 by kagome2526

[BronxWench]

Let's see...

Pay off mortgages, etc for all my family;

Buy a house as opposed to the apartment we own;

Set up trusts for my children so they have income for their lifetimes;

Pay for college for the kids;

Buy a car;

Get that uber-gaming computer I dream about, times 4 for all the gamers in the house;

Travel... oh, gods, I'd go see all the places I've wanted to see. Alone, so I could enjoy it.

That's the stuff for me.

I'd also have my lawyers set up a philanthropic trust to contribute to worthy causes after they were vetted for legitimacy. Diabetes research and autism research would be the first that came to mind, but the DAN folks can go screw.

Edited March 30, 2012 by BronxWench

[sumeragichan]

Let's see...

1. pay off bills

2. buy a NEW new car (not new to me car)

3. get insurance on it paid off for two years

4. Get a decent house and set up savings account to pay for taxes and insurance on it

5. Get decent health insurance

6. split up sum between parents, grandmother, in-laws, sis, and hubby

7. split up lesser sum between close friends

8. set up trust fund for pixling and start her a savings account for school

9. put her in a Catholic pre-school/school

10. start up savings account

11. Go for RN and Nurse Practioner this much sooner

12. Donate to charities around area

13. ?????

14. Profit!!

XD Okay, the last two slipped in there.

[JayDee]

Gender reassignment surgery.

Cash to friends, family, and anybody I think would blow it in an amusing way. Also some local charities that need the money but don't have the whallop of big charities with their huge "admin" expenses.

Open a bar.

Uh...

That's it I guess.

[LockedBox]

1. Put a huge chunk of it into my first home buyers account (I don't feel ready to leave the nest yet)

2. Put another huge chunk (probably about 50-75%) into a long term savings account.

3. Pay off family debts and give some away if anyone asks (I don't want to become a sugar mother though, so no freebies after the first handout unless there is a very compelling reason)

4. buy the shit I've always wanted but never been able to have, more cloths, new bed, uber computer, huge ass aquarium for darling, fancy schmancy paper to use in uni (don't laugh, that shit's expensive!) and maybe invest some more into art and collectables if anything catches my eye.

5. Go on holiday. Alone.

[BronxWench]

::wants to go to JD's bar::

[Tigro Spottystripes]

There is a big difference between amounts that look like would make you not need to work for the rest of your life but actually will go away quickly and amounts you aren't likelly to manage to acidently burn completly in just a couple months...

640.000.000 sounds like it might be the second, but you can't forget people that for the first time in their life got more than a million in their own money will usually be buying lots of items that are way above the 1 million price mark each. Money is much easier to spend than most people expect. There are lots of sad stories about poor people that won the lottery and some time later left themselves in worse situations that they were before.

Edited April 4, 2012 by Tigro Spottystripes

[RogueMudblood]

Yes, yes there are, Tigro. Which is why I'd have to plan a bit.

First, I'd take half and put it in investments. Regular savings, bonds, stocks, etc. Low-risk stuff. Pretend it's not there. Have the dividends/interest set to pay into a separate checking account. Live off that monthly.

The other half:

Pay off all debts.

Split balance at this point into halves - one half goes into a trust fund for my child.

$100,000.00 into a trust account for collegiate studies only.

Right now, I still have over $159,000,000.00 left.

This all, of course, assumes a full pay out, which we know is not the case if you take cash up front instead of the annual dividend.

Of this amount, half goes into an escrow account for purposes of paying taxes.

Approximately $80,000,000.00 left.

Now, as I live in the US, and I'm aware of the piss poor health system, $5,000,000.00 would be set aside to fund charity programs for the medically needy (catastrophic cases, etc) the non payment of which only serves to drive healthcare costs up and increase the problem cyclically. I would need a person to research the best programs, therefore, $75,000.00 annually from the dividends from investments above would be set into an account to pay a person to do this. Prime candidate for this position would be someone who has medical needs of his/her own and is still able to work.

$15,000,000.00 to Cancer research.

I still have $60,000,000.00

Yeah, there's stuff I'd want, but I've been without before enough that I know how to account for the last red cent. I don't want a huge house, I don't want a swimming pool, and I don't want a lot of 'stuff'. Would I blow a cool million at some point? Probably. But like I said above, I'd be living off the dividends from the investments. Do you know what I'd really be most likely to blow the rest on?

I'd set up four accounts with $250,000.00, high-interest savings, compounded monthly. That interest rolls into another account. Right now, the highest rate I've seen is 4.5% APY, so at this rate, it's $11250.00 in yearly interest. That's $45,000.00 a year. Most people live off less, so I don't think it's out of the realm of possibility to set up $20,000,000.00 this way. That's 20 people that just got jobs. And yes, they'd earn it.

$40,000,000.00 left.

Now, I'd like a car. A nice one. A very nice one.

$39,900,000.00 or thereabouts left. (Yes, I did just blow $100K on a car in this scenario. It's a hybrid.)

And I think it'd just have to sit for a bit. I wouldn't have plans right away for that part of it, so it could sit and gain interest as well. Part of it would likely go into an account to pay for healthcare coverage for the 21 people (don't forget the charity coordinator) that are now earning annual incomes off these investments (instead of paying it from annual dividends). In case you're wondering, estimating the interest rate towards the initial investment as well, would be $14,400,000.00. Annually. So that charity fund that would eventually be depleted of the $5,000,000.00 set aside for it could be replenished regularly. And it would be earning interest as well until spent, so assuming at any given time, that half of it is available in the accounts set up, it would be earning it's own interest of $112,500.00 annually. (Yes, I like making money pay for itself.)

Honestly, the interest off the initial investments alone would allow me to live off approximately $120K each month, if it's compounded monthly, so it's not as though I'd be hurting to buy things as they came up. Don't think I've forgotten about my family, but they don't take kindly to handouts, so there's a bit of finesse involved there. (Included in this broad group are people that are not blood relations who won't take handouts )

Of course, I'd have to have an attorney on retainer. And his/her job would be to make arrangements in the event of my death that certain things would continue on as they had been. I only have one heir, so the dividends would still have to go into an account for payment of necessities on that end as well until the age of majority. At that point, stipulations would have to be made. I wouldn't go to all this trouble to set up such an estate and have it all blown within five years of my child gaining adulthood.

And, yes, kagome, this long-winded answer is the reason I didn't respond before.

Oh! Of course, there'd also have to be a vacation for all staff of AFF. So there's the cool million blown

[J.Nathan Spears]

Whoa... so much money... that is circa 300 billion Chilean Pesos <3

Well, I'd start saving a part for my dear parents

Then I'd buy a Nintendo 3DS and a lot of good games like the latest Pokemon Mystery Dungeon and Digimon World Dusk

Also, I'd donate a part to various charitable Organizations (Fundacion las Rosas, Hogar de Cristo, Coaniquem, etcetera)

After that, I'd worry for my aunts and uncles, donating something for them. Two of my uncles (and the husband of one of my aunties) are stricken with Diabetes and I wanna help

The rest... well, I'd Invest them on some projects that would help the bio-structure of the world

I just hope I won't become the target of some blackhearted assassins in the way...