Power Ball at half a billion

[Moxie]

I remember when I was a kid and it was a big deal when it was over a million.

 

I know that, statistically, winning the lottery equals ruination, and I'm not planning on buying a ticket, but it sure is fun to think about all the good a person could do with that kind of money.

[alisoncooks]

I wouldn't turn it down.

I'd also never stop hearing from my crazy in-laws, so then again...

[Guest]

I wouldn't say no thanks. Truthfully, I would rather win a comparatively "small" giant lottery. Say, 20 million. 😉 you win those "tiny" lotteries and nobody (in the national sense) even knows about it. Win a half billion? You find out who your second cousins are...

[HomeAgain]

Dh and I bought tickets.  We play about once every 4 years, but we call it our $20 dream. :lol: For that little, we can entertain ourselves for 2 days with wild and crazy plans like "pay off the car" and "go on vacation". We'll never count on it for retirement, but it is good fun every once in a while! :laugh:

[sassenach]

Dh and I bought tickets.  We play about once every 4 years, but we call it our $20 dream. :lol: For that little, we can entertain ourselves for 2 days with wild and crazy plans like "pay off the car" and "go on vacation". We'll never count on it for retirement, but it is good fun every once in a while! :laugh:

 

That's what makes it worth $2. I'm getting a ticket. If Jesus wants me to win, it'll only take 1, lol.

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[Seasider]

Dh and I bought tickets. We play about once every 4 years, but we call it our $20 dream. :lol: For that little, we can entertain ourselves for 2 days with wild and crazy plans like "pay off the car" and "go on vacation". We'll never count on it for retirement, but it is good fun every once in a while! :laugh:

Oh man that is funny. Thinking that it might be fun to grab one. Very unlike me, I've bought less than a dozen in my life but you are so right - the few hours of wild speculation are pretty entertaining.

[Carrie12345]

Powerball and Megamillions tickets are my weekly treat, lol.  I live near a casino, but I find my tickets to be much cheaper and more fun.  :D

 

Yes, I have a carefully thought out plan for my big win!  ;)  :001_tt2:

[AnnE-girl]

DH splurged and bought two tickets. And our kids got a lecture about how we're more likely to get struck by lightning than win, and you should never, ever gamble more than you can very comfortably lose. And then we talked about the crazy extravagant things we could do if we won. Like endowing the history department at our alma mater and paying off our mortgage. DH disagreed with me on taking private planes for really cool homeschool field trips. I argued that if we had the means to avoid the chance of getting held hostage on the tarmac with flight delays, even in first class, why wouldn't we?

[mlktwins]

Well...I've already purchased the winning ticket  :lol:  :hurray:  :seeya:  :thumbup1:

[Guest]

DH splurged and bought two tickets. And our kids got a lecture about how we're more likely to get struck by lightning than win, and you should never, ever gamble more than you can very comfortably lose. And then we talked about the crazy extravagant things we could do if we won. Like endowing the history department at our alma mater and paying off our mortgage. DH disagreed with me on taking private planes for really cool homeschool field trips. I argued that if we had the means to avoid the chance of getting held hostage on the tarmac with flight delays, even in first class, why wouldn't we?

We debate in our household if this means DS17 can get a Dodge Challenger gratis. I say no; he needs to earn his first "real" car. DH says, "You're really going to not buy him a car while you sit on a half a billion dollars?!" :D If I'm feeling generous, I will give him some new tires for that old pickup truck.

[Carrie12345]

We debate in our household if this means DS17 can get a Dodge Challenger gratis. I say no; he needs to earn his first "real" car. DH says, "You're really going to not buy him a car while you sit on a half a billion dollars?!" :D If I'm feeling generous, I will give him some new tires for that old pickup truck.

 

Mine are going to have to clean their rooms without help from the housekeeper!

[sassenach]

We debate in our household if this means DS17 can get a Dodge Challenger gratis. I say no; he needs to earn his first "real" car. DH says, "You're really going to not buy him a car while you sit on a half a billion dollars?!" :D If I'm feeling generous, I will give him some new tires for that old pickup truck.

 

Dude, buy your own car, 100%.

 

Now a house? I would probably buy a [modest] house for each of my kids. 

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[Guest]

Mine are going to have to clean their rooms without help from the housekeeper!

I remember one time on one of those Tv shows where they interview lottery winners, the one guy had won over a hundred million and was literally homeless when he won. He said in the interview he had a cleaning lady, but that he does not allow her to clean his kid's room. Allegedly the kid said, "Why not? We're superrich!" To which he replied, "no, I'm super rich. You have to learn to be responsible for your own room." :D

[AnnE-girl]

I remember one time on one of those Tv shows where they interview lottery winners, the one guy had won over a hundred million and was literally homeless when he won. He said in the interview he had a cleaning lady, but that he does not allow her to clean his kid's room. Allegedly the kid said, "Why not? We're superrich!" To which he replied, "no, I'm super rich. You have to learn to be responsible for your own room." :D

I think it was Warren Buffet who said he wanted to leave his kids enough money that they could do anything they want, but not so much that they could do nothing. I like that idea. DH wouldn't quit his job completely, but would do far more pro bono work, and take more time with us as a family. Our kids would be able to study interesting things, but not fail out of college due to partying with the idea that they could fall back on their inheritance.

[Rosie_0801]

There's a heck of a lot of problems that could be solved with half a billion dollars. You don't get ruined with money if you know how not to be.

 

I wouldn't mind testing my theories. :D

[alisoncooks]

I was thinking about this thread while standing at the sink washing dishes. Somewhere under there, we have a slow leak and our floor has gotten soft and saggy...and I'm thinking, "If I won the lottery, I'd be able to get the floor fixed." Um....hello! Think bigger, lady, lol. If I won the lotto, I'd get a whole new house, with a bit more than the 1100sq/ft. we currently have!

 

Ah, to dream...

[Carrie12345]

There's a heck of a lot of problems that could be solved with half a billion dollars. You don't get ruined with money if you know how not to be.

 

I wouldn't mind testing my theories. :D

 

Well, just remember to bank on the cash value, less taxes.  (Which is "only" about $194,000,000 in my state.)  I don't trust the annuity.  :tongue_smilie:

[Guest]

There's a heck of a lot of problems that could be solved with half a billion dollars. You don't get ruined with money if you know how not to be.

 

I wouldn't mind testing my theories. :D

I'm promising if I win, I'm taking a WTM "road" trip and we're coming to The Land Down Under to meet you and Melissa and whoever else is down there. Mamerby? Is she an Aussie? We'll hop over to New Zealand, too, and meet those couple of kiwis who are members here. :D

 

(In all seriousness, though, I have thought before it would be so neat to do a WTM Road Trip accross the US and Canada and pop in on anyone who is game for it! )

[Guest]

Well, just remember to bank on the cash value, less taxes. (Which is "only" about $194,000,000 in my state.) I don't trust the annuity. :tongue_smilie:

I was watching that Lottery Dream Home TV show last night. There was a family of 8, living in a leaky-roofed, very small and inadequate house for their needs. Their winnings were "only" $1 million. I'm not saying that's chump change, but I was giving heated advice to the TV, saying, "NO! Don't increase your budget to $680k! YOU CANNOT AFFORD IT!"

 

They didn't take my advice. 😒 But seriously, winning $1 m does not mean you can buy a house that is more than a half m and needs renovations! What about property taxes? They were outside of Boston! That can't be cheap. Electricity for a house three times the size of the shack they were presumably struggling to pay for? I hope it worked out IRL.

 

Side note: the host of that show is SO annoying.

[Mommyof1]

Yes the things you can buy is cool but it comes with its own set of problems.

 

I know in my state there are privacy laws but with this size winnings the media wants to find out who. Pesky media.

 

It's nice to dream and if it happens, AWESOME!

Edited August 19, 2017 by Mommyof1

[Carrie12345]

 

 

Then, move.  Where, I am not sure.  Our original plan has been to move near where DH works, but with that much, I dunno that he would need to work.  We would both love to live someplace with no snow.

 

Then, give enough money to family to keep them happy.  We have plenty of family that would be completely reasonable.  But there are a few that would be the type to ask for cash.  So we would just head that off and give everyone a fair lump sum up front and it would be like "here it is, that's all you get."  lol.  Finding that balance would be difficult.

 

 

 

See, I'm gonna give out the lump sums and THEN move. And then do my best to remain hidden from the kinds of family members who already want money, without me winning the lottery!

[greenbeanmama]

In another town not too far from here, a couple won several million.  They really liked their hometown, even though it was going through hard times.  So they built a grocery store, paid off their church's mortgage, built a football stadium for the high school, and helped redo the city parks.  They have become local heroes.

[Guest]

The gas station where I often buy mine when I buy one did have someone win the $1 million prize a few months back. Well, maybe it was last year. Still, pretty cool.

[klmama]

So how do people claim their prize and yet stay anonymous?

[Tanaqui]

They set up an LLP to collect for them.

 

As for me - meh. Call me when it reaches 750 mill or no deal.

[DawnM]

I rarely do the "what if I were to win" game because, well, I don't want to be disappointed.

 

But if I were to play:

 

I would have plenty to not stress over moving back to CA and paying cash for a house.  I would also get each of my kids a modest house or townhouse, even just for investment purposes.  I would also tell them they could go to any college and grad school they chose and pay for it.  I would set up a trust for each of them as well.  Monthly payments, no lump sum, for life.  I would also make sure my parents were well cared for, maybe even moving them to CA and hire a full time nurse to live in a guest house or nearby or move them into the best elderly care facility with 24 hour staff available. 

 

And I would hire a personal Uber driver for my son who doesn't drive.

 

I would also donate quite a bit to the charity of my choice, possibly start up a private school for bright inner-city youth and charge no tuition.  

 

And for the sake of something completely over the top crazy......I always thought it would be so cool to charter a Yacht with about 20 private cabins, invite selected close friends, along with their families, on a private cruise with full wait staff, cleaning crew, etc......I don't know why that appeals to me, but it does.....

Edited August 20, 2017 by DawnM

[mytwomonkeys]

My mom plays. I hope she wins!! They say money doesn't make you happy but I bet it won't make me sad either. 😊

[Carrie12345]

So how do people claim their prize and yet stay anonymous?

 

It depends on the state.  In some states, you can't.

[historically accurate]

We live in a state where they post your name. So our plan is a brand spanking new 5th wheel with a brand spanking new truck and get lost in N. America for at least 1 year while the media dies down. 

 

Then, and only then, would we settle down somewhere.  

[Guest]

Half a billion dollars from people who are bad at math. Ick and no. Govrnment sponsored gambling that preys on the poorest and least able really bugs me, and the sheer size of the pot is just a reminder of all the sad saps that money came from.

 

I can't even have fun with it, it just turns my stomach :(

Edited August 20, 2017 by Arctic Mama

[Carrie12345]

Half a billion dollars from people who are bad at math. Ick and no. Govrnment sponsored gambling that preys on the poorest and least able really bugs me, and the sheer size of the pot is just a reminder of all the sad saps that money came from.

 

I can't even have fun with it, it just turns my stomach :(

 

I do see the dark side, but I don't consider it a "poor people are bad at math" issue.  Without getting into political complexities that dance around board rules, I'll just say that the "preying" happens many steps before the lottery.

[sassenach]

Half a billion dollars from people who are bad at math. Ick and no. Govrnment sponsored gambling that preys on the poorest and least able really bugs me, and the sheer size of the pot is just a reminder of all the sad saps that money came from.

 

I can't even have fun with it, it just turns my stomach :(

The podcast 99% Invisible had a neat episode about Spain's solution to this objection to the lottery. They do a once a year lottery and the tickets are very expensive, so entire communities group together to buy a single ticket. Fascinating.

[Murphy101]

I would go anon winner if I could (you can't always), mostly for the sake of my kids than anything else.

 

First step would be a will. Be just my luck to die in a plane crash the day after.

 

We would set up an endowment for the local parish and the local diocese.

We would set up another for low income medical assistance.

And maybe another for the local catholic schools.

 

Then we'd move and once we settled to wherever, we'd probably do the same for our new local area.

 

We would set up an endowment for type 1 diabetes research and funding legislation for universal healthcare and pharm cost regulation.

 

I'd give each of the kids one new practical car (no corvettes) when they go to college. And that's it. The rest of their cars will be bought on their own.

 

I'd set up a trust for each kid, one for schooling and another for idk what to call it. No so much they don't need to work and yet it might help them either start a business or buy their first home.

 

It's a Lazarus reenactment every time my van starts, so I'd get a new van. And that's our only car, so we'd probably get a second vehicle for Dh.

 

Once all of that practical do good stuff was set up, and I figure it would take at least a year to get that going bc I'm going to be cautious about being scammed...

 

Then it will be all about managing the funds, which I would think will become my full time job, and living the life we want.

 

We'd like to travel when the kids are not in school. Dh would probably buy season box seats for the Cubs and the Rangers. I'd probably open or buy a yarn store. Because I'm adventurous like that. Lol

 

I'm not too worried about family coming out of the woodwork. Once all our debts are paid, I'll have no problem telling everyone to get lost or just ignoring them altogether. At most, I remember reading the financial advice was to remember no one needs a million asap. Best case scenario, we have a short list of people we'd like to gift with $10k or something equaling no more than that. People who I know beyond a showdow of doubt, they would totally do the same thing if they won. Bc 10k is a huge amount of money in my demographic and I know it'd make a major difference in their lives without totally messing up their lives.

[Guest]

We live in a state where they post your name. So our plan is a brand spanking new 5th wheel with a brand spanking new truck and get lost in N. America for at least 1 year while the media dies down.

 

Then, and only then, would we settle down somewhere.

See, that totally fits in with the WTM International Road Trip Plan. So, if you win, I give you permission to contact me. I eill happily be your trip coordinator. 😄

[Carrie12345]

Well, now it's starting to get toward a range I'm not sure I'd want to win. So now I'll play with hope that it'll be a split pot! ;-)

 

Seriously, it's just too much money to be responsible for! Even giving it away comes with major decision making beyond what I'd call a "dream".

[historically accurate]

Well, now it's starting to get toward a range I'm not sure I'd want to win. So now I'll play with hope that it'll be a split pot! ;-)

 

Seriously, it's just too much money to be responsible for! Even giving it away comes with major decision making beyond what I'd call a "dream".

 

DH's dept at work is going in on tickets, so heaven help the company if they win. The split brings it down to a manageable level for me, though I did buy some personal tickets just for funsies.

[Ravin]

I may buy another ticket if no one wins mid-week.

 

My list of "to-do's" would include paying off all our debts (mostly student loans), buying property, quitting my job to work on a casual, pro bono  basis, and traveling with the kids. I would want to travel around the world, and do a circuit of SCA wars and pagan festivals. I may need to hire someone to drive a nice RV and help with camp setup/teardown (and put them up in their own tent or a hotel as they prefer) and general on-the-road housekeeping. An au pair/chauffer? Something like that.

 

Then, I'd want to make an endowment for my law school alma mater, DH would want to make an endowment for the English department at the university, we'd buy him a townhouse in walking distance to Chase Field and lifetime VIP season tickets (he may want to go abroad to study first). Houses for the kids, and our girlfriend (she can live there someday and in the mean time have it as an investment property). Probably pay for college funds for my nieces, nephews, and youngest siblings, and pay for my mom's legal fees in her current custody issue (with a new attorney who answers phone calls). I might invite my niece who just graduated high school to come along on the world tour.

 

Private high school or tutor for DD. Possibly a private school for DS (but more likely I'll just homeschool him since I won't have to work and we'll be traveling).

 

I might start a nonprofit to give away money as I see fit.

 

I could probably burn through it pretty quickly, so I'll have to set a budget and not try and do everything at once. Invest most of it in something extremely safe and live off the interest. 

[Tanaqui]

Seriously, it's just too much money to be responsible for! Even giving it away comes with major decision making beyond what I'd call a "dream".

 

Put aside a reasonable amount in a spendthrift trust for yourself, your kids, etc - one trust per person. You can't overspend, it only gives out the amount you determined as reasonable per week/month/year. (You can write the trust so that extraordinary expenses, such as medical bills or schooling, are covered as well even if it's outside the reasonable amount.)

 

Take a small portion for fun times - after all, why win the lottery if you don't go to Disney, pay off the mortgage, or build a pool, huh?

 

Then donate the rest to whatever charities you already support. Easy-peasy, lemon squeezy.

[elegantlion]

I would set up a scholarship fund in my department. I'd finish my BA and get my master's, but not worry about funding. I pay off student loans for a few of my friends. I'd go with ds to Japan next summer. My mom would get her red Lincoln. 

 

I'd bring this house back to its 1889 glory, put the pool back in, add a deck and gazebo, so much. 

 

The people who I care about and who care about me would be well taken care of. 

[Ravin]

I have one friend who I graduated from law school with who opened her own practice when she didn't find a job fast enough. I'd pay off her student loans just for the heck of it.

[littlebug42]

I would pay off debt and be able to pay for whatever college my kids want to go to.  I would help friends and family members, particularly one family member who has two kids with profound special needs.  I would set up a trust to make sure the kids were well taken care of for the rest of their lives.  Dh and I would definitely quit our jobs because we both hate them and find something to do together.  I would also want to invest money in my community.  We would definitely do the anonymous thing though. 

[Carrie12345]

Put aside a reasonable amount in a spendthrift trust for yourself, your kids, etc - one trust per person. You can't overspend, it only gives out the amount you determined as reasonable per week/month/year. (You can write the trust so that extraordinary expenses, such as medical bills or schooling, are covered as well even if it's outside the reasonable amount.)

 

Take a small portion for fun times - after all, why win the lottery if you don't go to Disney, pay off the mortgage, or build a pool, huh?

 

Then donate the rest to whatever charities you already support. Easy-peasy, lemon squeezy.

 

"Small portion" at the given numbers dwarfs Disney, mortgage, and pool even if done for each of my extended family members, lol.

 

The pot after taxes, even assuming no deductions for charitable giving, winds up about $250m cash.  Keep just 20% of that in your mattress and assume a 3% inflation rate, and you still have $430,000/yr for 50 years.  I could go to Disney (wouldn't; I'm not a Disney person,) buy a house, and build a pool every year until I die and still have twice as much to spend as I do now, lol.

 

Meanwhile, you still have to distribute $200,000,000.  I suppose some of the nationwide charities I support could handle several million through their existing financial experts, but I don't imagine the smaller ones near and dear to me would be prepared to manage more money than they've seen through their entire operation.  

THAT'S what I mean by responsibility.  Figuring out where and how much would do the most good in the world, and making sure it's done wisely.  I feel like I would have to spend half my time with money people.  (Though I admit that sounds better than spending half my time housekeeping and running errands!)

[Paige]

Well, now it's starting to get toward a range I'm not sure I'd want to win. So now I'll play with hope that it'll be a split pot! ;-)

 

Seriously, it's just too much money to be responsible for! Even giving it away comes with major decision making beyond what I'd call a "dream".

Keep what you want and give the rest to me! I'll take care of it for you. 😃

[Murphy101]

Keep what you want and give the rest to me! I'll take care of it for you. 😃

Yeah. Count me in to help her out too.ðŸ˜

[Murphy101]

I think the hardest thing would not be managing the money.

 

It would be managing the people who want the money.

 

I'd be most worried about my kids. Dh and I joke that the main benefit of marriage is not dating and that's when there's no alterior motive of money to consider. I can't imagine how a kid of a millionaire dates that's not scarier.

 

But in theory at least, Dh and I know what we would want to happen with most of the money. Basicly we would want to protect and grow it to do the most long term good for the things we think are important. Education, medical, church...

 

We would buy a house and cars. We would go on vacations when the kids aren't in school.

 

So once all of that is set up... all it should need is regular meetings about progress, changes or whatever with the financial team. I would hope that only once a week or two would be enough. Since so many have been scammed out of their money, I'd really want those meetings to be sure the money was being used the way we wanted.

 

I figure we would decide on a monthly stipend for Dh and I to spend however we want for short term and not major expenses. Eating out, vacations, clothing... the day to day stuff of life. I wouldn't think it would need to be a huge amount given that it would be separate from household and other financial managements.

 

I think the first two years would be super stressful not because we wouldn't know what to do with the money, but just setting everything up and dealing with the social aspects.

 

I think it's no chance thing that so many of the success lotto stories end up being people that basicly become recluses. lol I'd want to hide too! Especially with young children. No offense to everyone online, but I think I'd delete everything possible and never enter social media again if I could avoid it. It would just be so overwhelming and often scary I suspect.

[creekland]

It's my birthday.  I bought a ticket, 5 to be exact.  If we were to win our family would start a foundation and work to see what sort of wrongs we could right in people's lives.  We've been talking about it during our last car road trip - easily getting $10 worth of entertainment value and it's been fun seeing where our family "pet projects" are for improving things.

 

I don't mind paying for that.  We spent almost $20 at the movies for a couple of hours of entertainment and $50 eating lunch.

 

I probably won't look at the numbers too quickly so I can squeeze out a few more hours of "what if" dreaming.

 

FWIW, if I were to win, some decent homeschool scholarships to college and trade schools would soon become available.  Some "travel" scholarships for underpaid working folks would be too.  And no one should have to worry about medical expenses insurance or health shares don't cover.

 

Just saying...

[Murphy101]

Yeah. Dh and I have talked a lot about how much will be spent just on medical causes. Heck. The first million will probably go towards just my own households medical cause.

 

And we were talking about how we would want even our passive expenses, like state taxes to reflect our goals if possible. For example, moving to a state that at least expanded Medicaid and or is proposing state versions of universal healthcare. We would have to pay state taxes, so at least move somewhere that makes better use of the money, if that makes any sense.

 

Lots of entertainment and intellectual fun wondering what if we bought a ticket and it won.

[Guest]

Not gonna lie, I'd get the bOOks lifted and the mummy tummy tucked. And cure world hunger, yada yada yada.

Edited August 23, 2017 by Moxie

[Murphy101]

Not gonna lie, I'd get the bOOks lifted and the mummy tummy tucked. And cure world hunger, yada yada yada.

I'd pay a bloody fortune for dental work. I'm not so bad as Ma Clappet, but still lots of $$$ needed.

[Guest]

Just a little warm fuzzy to report in Re: this lottery: i had my hair done yesterday and I mentioned the Powerball to my hair dresser and she said yes, she bought a ticket, but she had lost track of what the prize was now. I said, "700 million." And her instinctive, immediate reaction was, "Wow! Can you imagine all the people you could help with that?"

 

I love those moments when you glimpse someone's heart accidentally and you find it to be pure. 😊