October 2008 Weddings
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Random Poll: Mega Millions

(stolen from another board)

The Mega Millions Jackpot was $355 MILLION yesterday.  I just looked and it said 2 people had all 6 numbers correct (Idaho and Washington).

What would you do with $355 mil (after taxes = $224.2 mil)? 

Would you take one lump sum or the annuity (26 years) which I think I saw was around $11 mil a year?

 

Re: Random Poll: Mega Millions

  • DH and I were just talking about this and we both think we would take the annuity. I heard on the radio the payout was like 146 though, does that sound waaaay off?

    We came to that conclusion based on all the stories of people that take the lump some and blow all of it somehow. I know that isn't everyone but eh we can live off of 11M a year.

  • I would take the payout.  I would probably give lump sums of like $500k to family, my parents, DH's parents, BIL.  Then I would purchase a few homes in areas we would visit regularly, better house here, beach house in OBX, etc.

    Then I would get season box tickets to the East Carolina games for DH and probably a condo in Greenville too.

    I would give a ton of money to both our alma mater's and my sorority and DH's fraternity.

    I would fully fund my nephews and niece college funds (with the idea that the money is to be used FOR college). 

    Then I would go and travel travel travel for the next 2 years, then come back and get KTFU!

  • It is so hard to say what I would do, it's like I can't even wrap my mind around it. I would be thrilled if we won like 25K - 50K millions just makes my mind go blank.

    We would hook up my sisters, dh's parents, and that would be about it and I think we would probably try to keep it a secret for a while as well. We would for sure get a couple of crazy family members hitting us up for money.

    We would travel, travel, and then travel some more.

  • I would try and be as anonymous as possible when claiming.  I've heard about people getting tons and tons of mail begging for money and I just can't deal with that.

    And hopefully by giving family some money, it will stop them from begging for it too. 

  • We would take the annuity - in most cases its more than the up-front lump sum.

    We would pay off our debt (college loans, mortgage), do all the remodels to the house that we want (new kitchen, fence, pool), DH would invest some, buy a boat, jetskis, snowmobiles, atvs, probably buy a house on a lake.  When we have kids we would probably open trust funds for them.  I'm sure DH would want to buy his own helicopter.  We would travel anywhere and everywhere want to go.  We would give some to our families so everyone would be set.  I'd set up college fund accounts for my nieces and nephews.
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  • Me:

    > Pay off the mortgages for everyone in our families.

    > Endow scholarships at our high schools and colleges

    > do some venture capital investing

     

    DH:  "Buy a helicopter to get us to our NH home more quickly." I think that one's short sighted.  We'd probably buy something other than our NH condo! :-)

     

  • We were talking about this, this morning! We'd take the annuity.

    Pay off debt, finish this house, then sell it and buy a dream house. Set up 2 college fund (in case we decide to have another baby), another retirement fund. I'd probably start working part time, to stay home with LO more, but still work occasionally, cause I do love being a vet tech.


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  • imageKathyGee:

    Me:

    > Pay off the mortgages for everyone in our families.

    > Endow scholarships at our high schools and colleges

    > do some venture capital investing


     

    DH:  "Buy a helicopter to get us to our NH home more quickly." I think that one's short sighted.  We'd probably buy something other than our NH condo! :-)

     



    Then you could hire my DH to be your pilot.

    Nice to see I'm not the only one whose DH would think to buy a helicopter.
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  • We'd have taken the lump sum and invest a huge chunk.  Then throw some away for our kid's college fund, pay off our student loans and mortgage and build and fully pay for our dream home.  Then donate set amount each year (and get the tax write off).  And I'd definitely still work. 
  • I would take the annuity!  That would be like making $11mil a year until I'm 53!

    The first year, I would pay off all our debt from student loans/mortgage and then for my mom, Aunt and Uncle, Grandparents L's parents, Grandparents and his Aunts and Uncles.  Then, I would pay off my sister's loans, and L' cousin's loans. Then, I would probably give about $250,000 to each of our family members (listed above) and some of our closest friends who wouldn't expect it.

    I would then take all of them on an AWESOME vacation to celebrate being debt free and rich.

    The second year, L and I would build the house of our dreams and both quit our jobs to pursue cush jobs doing what we want.  He would be a professional video game player and I would open my own business.

    We would buy a condo in NYC overlooking Central Park and travel there whenever we wanted.

    We would drive our dream cars and we would buy cars for our family members, including my mom, whose dream car is (and I quote): "A white Cadillac Escalade with the tires that keep spinning even when the car is not moving".

    We would also buy a house on the beach somewhere that we would not rent out to people, but let our family members and friends vacation there when they pleased for free.

    I would then invest safely at least 2 mil a year so that after we are 53 and the money no longer flows, we can live off the crazy interest forever.

    In subsequent years, I would endow scholarships, donate to my university, to my church and others, and I would also donate to my sorority.

    L and I are both very practical people so I don't think we could ever blow through that money....but who knows what having that much money would do to you!

     

  • Ugh tough one. I think I would def. take the yearly amount.  I think first thing we would pay off our debts, pay off our parents debts (and pay them back for everything they have given us over the past few years that we have been having money issues).  Also of course buy a house.  Set up retirement funds and a college fund for our future child(ren). We would also pay off my aunts & uncles houses and help them get back on their feet, and set up college funds for my two cousins. Then of course we would travel. I think there would be a lot of other things we would do with that money, but those would be first on our list.

  • We just had this conversation. We would pay off our debt, buy a big house here, buy a lake house and a condo in a warmer state. We would set up ILs, my sister, some friends and other family. We would donate to a few important causes, buy into Netjets, and TRAVEL!! We would set aside the rest and both maybe work very part-time. I couldnt not work. What a fun dream!
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  • I was very sad to find out that we weren't the big winners.  We discussed what we would do with the money last night also.  What couldn't you do with that money?  I'd be very afraid of "moochers" coming forward.  I want to be sure that our families are taken care of and comfortable.  We would definitely build our dream home in a couple of locations.  We would travel a whole bunch.  And invest.

    Now, I'm off to check if we matched any numbers at all.  A few bucks is better than nothing!

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  • Gosh I couldn't even imagine... but we would take the annuity.

    I dont know what DH would do with it, but i would think he would build a really nice computer or three, buy "Bumble Bee", a Yacht that I would want to dock somewhere in Nor Cal.Pay off his collage loans and finish school. and never work again

    Me on the other hand... I would donate to friends and family that really really need it, I would buy the top of the line SUV, build our dream house, one here and one in Santa Cruz. Buy season tickets to DH's favorite NHL team. Set up a collage fund for Little Who, quite my current job and start my own studio with top of the line equipment. And last but not least... I would buy a few horses and become an Aussie Breeder to bring in a few extra dollars.

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  • We just had this conversation. We would pay off our debt, buy a big house here, buy a lake house and a condo in a warmer state. We would set up ILs, my sister, some friends and other family. We would donate to a few important causes, buy into Netjets, and TRAVEL!! We would set aside the rest and both maybe work very part-time. I couldnt not work. What a fun dream!
    image
  • I would take the pay out.

    I would pay off the mortgages for everyone in my immediate family. Then I would buy a new home for Rob and I. I would buy a sky box at the Ravens stadium. I would create college funds for our kids. I'd buy myself a nice car. I would get my cat checked out with a specialist and get them all up to date on shots and would even splurge on grooming.  Then I would donate millions to every animal shelter in the country lol.

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  • Probably the pay out.

    1 - build us a church (we have been renting for forever)

    2 - pay off all of our immediate family members homes

    3 - pay off our TH and rent it out and build us a dream house

    4 - invest invest invest

    5 - probably buy something in Hawaii or Italy

    6 - new car for DH (pay off mine obviously)

    7 - set up funds for future kiddos

    8 - travel travel travel some more =p

    9 - oh yeah and NEVER work again =p 

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