31 {{ upvoteCount | shortNum }}
31 {{ upvoteCount | shortNum }}

What would be the first thing you buy as a Powerball winner ??

by discrat
30 replies
  • OFF TOPIC
    • |
let's say it was $2.04billion that Edwin Castro won back in 2022. He took the lump sum of $997 million and after taxes it came out to $675 mil.

So what's your first purchase ??
Avatar of Unregistered
  • Profile picture of the author Princess Balestra
    I would ask ...

    yeah so where is the othah ball?
    Signature

    Lightin' fuses is for blowin' stuff togethah.

    OSZAR »
    {{ DiscussionBoard.errors[11825919].message }}
  • Profile picture of the author Frank Donovan
    Originally Posted by discrat View Post

    let's say it was $2.04billion that Edwin Castro won back in 2022. He took the lump sum of $997 million and after taxes it came out to $675 mil.
    Your lottery winnings are taxable? It hardly seems worth it.
    Signature

    OSZAR »
    {{ DiscussionBoard.errors[11825920].message }}
  • Profile picture of the author lanfear63
    Would like to hear yours first.

    At my age, the need for physical things have lessened. I would pay a few peoples debts and give them some money to live comfortably.

    I might buy a modest 2 to 3 bedroom house and hire a cleaner to come in every two weeks. Perhaps with my health it might be better to go with residence in a luxury retirement community with a self serve canteen and good medical facilities and cleaning/laundry services.

    I might take a luxury cruise around the world.

    600 million odd is an obscene amount of money. I could do all the above just living off the interest it generates.
    Signature

    Feel The Power Of The Mark Side

    OSZAR »
    {{ DiscussionBoard.errors[11825924].message }}
    • Profile picture of the author discrat
      Originally Posted by lanfear63 View Post

      Would like to hear yours first.

      .
      Hilton Head Island, SC.we go there every summer for years now. i would by this one mansion on the ocean for $12 mil
      {{ DiscussionBoard.errors[11825936].message }}
    • Profile picture of the author discrat
      Originally Posted by lanfear63 View Post

      . I would pay a few peoples debts and give them some money to live comfortably.
      .
      Any Warrior Forum Membrrs on that list?? lol

      j/k , seriously though that says a lot about you , Mark... in the best of ways!!
      {{ DiscussionBoard.errors[11825951].message }}
      • Profile picture of the author lanfear63
        Originally Posted by discrat View Post

        Any Warrior Forum Membrrs on that list?? lol

        j/k , seriously though that says a lot about you , Mark... in the best of ways!!
        I don't know where I got this from but it was said that there is a limit on how much you can give away as gifts. Something like 5 million?
        Signature

        Feel The Power Of The Mark Side

        OSZAR »
        {{ DiscussionBoard.errors[11826194].message }}
        • Profile picture of the author discrat
          Originally Posted by lanfear63 View Post

          I don't know where I got this from but it was said that there is a limit on how much you can give away as gifts. Something like 5 million?
          Mark, the amount in 2025 for a tax free gift is $19k

          i think if i won this big $675 mil power ball i would choose about a dozen or so people and give them the tax free gift each year for the remainder of their lives
          {{ DiscussionBoard.errors[11826196].message }}
  • Profile picture of the author 7amoudymh
    First purchase? A fake mustache and new identity so my 8th-grade classmates and every cousin I never met don't suddenly "just wanna catch up."
    {{ DiscussionBoard.errors[11825928].message }}
  • Profile picture of the author DWolfe
    Pay off every bill, and donate to multiple charities. Pay to get VIP indoor seats to the Super Bowl.
    {{ DiscussionBoard.errors[11825934].message }}
  • Profile picture of the author Claude Whitacre
    As someone who would never play the lottery...

    $675 million is an irrational amount of money. There is no way you could spend money fast enough to make that balance go down.

    A strange thing about the lottery. The people who play it (almost without exception) are not wealthy to begin with. They have no idea how to manage that much money.

    And I have a secret....I've known maybe a dozen lottery winners...and several huge dollar life insurance recipients.

    Always, at least in every case I've seen...they spend money on silly things like a house they would never really buy....in a neighborhood they would never live in...furnished with items they would never really buy.

    They buy boats they don't use, motorcycles they never ride, and go on vacations they would never save the money to take.

    So they spend all the money as fast as they can...living completely out of their comfort level.

    Nearly all get hounded by greedy relatives, get divorced, and are miserable,.

    A lesser amount, like a million dollars is much more manageable. You can pay your bills, put some in savings...and still live a life that you want.


    It's the fantasy of being rich that's attractive. But if you have never handled millions of dollars before....it's really stressful, and uncomfortable having to decide what to do with that much money.

    My Step daughter's dad died decades ago. She got a check for several hundred thousand dollars from the insurance company and from the sale of his property.

    Nearly a million dollars in total. She and her husband weren't used to having any money, other than what they could spend that week, like most other young people.

    I told Cheryl that it would be all gone in a year. It took less than 6 months. And at the end of it they lost their home they couldn't afford to keep, a car they couldn't afford to insure, and a boat they couldn't afford the fees for. It almost made them divorce.

    And these are normal people, who think it would be wonderful to be rich.

    People who are used to handling large sums of money? They don't generally play the lottery.

    I just knew everyone wanted to hear another lecture from Claude "I know everything " Whitacre.
    Signature
    One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

    “Do not seek to follow in the footsteps of the wise; seek what they sought.” - Matsuo Basho
    OSZAR »
    {{ DiscussionBoard.errors[11825939].message }}
    • Profile picture of the author discrat
      Edwin Castro went out and bought three mansions. One was for $26 mil in the hollywood hills. The other was for like $4mil for beach front in Malibu and then one in his hometown.

      To me that's going a little crazy
      {{ DiscussionBoard.errors[11825940].message }}
      • Profile picture of the author lanfear63
        Originally Posted by discrat View Post

        Edwin Castro went out and bought three mansions. One was for $26 mil in the hollywood hills. The other was for like $4mil for beach front in Malibu and then one in his hometown.

        To me that's going a little crazy
        Buying some properties to rent, not to live in would not be a bad idea, always a steady income to have if all else gets squandered. But, these would be way inland away from the costal areas. Yesterday I clicked on the MSN weather feed because it said wet days ahead. It was talking about global warming right now making costal areas much more likely to flood. Rising sea levels.

        As for stocks and shares, nope, far more volatile than they used to be.
        Signature

        Feel The Power Of The Mark Side

        OSZAR »
        {{ DiscussionBoard.errors[11825948].message }}
        • Profile picture of the author discrat
          Originally Posted by lanfear63 View Post


          As for stocks and shares, nope, far more volatile than they used to be.
          just park it in something safe like Coca Cola or Apple
          {{ DiscussionBoard.errors[11825950].message }}
    • Profile picture of the author discrat
      Originally Posted by Claude Whitacre View Post

      As
      I just knew everyone wanted to hear another lecture from Claude "I know everything " Whitacre.
      i can usually smell BS from a mile away. And contrary to what Mark and Dan think lol ... well what you speak is the honest to goodness truth.

      Thanks for the nuggets of gold
      {{ DiscussionBoard.errors[11825941].message }}
      • Profile picture of the author Claude Whitacre
        Originally Posted by discrat View Post

        i can usually smell BS from a mile away. And contrary to what Mark and Dan think lol ... well what you speak is the honest to goodness truth.

        Thanks for the nuggets of gold


        There is always the possibility, if you won hundreds of millions....

        You would hire people to take care of your homes, lawns, gardens, cars, and boats.

        But the stories are legion of sports figures that earned hundreds of millions of dollars in a few years...and are now penniless.

        There was an episode of the Twilight Zone where this petty criminal died and found himself in a casino....he always won. Every pull of the lever was a jackpot. Every pool shot put all the balls in, And every woman found him irresistible.

        At first, it's every man's dream.....anything you want. Soon, he was bored out of his mind. And the host (Played by Sebastian Cabot) lets the guy know he isn't in Heaven.

        Just a thought.
        Signature
        One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

        “Do not seek to follow in the footsteps of the wise; seek what they sought.” - Matsuo Basho
        OSZAR »
        {{ DiscussionBoard.errors[11825946].message }}
    • Profile picture of the author discrat
      Originally Posted by Claude Whitacre View Post

      As someone who would never play the lottery...

      $675 million is an irrational amount of money. There is no way you could spend money fast enough to make that balance go down.
      .
      Thinking about this some more... one of my biggest things would be being able to buy the little things in life on a GRAND scale. For instance, Smoothie King i love splurging on a $14 protein smoothie a couple times a week. it helps with my weight and diet. But if i won that much money i could buy one every meal for 7 days a week 365 days a a year if i wanted.

      stuff like this and helping others is one way i would definitely spend the money
      {{ DiscussionBoard.errors[11825942].message }}
  • Profile picture of the author dcinsa
    I would hire a bunch of little people to follow me around and laugh at my jokes. I would also hire a butler to chew my food for me and feed me like a baby bird. That would be on the first day.
    {{ DiscussionBoard.errors[11826573].message }}
  • Profile picture of the author 7amoudymh
    I'd probably start with something simple but meaningful - maybe a cozy new home or a cool car to enjoy right away.
    {{ DiscussionBoard.errors[11826581].message }}
  • Profile picture of the author Odahh
    It's funny in the past this world have been easy to answer. In the last few years several things have changed about me and I am still not used to how people interact with me now. It's far more positive which is good.

    My ego or self concept wouldn't be able to adapt to that much money. In fact a million dollar after taxes would probably be the limits of what I could manage now. So I'll answer with that paltry some compared to over half a billion dollars.

    A good chunk of that would go into dental work having all my teeth pulled the having full mouth dental implants with a good amount of plastic surgery. I'm under 200pounds now so I would move to where I could hire a personal trainer and a personal chef.

    Then get a wardrobe of tailored clothes.

    Then I would probably get bored with life drinking heavily every day while my biggest place I would spend money is in online video games somehow dumping thousands of dollars a week into games.and blowing through the rest of the money on a small haram of women only with me until I run out of money.

    My charitable giving is what goes into the women's hand they claim to be sending to their poor families.

    Okay now I go back to lurking
    {{ DiscussionBoard.errors[11826768].message }}
  • Profile picture of the author Claude Whitacre
    Something I've noticed.

    For decades I've heard people ask "What would you do with a million dollars?" (Now much more).

    The answers are radically different from people who see this as a fantasy....and they see their only path to this kind of money as winning the lottery, or some other form of pure luck....

    And the people who would really see it as a result of their efforts.

    And here is a truth I heard from the late great Jim Rohn...The real benefit of making a million dollars isn't the money, but what it makes of you on the journey.

    And everyone that has actually achieved wealth in some measure...knows that to be true.
    Signature
    One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

    “Do not seek to follow in the footsteps of the wise; seek what they sought.” - Matsuo Basho
    OSZAR »
    {{ DiscussionBoard.errors[11826771].message }}
    • Profile picture of the author lanfear63
      Originally Posted by Claude Whitacre View Post

      Something I've noticed.

      For decades I've heard people ask "What would you do with a million dollars?" (Now much more).

      The answers are radically different from people who see this as a fantasy....and they see their only path to this kind of money as winning the lottery, or some other form of pure luck....

      And the people who would really see it as a result of their efforts.

      And here is a truth I heard from the late great Jim Rohn...The real benefit of making a million dollars isn't the money, but what it makes of you on the journey.

      And everyone that has actually achieved wealth in some measure...knows that to be true.
      I worked out that to live frugally paying for a modest rental and then feed and clothe yourself, pay for utilities etc, 25k per year free and clear would be enough. That's only based on the current cost of living. No frills or extra's

      So say you won 5 million free and clear. You could spend 500k on a nice house, furnish it with mod cons. get a car etc. Say you spend a million on that. So, you are set up. So, you are left with 4 million. You could live a pretty decent life on that. for many years to come, allowing treats and vacations now and again. So, perhaps it would be more interesting to say. What would you do with 5 million.
      Signature

      Feel The Power Of The Mark Side

      OSZAR »
      {{ DiscussionBoard.errors[11826783].message }}
      • Profile picture of the author discrat
        Originally Posted by lanfear63 View Post

        So, you are left with 4 million. You could live a pretty decent life on that. for many years to come, allowing treats and vacations now and again. So, perhaps it would be more interesting to say. What would you do with 5 million.
        shoot with $4 mil you could live very, very comfortably off the interest alone from a CD at your bank. At a 4% interest bearing CD that's $160k a year!!
        {{ DiscussionBoard.errors[11826784].message }}
      • Profile picture of the author Odahh
        Originally Posted by lanfear63 View Post

        I worked out that to live frugally paying for a modest rental and then feed and clothe yourself, pay for utilities etc, 25k per year free and clear would be enough. That's only based on the current cost of living. No frills or extra's

        So say you won 5 million free and clear. You could spend 500k on a nice house, furnish it with mod cons. get a car etc. Say you spend a million on that. So, you are set up. So, you are left with 4 million. You could live a pretty decent life on that. for many years to come, allowing treats and vacations now and again. So, perhaps it would be more interesting to say. What would you do with 5 million.
        When people actually answer the question it tends to read like they are explaining what they think they should do because they have no clue what they will do.

        The quieter the money comes to you the fewer people you have to tell. The higher the chance you make better long term choices.

        If you're already following a financial investment system with a long term plan and goals and not trying to create one after the windfall.

        I think what Claude didn't mention is there are a lot of ways to spend large amounts of money you don't know about until you have money or around people with money.
        {{ DiscussionBoard.errors[11826785].message }}
        • Profile picture of the author Claude Whitacre
          Originally Posted by Odahh View Post


          I think what Claude didn't mention is there are a lot of ways to spend large amounts of money you don't know about until you have money or around people with money.
          Something that most people don't think about.

          There is a book The Millionaire Next Door. the authors did surveys of hundreds of millionaires with a net worth of 10 million to 50 million.

          The most popular vehicle? A red Ford pickup truck.

          Most lived in the home they had when they first got married. Some still live in the home they grew up in. Very few had the expensive cars or boats most would assume they have. Almost none of them wore custom clothes. They almost never ate in expensive restaurants.

          Almost none gambled in any way. Some contributed money, mostly for the college education of relatives.

          There is a huge difference between high incomes and high net worth.

          Some high income earners, especially the inexperienced, spend their money on daily entertainment, parties, trips, and expensive cars. They know how to make money.

          The high net worth people know how to make money, but they also know how to invest and manage their money. Much more rare. They have large fortunes because they can be trusted with large fortunes.

          And they always live on a small fraction of what they earn every year. No exceptions.
          Signature
          One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

          “Do not seek to follow in the footsteps of the wise; seek what they sought.” - Matsuo Basho
          OSZAR »
          {{ DiscussionBoard.errors[11826788].message }}
          • Profile picture of the author Odahh
            Originally Posted by Claude Whitacre View Post

            Something that

            The high net worth people know how to make money, but they also know how to invest and manage their money. Much more rare. They have large fortunes because they can be trusted with large fortunes.

            And they always live on a small fraction of what they earn every year. No exceptions.
            The number of millionaires in the USA and around the world has exploded in the last 30 years. But for the topic. More relevant reading is about how people treat and spend money they didn't earn.

            80 percent of people squander windfalls from any source within three years. The long term ubi trials are showing something similar the first year or two any amount of fee money has a positive effect but by the third the majority are in about the same boat without the money

            The kind of people who would squander the money are the same type of people who play lottery to hit it big.

            Even in the millionaire next door and I'm remembering something I read and heard 25 years ago. The author points out the frugal parents who build the wealth more often than no push their children to get flashy degrees and help them buy housing in high cost of living areas. Modern research is saying those children can only maintain that lifestyle with regular money from parents.

            Considering the average monthly payment for a new car is almost 1000$ . I can see why the people who the author pointed out who could pay for a vehicle in cash and drive it for ten- 20!years also have an advantage building and keeping wealth.
            {{ DiscussionBoard.errors[11826887].message }}
  • Profile picture of the author Mark Singletary
    Warren Buffet drives his own non-fancy car and lives in a non-fancy home. He eats at McDonalds.

    I would like nicer things, but it would be like upgrading your $100,000 house to a $150,000 house, not a $1,500,000 house. A good "normal" Toyota car or Ford truck is fine. Others can have their Porsches or fancy cars.

    But I would spend my money making memories with loved ones and building relationships. Those are more important to me than things as long as the basics are taken care of.

    Because I had a problem being able to pay for dental work when I was younger, I've always said that if I did come upon a big bucket of cash, I would somehow like to help those like me. How that would look, I don't know, but I've had that desire for most of my life.

    Mark
    {{ DiscussionBoard.errors[11826789].message }}
  • Profile picture of the author dexgohdirectaffiliate
    You seen those PC setups with motorised monitor arms and adjustable seats, yeah gonna get one of those. Gonna make everything the ultimate ergonomic setup, so comfortable I can fall asleep on it.
    {{ DiscussionBoard.errors[11827269].message }}
    • Profile picture of the author Odahh
      Originally Posted by dexgohdirectaffiliate View Post

      You seen those PC setups with motorised monitor arms and adjustable seats, yeah gonna get one of those. Gonna make everything the ultimate ergonomic setup, so comfortable I can fall asleep on it.
      If you put all this together new you can spend 2,000-3000 dollars and get a very comfortable set up.

      If you already have a comfortable recliner and a pc the recliner computer desk with the adjustable monitor arm is 1000$ or less.
      {{ DiscussionBoard.errors[11827896].message }}
  • Profile picture of the author FrznrthS
    I would buy time - and my own island to spend it on.
    Signature

    Garth Schindel
    www.Speech-TherapyAtHome.com

    OSZAR »
    {{ DiscussionBoard.errors[11827342].message }}
  • Profile picture of the author SarahMiller275
    i will follow my dream to follow to go offroad with my jeep. has anyone tried it. last year, with my friends it was so thrilling experience
    {{ DiscussionBoard.errors[11827585].message }}
  • Profile picture of the author Mlukas
    I'd probably go quiet for a while, then buy a modest home with a library, a view, and bulletproof Wi-Fi. After that, fund some open-source tech and donate anonymously to causes that actually fix problems, not just put Band-Aids on them.
    {{ DiscussionBoard.errors[11827755].message }}
Avatar of Unregistered

Trending Topics