Team Avatar Posted January 13, 2016 Author Share Posted January 13, 2016 After taxes, if you took the annuity you'd get 30 mil a year for 30 years. That's 82 grand you can spend each day. AKA you can pay off your student loans in 3 days tops. You make 3,424 dollars every hour, or every second you make a little less than a dollar. How cool is that!!!! You could complete your record collection in a few hours. I would definitely donate a lot of money I got and share a lot of it with my friends and family. I think my living situation would become similar to Entourage where they all just live on someone elses money. Someone said it earlier - but I love the idea of starting businesses and having people who want my money to work for it. You become so rich though that everything is so irrelevant. You can literally do anything you want. Quote Link to comment Share on other sites More sharing options...
KingTacoMunster Posted January 13, 2016 Share Posted January 13, 2016 absolutely take the cash options. put 75% of it in the highest interest cd's I could find and have the interest from that direct deposited into my bank account and live very nice off the interest alone. Quote Link to comment Share on other sites More sharing options...
IanRees Posted January 13, 2016 Share Posted January 13, 2016 After taxes, if you took the annuity you'd get 30 mil a year for 30 years. That's 82 grand you can spend each day. AKA you can pay off your student loans in 3 days tops. You make 3,424 dollars every hour, or every second you make a little less than a dollar. How cool is that!!!! You could complete your record collection in a few hours. I would definitely donate a lot of money I got and share a lot of it with my friends and family. I think my living situation would become similar to Entourage where they all just live on someone elses money. Someone said it earlier - but I love the idea of starting businesses and having people who want my money to work for it. You become so rich though that everything is so irrelevant. You can literally do anything you want. If you take the payments and die you can't leave the rest of the money to anyone. Quote Link to comment Share on other sites More sharing options...
Team Avatar Posted January 13, 2016 Author Share Posted January 13, 2016 Is that really true? Cause that changes a lot. According to this NYT http://www.nytimes.com/2016/01/13/upshot/dear-powerball-winner-take-our-advice-and-take-the-annuity.html?_r=0 First, while people associate the term “annuity” with payment streams that end when you die, the Powerball prize is actually what actuaries call an annuity certain: a stream of annual payments, every year from now until 2045, regardless of what happens to you. If you die before 2045, the future payments become part of your estate, like any other asset. Second, there are big tax advantages to the annuity. The main one is that taking the annuity is basically like letting the government hold onto part of your prize for a while and invest it for you — and the government does not pay tax on investment income. Of course, once you get the annuity checks, you’ll have to pay income tax on them. But if you take the lump-sum cash prize, you’ll pay tax twice: on the prize when you win it, and on the income you get by investing it. Quote Link to comment Share on other sites More sharing options...
IanRees Posted January 13, 2016 Share Posted January 13, 2016 Is that really true? Cause that changes a lot. To the best of my knowledge it is. Quote Link to comment Share on other sites More sharing options...
KingTacoMunster Posted January 13, 2016 Share Posted January 13, 2016 I believe that is correct Ian Quote Link to comment Share on other sites More sharing options...
Tardcore Posted January 13, 2016 Share Posted January 13, 2016 I think I would prefer silently funding specific record releases or shoring up finances on live shows to actually opening a record store or a venue. If you think about it, a lot of markets can't support another record store. These businesses fail all of the time. Would you really want your vanity record store or whatever run your favorite local shop into the ground? And do you actually want to run the place? I'd probably rather be out traveling or otherwise doing whatever I wanted. And having your friends/family run it? What happens when you find out that they've basically been looting the place because "you can afford it". It would be way better to throw a little cash at releases or shows that are up your alley but may not quite make financial sense on their own. Make some quality of life improvements in your town/scene without all the fuss. Quote Link to comment Share on other sites More sharing options...
WAXXX Posted January 13, 2016 Share Posted January 13, 2016 i'd also like to buy a few servants. at least one with a proper british accent to drive me around in my rolls royce and answer the door. and at least one 6' 7" or taller bodyguard. Quote Link to comment Share on other sites More sharing options...
WAXXX Posted January 13, 2016 Share Posted January 13, 2016 to add to the annuity discussion: there's no way that letting the government hold on to your money and invest it for you will perform better in the long run compared to a team of top financial investors and advisors. the only plus side i see to the annuity is it's a safeguard for the less disciplined to not completely blow the money fast in the first year and go bankrupt. Quote Link to comment Share on other sites More sharing options...
KingTacoMunster Posted January 13, 2016 Share Posted January 13, 2016 lets speak on that. how could one seriously blow all the lotto money. that seems so absurd to me. maybe because I've been in finance for the last 9 years. that's aaaaaaaaaa lot of money. Quote Link to comment Share on other sites More sharing options...
Tardcore Posted January 13, 2016 Share Posted January 13, 2016 lets speak on that. how could one seriously blow all the lotto money. that seems so absurd to me. maybe because I've been in finance for the last 9 years. that's aaaaaaaaaa lot of money. Ask an NBA player. You basically have to be monumentally stupid with your spending and probably open yourself up to some signficant lawsuits. Quote Link to comment Share on other sites More sharing options...
Team Avatar Posted January 13, 2016 Author Share Posted January 13, 2016 lets speak on that. how could one seriously blow all the lotto money. that seems so absurd to me. maybe because I've been in finance for the last 9 years. that's aaaaaaaaaa lot of money. Buying companies seems the easiest way! One of my friends said he'd buy the Raiders Quote Link to comment Share on other sites More sharing options...
KingTacoMunster Posted January 13, 2016 Share Posted January 13, 2016 ha, what I should have included in my statement was, its common sense really. money is pure evil Quote Link to comment Share on other sites More sharing options...
WAXXX Posted January 13, 2016 Share Posted January 13, 2016 how could one seriously blow all the lotto money. that seems so absurd to me. nearly 70% of lotto winners go broke in 7 years. link. one lotto winner even lived in human feces before his death. Quote Link to comment Share on other sites More sharing options...
WAXXX Posted January 13, 2016 Share Posted January 13, 2016 story of david edwards: Edwards — a former drug addict and felon — won a $27 million jackpot in 2001 while unemployed in South Florida. He quickly blew through the money by purchasing a $1.6 million house in Palm Beach Gardens, three race horses, a fiber optics company, a Lear Jet, a limo business, a $200,000 Lamborghini Diablo and a multitude of other luxuries. Edwards and his wife returned to drug use and had numerous run-ins with police for posession of crack cocaine, pills and heroin. He lost of all his money in just a few years and ended up living in a storage unit surrounded by human feces. Quote Link to comment Share on other sites More sharing options...
birdwell Posted January 13, 2016 Share Posted January 13, 2016 Take the cash. Travel Invest Quote Link to comment Share on other sites More sharing options...
Brock N Roll Posted January 13, 2016 Share Posted January 13, 2016 I'd invest all my winnings into the future of waves records (it'd be a bargain) or I'd give it all to the Jamaican king known as VinylDaddy Quote Link to comment Share on other sites More sharing options...
marc32137 Posted January 13, 2016 Share Posted January 13, 2016 But yeah, the 30-year annuity is the way to go. A salary of 30+ million until I'm 60 is just fine with me. Quote Link to comment Share on other sites More sharing options...
Bladew1ll1s1sdead Posted January 13, 2016 Share Posted January 13, 2016 First, I'd open this up and follow this person's advice. Next, pay all the bills and loans and buy a home near school. Finally, finish pharmacy school and work part time. Enjoy life with less restrictions. Smartest post in here. I have it bookmarked from a while ago. Quote Link to comment Share on other sites More sharing options...
thebilljim Posted January 13, 2016 Share Posted January 13, 2016 Like everyone else is saying, I'd get the best legal team money could buy before anything else, get iron clad legalese to make sure I was as unfuckwithable as possible. I'd probably invest in all of the Class 1 railroads just for the hell of it, because if I'm gonna invest money in something, I'd rather it be in something I'm highly interested in. As far as "big unrealistic dream" type spending...I don't know, try to travel on every Amtrak route, take the Transiberian Railroad from end to end, do a few other travel-by-train type journeys. Maybe finance a repress of The Satellite Years. Quote Link to comment Share on other sites More sharing options...
IanRees Posted January 13, 2016 Share Posted January 13, 2016 I like Mark Cubans advice [The first thing you should do is] hire a tax attorney. Don't take the lump sum. You don't want to blow it all in one spot. If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness. If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills. Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend. You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money. He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. :)" Quote Link to comment Share on other sites More sharing options...
SleepingWithMotion Posted January 13, 2016 Share Posted January 13, 2016 Doesn't really matter at this point if you take lump sum or not, its such a big amount that you would have to try really hard to never have a financial problem ever again. However, I would personally hire the record labels of my favorite bands to print about 10 copies of unreleased vinyl. For example, get La Dispute's Hear Here III. I would ration each record off to the best bribes. Then watch panic ensue to get a copy. Quote Link to comment Share on other sites More sharing options...
konk Posted January 13, 2016 Share Posted January 13, 2016 Like everyone else is saying, I'd get the best legal team money could buy before anything else, get iron clad legalese to make sure I was as unfuckwithable as possible. I'd probably invest in all of the Class 1 railroads just for the hell of it, because if I'm gonna invest money in something, I'd rather it be in something I'm highly interested in. As far as "big unrealistic dream" type spending...I don't know, try to travel on every Amtrak route, take the Transiberian Railroad from end to end, do a few other travel-by-train type journeys. Maybe finance a repress of The Satellite Years. Can you fix the tracks damaged by Katrina so I can go to Florida? Quote Link to comment Share on other sites More sharing options...
thebilljim Posted January 13, 2016 Share Posted January 13, 2016 Can you fix the tracks damaged by Katrina so I can go to Florida? Consider it done! Haha. Quote Link to comment Share on other sites More sharing options...
Tardcore Posted January 13, 2016 Share Posted January 13, 2016 I would only recommend the annuity if you know deep in your heart that you are a complete screw-up. Otherwise, I wouldn't bother with any complex financial planning. Just do what that reddit link says and invest a sizeable portion into Tbills as a backstop in case everything goes to hell and drop whatever else you aren't using into an index fund that just follows the market. The real effort is reducing your tax liability and protecting yourself from frivilous lawsuits etc. Quote Link to comment Share on other sites More sharing options...
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