The Mega Racket is now $1.6 Billion
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- Ad Orientem
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Re: The Mega Racket is now $1 Billion
The vultures are already circling. Here is my vote for the worst proposed investment portfolio for the Mega Millions winner...
From here...
https://www.forbes.com/sites/garthfries ... cabcc8578c.
I am just shuddering.
From here...
https://www.forbes.com/sites/garthfries ... cabcc8578c.
I am just shuddering.
Re: The Mega Racket is now $1 Billion
Take the cash payout or the 29 year annuity?
Re: The Mega Racket is now $1 Billion
If you think your crazy second cousin asking for money is irritating, I can only imagine the mad rush of large asset management firms looking to get their claws into a billion dollars.
- dualstow
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Re: The Mega Racket is now $1 Billion
Crazy second cousin, investment firms, and charities, some of which will be created on the same day that you are known to be a winner.
Google some of the horror stories. It's a blessing and a curse. But mostly a curse, I would think. Like on the level of John Steinbeck's 'The Pearl.'
Google some of the horror stories. It's a blessing and a curse. But mostly a curse, I would think. Like on the level of John Steinbeck's 'The Pearl.'
- dualstow
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Re: The Mega Racket is now $1 Billion
You know, the pundits always say take the lump sum payout, and I think that's *usually* good advice for maximizing the reward. However, once the prize gets up into the tens of millions, if I were unfortunate enough to win -- my wife buys tickets -- I would do the opposite: the annuity.
That way, you don't have to worry about managing that ungodly amount of money all at once. You'd still get, what, $10,000,000 a year with the current jackpot? More manageable.
Also, if someone sues you for all you are worth, it might help to have more coming down the pipeline. Unless they sue you on future checks. That's more difficult, isn't it?
Alternatively, lump sum payout and put everything but $10MM into a charitable trust in year one.
- Cortopassi
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Re: The Mega Racket is now $1 Billion
I would take every relative out to at least 1st cousin and give each a million and force them to be on stage with me so there'd be less focus on one person/one family.
But I would try as heck to remain anonymous. Might even be worth telling my extended family I will split evenly. Really, if I have 30 million vs. 300 million would it matter?
But I would try as heck to remain anonymous. Might even be worth telling my extended family I will split evenly. Really, if I have 30 million vs. 300 million would it matter?
- Ad Orientem
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Re: The Mega Racket is now $1 Billion
If you are thinking of buying a ticket, and you have one of those eight states within a reasonable distance, I'd buy the ticket there, You might end up paying some extra tax, but when you are talking about almost a billion in pre-tax cash, who the bleep cares? As to lump sum or annuity, unless you don't trust yourself and think you might go off the deep end with spending, I'd take the lump sum. All they do with the annuity is buy Treasuries. And you don't even get the tax benefits that normally come with US Sovereign Bonds because they are being held by the lottery. Speaking of taxes, the top income tax bracket is currently at its lowest level since 1930. Anyone who doesn't think taxes are going up over the next 30 years... I've got a lottery ticket I will sell you cheap.
I don't see how anyone who is familiar with basic boglehead and HBPP principles is likely to go horribly wrong in their investments. Investing the money is likely to be the least worrisome problem for anyone on this board.
I don't see how anyone who is familiar with basic boglehead and HBPP principles is likely to go horribly wrong in their investments. Investing the money is likely to be the least worrisome problem for anyone on this board.
- dualstow
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Re: The Mega Racket is now $1 Billion
Lol, NO, Corto. You’re going to remain anonymous by telling your extended family? How do you think that’s going to play out?Cortopassi wrote: ↑Mon Oct 22, 2018 4:24 pm
But I would try as heck to remain anonymous. Might even be worth telling my extended family
Re: The Mega Racket is now $1.6 Billion
If I won a billion, I'd consider allocating a million a year to hire an actor to play the role of the winner. They'd do all the interviews, talk about how it changed their life, and field the mobs of people looking to make a buck. I'd select them based on people I think could handle it and who would genuinely do something nice with the money, and I'd do it through a lawyer so they'd never know my identity. And every year I'd hire a new person to play the same role, claiming that they were the TRUE winner. Eventually the media would tire of being played, the sharks would move to easier targets, and every actor could go on with their life with a million dollars in their pockets. I'd probably take a turn one year just for kicks.
But if you ever see someone pull this off, you didn't hear it from me.
But if you ever see someone pull this off, you didn't hear it from me.
- dualstow
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Re: The Mega Racket is now $1.6 Billion
^ Frickin brilliant! ^
- Ad Orientem
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Re: The Mega Racket is now $1.6 Billion
Word on the internet is that there is at least 1 winner in SC. That's one of the eight states where you can stay anonymous. I hope this is true.
- dualstow
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Re: The Mega Racket is now $1.6 Billion
Appears to be true!Ad Orientem wrote: ↑Tue Oct 23, 2018 11:51 pm Word on the internet is that there is at least 1 winner in SC. That's one of the eight states where you can stay anonymous. I hope this is true.