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    1. #1
      Deal GURU jrodgers is an unknown quantity at this point jrodgers's Avatar
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      Talking If you suddenly got $100,000,000, What would you do with it?

      Pretend you have been given one hundred million dollars...it is available in a lump sum (minus taxes) or 30 annual annuity payments (minus taxes on each payment) Which would you choose? Why?

      Now comes the fun part, what would you do with the money? Why?

      Feel free to change your plans as the thread progresses - this should be fun!

    2. #2
      What's a Budget? jrofo is an unknown quantity at this point jrofo's Avatar
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I would take it in the 30 annual payments and let it draw interest. That way, I could get the kids in college and totally pay off my debts. Then whatever is left would be for traveling as far as I could go!

    3. #3
      Deal GURU jrodgers is an unknown quantity at this point jrodgers's Avatar
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I'm thinking that 30 equal payments would be roughly 3.34 million dollars a year and after taxes (at 28%) that would leave $2,404,800, after church contributions $2,164,320. I would probably invest $164,320 in a medium risk investment portfolio. Current debt (including mortgage) is about $200,000.

      I could decrease that debt by $50,00/year starting with the highest interest bearing loan (student loans - rates just increased again!) and use the interest deduction to gain a small amount of tax money back or pay all of it off the first year. I would like to set aside $5,000 - 10,000/yr for each son or daughter (we have 8) and each of the 20 grandchildren each year. If they are over 21 they receive half to spend and half stays in investments, interest bearing CD, or real estate.

      At this point I would still have over one and a half million dollars left over during the first year. I would like to buy a house near my Dad's so my husband and I don't have to be apart when I come to visit my Dad. Investing in other homes near our kids and grand kids would also be nice, especially during holidays and school vacations.

      Should I be considering better health care? What about putting more away for my old age - I'd be 88 at the end of the payments and in our family we have about 30% living into their mid nineties and about 2% living into the triple digits. That means at least 1 million set aside for long term care if I want to have choices about where I live and how independent I will be. Will that be enough? - wonder what one million dollars will buy thirty years from now?

      Should I carry more liability insurance?

      Would you want to let anyone know that you had a great deal of money? If you did would you become a target for slip and fall artists making injury claims, or have to be concerned about theft?

    4. #4
      Deal Goddess FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen has a reputation beyond repute FreebieQueen's Avatar
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      Personally, I'd take the lump sum, not tell a soul, buy an RV and travel the US until I was bored silly, then hop a plane and travel the world.
      ~Enjoy!~

      FreebieQueen

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    5. #5
      Ground Level Lurker shakthaima is an unknown quantity at this point
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I'm going to be humming the Barenaked Ladies tune the rest of the day now...If I had a million dollars? I'd deposit a chunk and live off the interest, buy a house, pay off my student loans and get another degree or two, set up trusts for my kids to go to college, build a music studio, hire really, really good musicians and produce more albums, tour/travel and refurbish this ol' body of mine. Anything left would go to my family because they're truly awesome.

    6. #6
      Ground Level Lurker metrble2 is an unknown quantity at this point
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I would take the lump sum, then you are only paying taxes once rather than every year. Who knows what will happen with the laws and tax increases better to take it now and pay taxes all at once than pay a higher tax later. I would pay off all my student loans ($100,000+), pay all outstanding debt my husband and I have; buy a place; buy a vehicle for my husband and I so we aren't having to share one; set up college funds for all the kids; pay my parents house off for them and help with upgrades that are past due; buy an RV and travel during the summers when kids aren't in school; start my business that I want to start, get health insurance and life insurance for my family; help certain family members that are really struggling just to get them on their feet...put most away in savings

    7. #7
      What's a Budget? Bella'sNana is an unknown quantity at this point
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I would take a lump sum unless an adviser advised otherwise. My family, including a great grand-daughter live in another state and I for sure would move there to be closer to then. On my list of things to buy- new truck, new bed. I live pretty simply and don't require a lot of money. The rest I would buy some businesses and employ people to do a honest days work for a decent wage. I would also help deserving people who need a car, housing or other needs. And I have several charities that I support. I also know a talented person who needs a little help with his music career. I would ask God to direct me to use the money for good.

    8. #8
      What's a Budget? AdelleC is an unknown quantity at this point
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      Default Re: If you suddenly got $100,000,000, What would you do with it?

      I would do a one time lump sum payment. Invest half of the total after taxes to use as living money off of the interest it earns. Of the half I don't invest I would obviously pay off all my debts. But also allow both my husband and I a set amount to divvy up among family members. This way we help them but sorry Charlie, once we are through our budgeted family amount that is all.

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