If you suddenly got $100,000,000, What would you do with it?- Budget101 Discussion List

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

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  1. #1
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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!

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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!

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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?

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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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    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.

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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

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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.

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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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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    Hard to imagine, God blessing us with that much money! We don't owe much, no credit cards or car payments (too poor to be able to have the luxury!). We would take the lump sum though, buy lots of land, build a house, pastures, barn, fill with animals and crops to live on. Of course we would tithe first. We would buy trucks for my husband and I. And help out our family as much as possible. We have 4 kids, their expensive! Trying to never spend the principal, living off the interest. Maybe, we could take a trip or two! Haven't had a vacation in over 10 years! That would be fun!

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    I'd probably accept the lump sum and then invest it. I'd pay off the homes of my friends and family and travel worldwide.

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    At my age (80 next month) I would definitely take the lump sum. Give 10 percent to the church, Buy a new house and set a match to this one. Pay off all family debts and set up funds for each family member. On the rest, I would travel--first class.

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    wow, what would I do: I would take the annuity if I wasn't already 40. So my answer is the lump sum because then I could do everything I wanted to do with it before I don't have a say.
    I would take my family debt and pay it off. With medical, school and just everyday debt (thank the Lord we owe no credit cards) its no more then 80,000. Thats a student load, lots of medical and one car payment which we just purchased. Then I would put 40 k into my two childrens college funds so that they have even more to help them out. I would then give our families money to help them pay off their debts, if there is anything left, I would buy a plot of land in the carolina's for our family and go off grid..I don't need anything other then to know my family isn't suffering through hard times. blessings.

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    If I somehow won that money, I would take the 30 annual annuity payments. I feel it would allow me to budget the money better. I would pay off all of my debt, my mom's debt, my dad's, my sister's and my MIL's debt, too. After that, I would purchase a large plot of land, hire a contractor and build myself an energy efficient compound. It would have at least 2 houses on the property, a large vegetable garden, a fenced in swimming pool, a barn with some horses and can't forget the dog area where my hubs will have his pooches. Obviously, we would have a decent outdoor play area for the little ones, too. We would buy all new, solid wood furniture (or make it ourselves) and new wardrobe with clothing that actually fits properly. Once all of this is done, we would then choose a variety of charities to then donate each year. College for the kids would automatically be paid for. 7 kids...college...wow. We would probably take yearly trips all over the world and learn about the area/country. Our life insurance policies would increase and money would be put away into trusts for the children. New cars would be purchased for myself and my husband..our current cars are getting up there in years. And, just for fun, I would probably go to random stores during the holidays and drop some $$ at the layaway department to cover people's purchases. I love hearing those stories and have always wanted to be able to do something like that.

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    I'd take one lump sum, invest about 80% of it in various ways and use rest to create and open a not-for-profit restaurant. (You'd donate instead of pay for food, not sure of complete logistics...) It would be open to Everyone! I'd like to think others in my community would support the effort but if not, I'd offer this until it went broke! (If 80% is invested correctly it should be up and running for a long, long time!!!)

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    Default Re: If you suddenly got $100,000,000, What would you do with it?


    First, I would probably take it all at once. 100,000,000. would quickly step to 50,000,000 after tithes and taxes. Then from there I would invest the next 20,000,000 leaving 30,000,000. I would divide that into increment. For the following items, 5,000,000 will be for my Dream ADA Accessible home on a large piece of property in the country. Between 10 and 30 acres. The property will be available for the use of children's homes and foster care retreats, camps and getaways and for young adults who are moving from home care into self care. They will have individual cabins with a private funding to assist them in their transition to college and work with a family atmosphere. My husband and I along with the assistance of family and friends will create a working environment that will self sustain and provide for itself.

    There will be a private ADA accessible garden house for my Mom and Dad and all expenses paid. For my Brothers I would give them a one time sum of money that would help them with their own wishes and desires. They also would be invited to live and work at the "ranch". Nieces and Nephews will also receive a one time lump sum with the opportunity to use their skills at the ranch.

    We will have several vehicles to fill the needs of transport and everyday personal travel. My own adult children would have homes on the property if they wished and would be employed to work the "ranch" if they so desired. I would assign an amount to be issued yearly to assist them with there personal dreams, college repayments etc, and each of the grandchildren will have a trust fund set up. They will be taught how honesty, work and caring can change the world.

    I will help my church send missionaries though out the US with the goal of reaching those who haven't been introduced to God and the Salvation through Jesus along with practical help in the form of food, clothing, medical assistance, and shelter when needed. Coming from Poverty I think it is imperative to help people learn to help themselves and showing them love by giving access to their needs right away with teaching to provide them knowledge in how to meet the needs when the missions are no longer available.

    There will also be a monthly allotment out of the interest for me and my husband to use to provide for our personal wishes.

    And that is what I would do with 100,000,000 dollars.

 

 
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