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

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

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    • #320743
      jrodgers

      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!

    • #440680
      jrofo

      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!

    • #440694
      jrodgers

      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?

    • #440686
      FreebieQueen

      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.

    • #441252
      shakthaima

      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.

    • #441287
      metrble2

      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

    • #441314
      BellasNana

      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.

    • #442166
      AdelleC

      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.

    • #442247
      Talia Baker

      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!

    • #442261
      my4mainecoons

      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.

    • #442267
      Urallee

      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.

    • #443159
      ladyrose

      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.

    • #443163
      lmitchell

      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.

    • #443220
      tcweikel

      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!!!)

    • #443241
      Ketsyc

      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.

    • #443291
      cjsmith45

      This is a delayed response, but I’d take the lump sum; hire a reputable financial adviser and set up charitable donations for women and children services. I’d buy a modest home for me; my class C RV that I’ve been dreaming about; and make sure my children and grandchildren and their adoptive parents had modest homes. I’d also hire a professional to come in to clean for me because I hate to clean.

    • #443328
      OmaDucky

      I would take it in one lump sum. I would invest in real estate, by buying a currently empty warehouse and converting it to offices, with one very large conference room. I would hire one full time manager, and rent only to non-profit agencies.

      One of the largest issues with non-profits is finding cheap office or meeting space. The conference room could be used for meetings, training , even parties.

    • #443353
      Vicki1947

      build a clothing and food pantry for our people and volunteers with an elevator.
      The volunteers haul food down to the basement then haul it up to give it away.
      Same with the seasons of clothing.
      Include a kitchen & dining room to bake bread make huge pots of soup
      With classrooms for lessons on how to use the Government surplus subsidies.
      The the building a dream since I was 8 and saw the way people struggled
      As an adult working in the pantry and clothing barns it became more clear
      a building that looks like the Duggar family home.
      [The Duggars 19 kids & counting]
      We had a family that won 250 million now they live in a compound fearful of ever leaving or letting their children go to school or play outside. Basically they are in a prison of their own making.

    • #443387
      unicorn1960

      I would take the lump sum as I am not getting any younger. I would pay off my debts, establish college funds for my grandkids, and gift the remaining funds to my two children so they could pay off their debts.

    • #454239
      margarette58

      i think i’d take the lump sum..never sure if you die before the 30 years are up if your family gets it all or not. then i’d fix up my house,its an old family home, pay off bills, and then i’d put away for grandkids college… after that i’d donate to the community center i volunteer at..

      they do great work and deserve it.

    • #454247
      tungsten

      I would like to purchase a continuous 1 metre wide pathed area into the city, turf it, and walk there bare foot with the grass between my toes!

    • #454251
      schoolmarm

      I’d take all the money and after taxes, I’d pay off all bills, buy a house and some other necessities for my daughter and her family, give money to a friend’s daughter to buy a huge house so she could adopt all the kids she wanted and put money in some kind of fund so she could stay home with her kids or whatever she chose. My home church as well as 3 other churches would get substantial monies as well as several charities. There should be enough money to put into trusts for grand-kids, children, and preparations for our older stage in life. Then I’d invest the rest that left so I can travel when I want.moneystack
      After all of this is set up if there is a lot to invest, I have about 20 very good friends that I’d like give some big monies to, also.
      Substantial = $1M Big money = $50K to 100K I’ve thought about this often if I were to win the lottery. My friends list keeps changing due to circumstances in their lives.showered with love I’m sure there are other ways of helping people I would think of like giving away money for summer camp scholarships, Christmas sharing tree, etc.

    • #454252
      schoolmarm

      I’d take all the money and after taxes, I’d pay off all bills, buy a house and some other necessities for my daughter and her family, give money to a friend’s daughter to buy a huge house so she could adopt all the kids she wanted and put money in some kind of fund so she could stay home with her kids or whatever she chose. My home church as well as 3 other churches would get substantial monies as well as several charities. There should be enough money to put into trusts for grand-kids, children, and preparations for our older stage in life.

      Then I’d invest the rest that left so I can travel when I want.:moneystack:
      after all of this is set up if there is a lot to invest, i have about 20 very good friends that I’d like give some big monies to, also.
      Substantial = $1M Big money = $50K to 100K I’ve thought about this often if I were to win the lottery. My friends list keeps changing due to circumstances in their lives.showered with love I’m sure there are other ways of helping people I would think of like giving away money for summer camp scholarships, Christmas sharing tree, etc.

    • #454276
      tutulaura

      I would take the annual payments. Pay all my bills and my kids bills. Buy a place at the beach and mountains and Hawaii.

      Buy cars for family and friends who need them and a handicap van for me. Give my sons and their wives income so they could all pioneer. Give donations to world wide work and to help build new Kingdom Halls.

      And do a lot of traveling.

    • #454994
      Parasmom

      i’d take lump sum.first, thing i’d do is get my mom the headstone she wanted.next get us out of debt.buy the farm our uncle owns.help out a few family members and friends.pay for my daughters education.get a permanent memorial for my son.donate to churches,other charities close to my heart.pay for our wedding.
      we’d do some traveling in the states.(no flying for this gal.)

    • #455171
      ChefBarb

      If I had 100 million dollars, I would take a lump sum. Let the government have their “dip”. I would give a tithe to the church, continue to support several missionaries that I currently support.

      I would continue my current missionary work in South Korea without having to worry about raising support and do what I could to change the world for the better. I would make sure that the people I work with would have the necessary tools to “learn to fish” rather than feeding them fish. I would also set aside a trust fund for each of my adult children that they would receive when they married and had children of their own (they are grown but unmarried) and if they chose not to marry, when they were 50, they would receive it.

      I would also make sure that my parents had want for nothing. They took care of me for all my years, so why shouldn’t I give them the best in the years they have left….

    • #455176
      pamberlee

      Build my family our own home, be debt free & donate to primary children’s hospital in Utah

    • #455183
      Marzette

      Wow, what wonderful fantasy. The first thing I would do is pay off every once of debt we have. Then I’d pay off my aunt’s house and send her annual installments of about $10,000.

      I don’t want her to have any IRS problems. Then we’d get a house. We might just find the land and build the house we want. Set up college funds for my 4 Godchildren.

      Get a house for my 2 sisters and my mother in law. Get with my banker, tax person and set up an investment account to put money aside for later years. After our house was built and we’d moved in, I’d begin to make plans to travel.

      1st stop London. I haven’t been in 10 yrs. It would be a good place to start.

      That’s what I’d do with that kind of money.

    • #455757
      Jennifer Green

      Here in Canada, they don’t tax lottery winnings. 😀 So… I would definitely take the whole thing.

      Even if it was just 1 mill, I would be in happy land. I would pay off my mortgage and any other piddly bit of debt we have, I would fly to the states and by my brother and his wife a new home so that they could focus all their efforts on their children. (They have a special needs CF child.) I would then probably take my family on a long over-due vacation to see all their relatives that they have either never met or haven’t seen in 8 years.

      After that, everything would be trivial.

    • #455803
      Chocolicius

      I would buy a beach house. Then give some money to my relatives and charity. The rest I would invest.

    • #456589
      boettg33

      Wow 100 million. If it’s Powerball, they take 50% off the top for taking the lump sum option. The remaining 50 million would divided into shares.

      Total number of people to receive a share would determine the amount for each share. A rough look at the numbers and we’d be looking at 28 shares. Each individual would receive 1,785,714 per share, and would be responsible for the taxes of their share.

      In the 28, I’ve added 4 shares for my family. The remaining group would receive 1 share each. Some mentioned paying off friends homes.

      When it comes to friends, it will get sticky fast. Friendships will be destroyed as a result of including some friends but not all. Where do you draw the line. I don’t have an answer.

      Privacy would be my number one issue. With so many shares, it would be next to impossible to win without word getting out. However; I’d do my best to just simply disappear for the main view of society.

      Next question is what would I do with my life. I’ve always been interested in farming and homesteading. Yes this is hard work, but living in this manner would give me a sense of accomplishment.

      I know this will come across as a bit excessive, but I’d buy as many acres as possible. Over the past 5 years I’ve researching farming extensively, and my plan would follow the blueprint that Joel Salatin has developed. A simple life is for me.

      I love the idea of buying a camper and traveling the country and even the world. While this would not lend to my privacy per say, I feel it’s important to experience the many different aspects of life the world has to offer.

      Jason

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