› Budget101 Discussion List Archives › Budget101 Discussion List › If you suddenly got $100,000,000, What would you do with it?
- This topic has 28 replies, 29 voices, and was last updated July 24, 2014 at 7:59 pm by .
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July 28, 2013 at 2:01 pm #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?
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July 28, 2013 at 4:47 pm #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!
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July 29, 2013 at 5:06 am #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.
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.
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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July 29, 2013 at 10:29 am #440686
FreebieQueen
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August 6, 2013 at 8:23 pm #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.
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August 6, 2013 at 9:56 pm #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
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August 7, 2013 at 12:11 am #441314
BellasNana
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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August 12, 2013 at 6:13 pm #442166
AdelleC
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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August 13, 2013 at 8:29 am #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.
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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August 13, 2013 at 12:09 pm #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.
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August 13, 2013 at 12:43 pm #442267
Urallee
On the rest, I would travel–first class.
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August 30, 2013 at 11:41 am #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.blessings.
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August 30, 2013 at 3:57 pm #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.
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.
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September 1, 2013 at 2:13 pm #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!!!)
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September 2, 2013 at 2:35 am #443241
Ketsyc
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.
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.
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.
and that is what i would do with 100,000,000 dollars.
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September 2, 2013 at 6:08 pm #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.
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September 3, 2013 at 3:26 am #443328
OmaDucky
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.
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September 3, 2013 at 2:45 pm #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. -
September 4, 2013 at 12:35 am #443387
unicorn1960
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June 16, 2014 at 1:10 am #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.
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June 16, 2014 at 4:58 am #454247
tungsten
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June 16, 2014 at 7:12 am #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.
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.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.
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June 16, 2014 at 7:13 am #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.
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.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.
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June 16, 2014 at 6:14 pm #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.
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June 27, 2014 at 4:56 pm #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.) -
June 29, 2014 at 7:23 pm #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 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….
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June 29, 2014 at 9:13 pm #455176
pamberlee
Build my family our own home, be debt free & donate to primary children’s hospital in Utah
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June 29, 2014 at 10:33 pm #455183
Marzette
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.
That’s what I’d do with that kind of money.
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July 8, 2014 at 9:17 pm #455757
Jennifer Green
Here in Canada, they don’t tax lottery winnings. 😀 So… I would definitely take the whole thing.
After that, everything would be trivial.
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July 9, 2014 at 3:56 pm #455803
Chocolicius
I would buy a beach house. Then give some money to my relatives and charity. The rest I would invest.
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July 24, 2014 at 7:59 pm #456589
boettg33
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.
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 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?