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» Hatrack River Forum » Active Forums » Books, Films, Food and Culture » What would you do with $224 Million? (Page 1)

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Author Topic: What would you do with $224 Million?
KarlEd
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One ticket holder matched all six numbers in the Powerball lottery and will be able to claim all $224 million.

What would you do if you won $224 million? (Let's assume you actually get to take home around $100 million of that after taxes.

The first thing I would do is quit my job. Then I'd pick up Chris, we'd pick a direction and just DRIVE. I'd spend the next six months or so just touring the country, stopping where we wanted to stop, seeing what we wanted to see.

Next, I'd get all the renovations done on my house. I'd put in a new back porch. Fix the front porch. Put in a new roof, and replace all the drafty windows. I'd do the same for the house my Mom lives in, next door. I'd have her retire, and send her on an extended cruise with my aunt.

After that, I think I'd try to put the rest of my money into my local community. I'd look at rundown properties and investigate renovating them and re-vitalizing the town center. I'd buy a few of the old grand Victorians around town and restore them. I'd buy the old run down movie theater in town and turn it into a Spanish language movie theater/community center for the rather large and neglected hispanic community in Hanover. Hopefully several of these project would actually turn a profit, then I could keep the improvements going indefinitely.

How about you?

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twinky
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I'd hire a competent financial advisor, develop a long-term investment strategy, and give him about 80% of the capital to work with. I would use the balance of the capital to give my mother anything she wanted, and then I'd buy two houses -- one in the city I lived in, and the other in New Zealand.

In this scenario I would probably alternate between studying, working, relaxing, and funding/participating in charity work (I'm thinking in particular of infrastructure in Africa -- building houses, clean water distribution systems, etc).

Or, I'd call up my friend Eric and say "Hey, you know that alternative energy company we keep saying we're going to start?" [Smile]

Either way, I would use some of the interest from my capital for living expenses and my mother's living expenses, and some for charitable donations.

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El JT de Spang
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I would pay off my house, my parents' house, and my dad's business (which may actually be paid off already). I would buy every one of my friends a car of their choice (or boat, as some would prefer).

I would drop 5 mill in a trust, for my kids to live on in case something happens to me.

I'd travel to Europe for a year, then Central America for a year with a few friends.

I'd donate 5 mill to my college (2 to the athletic dept. and 3 to the school), which badly needs it. That money would come with strings attached: whatever they do with it can't bear my name. No buildings or stadiums named after me, thanks.

I'd get my high school out of debt, and donate a million or so to them.

I'd donate ten mill or so to various medical research labs (cancer and AIDS, probably)

Whatever's left I'd split between real estate and the stock market, 65/35, with about 2 mill taken out for me to start a restaurant business.

But I haven't really thought that much about it.

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Theaca
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I can tell.
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Synesthesia
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Pay off these stupid student loans, buy a new comp, give money to my friends and relatives and have enough left over not to work but to work on my novel and possibly donate some to charity but live happily off of interest to pay my bills and never have those stupid laons ever again... Woo hoo.
I hate those things.

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Bokonon
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I'd set up a fund for my childhood church.

I'd set up another fund to give to my high school, including an immediate donation that covers the amount they gave me in financial aid, so I could continue going there.


I'd pay off all my debt.

I'd buy some land, in ME and in the SouthWest, and build some telescope observatories.

I set up a fund that provided 100k in returns, and try to live off that.

I'd buy some new telescope stuff.

I'd quit my job, and mess around with programming projects I'd like to do.

I'd buy one of the houses on Beacon Hill.

The rest would be invested for the future.

-Bok

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cheiros do ender
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I'd run for Prime Minister and give myself no income for the entire term if I won. If I didn't win, I'd move to some third world country, take up citizenship there, start an awesome company and try to work with the LDS church to fix the living startard there. Not Zimbabwe though, 'cause I'm too white to live there peacefully. [Roll Eyes]
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opiejudy
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A house on the Beach. A million to the YMCA of California's Y and G program. A house next door to mine on the beach for my best friend. Cars for the whole family. I'd open a special childrens clothing shop for my mom. Invest the rest.
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Kristen
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I don't think I would do much differently. I'm one of those bright-eyed "I want to make a difference in the world" college students.

Invest. Charity. Pay off some of my good friends' student loans. Buy a few houses (by the ocean, in the mountains, and in a city). Nothing that doesn't already exist in my Future Plans [Wink]

Well, there would be an extensive shopping spree on the Mag Mile, beginning with Neiman Marcus' purse department and ending with all of Barney's. The evening would be topped off with dinner at the Ritz Carlton Dining Room and drinks at the Drake piano bar. Actually, that would probably turn into my typical Saturday.

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breyerchic04
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I'd immeadiatly buy the farm that ajoins our property (heck probably both of them, though only one is for sale right now). Transfer to a private college, pay that off. Fund the local spay neuter clinic for a year, pay for my high school's orchestra to go to Europe, and make a donation so the horse arena is rebuilt in it's old location at our fairgrounds. I'd see what my friends wanted or needed, but that'd likely just be paying off their own student loans. Eventually I'd invest the rest.
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Sweet William
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Get me and all my family members completely out of debt and comfortably-housed, with safe, dependable, efficient automobiles.

Fund research at several universities that will work toward getting rid of petroleum based automobiles and replace them with domestically available, evironmentally friendly fuels. When the technology is found, give it freely to every company who wants it.

Buy two lovely forest parcels, preferably with water rights and a lake, and make them into boyscout/young men, and girlscout/young women camps, repectively. Donate them to the LOCAL scouting districts.

Buy a local, run-down athletic club, and turn it into a recreational showplace where they never play Sirius Octane ever again.

Donate enough money to build another high school in the county so that we can have two 900-student schools, instead of the behemoth where no one knows the students' names that we have now.

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katharina
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I'd do the same thing as twinky, only the houses would be alternately in D.C. and Salt Lake City.
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vonk
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First of all, I wouldn't tell anyone, and I would change my name and run away. Then I would buy a houseboat, transfer all of the winnings into bars of platinum, gold, silver, rare and expensive jewels and varying unmarked large and small bills. Then I would wall all of the money up in houseboat and line the hull. Then I would grow a huge beard, never bath, and never change my clothes. I would sail up and down the coast drunkenly accosting people rudely and buying hookers. I would purchase a very large amount of the most expensive marjuana (don't judge) and house it in a houseboat that I would tow around. I would drink Johnny Walker Blue Label like water. I would probably be incredibly paranoid and buy multiple high powered automatic weapons. and swords. and a crown, jewel incrusted. Ooh ooh, and I'd get rock salts for a shot gun and have fun at private nudy beaches.

And that my friends, is the reason why fate will never let me win the lottery.

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The Pixiest
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Quit my job, go back to school to learn japanese, drawing classes, philosophy... maybe some creative writing..

spend more time on my comic...

What else does one need really?

Pix

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prolixshore
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The first thing I would do is call my parents and tell them not to go to work the next day. Or to go to work and tell of their horrible bosses, whichever makes them happier. I'd give them all the money they need to comfortably retire and move back to Texas like they want to.

Second, I would convince Annie that we are taking a trip this summer. I don't really care where we would go, but we would go there. This would be the hardest part after winning the lottery, because she has a pretty cool and important internship, and she would never agree to miss it. [Smile]

Third, I would pay off my student loans and my brother's student loans, and set aside copious amounts for my nephews to use for college.

Fourth, I would invest the money in the worthy causes, both charitable and cultural, that I keep a list of in my head to donate to when I have money.

Fifth, I would go back to work.

--ApostleRadio

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Zeugma
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Open an awesome animation studio, hire all my friends, and slowly work our way from short films up to features. [Big Grin]
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Carrie
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I'd take my sweet sweet time finishing my degrees.

I'd invest quite heavily, as seems to be common - and I'd move the heck out of Arizona. It's way too hot here.

I think I'd travel a lot. I'd get a house in Scotland and maybe start up that bookshop I've been thinking about for a while now. Said house would have the coolest personal movie theatre EVER. [Smile] Other than that, I'm not really sure.

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Noemon
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I'd do much the same thing twinky and kat would, with one house being in Yellow Springs, Ohio, and the other in Chaing Mai, Thailand. I'd also hang onto the house I'm currently living in, fixing it up to be the showpiece it has the potential to be, renting out the unit I'm living in (once I found a tenant that struck me as being a good fit) and allowing my current tenants, who I like quite a bit, to live there as close to rent-free as is legally allowed.

In the past I've kicked around the idea of hosting some mammoth all-expenses-paid Hatrack con someplace interesting, but I'm not sure that I'd do that, these days.

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Belle
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Pay off everything, do all the renovating that we plan for our house, buy all new furniture, new truck for my hubby, new van for me and the kids. Buy or build that vacation home in the mountains I've always wanted. Then I'd put the rest in our church's building fund so we can build a church capable of holding all of us, and after the church was done I'd request anything left go toward foreign missions.
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sweetbaboo
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I've always wanted to buy my Dad a 69 Corvette (his dream car). He's always sacrificed for each of his kids and I think I'd like to start there.

Next I'd pay off all our debt, then buy a house. I would donate some to my siblings, and my parents and then some to charities or some worthwhile organiziations that I haven't thought about yet. Then I'd invest the rest so my husband could play golf every day and do stained glass in his free time.

Oh, and I'd travel...a lot!

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vonk
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Or... I may fund a major coup on the gov't of some small island nation and set myself up as king (and possibly god). Mayhem ensues.
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Kristen
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Vonk, you gave me an idea:

I'd buy an island!

Apparently, you can buy an island pretty easily. Most of them are in the South Pacific. My best friend and one of her friends and I have an 'agreement' to purchase a $3million island when we reach early retirement if we can.

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Amanecer
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I'd drop my finance degree and just graduate this semester with history.

I would heavily invest the money and after the first year, try to spend no more than the interest except in cases of new relatives (see below). I'd create a will that split my estate 50/50 to Habitat for Humanity and Christian Children's Fund.

I'd pay off all of my family's debt, including their houses. I would buy the house next to my parent's house for my grandmother and my most dependent sister to share. I would buy my own house. I would go on a massive shopping spree and fill my house with quality furniture, clothing, and anything else I wanted.

I would put money away to pay for my little sister's, my niece's, my cousins', and a few friends' college. Every time a new niece, nephew, or child was born I'd take money away from the principle and establish a trust fund large enough to get them through any college they wanted as well as put a downpayment on a house.

I'd spend several months taking road trips with any friends or family that wanted to come.

I'd sponser a couple of villages through Christian Children's Fund. I'd donate 10 million to Habitat for Humanity and then travel throughout Latin America working with the program. When/if I got tired of that, I'd go home and try to start up a business or two.

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jeniwren
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I'd tithe first, and then enjoy seeing what our pastor did with it. That would be my favorite part, I think. [Smile]

I'd invest $10M in local area real estate, buying or building high quality single story duplexes, then rent them out and hire the management out to Windermere.

I'd fund education for my children and my neices.

I'd pay off both of our houses, then renovate our rental.

I'd hire the construction of a gym for my son's school. And insist that they change the bylaws of the school to state that parents of students enrolled in the school must comprise at least 51% of the board. I'd raise tuition, institute a strong scholarship fund and require parent participation hours. I'd give across the board payraises to the teachers.

I'd quit my job and go to school while my kids were in school.

I would establish a not-for-profit transportation company for people who shouldn't drive.

I would work with my pastor (who used to do this in the Chicago area) to provide cars for people who can't afford them.

I'd build a support house for homeless teen mothers in our area.

I'd wish I had time to go to school after all. [Big Grin]

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Amanecer
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quote:
I would establish a not-for-profit transportation company for people who shouldn't drive.
That's interesting. Who consitutes people who shouldn't drive? Do you mean if somebody is drunk? Or something more like helping the disabled?
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jeniwren
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Anyone who shouldn't drive. The elderly. The inebriated. People who have lost their driver's license for some reason. People who need to get somewhere, but for some reason shouldn't drive. I wasn't really thinking of the disabled, largely because at least in our area, that need is already being served by public transportation. (There is on-demand bussing for the disabled. There is also a very locallized service not far from here that provides transportation for elderly non-drivers. I'd love to bring that here where I live.) There is nothing except standard public transportation or cabs for drunk or license-revokees. Many people who are fresh out of jail find this a real stumbling block for getting back into society. It's not impossible...just very difficult in a situation that is rife with difficulties already.

There are lots of logistical problems with serving the need, but I think that some people choose to drive when they really shouldn't, and feel like they have little choice because the alternatives aren't all that good.


Oh, and one other thing I'd do: I'd start a food delivery company that delivered 'take out' for restaurants that don't deliver. Where I live, there's only pizza delivery. I used to live somewhere that had this service and it was great. [Smile]

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Amanecer
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I see. What an inventive and useful idea. [Smile]
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King of Men
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I would buy the Evil Atheist Conspiracy some nice guns.
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jeniwren
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[Smile] Thank you.
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King of Men
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[Big Grin] Yay for simul-posting! I've outed jen as an EAC member!
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Zalmoxis
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So nobody else would buy a Bentley Turbo R Sport?

::feels shallow::

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jeniwren
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[Laugh] KoM

But of course I am. I think that the EAC needs Jesus. So I joined. [Evil]

edited: do I still get a gun?

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Alcon
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I'd take it and use it to start an Aerospace company. I'd go to work on designing a new SSTO launch vehicle, one that could carry more than just passengers. I'd hire all the various space enthusiasts I've run across so far in my education and we'd get to work establishing humanity in space.

Of course, we'd need way more than just the 100 mil, but it'd get us started. The rest we could raise once we had a prototype of sorts.

After we get established with the SSTO and we have funds coming in from selling/renting them to NASA, JSA and ESA we'll start working on orbital construction stations. We'll use those to build cruisers that never have to land on a planet, they can use our SSTO as a shuttle craft. We'll start renting them out as transports for the various space agencies and for colonists. We'll help the colonists get established (for a fee so we can keep going).

You can see where this is going. As it is, I'm probably gonna have to try and accomplish all this through NASA once I'm out of school.

If no one beats me to it. If they do, I'll have no complaints whatsoever [Smile]

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vonk
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quote:
I'd start a food delivery company that delivered 'take out' for restaurants that don't deliver.
Oh yeah. In Houston we have Take Out Taxi. It the absolute best and I order from them all of the time. They have almost every restaurant I can imagine, it's great.

It would be cool and profitable to start a company that delivered absolutely everything (legally available). Something like a Universal Concierge Service.

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Lyrhawn
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220 million up for grabs on Friday for the Mega Millions. I fully expect to win.

I'd buy a piece of land and build a big house on it, with secret passages and a library.

I'd donate a million dollars to my high school, on the condition that they hire a new marching band instructor and make everyone do mandatory competitive marching band like they used to when I was there before they ruined it.

I'd set up three scholarships on Hatrack. 1. For hatrackers who need money for school. 2. For hatrackers that really need money for like a home repair or down payment on a new home or whatever such need they have. 3. For hatrackers who want a wish granted. Be it a cruise for their entire family, or a trip to Hawaii, whatever. I'd do one of each per year until I either had no takers, or couldn't afford it anymore.

I'd give a portion of it to my family to let them do what they would with it. Invest maybe 10% of it aggressively, 40% of it to a financial advisor, 10% for friends and family, and just keep the rest in a bank account for whatever reason I need it.

I'd probably do a decent amount of investing in start up companies in new technologies too. And a LOT of donating to charities. (Detroit Zoo can expect a fat check).

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The Pixiest
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In the Bay Area we have Waiters On Snails... err.. I mean Waiters On Wheels.

We finally stopped using them after waiting 4 hours for our order only to have them call up and say "Where do you live again?"

It was always 2+ hours slow, but that was the final straw...

Pix

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Jay
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Let see… 100 Million.

The top was 224 right? So 10% tithe and we’ll round that to 25 just to cover all the bases. This of course would go to probably 25 different causes, not just my church. Spread the wealth ya know.

So I’m down to 75 already…. Great. Better put half away in some sort of safe investments and to pay my staff. You know, lawyer, financial advisor, and whatever else I’ll need.

So we’re down to 37 or so. Guess we need to pay off everything and buy a couple of new things. So let’s keep thing round and say that takes 7. Ya know how expensive that beach house is of course. And since I want one in Miami and one in the outer banks.

30 left right? I’m trying to think of how much I’d give to close friends. Let do 20. Maybe 1 to 10 closest buds and 100K to 100 people.

So we’ve still got 7 left and no real plans for it, but just in case something comes up. Might need a jet to go between the three houses ya know.

Fun.

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Lyrhawn
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Remember, anything more than I think 12K a year and you have to pay gift taxes on it!
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Jay
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Guess that would come off the top of the gift!
That's for the lawyer to work out

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Lyrhawn
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Better plan is to say that each of the friends you want to give a million to was a partner in buying the ticket, but for a lesser share. That way they can get the million without the gift tax.
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El JT de Spang
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I thought the recipient was responsible for the gift tax, not the giver.
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Artemisia Tridentata
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Thats an intresting question. I'll have to ask my wife. She takes care of the money. Since I haven't seen my check or paid a bill for dozens of years, I just may already have that much.
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Olivet
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Stories like THIS make me think about what you could do with that kind of money. The whole 'travel around the world on a motorbike' thing as well as the part that story doesn't tell (otherthan the donations to agencies to help the orphans, he also is paying for the care of others he could not adopt).

I'd be a glob-trotting bum and give generously to people who needed it. Then probably die of some exotic disease or be killed by bandits.

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Zalmoxis
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So let me get this straight -- nobody else wants a platinum Rolex?

Okay, so I really don't want that.

But I probably would drop $30,000 at a top Hong Kong tailor.

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Amanecer
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I was just thinking about twinky's plan. If you put $80 million into investments and had a very conservative 5% annual return, you'd be getting $4 million in interest every year! That is insane!
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Zalmoxis
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That's a lot of high-end sushi.
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Uprooted
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Pay off debts, get some orthodonture/jaw surgery done, buy a couple of modest homes and cars, probably some animals (horses!). Nice clothes. A home gym. Do similar for my family. Invest. Donate to charities and probably end up working full-time at a charitable organization, maybe even starting one of my own. Adopt some children. Serve some LDS missions. All of that--in some order.
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Teshi
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Assuming I was going to live for another 80 years, that's 2.8 million a year, which is a ridiculous amount of money. I can begin to think about what I'd do, but I can't finish!

I would rent me and my friend a downtown Toronto apartment/house so she can stop worrying about where she's going to live!

I would buy a house in Sennen Cove, England (I would rent it at a reasonable rate when I was not using it), and also I would spend time actually seeing England (and Europe) rather than zipping through it.

I would visit New Zealand and Australia.

I remember reading a report about there being thousands and thousands of homeless children in Moscow. I don't know anything about Russia or charities or anything but I'd sure a heck try to find out as much as I could. I always loved Roald Dahl's Henry Sugar story about a man who learnt to cheat at casinos and spent all the money on Orphanages. I'd need help, though 'cause as idealistic as I am, my business skills are limited.

I'd open schools where there are no schools.

I'd actually buy movies and tv shows and CDs.

I have no idea how much that would all cost, but I'd probably need to invest to support my various idealistic ventures.

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ElJay
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Teshi, if you ever come into a large amount of money I'd like to apply for the position of your business manager. For a reasonable wage, cushy hours, and a high-speed internet connection I will happily make sure your money is going to support worth causes and do the things you want it to do, while still insuring that your financial advisors are taking good care of your investments and you'll be able to live happily and care-free for the rest of your life. [Smile]
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Dr Strangelove
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I would travel all the time all over the place. And finance my friend's jazz lounge.
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