You've just won 72 million dollars in the Powerball! How are you going to (realistically) spend it? Factor in taxes and how you're getting paid back - installments or a lump sum.
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LadyLuck is on www.7mileradio.com
ANSWERS: 7
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I'd take the lump. and give up half to taxes, so thats 18 mill? what would I do? two chicks at the same time! (sorry it has to be said)
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i'd put the remaining cost of my home into a savings account and pay 1/3 of it every year (because i'm penalized for paying more than that in a year.) i'd pay off both my car and my husband's then trade them for better, more efficient and more reliable cars, for which i'd pay cash. i'd invest a lot in mutual funds, savings bonds etc. i'd decorate my house finally. i'd travel.
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Take lump sum. Buy nice house nothing too crazy but nice. A couple of nice cars for the wife and myself. A 35' boat. Build an animal shelter for the Cat Network. Furnish the house ofcourse. Put a large chunk into a safe investment and High risk the rest.
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About $35 million would go to taxes. I would take the installments, it would prevent me from spending it all at once. I would buy a mansion in Hawaii, a vacation home in Scottsdale, Arizona. Or, buy a minor league baseball team to amuse me.
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I would take the lump sum, so that would leave me around 36 million, give or take a few. First I would put my sister, brother, mom and dad in new homes. I would get one,too. Nothing ritzy. I would put money in college funds for my sons. Pay off debts. Donate to "Make A Wish Foundation", and find a good charity that helps homeless people.
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I would not take the installments. In many states, if you take the annuity option (installments) you cannot will the balance to heirs. So let's say you get one payment and are so excited you have a heart attack and die....well it's all over! If you took the whole thing at once you can leave it someone (or me!!)
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First thing I'll do is hire a financial consultant..then I'll sit back, relax, and let him/her do all that heavy thinking! :)
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