Quote: Originally posted by twisted on May 04, 2004
Hey jon3484 I'm not trying to burst your bubbles or anything so dont take this the wrong way( I do admire your sentiment of giving alot of your money away to help others) But lets see here. $170 million dollars = $90.4 million cash. Take away taxes (suppose Federal tax 35%, and state tax 7%) and you are left with $52.432 million.
52.432 - 14 Million (church) - 4 million (land/house in san diego, being modest) - 400,000 (interior decorator,again modest) - 500,000 (cars) - 18.7 million (government bonds) - 5.2432 million (stocks) - 4 million (restaurant franchises) - 1 million (high school) - 300,000 (parents siblings, a guess) - 300,000 (cars and college for close friends) - 2.5 million (recording studio, again modest)
= 2,488,800 (a modest figure since you would have tons of other expenses I dont know about and the figures above would usually be higher)
This is how new jackpot winners go bankrupt so quickly. But hey, you would atleast get alot of tax breaks by giving so much money away.
I admire you wanting to help other out, but usually by giving them money upfront, you would be doing more harm then good since some (usually) would take it for granted and would expect more in the future. I'm not saying dont help your family if you win, just think things through before doing anything.
I have dreams too so I understand where you are coming from. I have so many dreams of doing so many things if I won. But If I won, I would first take my immediate family members out of their debt and would TRY to spend the minimal amout of money for myself (atleast at the beginning). I would have to take some time and think things over. See how I can do the most good for me and my family and at the same time others. Studying further would always help and I would make that a priority. Also investing the money I think is always the best because it injects the money back into the economy helping to pay for others jobs and also create jobs.
But until I win (if ever), I would TRY to keep my dreams small. And then the "thinking" part would come after winning ofcourse.
Geez, and I didn't even include the NYC pent house and the endless vacations, lol. Well since you put it that way, make that church donation $5-6 million and my relatives would probably just get $10,000 per house hold (about 8 on my mom's side and 5 on my dad's). The cars would probably total up to $657,000, lol. I did a little research and real estate in San Diego is pretty expensive. So I would probably be looking at about $8-10 million. I have a question about state taxes though? Since I'm an NC resident, but playing in SC, would SC and NC get their share of the money? To make things even more complicated, once I moved to California, would they be entitled to a share of the actually lottery money, not the house, cars, etc.
As for the relatives, $10,000 and thats it. Even if they did get themselves in a financial bind (and some are now), I wouldn't help them and would even make them sign a promisery note, saying that would NOT ask for anymore money, lol. It wouldn't bother me, because like I said before we aren't that close. I would probably make a lot of money from those bonds, if I just let them mature over a few years or so. Plus wouldn't you earn more money by investing in bonds instead of putting your money into a savings account? Those franchises, would also be another source of income. A guy in my hometown now is like a millionaire from his fast food franchises in town. The recording studio could be another source of income, because my friend that is majoring in the music business, said a lot of companies charge big $$$ for using their equipment. The stocks would be a safeguard, if all that fails, lol.