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So, You're Rich, But, Not THAT Rich! 

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Old 04-02-2012, 03:25 AM
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So, You're Rich, But, Not THAT Rich!

*Note: That was the title of the article, not mine! I'd be happy with a lot less. $225,000.00 would be nice. It was my first, and probably last, time playing!*

ST. LOUIS — Congratulations, Mega Millions winners! You've just won the biggest lottery in history! Move over Bill Gates and Warren Buffett!

Not so fast, Richie Rich.

There's no doubt that you're now each a member of the 1 percent. A life of comfort and leisure awaits, and managed wisely, it just might await your friends and family for generations to come.

Let's just not get carried away.

A luxury box at the stadium you can afford, but forget about buying the franchise and becoming the "No. 1 fan" of your favorite NFL or Major League Baseball team. The Los Angeles Dodgers just sold for $2 billion, besting the NFL record price of $1.1 billion for the Miami Dolphins by nine times your take-home winnings.

If you'd like to turn the keys at the sweetest pad in New York City — an $88 million apartment at 15 Central Park West — you'll have to spend nearly all of it to close the deal. But don't get into a bidding war: You're sure to lose out to the current owner, the 22-year-old daughter of a Russian billionaire.

Even if you're looking to become the next great philanthropist, your good deeds can't compete — at least in terms of dollars and cents — with that Gates guy. His foundation has given away close to $26 billion since it was established in 1994.

So, you've got some catching up to do. Don't worry, you're starting from a good place.

In the hours before the dramatic Friday night drawing, the jackpot was estimated at $640 million. If you each take the lump-sum payout, the cartoon checks made out to you will be worth about $150 million. Uncle Sam gets his share, and your state might, too.

All told, you'll each have roughly 100 million reasons to call April 2, 2012, the best Monday morning of your life.

If you follow the advice of those who know money, you won't splurge on those big-ticket items that you can afford, such as a top-of-the-line Gulfstream G650 jet ($64 million, excluding pilot, maintenance, hanger and fuel costs) and a place to fly it, your own private island (let's call that $25 million even).

Forget the house, buy the entire town .
Had you won the whole pot, and invested the $300 million conservatively, Steve Fazzari, an economics professor at Washington University in St. Louis, said you could have expected to collect a nice "salary" of about $7 million "after taxes every year for the rest of your life and the rest of the life of your heirs."

Put another way, that's $19,000 a day. Forever. And even a one-third share of that is pretty sweet. "If you put it in perspective, you're pretty rich," Fazzari said.

It's more than enough to join up with the 1 percent, which the Congressional Budget Office pegged as households with incomes that average more than about $350,000 a year.

But it's still not all THAT much, at least according those buzzkills at Forbes. Just 30 years ago, the total after-taxes take of $300 million would have been more than enough to land a single winner on the magazine's annual list of the 400 richest Americans. In 2011, you would have needed $1.05 billion to tie four others for last place on a list topped by Gates.

In fact, your $100 million isn't even two-tenths of 1 percent of Gates' estimated $61 billion net worth. Using Fazzari's math on conservative investing, the Microsoft co-founder can expect to bring in an annual salary of $1.4 billion — or 14 times your share of the historic jackpot.

But that's Bill Gates, America's richest man. Surely you'll be the richest guy on your block?

Perhaps, but not in the city centers of New York, Chicago and Los Angeles. In Chicago alone, Forbes says there are 18 billionaires, including six members of one family.

Even in a smaller city such as St. Louis, you're likely to find yourself a handful of zeros from the top: Under the Gateway Arch, the big money belongs to Enterprise Rent-A-Car's Jack Taylor and his family. They're worth an estimated $9 billion.

But none of that matters, right? So what if there are hundreds of billionaires out there whose wealth makes yours look like that of a pauper, or that there are limits you never imagined facing to a jackpot you could ever imagine winning. Surely that $100 million will at least solve all your cares and provide a lifetime of happiness.

Yeah, not so much.

"After they win the jackpot, most of them self-destruct and they end up much more unhappy than they were before," Dr. Tom Manheim, who offers financial therapy in Solana Beach, Calif. "It's really kind of a sad state of our economy where we think that money, once again, is going to bring us happiness and it doesn't."

So, uh, yeah, congratulations, we guess, to the Mega Millions winners.

(And no, those of us who didn't win aren't bitter. Not one little bit.)

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  #2  
Old 04-02-2012, 04:10 AM
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Re: So, You're Rich, But, Not THAT Rich!

I hope the people that won the money don't buy stupid shit and end up bankrupt in a few years, it's happened so many times, if I were to get even $10M I would probably buy my dream car (a BMW M5) , a decent house in a nice neighbourhood, buy gold bars and invest 1M.

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Old 04-02-2012, 04:33 PM
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Re: So, You're Rich, But, Not THAT Rich!

Hm if I had $100m, I'd buy probably around a $1m house in my area, not too crazy considering how overpriced houses are here. I'd buy a handful of local real state, maybe $10m worth and rent it out at good prices. I'd exchange about $10m for foreign currencies. About $1m in physical gold/silver. Invest $1m. Buy $10m worth of land in Oregon to keep developers off. Buy a few houses in foreign countries and rent them out as vacation rentals. I'd too buy an M5 and E63 haha. A nice boat. I'd buy a pizza restaurant and raise wages to $20+ an hour, get rid of tipping. For work I'd deliver pizzas in either of the cars ha. Probably spend a couple mil on family for various things. So I'd estimate I'd spend $45m on those things and have $55m left, which would be kept in local credit unions.

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Old 04-02-2012, 05:09 PM
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Re: So, You're Rich, But, Not THAT Rich!

I would use my money wisely. But I will admit I would buy some nice shit. Like a Lamborghini Mercielago LP640 and a Ferrari F50.

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Old 04-02-2012, 07:43 PM
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Re: So, You're Rich, But, Not THAT Rich!

ugh this article made me nauseous to even skim through it.. i hate this person's writing style.. but i get the gist of it.

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Old 04-02-2012, 07:58 PM
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Re: So, You're Rich, But, Not THAT Rich!

There are stories which run on E! about the downside of winning, including a few murders and suicides. If you are in the US, ABC ran a program before the drawing last Friday showing some of the bad.

I'd move out of this trashy area, keep a low profile and get my dental work, pay off my niece's and sister-in-law's houses and get my nephew a car.

I'd keep my car. Anyone who likes me broke, can share if I ever become rich. If they come out of the woodwork, I'd call an exterminator! There is alot of white trash in my family!

If I won into the millions, I'd donate to children's charities.

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Old 04-02-2012, 08:04 PM
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Re: So, You're Rich, But, Not THAT Rich!

ok i'll play along.. because i did "pool" with people at my job but never really thought about what i'd do because i have shitty luck and never win anything.

i'd move out of my family's house.. maybe move to the city (manhattan), im torn between a house and a nice apartment, i love the city. but its always good to OWN a house. i'd build or buy a post production audio studio, pay off my family's mortgage/debt.. dental like the person above :).. hmm.. maybe id get a hair transplant too for my receding hairline.. hey, i'm rich bitch, i can afford it now (hypothetically).. the rest is overwhelming.. so idk

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Old 04-03-2012, 03:00 AM
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Re: So, You're Rich, But, Not THAT Rich!

Quote:
Originally Posted by xstunt1ngx View Post
I hope the people that won the money don't buy stupid shit and end up bankrupt in a few years, it's happened so many times, if I were to get even $10M I would probably buy my dream car (a BMW M5) , a decent house in a nice neighbourhood, buy gold bars and invest 1M.
Five years is the average to blow it all!

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Old 04-03-2012, 01:38 PM
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Re: So, You're Rich, But, Not THAT Rich!

The sad reality is that there is a lot of stress that goes along with winning that large sum of money.

You get calls from friends you haven't heard from in years. Family pressing for a little here and there. The charities calling constantly. Worrying about someone tripping on your sidewalk and hoping to get an out of court settlement.

That is surely stressful but I think I could handle it.

I would buy a secluded nice home but nothing disgusting. Secluded for privacy.

I would travel the world and do some of the things for my family and I that I/we could never do to finances.

The rest I would invest and bank.

My occupation? I would probably create sports enterprises for the children in my area. Get them off the street, teach them teamwork and pride and help them on the right path

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Old 04-03-2012, 03:05 PM
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Re: So, You're Rich, But, Not THAT Rich!

SHould win the euromillions.

You get more cash.

I have ideas about what I'd do but there are so many scumbags out there who will want to find you and ruin you or your family its just going to do your head in.

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