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Klicky

$290 Million Lottery

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Klicky

The NY Mega Million game is up to $290 Million.  What would you do with that much money?  My kids say they would (1) buy out the Lego section of Wal-mart, (2) ride the top 10 roller coasters in the US, (3) donate enough to let the local SPCA build a nice facility and not have to turn away animals.  My  husband says he would tear down the house and rebuild with 16' x 16' bedrooms for each kid.  I would invest it, turn off my phone, and plan a different month-long vacation for each year.

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knchatty

I love it Klicky!  Your kids wishes are awesome.  Are you playing?  I sure am!

My daughter would buy front row tickets to every Justin Beiber concert and I'm sure even pay whatever price to have him come to her with school for a week/month/year.  She would also buy every pair of Uggs that she could find.  She would buy her friends and herself a dirt bike and build a track out back.  Lastly she would give each classmate $10,000 for a shopping spree (great kid).

I would buy a new house in many states across the USA.  I love to travel so I would travel to a new home each month.  I would give a lot of money to my parents and brother so they could all retire.  I used to say that I would pay the Government any amount of money so I could buy my brother back from the US military (he retired in December 2010).  I would donate money to every good cause I heard of starting with cancer treatment.

Isn't it great to dream?

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Klicky

She would also buy every pair of Uggs that she could find. 

What on earth is an Ugg? 

Your daughter sounds great - conversations like this are an awesome (and sneaky) way to really learn what's important to your kids.  I like your idea of the cancer causes, but I would add the diabetes funds.

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knchatty

Uggs are boots, they are the coolest things around here for teenagers to wear.  I personally think they are Ugly (maybe that is why they are called Uggs).

Of course, the diabetes foundations too and numerous other health related ones.  I stated cancer because cancer runs in my family on both sides so it is near and dear to me to keep finding cures.

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Lynn

The first thing I would do is hire a bodyguard. It may sound silly, but there are a lot of crazy people out there and, heck, at $290 million I could afford one :) Next, I would do extensive research to find myself an excellent financial adviser. Which would lead to the third thing - investing.

After all the practical stuff is in order, I would give my parents and a couple close friends several million each. As kn said, I would buy different properties around the country. A little bit of the best of all worlds - snowy mountain, beach, desert.

Lastly, I would start a nonprofit foundation for St. Jude's Children Hospital and hire my best friend (an excellent business woman) to run it. That is my charity of choice and there is no way I could have money like that and not do something to help. Donating is wonderful, but I like the idea of starting a foundation because that is something that can continue long after my money, and me, is gone.

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Perfect7

Wow, that's a lot of money. The first 10% would go to our church. We'd naturally have to save back half of it for taxes. Then, we'd pay off our house and help our nearest friends. Buy an RV and travel. I don't know what else!

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Silva

The UK lottery never gets that big but if I won a few million I'd invest enough to be able to live comfortably off the interest with a decent holiday every year and then I'd give the rest away to family, close friends and good causes that I support.

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marvinmacs

My mind used to get blown away by big figures like this. If I win that money today, the first thing I'd do is call three or four banks and invest the entire money in low- to medium-risk investments. Then I would live the lifestyle I want, build my dream house, travel, party, etc. from 40% of the earnings.

Assuming a conservative 5% earnings, that's $14.5 million per year. Then I would live on 40% of that, which would be $5.8 million per year or $483,000/month.

Not bad, eh?

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spacelover8126

I like marvinmac's plan, though I would also give a lot of money to close family--at least enough to pay off their debts and splurge on something.

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Perfect7

Yes, marvinmac's plan sounds like an excellent idea! Talk about never running out of money! That would be so awesome. Of course, one would have to have a plan to deal with the beggars of the world...

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QueenB

I would save most of it lol and make sure that I never have to worry about money again. I wish money wasn't such a huge part of life lol. But at the same time, it's great motivation :P

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spacelover8126

I was discussing this thread with my husband; our imaginations failed us somewhat after about six months of $438,000/mth.  I'm sure we'd come up with something if we were actually in the situation though!

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marvinmacs

T. Harv Eker has an excellent suggestion on how to use your money, whether it's a dollar or $484,000 per month. See if this would be useful:

- Invest this money on whatever venture that you find worthy $48,400/month (10%)

- Save this money for something you want to buy in the future $48,400/month (10%)

- Spend this money to further your mental development (books, seminars, clubs) $48,400/month (10%)

- Give this money to charity and your source of spiritual inspiration $48,400/month (10%)

- Spend this money in one day $48,400/month (10%)

- Use this money for your home, living and lifestyle expenses $242,000/month (50%)

The percentages are arbitrary. You decide on it for as long as you're consistent. The accounts are also guidelines. You may have more than one accounts under one category.

The accounts cover practically almost everything you want to use money for, right?

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winuxchrosh

I will cross the bridge when I get there. The problem is I won't be able to cross that bridge because I'm not betting on any lottery. If ever I will have that money then I might still be the same with more expensive things to use.

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Klicky

I will cross the bridge when I get there. The problem is I won't be able to cross that bridge because I'm not betting on any lottery.

We only play when the pot is ridiculously huge, and then we only put in a few dollars.  It's amazing to see people lined up, buying hundreds of dollars worth of tickets.

Marvin - Great suggestions.  I would play with the percentages just a bit, but it's a great idea.

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wim2

I was going to play, but I didn't make it to Tennessee in time.  Oh well, there's always next time.

If I won big, I would...

Build me a house.  Something modest, five bedrooms maybe and 2 or 3 baths, with a grand master suite and bath.

Buy a few new cars.  It's been a long time since I was able to buy a new car.

Travel.  I'd go to all the places I've ever wanted to go....Rome, Greece, Germany, Switzerland, the UK.  I'd probably travel continuously for a year or so.

Take care of my daughter.  I'd buy my daughter and her mom a new home and car and make sure they had enough money so they didn't have to worry about anything.

I'd donate a lot of my money to the ASPCA, St. Judes, anything having to do with animals and children.

And then I'd put the rest into some type of savings or CD and just live off the interest, buying nice things and going on trips to keep my occupied.

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marvinmacs

The interesting thing about what T. Harv Eker is saying is that, the amount does not matter as much as the habit. If you're able to do those percentages for, say, $10 per week (not your whole pie in the beginning), then you have fairly "painless" start. But when the habit catches on, you would want to start doing it with the rest of your money, a step at a time.

No need to wait for a Lotto win to do this. You can start now.

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