Anyone playing the lotto this week?

[highfigh]

That's the type of money that just makes no sense to a normal human being.

You 'only' end up with about 42% of the amount due to the 'cash value' option and then dropping 37% to the Feds and another 6 percent or so to your local state government (depending).

So, you know... Only 420 million dollars left.

Invest it in something pretty boring earning about 8% annually and pull 3% off the top as your monthly allowance.
That leaves you with about $600,000 you can spend... after taxes... every month.... forever.

After the houses and a few cars, most people would be at a loss on what they want. I mean, all the top audio gear you ever really wanted paid off on a month. Get super crazy and call it two months. It's just an insane amount and beyond comprehension.

I would definitely be giving a lot of money away. I do have certain multi-million dollar plans if I ever won an insane amount of cash.

But, you know, I'd probably be pretty happy with 20 million if that's all I got. I'm cool like that.

You forgot boats- that's a quick way to spend a huge pile of money. If you want to spend it faster, do what is mentioned in this question-

Q- How do you make a small fortune in the marine industry?
A- Start with a large fortune.

That said, if someone has more money than they could ever spend, the boating industry can be a bit of fun.

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[highfigh]

That's the type of money that just makes no sense to a normal human being.

You 'only' end up with about 42% of the amount due to the 'cash value' option and then dropping 37% to the Feds and another 6 percent or so to your local state government (depending).

So, you know... Only 420 million dollars left.

Invest it in something pretty boring earning about 8% annually and pull 3% off the top as your monthly allowance.
That leaves you with about $600,000 you can spend... after taxes... every month.... forever.

After the houses and a few cars, most people would be at a loss on what they want. I mean, all the top audio gear you ever really wanted paid off on a month. Get super crazy and call it two months. It's just an insane amount and beyond comprehension.

I would definitely be giving a lot of money away. I do have certain multi-million dollar plans if I ever won an insane amount of cash.

But, you know, I'd probably be pretty happy with 20 million if that's all I got. I'm cool like that.

Only $600K/month.....oh, the horror. How could anyone get by on that pittance?

 

[BMXTRIX]

You forgot boats- that's a quick way to spend a huge pile of money. If you want to spend it faster, do what is mentioned in this question-

Q- How do you make a small fortune in the marine industry?
A- Start with a large fortune.

That said, if someone has more money than they could ever spend, the boating industry can be a bit of fun.

With 420 million dollars, pretty much anything you want to do can be at least a bit of fun.

My math pretty much left off that in a typical 8% investment account with normal returns, your income will go up by about 5% annually. So, that 400+ million will see a gain of over 20 million a year. Potentially doubling in about 14 years. So, taking a year or two worth of return on investment and dumping it into a big old boat is certainly an option if that's the way someone wants to roll.

Or, you just rent a boat for a week.

There is that line between being smart with money and just being outrageously stupid. The number of lottery winners who end up broke is horrific. They think that 10 million dollars means they can spend 2 million bucks a year forever... then are broke in just a few years. Blows me away!

 

[highfigh]

With 420 million dollars, pretty much anything you want to do can be at least a bit of fun.

My math pretty much left off that in a typical 8% investment account with normal returns, your income will go up by about 5% annually. So, that 400+ million will see a gain of over 20 million a year. Potentially doubling in about 14 years. So, taking a year or two worth of return on investment and dumping it into a big old boat is certainly an option if that's the way someone wants to roll.

Or, you just rent a boat for a week.

There is that line between being smart with money and just being outrageously stupid. The number of lottery winners who end up broke is horrific. They think that 10 million dollars means they can spend 2 million bucks a year forever... then are broke in just a few years. Blows me away!

Before giant lotteries and lawsuits, I used to hear about people who would get a settlement and the first thing they did is go out and buy a car that wouldn't hold its value. Then, they would blow the rest at bars, on drugs or hand it out to 'friends' who came out of the woodwork but wouldn't have pissed on the winner if they were on fire before the money rolled in.

They act like the saying- I must have money, I still have checks".

I saw an older couple in SE Wisconsin on TV after they won a bunch of money and my first comment was "BUY SOME TEETH!!!!!!!!!!!!!!!!!!". The guy was almost completely toothless and the ones he did have were rotten.

I spent a week on my friends' boat two years ago- even with the rough water, it wasn't enough time. I could live on a boat. I actually know someone who lives on his boat from May through October, until the marina's deadline- the marina has nice amenities, it's very close to downtown and the freeways, there's always something to do down there and if he wants, he can go to anyplace on the Great Lakes. The cost to dock for a season is about $4K, which includes power, internet, the docks have locked gates, parking is only entered with a key card and insurance for a boat is surprisingly inexpensive. That makes living on a boat far less expensive than in a house or apartment. The social life is good and if someone likes to fish, Lake Michigan has a wide variety to choose from. I had some fresh King Salmon and Lake & Rainbow Trout last Summer that was the best I have ever eaten.

 

[BMXTRIX]

I spent a week on my friends' boat two years ago- even with the rough water, it wasn't enough time. I could live on a boat.

With the type of money that 100 million plus affords most people, it would be enough to live on the water and have a staff which would take care of you forever.
It all comes back to creating a budget.
$2,500 a month for every million you have at a 3% rate (with a planned growth of 5% annually).
100x that is 250 grand a month... before taxes. So, plan on it being more like 150 grand a month. A 10 or 20 million dollar yacht you could live on is still a pretty penny, but isn't unreal if that's one of the main expenditures in your life.

I once went to one of the vacation properties of a billionaire to do some AV work. It was the most unreal property I've ever seen in my life. I think he was worth, about 35 billion or something ridiculous. A bit more than Oprah Winfrey.

EDIT: Adding a link to the owner whose home I worked on. I actually met him only once, and he was very polite. Kind of typical. I don't think most rich people get there by being douchebags, I think they do it by being hard working decent human beings. That's been my experience 90%+ of the time. Occasionally, I do run into a jerk, but that's the exception, and Mr. Jones was very polite.

Paul Tudor Jones - Wikipedia

en.wikipedia.org

Here's a video of the ridiculousness that is the property he used to own...

 

[highfigh]

With the type of money that 100 million plus affords most people, it would be enough to live on the water and have a staff which would take care of you forever.
It all comes back to creating a budget.
$2,500 a month for every million you have at a 3% rate (with a planned growth of 5% annually).
100x that is 250 grand a month... before taxes. So, plan on it being more like 150 grand a month. A 10 or 20 million dollar yacht you could live on is still a pretty penny, but isn't unreal if that's one of the main expenditures in your life.

I once went to one of the vacation properties of a billionaire to do some AV work. It was the most unreal property I've ever seen in my life. I think he was worth, about 35 billion or something ridiculous. A bit more than Oprah Winfrey.

Here's a video of the ridiculousness that is the property he used to own...

"A bit more"? A LOT more.

I'd be happy with some acreage on good water, with a good amount of the land being wooded. I don't need 6500 acres.

Some of the yachts I have seen in videos sleep 10, but have a crew of 13 and those weren't huge.

 

[TLS Guy]

Just signed up to the Minnesota lottery, to get the Pfizer Covid-19! I'm not making this up. That is what Minnesota has organized to distribute the vaccine. This is why a national plan is required.

 

[BMXTRIX]

Just signed up to the Minnesota lottery, to get the Pfizer Covid-19! I'm not making this up. That is what Minnesota has organized to distribute the vaccine. This is why a national plan is required.

There are several different ways which different states are using. The problem is that there just aren't enough out there.

So... What is fair?

If you are in a more susceptible group. Elderly, front line health care, front line other, groups with higher potential issues, etc. then it makes sense to be in an earlier group, but if you have 100,000 nurses, and 50,000 doses, then who gets it first?
If you plan for the elderly first, and have 1,000,000 elderly, but only 300,000 doses, who gets it first?

A lottery is about as unbiased as it gets.

I heard the term 'Hunger Games' applied to a first-come, first-served approach. Almost all websites and call centers were shut down completely when they were setup as first-come, first-served. So, clearly, that's not a very good solution.

I just want to be able to get mine when the time comes. I've put my name on the list. That's all I can do.

 

[TLS Guy]

There are several different ways which different states are using. The problem is that there just aren't enough out there.

So... What is fair?

If you are in a more susceptible group. Elderly, front line health care, front line other, groups with higher potential issues, etc. then it makes sense to be in an earlier group, but if you have 100,000 nurses, and 50,000 doses, then who gets it first?
If you plan for the elderly first, and have 1,000,000 elderly, but only 300,000 doses, who gets it first?

A lottery is about as unbiased as it gets.

I heard the term 'Hunger Games' applied to a first-come, first-served approach. Almost all websites and call centers were shut down completely when they were setup as first-come, first-served. So, clearly, that's not a very good solution.

I just want to be able to get mine when the time comes. I've put my name on the list. That's all I can do.

Sure there is a production shortage, but many states like Minnesota have been very slow at distributing the vaccines they do have. That is less than 50% for Minnesota so far.

ND is doing much better and first in the nation. That is because it laid out sound plans to roll it out though its existing strong primary care network. I'm not convinced that developing new distribution chains was wise or necessary. I have been communicating with my primary care clinic in West St. Paul. They are eager, ready and willing to start injecting. And yet they have had no communication as to when they will receive vaccine to inject. This I think is political. This is were Democratic administrations will fail, as they love any excuse to set up a large government bureaucracy when existing independent channels exist and should be harnessed first.