!! I am NOT the winner of the Powerball! It just got me thinking.. !!
Say YOU did win the $50 mill, how would you go about safely securing your money?
Given that banks can only guarantee $900k (total BS), what would you do with it? (Assuming a long term plan of living off the interest / dividends)
Would you invest behind a trust? Would you buy bullion and stash it under your bed? Would you buy up all the units in a new building?
What about a container full of rice?
a sound investment.
Op doesn't work at Westpac :(
Wow the first time a thread like this has been posted. Very original idea to discuss.
I would buy 20,500 bitcoins and turn the money into $100 million, $500 million, or $0.
A fleet of 100,000 Hyundai Excels or coke and hookers.
In all seriousness I would only tell my immediate family and parents. Friends don't ask friends for money - that's the quickest way to ruin a friendship.
Invest in a mix of bonds, shares and properties. Live off the interest. Shouldn't be too difficult if you don't go silly.
I'd quit my job and tell them I found something where I can work from home. I'd buy a nicer house still within the vicinity of our current area, go on nice holidays a couple of times a year, get a couple of nice cars and I'd be set. A Porsche 911R for weekends and some JDM classics and I'm all good.
it's easy, enjoy life….just put $900K each to top 4 banks for retirement or buy golds, then the rests spend it to things that will make your life complete and happy.
the rules of winning the lotto are like the rules of fight club: dont tell anyone
I think you can buy an island for less than $50 million. It would be secure from theft as its pretty hard to tow away an island.
Particularly good investment for climate change deniers.
Good post.
Its easy in South Australia, become good friends and donor to Political parties, using the 50million to build a controversial apartments at glenelg, port Adelaide warehouse areas or rezoned CBD location. Bam instant cash for corruption
If I won the lotto, Well, I know I wouldn’t bother goin’ on no spendin’ spree, I pick a business school and pay the entrance fee!
Then maybe if you’re lucky, you’ll stay friends with me! I’ll be a businessman, richer than Nina’s daddy! Donald Trump and I on the links, and he’s my caddy!
My money’s makin’ money, I’m goin’ from po’ to mo’ dough! Keep the bling, I want the brass ring, like Frodo!
buy Tasmania
But what would you do with the other $47m?
Keep 5mil on hand in various accounts, use the 45mil to buy investment properties and some in termed deposit to ensure it doesn't depreciate, or at least not too much.
That seems to be the most logical thing to do.
I would buy one property for living and travel around the world.
After then, maybe get some financial advisors to spend better.
Please don't win the jackpot op, if you win then you won't be frugal anymore and you'll leave Ozbargain and we'll miss you :(.
He'll be able to find us bargains on LearJets and Rolls Royces.
We'd then have to win the power ball, to afford to buy them, and will miss the next Ozbargainer :((
I'd do what I currently do, just on a larger scale.
Quit working too.
I would move asap to somewhere far away. A modest villa in Italy etc.
I would set up a trust fund to cater for Family, so that I would be detached from the barrage of 'requests & favours'.
I would seek financial advice on how to best make my money work for me & how to keep the word 'tax' out of my vocabulary.
I would try to still live within my means. By that I mean Taxi not limousine. Commercial airline not Lear jet. Steak not caviar. Mercedes Benz not Bugatti Veyron. I would spend but not to the extreme of trying to attract more attention to myself than required. I still would never wear sunglasses indoors.
Ever.
You think you look cool but look like a tool.
I still would never wear sunglasses indoors.
Unless you get dry eyes or photophobia
Still the same principle if you won $50K or $50Mil.
Spend less than you earn.
Buy an island
do what those corrupted commies do - go on a properties buying spree!
I guess human ego will get to us no matter how much we plan now and the new wealth would slip out eventually, in light of that, I would at least try to start some viable business which in turn can become a vehicle when that 'new wealth' is slipped.
Nope. Read the very first, bold line.
lol yeah I only noticed it after posting my comment :)
50 million in Ether.
Let me know 24 hours before you do this please :)
It'd only add 30% to daily volume lol.
Good point. Let's do it on bittrex then :)
I think I can beat the arb bots.
See you on the moon!
Would you buy bullion and stash it under your bed?
Probably under coffee table, mate. ;-)
On a serious note, anything you would do, you will still stress out like you do now. Wealth can't kill thoughts.
Why would you want to secure 50 Mill if you have won it !! go live your life and dreams, stay humble and balanced, do the things you always wanted to do and never had time or money to do from travel to helping others .. yes you can maybe spend or lose it all the fact is most people who win or inherit a large sum don't know what to do with it, people who know how to make large sums will end up finding ways to flow that money out of your account and into theirs if you spend enough time with or around them etc. read about the mistakes other winers have done and at least try not to full headedly follow their steps !
enjoy it while you have it, spend it with the ones you care about and doing the things you like to do and are passionate about youer self, and DONT do what makes others happy IE buying other peoples dream cars houses etc etc do what makes you happy.
Agree. People talk about how to invest it, protect it, etc. For these people NO amount of money will ever be enough.
I get what you're saying, but my point was to set up some 'generational wealth' for the kids (and passive income for me).
I could easily live off the (assume 3%) $1.5m pa Interest, and still do anything I wanted - except buy a house in Sydney.
Having a smaller amount ($1.5m v $50m) at your disposal would mean you'd be a bit more diligent in your decisions, and not
waste it on others.
I love that this guy who won $50mill was a battler, and now he wants to help others. I think that a lot of people who have empathy for others are people who have not had it easy in life. God Bless him!!
Set aside 50%, set up a trust and use the trust to buy a couple of companies. Buy property in the companies name. This way it's safely ringfenced against gold digger relationships and can't be got at if you're sued. Returns can be reinvested or paid to you as profit. Or employ yourself and earn a very good wage.
Do good with 25% but do it anonymously. You're in it for satisfaction not glory.
On a future date when there's a large shared jackpot come out and say you won a share of that instead which will be the last 25%. This will explain your newfound wealth whilst disguising the true amount. This you share with your family as they'll be none the wiser.
Point number 3 is what I would do in this highly hypothetical situation.
I'd set myself up, reduce my working hours at work to part time, then I would say I won part of the Saturday lotto, bought myself a house and the Porsche boxter and say it's all gone so don't even bother hitting me up for money.
Either that or disappear from everyone I know and love because money changes people.
Invest the money in:
1. Shares - the big 4 banks
2. Properties in Sydney
3. Start a childcare business
4. Gold
5. Bond
6. Donate to charity
Childcare? ABC Learning was a pretty good lesson in not investing in childcare. I wonder what Eddie Groves is up to these days.
50 million (God wouldn't it be nice)
Here we go 1st of all i wouldnt tell anyone but i would mysteriously transfer 1million dollars to my parents and both my brother and my sister. that leaves me with 47 million
Then i'd spread 25million as my safety money in high interest savers probably averaging $500,000 in interest pa at 2% that leaves me with 22 million.
I'd then spend 3 million on a beach front property probably in Williams town Melbourne you know 4 bedrooms, 4 bath rooms double garage. That leaves me with lets say 19mill ?
then to offset all the tax im going to have to pay from my interest i'd invest at least 10 million in property taking out interest only loans using the 25 million as a collateral if anything goes balls up in the property market. That leaves me with 9 million.
of which i'd put 5million into the stock market all blue chips you know CBA, Ramsey health care all the good ones etc leaving me with 4million.
This last 1 million will be blown with my and the girlfriend on a round the world 12 month holiday from Europe to south America. That leaves me with 3million.
The last 3 million i'd probably start a business when i returned from my travels - being a physio i'd probably start a medical centre or a gym (with a small cafe and clinic rooms)
OH AND THE 1st thing i would do is resign from my day job nicely of course i wouldnt be a dick about it incase i ever went broke and needed to come back
And that would be it is nice to dream
I would buy ozbargain and change it's name to OZSpendingspree.
Move to South Africa and reform a rural village, taking them and raising them to their full potential. Then using that village to take over other villages, weakening the control the evil dictators have over the region
marry Paris Hilton…
5 million to immediate spending… (more than enough to buy a nice place, car boat a few holidays for the family over the next few years while your other imvestments are maturing…
10 million to give away to family and friends.( why not benefit everyone around you so y'all happy…)
5 million to short term investments (something for myself and kids 5-10 years time)
10 million to low risk investment for medium to long term (something for myself and kids in about 30 years time)
10 million to low risk investment for generational benefits (future generations would probably benefit from all the other stuff as well)
10 million to investment fund where proceeds are entirely for charitable donations (a gift that keeps on giving)
the goal in 50 years time you have more than what you started with.
I believe this is where most of those who have become bankrupt go wrong.
Money changes people, this is more so when its an obscene amount of money.
10m to friends and family will grow.
Better not to tell anyone anything….but if you find out that a family member just lost his job you can always help with bills or groceries
yeah, maybe… at the end of the day you wont know till you have $50 mil to give, I'd like to think my family are all nice people
It changes you? Or do you think it actually makes you more of who you are.
Givers give more, tightasses become more tight, gamblers gamble even more, etc.
Take a long leave, Spend all $50mill, then back to 9-5 job…. With a new style and attitude
Given that banks can only guarantee $900k (total BS)
Where did you get that from? I thought it was like 250k per account holder/institution. If you're looking for security, you're better off with Australia government bonds, than a bank deposit. Most people go with a bank deposit, because they don't have enough money to justify the cost/hassle of buying bonds. $50m is plenty of start buying government bonds.
Yeah, you're right I should have checked that. I knew it was previously $1mill, and that it was reduced a few years ago. I thought it was only a marginal reduction, but you're right, its now only $250k per institution. Good call on the bonds too.
I would try not to tell anyone and hope no one would notice my new house, car and chanel handbag.
Well they all failed because some of them plan on living their life the same.
First of all people won't treat them the same. People will likely treat them with resentment or simply try and gold dig them.
They do things like break your tail lights and call the police about you operating a vehicle with damaged lights
Just how is giving your niece a $2100 allowance living your life the same.
First thing move into a rich suburb where ur neighbours are richer than you. They will hardly care about you especially if you live modestly compared to them
I like to invest in a basketball player shoes. The one with a big talking poppa who say he could beat jordan in his prime.