Work convo that is now a post.
Poll because ozbargain, but I'm curious too if you'd split it differently, eg more to parents or poorer family.
Me personally, probably aim at <$3m total so approx 250k pp.
You Win a $20m Jackpot, How Much Are You Giving to Family and Friends?
900dollaridoos on 23/04/2022 - 16:21
Last edited 23/04/2022 - 16:30
Last edited 23/04/2022 - 16:30
Poll Options
- 3820.
- 32<$10k pp
- 3<$25k pp
- 13<$50k pp
- 26<$100k pp
- 29<$250k pp
- 62<$500k pp
- 117<$1m pp
- 42>$2m pp???
Comments
as opposed to a non-legit drug dealer?
They'd assume they have moved from grams to kilos
A pharmacist would be a legit drug dealer
Sadly more like a secretary nowadays thanks to big box stores
Legit drug dealer? You mean a doctor/pharmacist?
I knew he had become a legitimate drug dealer because he went to university for 6 years before hand….
I'd instantly put 10m into some investments (shares and real estate), keep 5m for living and carefully work out who deserves the other 5m.
But instead of cash I'd purchase homes for friends and family. At least then you know it was spent correctly.
That's nice but it's still just money. Isn't it better to have power?
What if you bought all these tools and weaponry, moved to some place in Africa, and lived as a warlord.
lmfao
Bribery is a thing there, but not so sure $20m is enough to not get you killed there if you're not going to lay low
People talk about home ground advantage for a reason.Most African dictators are worth more than $20M.
In fact $20m is on the very, very low end - you wouldn't even get on the list: https://yen.com.gh/158375-top-15-richest-presidents-africa.h…
If you wanted an Army you would have to pay $5M in setup costs (bribing, transportation, etc) and then wages are for the mercenaries are going to be expensive as hell. Think from $9,000 (to $23,000 a month for someone well trained). You can pay less, but there is a much, much higher chance they will kill you.
Ok so you invest 15mil and use the other 5 to start making connections where needed. The income from the 15Mil should be reinvested until you've got enough to start employing your core group and protection. Once you've got your people in place you can start withdrawing on the ~20Mil (if good returns) you've now got invested, but always paying it in whatever currency you can (blood diamonds are nice, but should be converted to an investment that produces returns if possible). Make smart decisions and keep your core small and soon you'll have enough money and weapons to take a small piece of land by force and hold it against whatever local warlord is around. From there its just Civ on max difficulty.
You can ask John McAfee how that went!
same here 6million keep me happy 10million to trust that help people mix of shares and real estate and 5million just help out people care about like mate who has kid and rent is kill him at house is up for sale buy his house cheaply rent back him fix up and then give it back to him. buy my disable brother a unit to live in rent back him cheaply fix it up. i like give my mate brand new GM car it only 20,000 but he 15 year old make me sad.
Zero.
All into bit 🪙?
I don't gamble. I can't win if I never play.
And yet your chances of winning lotto is only slightly worse than someone who buys a ticket…
@subydooby: …. or arguably infinitely worse.
I've actually met multiple people that have won big lottery prizes, one over $2m. However that was an art union prize home package, not lotto.
…and like a lot of the stories, wasn't all happy sailing after that. He had marriage issues, sold the prize home and split assets, and still worked a day job. A con man got a chunk of money off him in a scam, and the remainder of his $1m half was no where near enough to make drastic life changes - just lived more comfortably having paid off debt etc on a different house. At least he did that instead of blowing the rest. He certainly was still very happy to have won though… but there are certainly a lot more people happier out there with what they have and stable family life etc.@MrFrugalSpend: i know some hight school won lotto 6million at had wife a 2 -3 kids pay off ok house. guy i lost contact with him for around 6 years bump into him at Woolworths good job on lotto win life so much better now. how wrong could i be wife left him take half family got most other money man now more broke then before. i wish never won lotto
1 Mil to the 3 family members and I'll probably tell them I have only 1 mil as well.
If you have to tell them what you are left with, then probably they don’t deserve any penny of it. IMHO.
probably not a good idea as they would be able to figure it out easily
Some of my family don't deserve it.
I'd always look after my parents though, not that they need it.
Friends I'd pay to take them on trips/dinners if they couldn't otherwise afford it, wouldn't give any cash out except maybe in a couple of limited cases.
Family I'd pay off any loans and make sure all close family has a nice house to live in then set up education funds for youngens, basically make life easier. $20m isn't enough money to make sure no one in the family ever works again, so best move is to make life easy for them. Pay for weddings, maybe a few decent holidays, etc.
Minimum $10m would be an investment fund with the proceeds to fund my life and business interests. Would give $100k to rektrading to manage to find out whether they're really making huge dollars on stonks and crypto or just talking crap.
Definitely, that's literally the most sensible thing. Shout a few dinners here and there, have some fun on a holiday.
But never ever offer to:
1. Give them cash
2. Lend them cash
3. Pay for their billsJust a little bit here and there and if they expect more from you then just don't be friends with them. Cut ties with them because in the long run it's not worth it. You can always find better friends.
Its weird how you say this, but rich families often pay the bills of the family unit, because packages are cheaper than indvidual.
And will lend cash if the person proposes a way to pay it back (and their is security), usually at a generic low interest rate (2% or something).
fun to make my family take holidays as they hate them never want to go any were or do any thing travel related. o how much fun.
I read some interesting stories about people who won lotteries once. The ones that did best told no one except their partner, they invested prudently and lived a comfortable if unflashy life. The ones who gave family and friends money often ended up in a world of pain, because those people just kept coming back for more, applying all sorts of pressure etc. Sadly that’s human nature, keep on shaking that money tree. Not to mention random gold diggers and opportunists. Your family and friends will possibly be happier not knowing and you’ll keep those relationships. Sad really.
'Friends' you haven't seen for 20 years will start messaging you on Facebook and loitering around your front door.
That is why I am not on FB!
On the one in a billion chance you will win lotto?
Would share the jackpot even amongst my immediate family and pay off my friends mortgages. Have a small family/friend group so would be plenty to never have to work again.
It's a travisty that 900 dollaridoos isn't a poll option
I mean I know people who probably have 5 million net wealth who don't give cars to their kids. So like don't feel obliged.
But at least you can always provide a roof and food for people
Their kids will get it all anyway, unless the kids die first. Though if the parents live until old age first then their kids might be too old to really benefit from it by the time they inherit it. What good is the money to buy any education you want if you're already 65 by the time you inherit your parents 5 million dollars?
not if their parents are anything like steve jobs wife. she loves to harp on about wanting the kids to make their own fortunes, despite the fact that she lives off the benefits of her dead husbands work.
i'm a little hazy on the details, but i believe that she doesn't intend to leave the kids the money.
Most probably found a better option that avoids all tax while still giving them the benefit.
@tonka: https://www.ibtimes.com/heres-why-steve-jobss-kids-wont-inhe…
Steve Jobs's net worth was valued at $10.2 billion at the time of his death on October 2011, reports Celebrity Net Worth. He left most of this to his wife, which included stocks in Apple and Disney. Today, Powell-Jobs is worth over $22 billion. Interestingly, unlike Steve, she will not be passing down this fortune.
In a 2020 interview with the New York Times, Powell-Jobs said she and her late husband do not believe in "legacy wealth building" and that her children are aware of this.
"I inherited my wealth from my husband, who didn’t care about the accumulation of wealth," she said.
"I’m not interested in legacy wealth buildings, and my children know that … Steve wasn’t interested in that. If I live long enough, it ends with me."
@[Deactivated]: If they are following a method where they deposit their wealth into a trust for a supposed future donation to charity that never happens. It would be a bit dumb to admit that's what they are doing.
I'd probably give at least a few hundred thousand to my brother. Enough to buy a house, but not enough for him to quit his job and be a lazy bum.
My parents own their own house, but I'd probably pay for renos etc. and take them on a nice round the world trip.
Probably wouldn't give money to friends, just shout an outing or something. Wouldn't let onto the fact I won the lottery, just say I got lucky on some investments.
just say I got lucky on some investments.just say I followed advice of rektrading on ozbargain
FTFY
Tell them that and people will start giving him money instead.
As soon as you start giving out money people will know.
Possibly, I would still assert that I got lucky on some investments.
Please tell us where you're getting these houses for a few hundred thousand
Is the answer Esk
I'd tell no one, except my partner. I'd invest in property and shares. I wouldn't give money to someone who was already bad at money. It doesn't fix bad habits to have more money.
I'd be more generous with family and friends for Christmas, birthday gifts etc. I would want to help out a close friend if they were saving to buy a house, but wouldn't want them to know it was from me.
About a quarter.
Would keep the remaining $19,999,999.75
That's generous are you planning on offering them an open but resealed carton of milk or something.
I just want milk that tastes like real milk
I wouldn't tell anyone, but I would just pretend I am getting a healthy passive income from some investment and just buy them all nice/useful gifts for their birthdays for the rest of my life. That way I can still help them out without the pressure of people thinking I'm rich. Buy friends a dishwasher or new air conditioner or insulation and stuff, instead of handing over thousands of dollars at once.
I'd pay to see you gift someone insulation on their birthday
With a card that has "I've gone completely batty!" written inside.
I appreciate you leaving the blow in joke alone there
s/t??y/z/he is from Austria and it is f**king cold over there, and the price of gas is going through the roof, so perhaps it would be a exciting gift?
"Yes Hanz, finally we do not have to set fire to our clogs as we will be warm from ze insalation!"
There'd be nothing left after using it to buy a GPU
Not if you HODL.
My family are all loaded anyway so don't think i'd give them any.
Money can change people or reveal peoples true self, not necessarily you, but the people you know.
If you tell the wrong people, they might call you stingy for not helping out their debt or buying them a brand new MacBook for their bday.If you won $20,000,000 and didn't buy a macbook, you would be pretty stingy to be fair.
I have no need for a mac book, I rather buy an equivalent non apple product. As for gifting, someone who feels entitled to a mac book due to knowing about the $20m, wouldn't be a friend anymore.
Once you get that person a mac book (or an expensive gift), more will be expected from you from that person and others, your $20m wont last long. Gotta think long term.yeah, whenever i get a macbook, I expect a lambo down the road.
@Ti-au: I assume you're mature enough to actually understand human behaviour and the point I'm making, but just being silly today because its a public holiday.
Very close knit family so probably $1m per sibling and $2m for the parents.
you might already be there eh mr hodler?
I'd fill up everyone's tank with premium petrol then go back to being broke.
thought I was doing a good deed by clearing the credit card debt of a family member. they then proceeded to rack up twice the amount, won't be making that mistake again.
Would pay off my folks’ and siblings’ mortgages. Or if they wanted to sell and relocate, would help them to do that. That’s about it.
closer to you or further away?
Why is that? Winnings are not taxed here (they are in the US)
Every entry pays a tax to the government. Don't worry they are still making money.
Winnings aren’t taxed but betting company turnover is taxed (ie the winnings are effectively taxed because the government takes its cut before the payout is made)
Thanks Clive Palmer
@GrueHunter: It is stupid to not to tax like rich people,
Only thing different from lottery winner and non lottery winner rich is that one will only receive rich payment for a short while, while other continues enjoying it for rest of life.
More taxes that are raised from lottery will help those non lottery winners, and reduce sub-dived between rich and poor.
But ofcourse here only stupid people with incomes of $400,000+ live yeah they wont want the lower income people to get to their standards of livings.
20m
id put 4m - 2ea for my son and daughter in a low risk managed fund something like vas/vgs etc
16m
pay off my house, buy a nice beach house/apartment somewhere by the beach lets say 2m
14m
put 10m in to a fund that me and my wife will live off say 4 percent return pa on 10m thus 400k return to live off
4m
use for fund stuff like cars etc and give to family etc
so i guess no more then 4m if you dont include kids, 8 if you do
sounds good…. I reckon I'd do the exact same.
Nil, but can purchase a few house around ocean side so they can get free accommodation if they really want, or emergency living place in case something happens, then any other time rent them out, just dreaming…
Some staff member of the area health service I worked for won a beyond massive jackpot a few years ago ( think over 100 million) and they stated that they would continue working (what the beep ?) and give a little to charity.I still think about what I could do with that type of money (apart from get houses for my two sister in law's, whatever big boy toy my brother in law wanted,no house as he will do alright when his father in law goes,and uni fees paid for our nephew's kids).
I absolutely get continuing to work, especially if it's in a job you love. I think I'd be horribly bored without work. I had 2 weeks holiday over Xmas and couldn't wait to get back, although I must say that work is also a social thing for me to an extent.
time to get a new hobby mate… work is not a hobby!
Work for me is both a job and a hobby lol.
That 40's health care worker won $107 million and she is from Sydney so she needed at least $50 million.
I'd give all of the $20m to my enemies.
All the stats show that people who win big in lotteries end up bankrupt or dead or something as similarly nasty (not all mutually exclusive).
I'm not sure if it's accurate to state they're all getting killed off by someone else seeking the money. It's more likely to be a natural consequence because the people who play the lotto are the bottom of the barrel in terms of intelligence.
all getting killed off by someone else seeking the money
That's right. It's overdoses, suicides, etc., some murders.
I would pay someone to throw 1000 $1 coins onto my enemies front lawn each day and post it on Youtube with the address.
Can I be your enemy?
This is incorrect about 30% of division 1 winners end up worse off than they were 5 years after winning this is simply due to financial mis management.
People need to remember the average 1 division 1 winner gets around $1m to $2m in reality this is a lot of money but not enough money to stop working, go out and buy lambos and live large. I'd argue $1m might get you a house or pay of a mortgage give you a nice
'leg up' in life but it is not the advertised 'life would be a dream' you see on TV.Although there are a few stories of people who have won 'big' amounts (north of 20m) that have lost it all the majority are still rich the fact is you 'dont hear' about them because they want to be kept anonymous for good reason.
You also dont hear about those who have won 1m or so and used that money to 'grow' there fortunate exponentially - i knew a guy who won 1m 30 years or so years ago he purchased multiple houses and gave 1 ea to his kids (which he had 4) right now those properties would be (even adjusted for inflation) way more then his lotto winnings he kept working-part time it made his life very easy as he invested it wisely.
I also have a sneaking suspicion that some of the people that say they are broke actually arent but they want friends/family to stop asking them for money. So the best way to do that is publicly say im broke thanks to the lotto….
There is a somewhat curse when winning in USA esp is some states force you to publicly disclose YOU ie John Smith etc have won the lotto to the tune of xyz $ - Lotto winnings are also 'taxed' in the US and if your have a business your tax records can be open for all to see. This leaves you wide up to every one you know wanting a hand out and every bottom feeder coming with a sob story for a hand out which ultimately can make you broke or have you killed.
The fact is winning the lotto 70% of the time results in people far better off than they were before winning. This benefit usually extends though generations from what ive seen in people i know who have won big.
In Australia you can stay totally anonymous which i dare say most if not everyone does.
Personally if i won the money i wouldnt tell anyone other then my wife if it was under 20m
I'd give half to charity i.e ppl who do not have anything
Unfortunately in the end, most of it goes to admin fees (depending on charity of course).
Off topic, but… Why are high admin costs a bad thing? How else do you employ intelligent people to make good decisions with donations? Is there a correlation between lower admin costs and higher impact?
I bought an Avocado for $1.50 the other day. Couldn't believe the overheads to run the checkout counter, power, logistics, HR costed 75c off the purchase price. Outrageous. Going to now grow my own avocado tree.
Not saying you wouldn't, but if you're not already doing that now, then you wouldn't do that.
If I won $20m my family and friends wouldn't know.
They would probably just think
I've becomeI'm now a legit drug dealer.