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What Would You Do With $523 Million?

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Avatar for Porwest
Written by   91
1 month ago

This is all for fun, because there is no way this kind of money is actually going to ever, in a million years, make its way into my wallet. But it could. And because the possibility is still there, I think it is a bit fun to think about what that possibility means.

In the United States we have two multi-state lotteries in play. The MegaMillions, and the Powerball. Someone just won the MegaMillions in New York, so we will set that one aside for a moment, even though it is still worth a cool $22 million as I write this.

But the Powerball? Tonight's drawing is worth $523 million.

When you win, I should point out that there are two options regarding how you receive your winnings. One is the annuity, paid out in a pari-mutual 3o annual installments. And the other is the lump sum cash option.

We are only going to focus on the cash option here.

Image courtesy of Pixabay, user PublicDomainPictures. Packs Pile Money - Free image on Pixabay

Now, this is some very rough math here, because each state is different, and so is the way these jackpots are paid out. So, depending on where you live, taxes of course determine what you actually will receive.

First things first. The total prize amount is based on the value of the annuity. So, in this case the value of the annuity is $523 million. If you decide to take the lump sum prize, the value of the prize reduces by roughly 50%.

That means your $523 million jackpot is actually worth about $261.5 million if that is the route you choose.

But, you still have to pay taxes on that prize of course. Hey, the government wants its money. No new information there. So, this means that after taxes from both federal and state, you will get to keep about 60% of the total you receive.

Your $523 million jackpot is now worth about $156.9 million. Still a nice loot, and definitely some life changing money without any argument.

So, what would I do? Well, I would likely take about $10 million right off the top and just have a blast doing whatever the hell I wanted to. $10 million is a lot of money and I am sure I could make this go quite far.

This leaves me with $146.9 million. So, what do I do with that?

Image courtesy of Pixabay, user OpenClipart-Vectors. Chest Gold Lock - Free vector graphic on Pixabay

I take $5 million and set it aside equally between $2.5 million to read, and $2.5 million to noise. Ah, imagine the tips I could send with that kind of money. Hell, I could be the king of noise and read and even maybe make the real king of both, Marc DeMesel look like a small fish in a very big pond.

No disrespect or harm intended for our beloved Marc of course. But hey, I only paid $2 for the ticket, and if I have this kind of money, why not just share it? I still have $141.9 million left.

I am an investor in the stock market, and I do pretty well with that. If I take that $141.9 million and invest it there, I can assume an average return of about 6%. Now, that's a very conservative return. I tend to make more considering the various strategies in the stock market I use.

But let's assume it is only 6% I get.

My annual income from the remaining $141.9 million is a whopping $8.514 million per year.

Have I even spent the initial $10 million I took at the start? Who knows? That's a lot of freaking money all by itself. Could I live on the interest and dividends of $8.514 million a year? Oh yes, and how. That's massive.

So, what would I would do with that? That interest and dividend payment? I'd probably toss in another $1.5 million to read and another $1.5 million to noise. I am still up $5.514 million a year to do whatever I want with.

Image courtesy of Pixabay, user OpenClipart-Vectors. Bag Gift Giving - Free vector graphic on Pixabay

As much as I am a HODLer when it comes to my own money, I think it is a lot of fun to think about how many lives I could change with this kind of money, while at the same time still enjoying many riches for myself.

And without a doubt I would be committed to doing exactly that. Sharing it. Spreading it around. Changing lives. I think that would actually be a ton of fun.

If you found yourself suddenly with this kind of money, what would you do with it? Inquiring minds want to know.

Lead image courtesy of Pixabay, user PublicDomainPictures. Packs Pile Money - Free image on Pixabay

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Avatar for Porwest
Written by   91
1 month ago
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Comments

Since I don't play the lottery I'm never going to win. 😄 But I do remember a TV show where people in an office who all chipped in to buy a ticket. They won! The TV show followed all of those people around to see how they spent their money. Most of them squandered it. The person that I remember was a Vietnamese-American. That guy invested his winnings wisely. His main investment was putting all of his kids through college. I couldn't believe that so many people could receive a windfall blessing and then squander it! He was the only one I can remember who used the money wisely.

$ 0.01
3 weeks ago

Most people who come into money lose it eventually. It is why I always say, never give a poor man money. It will NEVER make the poor man better off. The ONLY way you make a poor man better off is by offering him an education on what to DO with his money. It is the best charity there is.

The rich get richer and the poor stay poor for one simple reason. The rich know how to do it and the poor do not. It really IS that simple.

$ 0.00
3 weeks ago

That's so much money that I can't even think about it. LOL. I think I would invest in cryptos and travel around the world. And I would give my son a good amount to invest in his future. And I think I would dedicate the most amount to trying to change other people's lives. I wish you win that lottery for a long life to Noise and Read! ;)

$ 0.01
1 month ago

I would do a lot of the same. Plenty for me and plenty for a lot of other people. I can't even begin to tell you the fun I would have. :)

$ 0.00
4 weeks ago

It would be too much fun. I hope you really are playing the lottery. At least for dreaming that it may come true 😂😂

$ 0.00
4 weeks ago

That is so much money I can't even wrap my head around it. I would for sure also try to do something nice for our planet. Try to save the amazon forest or something, clean up plastic in the ocean or something like that. I would feel pretty guilty about having that much money to be honest

$ 0.01
1 month ago

I can say with complete honesty I would feel no shame nor guilt having that kind of money at all. Everybody (at least in the US) can buy a ticket and have the same chance as I do to win.

$ 0.01
1 month ago

I know, but nobody needs that kind of money, you could never spend it all so why keep it all to yourself?

$ 0.01
1 month ago

When you spend money you help to create commerce and that creates jobs. Giving money away willy nilly to people doesn't necessarily help anyone.

That being said, in my article I designated many millions to be given away.

Aside from that, I do not believe anyone can ever have too much money. :)

$ 0.00
1 month ago

I could only have that amount in my dreams 🤣 I'll buy more crypto and invest in real stocks if that happens. Lol

$ 0.01
1 month ago

I do that now. But of course with this kind of money I could sure do a lot more of it. lol

$ 0.00
1 month ago

Haha... Same

$ 0.01
1 month ago

Having that amount of money could be overwhelming for me and I'm pretty sure I will go on a crazy shopping spree at first and when I have come off that crazy horse, I will sit down and properly invest the remaining money. Setting aside some amount of money for readcash and noisecash is a pretty good idea, and I will definitely buy BCH now that the price is down, coz I know it will pump high by December

$ 0.00
1 month ago

Actually, at that level of prize money you're talking about, let the government take its cut. Who cares. LOL. I do have a question:

  1. 40% cut by the government is still a whole lot. That's a lot of tips you're talking about. Let's say after you've found out you had won the lottery, would it be too late to move to a state with the lowest tax real quick before cashing out? Might be worth the trouble to move.
  2. Do you buy any of these lotteries?
  3. If you do buy these, I hope you win...and do remember me. Throw me some crumbs. I don't mind helping you with the moving if question #1 is possible. hahahaha...
$ 0.00
1 month ago

Lol...imagine the first tip you give here on read.cash, would be mine...Lolzzz Anyway if I happened to get this much money I will definitely go for shopping after saving something my rainy days.I will also help the the poor and needy.

$ 0.01
1 month ago

The tips here would be off the chain. lol

$ 0.00
1 month ago

I would fly to your house and buy it, lol! Kidding aside, I would probably do what a human would do, spend some, invest some, share some, keep some :D

$ 0.01
1 month ago

Same. I think money like this could really go far, and in more ways than one. Keeping my fingers crossed that I get to test out this theory. lol

$ 0.00
1 month ago

Cheering you on! That makes me think about trying the lottery too, lol!

$ 0.00
1 month ago

If I would have that money, then I will undoubtedly invest the 30% of it in BCH and BTC in split forms. Of course, I'll tell to anyone on noise and read (without telling my name) that I invested on that, and I can engage many investors to invest in BCH and BTC as well. Through that, I can rise up the crypto market with my own hands. It's just a mere impossible to happen

$ 0.00
1 month ago

You haven't won yet, but already made a plan of what to do. You have to win now before someone else could be able to use your plan.

$ 0.00
1 month ago

Darn! That's a lot if ever. Well, I wish you win and share me even tiny bit so I could finish my house. 😅😅 Just kidding.

But if I were to have that amount, I would share as well. First, give mom some coz she deserves it. Then I'll save up some and invest in crypto. Share some in both platforms and those who badly needed help in my country. Buy a huge lot for my dream to have a place for rescued dogs and cats. Also, who knows I could travel outside the country with that money. 🤩

$ 0.00
1 month ago