$60M Lotto Max jackpot cheque makes 31 N.L. co-workers instant millionaires

[cKy]

Originally Posted by MoneyGuy

If you're living off interest you're doing it wrong.

Everything I do with my money is wrong!

[psyang]

A pretty thorough description of what to do (and what not to do) if you win the lottery. It's broken into 3 parts - read the first 3 comments.

[CaptainCrunch]

http://www.businessinsider.com/lotte...rything-2016-1

[Locke]

Originally Posted by psyang

A pretty thorough description of what to do (and what not to do) if you win the lottery. It's broken into 3 parts - read the first 3 comments.

Holy Balls....so basically its a death sentence.

[Northendzone]

I am 53 so I could likely retire somewhat comfortably with a million even thought it would be about 4 yrs of gross earnings before bonus, stock options, pension contributions, and borrowed office supplies

[Swift]

You guys are funny with your "would I work or not?"

My only decision would be "do I give two weeks notice or not?"

[Nage Waza]

Originally Posted by cKy

Alright accountants and smart people... How much money would you need in the bank to live off the interest?

I'll say living off the interest is about $2000 a month (food, fun, bills). I'd say the mortgage/CC/cars are all paid off..

$2000/Month? Way too little. I would like my existing salary, with bonus, but tax free.

[Dynamic]

If I take home anything more than a million I’m gone. Pay off my mortgage and then work as the guy at wal mart who greets you and hands you a cart as my fun money.

[BigNumbers]

I’d probably want $25million to $35million before I stopped working.

[#-3]

I expect me and my wife to have a burn rate of about $100,000/ year when we retire until be loss mobility. Not working is expensive, traveling more, more clubs or sports.... going to movies.

So if I we 60 about $2 million is cash would be about right and I would hope to have about $1 M in property assets to start liquidating in my 80s.

But right now in my 30`s it would probably need to 4 -5 million to avoid the risk of returning to work. A little bit less per year might be OK because extra interest might slow the burn rate early on.

Also as some have said, full retirement could get a little boring while the kids are in school and I am less mobile, I would certainly need to find a fun income generating project for the next 10 - 15 years.

[Coach]

I would still work, just not at a job that sucks

[Dion]

If I won the money I'd make the lives of boss and co-workers a living hell.

[Slava]

I find for a lot of clients it depends on what you consider retirement. I know that originally, I figured I would retire around 55-60 and that was that. The reality is that we live much longer these days, and I can’t do nothing for like 40 years. That’s pretty much in line with a lot of people’s ideas these days, and leads me to a different definition in the sense that I care more about a time I don’t have to work. I will almost surely work past that date though, because I love my job and genuinely enjoy it. I also don’t dig ditches or anything extremely physical, so there’s no limit in that sense.

And for people that are curious to know “how much do I need”, you should talk to a planner and actually think about it. I understand that this thread is more like daydreaming, but it’s worth taking a look to see where you want to go and have a plan on how to get there.

[Table 5]

Originally Posted by Locke

Holy Balls....so basically its a death sentence.

If you win something that big, it's probably just best to pack up and start somewhere new. Like Monaco....where you'll probably still just be middle-class.

[Slava]

Originally Posted by psyang

A pretty thorough description of what to do (and what not to do) if you win the lottery. It's broken into 3 parts - read the first 3 comments.

I did like that read, as scary as it is. I would say the "don't use an advisor" part is just stupid though. I won't bother dissecting this and explaining why, but honestly, having a competent professional dealing with this (along with the lawyer and accountant that you'll definitely want) wouldn't be the dumbest thing you could do.

[GGG]

Originally Posted by Slava

I did like that read, as scary as it is. I would say the "don't use an advisor" part is just stupid though. I won't bother dissecting this and explaining why, but honestly, having a competent professional dealing with this (along with the lawyer and accountant that you'll definitely want) wouldn't be the dumbest thing you could do.

I think the advice on the lawyer and the accountant probably is more important for the adviser. Do not use anyone you know and use a big national firm. For example if you win your first stop shouldn't be you, Troutman and Locke

I wonder if lottery winners are more or less likely to go bankrupt than athletes

[Slava]

Originally Posted by GGG

I think the advice on the lawyer and the accountant probably is more important for the adviser. Do not use anyone you know and use a big national firm. For example if you win your first stop shouldn't be you, Troutman and Locke

I wonder if lottery winners are more or less likely to go bankrupt than athletes

It's funny because that is exactly what I would do. I wouldn't go to a big national firm, and that doesn't mean only in the case that I win the lottery. I've dealt with a lot of excellent accountants who aren't with the big firms, and same goes for lawyers and other professionals.

[Handsome B. Wonderful]

Originally Posted by cKy

Alright accountants and smart people... How much money would you need in the bank to live off the interest?

I'll say living off the interest is about $2000 a month (food, fun, bills). I'd say the mortgage/CC/cars are all paid off..

$2000 a month? You want to live off $24,000 a year? That's not fun.

[Wormius]

Originally Posted by Handsome B. Wonderful

$2000 a month? You want to live off $24,000 a year? That's not fun.

Not fun, but doable. We are a family of 4, don’t have any debts and put almost everything on our credit cards and burn through about $3000 per month when we aren’t doing any traveling or things like that. I think you could live off the interest if you are no longer working or needing to be places, and just take some of the principal when you need it. Probably wouldn’t be that bad.

[Regorium]

Originally Posted by Slava

It's funny because that is exactly what I would do. I wouldn't go to a big national firm, and that doesn't mean only in the case that I win the lottery. I've dealt with a lot of excellent accountants who aren't with the big firms, and same goes for lawyers and other professionals.

I think the idea is that you go to a firm where they are not tempted by 100 million dollars. Any of the top firms would not risk their reputation for scamming you out of 100 million dollars, whereas a lot of the smaller guys may be tempted.

Nothing on the skill of the people.