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

[Swarly]

Originally Posted by Wormius

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.

so yeah, you could sit at home and watch tv eating KD 24/7/365 on $2000/month. But really if you want retirement money that should include enough to travel a few times per year minimum. 2k you'd be hard pressed to ever buy a new car.

[meh]

Originally Posted by JohnnyO

2 Chicks at the same time, man

I'd also subscribe to Channel 9!

[TorqueDog]

$2 million in lottery winnings isn't going to get me to stop working. $2 million is a million less than I would make in 20 years given the same job (I'm only 32), meaning I'd have to reduce my standard of living substantially. Why? Because if I'm not working, you better believe that I'm going to be trying to fill my days with interesting and entertaining activities. Those types of activities aren't generally cheap, and you don't tend to hunt out such things on a daily basis when you're working 9-4.

I think that's one thing a lot of people don't take into account. Being stuck at work is a great way to not spend money, for most of us anyway.

[NuclearFart]

Originally Posted by TorqueDog

$2 million in lottery winnings isn't going to get me to stop working. $2 million is a million less than I would make in 20 years given the same job (I'm only 32), meaning I'd have to reduce my standard of living substantially. Why? Because if I'm not working, you better believe that I'm going to be trying to fill my days with interesting and entertaining activities. Those types of activities aren't generally cheap, and you don't tend to hunt out such things on a daily basis when you're working 9-4.

I think that's one thing a lot of people don't take into account. Being stuck at work is a great way to not spend money, for most of us anyway.

Agree 100%. 2 million isnt what it was when our parents were young and everyone said you had it made if you could become a "millionaire". To make that last >40 years would mean quite the frugal and boring existence. Money isn't everything, but you can only bide your time for so long volunteering and going for walks in the park.

Having a constant income stream also provides the mental comfort and confidence when buying anything. If I knew I was drawing on a limited dwindling resource, I would get stressed out choosing Kraft over Presidents choice Mac & Cheese.

[Cecil Terwilliger]

$2 million isn't even enough for me to bother taking the day off work to go claim the ticket.

[burn_this_city]

$2M is enough to build a huge nest egg to retire at 40-45 and live worry free. At my age I would work another 5-10 years and be done.

[OMG!WTF!]

I'd buy mortgages. Safe ones at 6%. Maybe a few projects at 12%. You'd be hard pressed to live a miserable existence at 15k a month.

[kevman]

I'm not going to claim to be a star investor but where can I get safe guaranteed returns of 9%? Actually, you'd need closer to 12%/year on $2 million to pull $15k a month and stay ahead of inflation. Maybe I'm doing it wrong but I'm not getting a guaranteed 12% on my investments.

[Slava]

Originally Posted by kevman

I'm not going to claim to be a star investor but where can I get safe guaranteed returns of 9%? Actually, you'd need closer to 12%/year on $2 million to pull $15k a month and stay ahead of inflation. Maybe I'm doing it wrong but I'm not getting a guaranteed 12% on my investments.

Yeah, it's risky for sure. Look no further than the Walton/Shire/Concrete Equities types of things in the past decade and you can see that these things aren't foolproof and guaranteed.

[dammage79]

Which movie was it where John Goodman said " You need at least 2.5m of F-you money".

I'd disappear with 6 or 7 million. Cover my immediate families debts mortgages and my own debt and bail.

[Wormius]

With $2 million you could take out $50k a year for 40 years. Assuming you made no interest at all in it.

If you made a mere 2% you could pull $50k for 78 years before you ran out.

[HockeyIlliterate]

Originally Posted by dammage79

Which movie was it where John Goodman said " You need at least 2.5m of F-you money".

The Gambler.

https://www.youtube.com/watch?v=xdfeXqHFmPI

[OMG!WTF!]

Originally Posted by kevman

I'm not going to claim to be a star investor but where can I get safe guaranteed returns of 9%? Actually, you'd need closer to 12%/year on $2 million to pull $15k a month and stay ahead of inflation. Maybe I'm doing it wrong but I'm not getting a guaranteed 12% on my investments.

Of course nothing is guaranteed but I grew up thinking real estate was the best investment. And it was for many years but it is by no means without risk. Mortgage lending is not Shire or Concrete. I find actual people who need loans and have the kind of security I want. If you have a first mortgage on a property you like and at a loan to value you are comfortable with, that's the best you can do as far as risk.

You'd also be amazed at what people will pay for mortgage money. A 12% roi on a first mortgage at 60% ltv is not at all unusual. 6-9% is a very secure loan and usually around 40% ltv. Private money is much different than banks.

[burn_this_city]

I dunno what kind of credit people have to get a 6-9% mortgage, but I don't think its fair or good. Seems a bit riskier than just putting your money in SPY.

[OMG!WTF!]

Originally Posted by burn_this_city

I dunno what kind of credit people have to get a 6-9% mortgage, but I don't think its fair or good. Seems a bit riskier than just putting your money in SPY.

They're usually self employed. And their credit is not usually bad. At any rate you can at least see their credit before you decide to lend or not. But the most important thing is that they always have a very substantial down payment to create the ltv I need. People are not super anxious to jeopardize their own 200k investment.

The SPY isn't a bad option either...if you know what you're doing. It's better as far as taxes go too.

[burn_this_city]

There isn't really anything you need to do with SPY. Put your money in, maybe pull it out if the market is crashing hard, and put it back in when the dust settles. Even that isn't necessary if you're looking at 30 year time horizons.

[temple5]

5 Mil is fk u money and I quit my job and leave the country. 1-2M and I attempt to keep it private from family and friends and just go about my life and just retire early and take more plane vacations.

Lotto winnings distribution would look like this

Me and Wife =3M
Each child (2) = 2M
Family starts getting $ <5M (those who have said lotto is a tax on the stupid, they get zero)

Example, I buy a house for each my brother and sister that they sign a lease and live in for $1/month in rent + all monthly costs. Each maybe would get a yearly cash payment of 25K for 10 years.

Parents I buy a home in the sunny destination of their choice and again they have same deal as my siblings. Parents (couple) get double say 50K/yr for 10 yrs.

Extended family, I am lucky I dont have much and since all the pressure to give them money would come from my parents then I would probably give my parents a lump sum cash amount to distribute how they see fit to those relatives. I never see them anyways so if I never saw them again after the lotto I wouldnt be sad.

[snootchiebootchies]

This couple hacked the lottery and won $7.8M over 55 lotteries in 8 years just by figuring out when it was the best time to play.

Jerry and Marge Go Large

http://highline.huffingtonpost.com/a...lotto-winners/

So perhaps it was only fitting that at age 64, Jerry found himself contemplating that most alluring of puzzles: the lottery. He was recently retired by then, living with Marge in a tiny town called Evart and wondering what to do with his time. After stopping in one morning at a convenience store he knew well, he picked up a brochure for a brand-new state lottery game. Studying the flyer later at his kitchen table, Jerry saw that it listed the odds of winning certain amounts of money by picking certain combinations of numbers.

That’s when it hit him. Right there, in the numbers on the page, he noticed a flaw—a strange and surprising pattern written into the fundamental machinery of the game that, like his cereal boxes long ago, revealed something no one else knew. A loophole that would eventually make Jerry and Marge millionaires, spark an investigation by a Boston Globe Spotlight reporter, unleash a statewide political scandal and expose more than a few hypocrisies at the heart of America’s favorite form of legalized gambling.

[corporatejay]

Originally Posted by Regorium

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.

Also access to insurance. Smaller firms usually carry less insurance because they rarely deal with such large transactions. A large national or multinational will have a tonne of insurance because they do deals in the 10s of billions.

[psyang]

Originally Posted by snootchiebootchies

This couple hacked the lottery and won $7.8M over 55 lotteries in 8 years just by figuring out when it was the best time to play.

Jerry and Marge Go Large

http://highline.huffingtonpost.com/a...lotto-winners/

Great read, thanks for sharing!