Lotto AU$90,000,000.00 - what to do with it?

[v8Statesman]

Not gonna lie, part of me would be tempted to go straight to Crown and put it all on Red. Double or nothing before I get too attached

Dear God! As a non Gambler, I cannot fathom that rationale at all!
But thinking about it for a second.
How much would your life change between having $0 in the bank vs $90M?
Now, how much would your life change between having $90m in the bank vs $180M?

Speaking only for me. Option 1 would have a huge impact! Option 2 almost zero impact.

 

[Bundy Bear]

I wouldn't pay off the mortgages as I am still able to negative gear them.

I would give some of the money to my parents, my brother, buy gifts for some friends and go on a luxury 6 month cruise round the world.

Would these friends include AFF Friends,
No need to answer,

Some very good responses.

Brought a ticket with a group of friends and thought I should buy my own ticket.

 

[NM]

Dear God! As a non Gambler, I cannot fathom that rationale at all!

And you can rest assured that buying a Lotto ticket is not gambling ... its a short-term, high-risk investment

 

[anat0l]

First, I'd probably make sure (as much as possible) that I remain anonymous so that very little - if anyone - knows that I'm sitting on an obscene amount of money.

Secondly, I'd call Amex and Visa (or visit the bank) and cajole them to give me the best credit cards with high limits and excellent rewards features. If you're going to splurge, might as well get a double whammy for it...

Thirdly, I'd open up a solid savings account or fund (whatever that may be) and put a substantial amount there, however I'd also lock some in a briefcase and put it in safe deposit. After all, don't want all the money to go up in smoke if we have a major installment of the Great Depression again....

And now to more standard (or not so standard) wishes:

• Property: a house in Brisbane, a unit in Sydney, a unit in Melbourne, and a house or unit in at least two other places in the world...that is undecided at the moment (will depend on where I would like to travel and/or stop along the way).
• Travel: take the whole family around the world in F (naturally), staying in great hotels (notice how I did not say 'the best', since we could have so many tiffs about what that could mean, let alone I think we have all found that 'the best' according to some publication may not mean the best in our view at all). Hopefully with a substantial amount in reserve my mother will finally be able to have a "real" holiday and not be so stingy.
  For myself, I'd like to be able to fly both a AONE6 and a FRTWSTAR3....and with a friend (or my sister) would be nice (although she may not like the whole flying sixteen times in a year let alone in say 3-6 months).
  I'd also like to go on a cruise one day. They can be long and I assume sea faring isn't all that glamorous unless you get a suite or the like (and they cost a decent penny)..... It would be an interesting experience. I hear the Mediterranean cruises are very good....
  Then there's a whole bunch of places that I want to go to before I leave this world.....
• Donate a good sum to charity (another reason not to go public - when you're rich, any amount you donate is always too little or stingy); also make donations to my primary and secondary schools. I'd also try and work out how my dad and I can help his other relations in his home village to improve their lives.
• Buy a car. I'm not into fast cars or the like, but I should get one (there's been little economic or practical reason for me so far to get a car)......

More importantly, would I stop working? Surprising to some of you, the answer is no. I probably will be able to write my own agenda a bit more, but something needs to keep you sane even with all that money and time you would have.

 

[v8Statesman]

And you can rest assured that buying a Lotto ticket is not gambling ... its a short-term, high-risk investment

A tax on the mathematically challenged!

 

[NM]

A tax on the mathematically challenged!

Or a challenge for the mathematically taxed?

Given the only assured winner is the tax office, I consider it a form of voluntary taxation (like speed cameras).

 

[v8Statesman]

Or a challenge for the mathematically taxed?

Given the only assured winner is the tax office, I consider it a form of voluntary taxation (like speed cameras).

I am a winner of sorts.

Allow me to explain. I do work for Not for profits. They get grants from Lottery West. That money pays me

 

[NM]

I am a winner of sorts.

Allow me to explain. I do work for Not for profits. They get grants from Lottery West. That money pays me

Similarly, a not-for-profit theatre company for which I do voluntary work (sound and lights) has received grants for sound and lighting equipment from a community benefit fund sponsored by a casino. Its good to have new, quality equipment to use, such as for this week's show using 20 radio mics and only needing to hire in 4 units.

 

[medhead]

Or a challenge for the mathematically taxed?

Given the only assured winner is the tax office, I consider it a form of voluntary taxation (like speed cameras).

However, aside from the tax take on the ticket price - if you had that much money you'd be able to "minimise" the tax on your earnings quite well. It is all about getting the right balance between debt and income.

Accordingly my (the family trust's) debts would increase, but my home mortgage would decrease.

The first thing I'd buy is a roll of $10 scratchies.

The most interesting thing I'd do is try to buy a controlling stake in the company where a friend works.

I'd give away a big chunk and buy another mate a ducati

 

[samh004]

Seeing as I'm in NZ I'll have to buy my ticket online.

And now I have done so. Will have to verify my identity when I get back to Australia, but all's good. Got my entry.

 

[JohnK]

Would these friends include AFF Friends,
No need to answer,

Why not? Spend a couple of hundred thousand dollars and organise an AFF DO overseas, possibly Singapore or Thailand, and invite some of my AFF friends for an all expenses paid trip....

 

[NM]

Not quite - the win is non-taxable and if you had that much money you'd be able to "minimise" the tax on your earnings quite well. It is all about getting the right balance between debt and income

I was not talking about taxation of winnings. I was commenting on the "take" the government gets for each investment entry (ticket). Just like at the casino where the government gets a cut of the turnover, the only guaranteed winner is the one that gets a cut of each entry for doing little more than managing the legislation governing how much they can cream off the top.

 

[medhead]

I was not talking about taxation of winnings. I was commenting on the "take" the government gets for each investment entry (ticket). Just like at the casino where the government gets a cut of the turnover, the only guaranteed winner is the one that gets a cut of each entry for doing little more than managing the legislation governing how much they can cream off the top.

Ahh, opps

have edited my previous.

 

[chrisb]

How much would your life change between having $0 in the bank vs $90M?
Now, how much would your life change between having $90m in the bank vs $180M?
Speaking only for me. Option 1 would have a huge impact! Option 2 almost zero impact.

I dunno, Wikipedia says a Boeing BBJ is abou US$47m. $90m probably wouldn't let you own and run one. $180m would.

(Don't mention leasing. I don't share)

 

[Alanslegal]

Why not? Spend a couple of hundred thousand dollars and organise an AFF DO overseas, possibly Singapore or Thailand, and invite some of my AFF friends for an all expenses paid trip....

I bags 1A, thanks JohnK and I'm assuming you'd let me fly via USA and EUR to SIN/BKK and return via the same way! :mrgreen:

 

[straitman]

I dunno, Wikipedia says a Boeing BBJ is abou US$47m. $90m probably wouldn't let you own and run one. $180m would.

(Don't mention leasing. I don't share)

If you owned your own BBJ would you give yourself FF points and if so at what earn/burn rates :?:

 

[NYCguy]

$90M is quite a lot of money. One must be careful, though, not to get carried away and develop Conrad Black-style delusions about being a billionaire. Purchasing a BBJ might sound like a good idea, but running private jets, multiple houses with full complements of staff, and supporting a wife who quickly develops a lust for haute couture would make even $90M disappear rather quickly.

The sad thing is that the money will probably be won by someone who lives out the back of Liverpool, who'll decide to "keep working so I don't get bored". Unfortunately, most people who win large amounts of money have absolutely no clue about how to enjoy it. Sadly, they don't become "rich", they just become poor people with a lot of money.

 

[Alanslegal]

The sad thing is that the money will probably be won by a fitter-and-turner who lives out the back of Liverpool, who'll decide to "keep working so I don't get bored".

Agreed or it's some guy who's down to his last $7.20 and bought the winning ticket, or another chap who's just lost his job due to the GFC or a single mother with 15 children who had time to not only take care of 15 kids under 16yrs old but also do 80hours of volunteer work each week. The truth is, we just don't know who wins, but Lotteries like to give us this kind of examples, fictatious or not, as it makes everyone feel good and have a chance. OR maybe they are targetting the more vulnerable groups ie groups which are of lower socio-economic backgrounds as they statistically are higher gamblers.

I have never heard of stories of a team of corporate lawyers' syndicate winning the Big one despite the obvious that most people play Lotto esp. when it comes to these monster jackpots.

 

[NYCguy]

... Maybe they are targetting the more vulnerable groups ie groups which are of lower socio-economic backgrounds as they statistically are higher gamblers.

I think you're on to something there. But I must confess, I bought 10 systems games online... Hey, $90M is $90M!

 

[JohnK]

I bags 1A, thanks JohnK and I'm assuming you'd let me fly via USA and EUR to SIN/BKK and return via the same way! :mrgreen:

I wouldn't have it any other way.