Fun game I've played at home and at work over the years. You win the lottery next drawing. What is the first thing you buy? What is the most expensive thing you buy? How much do you give away? How soon do you quite work? Do you stay in same house, city, metro, state?
Forums:
DISCLAIMER: Forum topics may not have been written or edited by The Key Play staff.
Comments
First thing we do with the money. Pay off debt, wife's medical school and intern loans, house, all other debt. Then fully fill kids college accounts (mine too for last few classes).
Most expensive thing I would want to buy are two more homes. One in Virginia near Blacksburg and another in the Caribbean.
We have set a limit of 1 million each to give away. That's family, Tech, charities etc.
I don't work but we decided we wouldn't collect ticket until last possible moment, in Florida that's 180 days. During that time I'm growing the most facial hair and not getting a haircut to obscure how I look. Then my wife will have the option to buy out her partnership or go partial status so she keeps her license and makes profit shares, risk there is patients wanting to sue more.
Move houses, stay in same area for now.
The first question is whether you take the lump sum or go annuity
I think I'd take the annuity - fewer taxes and a lesser fee to the lottery - plus, I really don't need all that money all at once. The annual payments are still going to be way way way more than I ever expected to earn in a year
My lifestyle wouldn't change drastically - mostly because I really like my lifestyle right now - We'd probably travel more but otherwise we wouldn't change a whole lot - no big new purchases (unless they have some ROI) - just pay off what little debt we have and start investing heavily
Next, I would assemble and work with a team of folks who can help me to invest and protect the money - I'm going for sustainability here - I want to put that money to work for us so that when the annuities stop coming in 30 years we don't have to make any adjustments to our lifestyle (because as much as I say I want to maintain the lifestyle we have, there will be creep - it's inevitable)
I would look at the winnings as mostly principal - never touch that for my own expenses but rather invest that and live off the ROI - and if I play it right, I'll have more than enough ROI to live off of and then a percentage of the remainder will be donated to various charities (and VT, of course) and a percentage will be reinvested
I can tell you never had Bonimo's Finance class or he would have failed you. ALWAYS take the lump sum. You can always invest more efficiently than they do for the annuities. With the annuity, they are basically just paying you the interest on the lump sum. You still pay the same in taxes and in most instances more with the annuity in the long run.
If you win, take the lump sum and give it to me, I'll invest it and pay you your annuity every year! Win/win
From the pure economics/finance perspective this is the correct answer. However, given a lot of the horror stories I have heard about people winning the lottery and having it ruin their lives and they end up bankrupt I can see why some people may choose the annuity.
That's why you put on your AI Reebok's within the first week
People that can't manage money before they win the lottery are the same people that can't manage it after they win the lottery. That's why they go broke. Unfortunately, most people that regularly play the lottery aren't good at managing money to begin with or they wouldn't be playing the lottery.
The fees for the lump sum are significantly higher than for the annuity. So you pay the same rate in taxes but over time the amount of money you actually get is greater if you take the annuity. I would rather take the annuity and know that I'm going to be getting graduated payments every year that I can invest incrementally rather than trying to invest all 500 million at once.
Take the lump sum and you'll get approximately 516 million (before taxes)
Take the annuity and you'll get approximately 776 million (before taxes)
Assuming you invest the lump sum (I mean, don't touch ANY of it) and it gains 7% interest per year for 30 years (that's in line with the average gains in the stock market) you can turn that 516 million into 3.9 billion
edit: I'm not a smart man - I guess the lump sum is superior if you invest it all
Engineers and their theories! And they are all wrong. That's why they aren't money managers! HA! Trust me, we spent a whole semester on this, and he would fail anyone who said to take the annuity. Taxes are a huge variable in the equations so by not factoring that in you skew the numbers quite a bit, as there are legal ways to minimize your tax liability on your investments. Inflation and taxes are always going up. Your future annuity payments are worth less in the future than in today's dollars. Basic finance time value of money. ALWAYS GET YOUR MONEY NOW. Also, and this is the biggest variable in you calculations, if you're only averaging 7% return on your money, you need a new financial manager!
And given your variables @7% without taking into account taxes:
Lump sum $516 million over 30 years at 7% would end up at $3,927,923,602+/-
Annuity of $1 billion divided into 30 annual payments of $33,333,333 invested at 7% for 30 years is $3,402,434,678+/-
You're leaving off the fees for the annuity. There are fees both ways, but they're much higher for the Lump Sum. The annuities aren't going to be equal payments, either. The first payment would be approx. 15 million and the last payment about 36.75 million. So, in reality, investing it at 7% per year probably yields an even lower amount since you don't get that compounding interest early on. Mathematically, it's a lot easier to figure out the rough FV of the annuities if they are equal, but they are not. Since you're starting with a lower principal it won't generate as much.
From a strictly cash standpoint, you get about 40%ish more money by taking the annuity but if you invest the lump sum wisely you can easily make up that difference (and even surpass it) over the 30 years. As someone noted above, taking the annuity might make sense for someone who is liable to go bankrupt by buying lots of things they shouldn't in the first few years.
You're kind of looking at present value vs risk. The annuity has a lower PV but also lower risk. The LS carries higher risk (you could squander it, make bad investments, get hoodwinked by a "financial advisor" etc.) but also higher long term rewards. If you're risk averse, the annuity makes sense. If you're willing to take more risk for the potential of a higher return, the LS has more potential.
Either way, if I'm getting anything more than $5,000,000 right off the bat I'm pretty stoked. I have a financial advisor already and would meet with them before making a final decision either way but I could see arguments for both LS and annuity
I see no argument for the annuity. If someone is going to squander the lump sum, they are going to squander the annuity payments too, or bad investments on the LS vs bad investments on the annuities etc. If you are gonna compare apples to apples, those variables would be the same for both. Can't have it both ways.
I don't know what state you are in, but there are no "fees," there are state and federal taxes and that is all.
I just looked and see they are now doing graduated annuity payments. This skews the numbers even further towards the lump sum as they are screwing you in the early years with even smaller payments. Your future larger payments are worth less due to inflation and the inability to invest earlier. The whole lottery thing is a scam Ponzi scheme and just another tax. Its a huge money maker for states off of usually lower income individuals hoping to get lucky and make it big.
Let me try and put it in different terms. The advertised amount is the future value of the jackpot. There isn't a billion dollars out there waiting for the winner, there is 516 million. If you take this as an annuity, they take the money and invest it in T-bills. Your annuity payments are basically the interest off of their investment, after 30 years you've gotten your "billion" but they still have their 516 million. Whereas if you take the lump sum, you end up with both. Does that make sense? You could easily invest the 516 million in very conservative T-bills and "pay" yourself the same annuity each year, but you can invest much more efficiently and "pay yourself" a bigger annuity payment.
this is a fair point - hopefully they learn something along the way, though. Maybe they squander the first 15 payments and then get wise and actually end up with a little money at the end
Yes, this was the point I was trying to make above in favor of the LS
mathematically, there is no good argument for the annuity - but for some people who have no need or use for that kind of money, they'd be pretty happy getting a steady cashflow that is self-limiting over the next 30 years. 30 million dollars in 30 years will not be the same value as 30 million dollars today but it will still be a hell of a lot of money. If you told me that I could have 15 million dollars today, and get gradually increasing payments that reaches 36 million in 30 years I'm not going to be upset about it
But I concede, the lump sum, if invested properly, is the better value
Take all the money, up front, at once. I sure as hell wouldn't trust the government to be in control of my winnings, much less assuredly pay it out over the next 30 years.
Just upvoting for the Bonomo reference. Made me smile.
I have trouble satisfying one woman at a time. How the hell would I handle two??
big of you to admit it
They have each other for a bit while you get some Gatorade and a power bar.
I don't know know, but I would give it 800%.
You are doing it wrong.
This is the most acceptable answer.
All friends and family would get the 1 million max giving limit.
I'd look at a home close to bburg for games, probably get a box for games too. Maybe at clater lake for some fun too. I'd have to get a driver for game days then.
I'd probably rennovate our lake house and then talk to a neighbor about 3 doors down to see if I can buy his place once he can no longer get to the lake (he is getting up there in age and it's really nice)
The main thing I would do is create a foundation to fix foster care in the US and the whole adoption process. It's so screwed up. I probably need a good amount of the money to buy some politicians to fix it, but they would be state politicians so that's probably cheaper than federal.
My wife likes the idea of a self sufficient farm, and if we have a foster kid foundation and we foster and adopt kids well we are blurring the line between normal wealth people and just plan crazy so we'd have to find a good medium.
EDIT: First thing we'd do is get some good lawyers and accountants and insurance.
First thing:
I'm taking Mrs MattBoard out to dinner. Like a nice dinner.
She wouldn't even have to order off the value menu.
Wait, there are restaurants where you don't order by number?
My wife and I have joked about what we would do if we won the lottery. Definitely the lump sum. My understanding that is that if you die while taking the annuity the tax bill on the rest comes due before the rest is paid out. We would as quietly as possible wait until several months had passed before quitting our jobs after the money has hit the account.
1. Hire someone else to finish the house we are building. Pay off the debt associated with building our new house.
2. Set up a charitable trust to assist localities with maintaining and improving playgrounds for kids. There is hardly any money in most small town budgets for this. It would probably be set up as a 50/50 match type of grant/local money arrangement. It would get a good chunk and the ROI would be our available funds for the year.
3. Set up a real estate LLC to buy a bunch of the condos around college towns (starting with BBurg/Cburg). Hire a manager for day to day management.
4. Draw a small salary from #2 & #3 for ease of arranging insurance, and to continue to deposit money into retirement programs legally. Charitably contributions would only ever be from ROI but Tech, the local church, etc. would probably benefit.
5. Maybe invest in a second home on the beach somewhere. Take a couple more vacations but not really change how we live.
Somebody from my current company would be paid to come and get all my work stuff from my house. They can do it whenever, but I'm not going back there.
Buying a nice (but not too over the top) house somewhere in wherever my wife and I decide to go. Probably buy a spot in Blacksburg. Maybe a condo in NYC (close to a lot of fam and NY Rangers).
The rest is going to be just living life doing whatever the hell I want. I'd donate some to VT for sure, but I'm gonna draw it out to make sure that I'm set for a long time and my future children are set up for a long time via a trust or something.
i would definitely take the lump sum, because money now is better than money later and none of us is guaranteed later
i'd invest heavily in real estate and probably endow the Dr. Gobble Gobble Chumps '16 Head Football Coach position at tech or something
I'm buying so much land and real estate it's not even funny, it's the one thing they cant make any more of it. I work in agriculture but don't have a farm of my own, so I'd business plan my own venture. The entry cost is incredibly high and the risk of failure is even higher, so some cushion would be nice. Pay off my debts, pay my folks debts and retire them (they're both like 7-9 years away and are counting the days). See how much is left and get a good advisor to balance how much I can buy off the bat and keep enough to sustain it while taking care of my immediate family.
This. I would have thousands of acres.
Wife and I have discussed this before, so have a good feel for some of it.
What is the first thing you buy?
Probably a real good meal out.
What is the most expensive thing you buy?
Probably a nice restaurant, but that ties in with how much you give away, so I won't count it here. Buy for me/us, would be a nice house up somewhere like Alaska where in will be nice and cool, we can have plenty of land. Maybe on the Kenai Peninsula.
How much do you give away?
Assuming we are talking a huge amount, would give away all but 100 million after taxes. 100 million should be more than enough. What is given away is divided 4 ways. A chunk, maybe ~10% of it, is for friends/relatives. Once that amount is exhausted, no more. Will not be an endless piggy bank for second cousins or people I speak to twice a year. Wife and I divide up 80% of it and our daughter gets the final 10%. She is old enough to make decisions about what charities to support.
Wife and I manage our charity funds independently of each other, so we can do what we wish. #1 thing I do is purchase a good restaurant and pay people well above market wages. People have to work, nothing given to them. But those willing to do it, do very well. Don't care if the restaurant makes money or not. Costs are modest, so regular people can get high-end meals for not much. Also, the chef(s) help teach me to cook things. It is a business charity like Habitat for Humanity makes people give sweat equity. I'm not just giving things away.
How soon do you quit work?
Stick around until all of the projects I am working on or am written into proposals are completed. As of July 18, 2023, that would be around the end of September. Though might stick around through the end of the year. Q4 is normally the busiest time for us and I don't want to leave a hole for my teams to fill.
Do you stay in same house, city, metro, state?
Same house, no. We live in a nice area, but with that much money, I am not sure if it is best to stay. Much as I would like to. Think you would not fit in. Same area - that depends on my daughter. If she wants to stay and do high school where she picked and will be going in September, then we would stay until she graduates and then move. NJ taxes way too high to stay there if you are that wealthy.
How much $$$ would it cost to change the name from Lane Stadium to Lepakkkkk Stadium?
10 years somewhere between 7 and 25 million.
How rude.
I don't know, but now we all know that that's a lowercase L, not an uppercase i.
Similar to John Iezzi and Drake Deluliis
Note, has the proportion you take home changed? Years ago, when I was in grad school, when you won these huge lotteries, you would take home about 1/3 of the total after taxes and fees if you took the lump sum. So winning $1 billion you would take home something like $350 million. That was something like 25 years ago.
If you take the annuity, you would end up getting something like $600 million after taxes, but lots of the payout was delayed, so not worth $600 million in current dollars.
I would figure on twenty cents to the dollar for take home and anything over that after taxes would be gravy. So a 1 billion powerball, you could figure on $200,000,000 actually hitting the account.
What is the first thing you buy? Two week European vacation for the family.
What is the most expensive thing you buy? Apartment in NYC and/or vacation condos in Colorado and Malibu
How much do you give away? $1M each to family and close friends, big chunk to VT, and pay off lunch debt for the schools my kids go to. Figure out how to perpetually fund a few of our favorite causes
How soon do you quit work? I like my boss and my job so I'll stay a few months to help transition and also to figure out what I'm going to do to keep my brain active long term
Do you stay in same house, city, metro, state? Stay in CLT until the kids finish HS, and then see above for living in NYC, something me and MrsO always wished we had done when we were younger and didn't have kids
Lump sum and after taxes you should net at least $250-60 million minimum. Invest that principal - should be able to get minimum 5% return or about $13 million per year--live off that.
Houses for the friends I've been helping and immediate family members.
Fund a Fisher House(equivalent to Ronald McDonald House but for families of military members' families) with annuity to cover operating expenses - also $2-3 million foundation grant for VT NIL for future athletes in perpetuity.
Ultimately 90% of it- can't take it with you.
Retire by end of year and - after year off to travel - work for a charitable cause of choice-(multiple option- Stop Soldier Suicide, Women's shelters for Domestic abuse victims, USO)
Same Richmond metro area
At 58, I don't have a lot of "needs" but lots of thing I'd like to do to help deserving folks. Might take a chunk of the original lump sum after taxes and donate to medical research or St. Jude's or Children's Hospital - would still leave $10 milllion plus per year to "live on" and do other things to help folks.
first thing i do is meet with my financial advisor. immediately after that, i go spec an Aston Martin DB12.
we'd pay off our house, but not move. we like our neighborhood too much.
and i would not quit my job.
like others, i would invest in real estate...set-up some Airbnb's, first around south carolina...greenville, charleston, hilton head...then expand to other parts of the country.
i would also try to work with our local governments to expand walking/cycling trails, and build more playgrounds/parks.
eventually SC will just be 1 big airbnb
Definitely taking lump sum.
First, paying off all my debts. I'd buy some modest things but I like where I'm at right now. I'd probably pay to have a bunch of the stuff around the house fixed up or just perfected but don't see the need to buy a mansion or anything.
Then, I'd pay off all my immediate family and friend's debts. I've thought about it before and feel like that would set them up so much for success in the future.
I'd probably hold on to maybe $50 million and hire a money manager to invest and maintain a comfortable income. Everything else I'm donating to charity. Giving $100k - $1 mil to as many animal shelters as I can.
Then I'm spending life going to concerts and shows and travelling with my wife and just enjoying my hobbies. Fuck working after that. I can be productive in other ways.
Meet with CPA and attorney about setting up a trust fund, but take the lump sum. Put most in the fund set up to provide us with enough to live off of, to grow for inflation for our kids and grandkids, and to give away. VT, Triumph, Leukemia and Lymphoma Society, SPCA are the main ones.
It would take about a year to fully quit work, as I would not want to screw my partners by leaving until they can implement a plan to replace me.
Buy his and hers new cars to replace our worn out but paid for vehicles.
My wife wants to downsize, and has a "perfect" plan for a smaller house, so we would look for an architect, builder and land to build on.
Take all those trips on our bucket list but we do not have the time away from work to do. - Korea, Japan, Australia, African safari. All first class flights, accommodations, and dining. Pay the way for friends and family who want to go with us.
Step 1: Hire a lawyer and find out if your state allows you to stay anonymous (VA does, now).
Step 2: Hire a financial planner.
Step 3: Always take the lump sum, and don't claim until the end of the 180 day period,
First thing I'd do is take Mrs. Freefall out for a celebratory dinner and a night in a stupidly expensive hotel.
The most enjoyable thing would be telling my dad to retire immediately and seeing the look on my folks' faces when I pay off their mortgage.
We love where we live (north of Leesburg), so my biggest expense would be buying all the open land around us, paying off family members' mortgages, and buying a place in the 'burg, followed closely by a significant increase in the firearms/ammo budget. :-)
I'd probably keep working through bonus payout time next year before "taking some time off to figure out what I want to do next". I'm not the type to sit around, so I'm sure I'll end up working. I might see if Egbert and Brewin want to start a craft brewery up here in NoVA that specializes in beer-flavored-beer.
Other than that, I'd invest the vast majority of it and set up charitable trusts for causes we support.
There would definitely be pregame skydives for all home games from now on, and I'd have to talk to Whit about a dedicated TKP tailgate lot.
1. I'm buying Scott Stadium and painting it O&M.
2. I'm giving raises to everybody in the LOLUVA social media team and doing everything I can to keep them employed. Their annual social media gaffes are the gift that keeps on giving.
I think the first thing I'd buy is a new vehicle. I'd retire my '97 Honda and get a Tesla Model Y.
The most expensive thing I'd buy is probably a couple of houses. One for my primary dwelling since I currently rent, and one in a fun vacation spot that I could escape to or bring friends/fam out to.
I'd tithe 10% of it. Other than taking care of my immediate family, I wouldn't give too much more of it away at first, because I'd want to invest it and then be generous from the earnings of that. I'd take the lump sum (about $300 million after taxes in my state) and hold about a million in savings but go Warren Buffet on the rest -- 90% S&P 500, 10% short-term US bonds.
This would be weird to process. I'd probably keep working another couple of months until I got everything straightened out, but I like my coworkers so I'd want to wrap it all up nicely and handoff everything. I'd still want to DO something, so I think I'd probably start a couple of foundations for college scholarships and charity work to stay busy but not too busy. Regarding the giving question above -- I could just distribute 10 million and send like 62 people to college for 4 years (assuming 40K/year) OR I could invest that 10 million and send 5 people to college every year off the dividends alone (200K) basically forever. Now when you consider that 10 million would actually be more like 200 million and it would be growing in size by 3-5% per year due to being invested....that's a lot of scholarships lol.
Other than buying a house, yep I'd stay in the same spot as long as I could figure out some way to not have people harassing me constantly.
Everyone has great and smart ideas about financial advisors, lawyers, investing, real estate ventures, passive income, etc.
And I would do all those things as well because they are smart things to do when you receive a windfall and don't want to blow it on hookers and nose beers.
But I will tell you what I would do that no one has mentioned. I'm hiring someone to wash the dishes and do the MFing laundry.
I'm going to miss you guys.
I'm meeting with Joe and figuring out what he needs then taking his underlying code and creating the best fan sites for teams.
This is assuming I took the lump sum and had everything invested and settle properly...
1. Purchase a sprawling property on the water here in Eastern NC.
2. Bless my family and friends (specifically those who have been influential in my life).
3. Donate a shit ton to Triumph NIL as well as the Hokie Scholarship Fund.
4. Set up some sort of trust (or whatever the hell) with $50-$100 million. I want to be a philanthropist. I'd take the interest off that account annually, fly around the country and pay off random people's medical debt as that is one of the most crippling things in the lives of lower and middle class Americans... still.
Now that I've beaten up on poor VPIhokieME I guess I should at least answer what I would do if for some reason I ever played the lottery and won.
I'm taking the lump sum and I would set up a foundation to put most of it in and then do most things through that. Diversify my investments in stocks, bonds, mutual funds, real estate, businesses and various commodities. Live off the interest of my interest.
1. What is the first thing you buy?
Not much would change here, but if I were to buy something it would be new cars for my niece and nephew to drive back and forth to BBurg in, as they are current Hokies and could use something nice.
2. What is the most expensive thing you buy?
Real estate. I've had my eye on a thousand acres that we could easily double our money on, but its has too many zeros on it right now.
3. How much do you give away?
~10% would be given away in one way or another. Triumph and VT athletics & academics would definitely benefit. Would set up an educational trust to pay for family, friends and their kids educations now and in the future. Would set up a few other 501(C)(3)'s for various other needs.
4. How soon do you quit work?
Is it work if you enjoy what you do? I would probably keep on doing what I'm doing as that would be where a lot of the money is invested, I would just be doing it on a larger scale. Commercial and residential real estate, farming, construction, and various other complimentary businesses. Would probably start a real estate management company to manage my portfolio of future properties and get paid to manage other people's properties which would reduce my cost to manage.
5. Do you stay in same house, city, metro, state?
I'm staying right where I'm at. I'm already pretty insulated with land around me, but I would buy a bit more. Maybe buy a few vacation homes or properties in different places so no one knows where I am at any given time. My splurge would be to get a NetJets or WheelsUp account.
First, going to St. Andrews. Wait, I'm already doing that.
First, staying in St. Andrews for an extended period. Then figure out the rest.
First: Hire the best lawyer ever and sue Fuente on the behalf of VT for negligence. Recover the entire buyout amount for Pry's use, as he wishes.
Second: Hire a bodyguard
1. Incorporate a revokable trust
2. Pay off outstanding debts
3. Build a new house
4. Buy vacation house
5. Pay for wife's friend's fertility treatments
6. Buy RV
7. Invest in anything returning greater than 5%
8. Live off interest being returned
9. Invest in academic and athletic scholarships to VT
10. Find Flight 19
11. Acquire licensing and salvage rights to the German High Seas Fleet in Scapa Flow to secure largest supply of pre-nuclear age steel in the world.
I like #11
1st spend Lawyer
2nd spend the correct type of accountants/money manager
3) Find all of the places to put money and move money in order to reduce tax burden.
4) Execute on the plans generated by #3.
5) Collect the winnings. #1,2 and 3 will probably take very close to the 180 days. Take the lump sum. At a certain age there is no way you'll outlive the annuity sufficiently to be worthwhile.
6) Bitch at #1 and 2 for being waaaay too expensive.
Not move out of the area at least until girls finish high school. Buy a house with a nicer view though.
I'd have to quit my job as soon as I could find them a replacement so that I could do family and personal management. That'll be a full time job.
Cherry pick classes at VT to prepare for identifying breweries opportunistically and run a few profitably but small and local.
Identify 1 or 2 to use to train people properly in how to brew, work with government, market and administer a small brewery to unleash qualified people on the world to make them all better.
Create as much spare time as possible to:
1) take advanced classes and training in motorcycle riding and safety
2) travel
3) travel by motorcycle
4) see above
As an aside, I am periodically flabberghasted (sp- I like the "H" in there) at the depth of incompetence of some brewers. Last week I was having an argument with a brewer that was trying to teach a newbie that even for a lager it wasn't worth the risk to take the beer off the yeast after fermenting. That the concept of yeast cell death and autophagy was outmoded old thinking and the reports that it could produce off flavors in beer, was just old myths. The guy was/is serious. He's tried to pass this off several times.
Sorry for the rant. Needed to get it off my chest.
edit: Hiring away GoKartMozart's laundry and kitchen help, just to be an ass so he has to go find another one.
When you say "after fermenting" are you talking like gravity at 1.010 or like prior to that? Surely you don't mean he planned to leave it on yeast to start cold crashing or carbonating right?
As in never take it off yeast until ready to carbonate.
Yeah that's a nope from this homebrewer. I don't risk going from a primary to secondary fermenter, but always pull it off the yeast and cold crash in another vessel, usually the keg.
I cleaned out my fridge and found a 2020 dated squatch. I'm not sure when I'm going to open it, since it's survived this long.
Edit: to clarify further...
I have a Christmas morning from 2018. And have some of my Porters from my Dominion cup win from 2016 or 2017 still hanging around.
I don't keep things because I always expect them to be good. But I do keep them to see how taste changes over time. I also store things differently to see what that does to them.
When I started brewing I read about autolysis and other things associated with aging, and got curious. Years later, I'm still trying to decide what works and what doesn't.
I kept a 6 bottles of a barleywine I medaled in competition in 1997 for a couple decades. Improved for about 12 years then oxidation got to it.
I mean this guy advocated never moving the beer off the spent yeast cake and cold break until packaging time.
Sometimes I wondered if I didn't do enough research and going over old basic notes when I was brewing. This guys ice cold take makes me feel better.
BTW, that Squatch is probably fine. Not much hops in it to degrade and the bottling were normally pretty O2 free.
I've got kegs of Theory in the walk in and on tap from 2018 and 2019.
Oh, I have no reservations about the squatch. My motueka pale ale from three years ago is still great. May have actually improved. We all think it's fruitier.
I'm putting a quarter of it into our NIL and I'm saved the rest 😂
I'm hiring Blues Traveler and Gov't Mule to come play in my backyard, and bring a couple of hookers with them to stage another fight.
Take care of my family and set up a huge college/votech fund for all the children of me and my siblings and my cousins for many generations to come.
Then my wife and daughter and I are going to travel the world indefinitely taking in incredible sights and experiences while eating and drinking at the most interesting places we can find.
And Golf. That too.
When my wife and I were engaged we agreed that if we won the lotto that we'd get wierd al to play "if this isn't love" as our wedding song. And we'd cover the wedding hotel cost so everyone could stay.
Ooooo, have govt mule play while following us at merion!!!!!! That's epic.
In a previous life I did financial work with some pretty wealthy people. If you saw them on the street you likely wouldn't know how wealthy they were other than they likely drive a very nice car.
Their lifestyle is relaxed but most are still working to some degree.
Virtually all the folks I worked with made their money, they saw it as a tool to live the life they wanted. They focused on quality and usually had clear objectives about what they wanted.
You'll find they tend to be friends with people of similar circumstances.
Folks with this kind of wealth (>$50mm) usually have family offices that handle planning, taxes, insurance, investments, bill paying, charitable donations etc. They often have full time employees- housekeepers, personal assistants, cooks, gardeners, boat crew and someone to oversee the them.
some maintained pretty simple lifestyles, others were pretty extravagant (5 residences, each with a golf club membership). Homes were usually in private neighborhoods or condos with an added security.
Private planes are pretty common, as were boats. Cars can be fun- Porsche and Mercedes are the ante for these folks, Ferraris Bentleys McLarens are common.
They'll spend their money on family- education, travel, weddings, birthdays-it's nothing to spend $1M+ on some of these.
They worry about spoiling their children and while they want them comfortable they don't want them to be layabouts. You find the kids often do something completely different- for example a sheriffs deputy.
They are usually politically active and often focused on supporting a charity they have some personal connection to.
As for investments real estate is very common, many own a business, and they will often invest in deals with their friends. They understand that the returns on real assets are typically greater than returns on financial assets.
Debt especially if it's deductible is common and they can usually get a signature loan for 7 figures in a few days.
First thing I'd buy is also the most expensive thing I'd buy, and would also influence a move and career change: property. A horse farm outside Lexington, KY, a beach house in Maui, some rental properties in places with high military populations (we're good renters with stable income), and land in central Kentucky to just sit on. Probably look to spend half the money in a short time, but in ways that create income streams and appreciate in value. Invest most the rest to have a diverse portfolio.
I'd move to my Kentucky horse farm, and use my GI bill to go to either Louisville or UK for business school. Not prestigious, but would build a network in state and could parlay that into transitioning into the bourbon business. Both also have teaching hospitals, so my girlfriend has ready-made employment.
After several years networking and saving capital, I'd look to either acquire, buy into, or open a distillery. First choice would buying into Glenn's Creek as a partner, because it would be low initial cost and money would allow for scaling it up, I love the guys that own/run it, I love the product, and I love dusty Old Crow which they've managed to clone. Given the amount of money still available to me, I'd also buy back the Old Crow brand from Beam, so the label could go on a quality product, as it once did. Probably wouldn't take much. Then I'd just live out my days making, selling, and drinking whiskey.
I woke up this morning with an email saying "Your Virginia Lottery winnings have been deposited into your account!"
So naturally I thought I had won...
When I win.... I buy Virginia Tech a football national championship now that NIL allows me to pay all the 5 stars to wear orange and maroon
Newsflash: I won neither the Powerball nor the Mega Millions.
I did get three numbers on the Powerball, but that was in 5 random entries. =^/
Carry on.
Well, at 73, it's a no brainer that I'd take the lump sum. Like most, would give most of our families enough to alleviate debt and set up their financial future. One bro need not apply, there's a price for being a jerk.
Different house, not a new one, but a comfortable home on the water, but not sure which water or even which state. No need for new houses when so many nice ones are available.
Since I just sold a 20 yr old van and bought a new car, I'd sell it and my 20 year old sedan and buy something really nice, but not flashy or extravagant, but won't worry about gas mileage.
Hire help. I'd have a yard person and I'd have a full time, on demand driver I'd pay well enough to snap to when needed, and chill when not. I'd never cut another blade of grass, that's for damn sure,
Why own a plane? I don't fly, don't want to fly, and seems to me that if you have those kinds of funds, you could hire a private plane when needed and let somebody else worry about it the rest of the time.
I'd probably hire a cook for our big meal of the day, and would never let anyone else pick up the tab at the restaurant again. I'd wine and dine my friends at every opportunity, pay for them to join us for really nice vacations, and even add a couple of their kids on the gravy train of educational opportunity by picking up the tab at VT, or any college or university that doesn't make me cringe with hatred. Loluva needn't apply.
Yeah, I'd do the lawyer financial people as well, but building more wealth wouldn't be a priority for us. As we all know, there are no trailer hitches on the hearse. Giving money away would most definitely be a major priority. Identifying who or what to support would be a big deal as well. So many "charity" type things are too top heavy and in some cases, out and out bogus. No money to churches, police benevelence, or un-substantiated veterans aid groups. I'm a vet and support quality law enforcement, but not the ones that call me and try to guilt me into giving. I also envision a sort of John Bearsford Tipton thing where I anonymously give a needy or deserving person a mill out of the blue.
Lastly, I wouldn't believe it for a minute. I've lived a reasonably charmed life, but I don't win anything ever, so...
Edit: We have no children or things would be different I'm sure.
THIS is a fantastic quote- I'm definitely stealing it LOL!
It's all yours. Couldn't tell you where I got it from, been saying it for decades.
I notice no one is saying give joe and endowment he can use to hire Bitter full time away from TSL...
Ummm
https://www.thekeyplay.com/comment/1202431#comment-1202431
"giving joe an endowment" and "taking his underlying code" don't seem to be the same things at all
I know I'm the one that wrote it first, but reading it a second time, "Giving Joe an endowment" REALLY sounds like a euphemism...
What else but making sure Joe and TKP is given enough to live on forever would this mean?
I think we all knew that you meant well, but for the sake of the joke I think he is suggesting that it sounds like you are meeting with Joe to determine how he could best improve his site and then running off with that info to start a bunch of ventures of your own
I thought that was a given?
What is the first thing you buy?
Pay off the house and wife's vehicle. Membership to Greensboro Country Club. With that kind of money, I think they'd take me.
What is the most expensive thing you buy?
WheelsUp's executive package. We have a couple friends who are commercial pilots for Delta and American...but with that money, fuck that lol
How much do you give away?
I like everyone's answer of a milly to family and the close circle of friends. Sprinkle some to our former schools' athletic programs...not going Mehul on everyone, but enough to make someone happy 🤷♂️
How soon do you quite work?
I like hard manual work. I like what I do. But I would be able to afford to pay more people to do what I'm able to do and not put myself in an early grave. So, continue what I'm doing, but delegate.
Do you stay in same house, city, metro, state?
Love the house...but we could easily make money on it right now. Easily. So, likely build somewhere in this area with more land.
1. pay off mortgage. 2. pay off any other loans. 3. Hire someone to bring things in from my car when I park and open shrink wrapped/delivered packages for me (not kidding, I would 100% hire a person to do those 2 things that I hate doing) 4. Summer home in a Denver Suburb. 5. Not a winter home in scottsdale because I already have that! 6. Pay VT football and basketball recruits cash to go to VT (also not kidding)
Well I didn't win the 1 Billion Powerball jackpot. Probably should have waited until after the drawing to send that fuck you email to my boss.
Yeah, I guess that whole "tell people how you feel about them before it's too late" really only applies to one half of the equation doesn't it? 😂
Winning ticket sold in L. A. , paging LAHokie...
wasn't the last big winner also in L.A.?
maybe we should all just buy tickets in L.A. next time?
I know the last one was in Cali too. Need to buy tickets if I ever get out there with my wife for sure. IDK about an L.A. trip though. Worked in that area for a bit, and it wasn't for me.
Interesting, I thought I saw the ticket was sold in Ohio.
Zero of my numbers matched, that's good right?
yeah, it's like golf
My wife got 1. I didn't even know she bought tickets. I stick to saving my money but I wouldn't have said no if we won something other than just the PB number.
California a great place to win the lottery because they charge zero taxes on lottery winnings.
Interesting. If you'd asked me to guess which state taxes lotto winnings the most, I would have guessed CA!
maybe they can afford not to tax lotto winnings because they tax everything else so heavily?
Lol came here to post exactly this - and the one thing they allow tax free is an almost completely improbable lotto win (not to mention the fact that the state lotto is basically another sneaky tax in and of itself).
I read somewhere online recently that if you knew a dog was going to bark only one time over the next nine years, you have a higher chance of guessing the date and time of the bark to the exact second than winning the Powerball.
I feel like a lot of the lotto winners are in CA and FL though. Someone is going to win eventually and those two states seem to have the best odds at selling the winning ticket
sure, but there are hundreds of millions of potential lotto ticket buyers in the US. There are only 50 states. The lotto will be won, eventually, by someone. And that someone is going to be in one of those 50 states. The odds of CA having to pay out the winner are much much much higher than the odds of any individual winning the lottery.
EDIT: I went and looked it up and I'm partially wrong. New York has sold the most MegaMillions jackpot winning tickets (42) and California ranks 2nd (35). New Jersey (27) came in 3rd. Florida only had 3. For the Powerball, Pennsylvania leads the way with 18 and Florida is right on their heels with 16. California and New York each have 12.
Cali's population is higher than the combines total of the 20 least populous states. Considering there are 45 states that participate in powerball, you could combine all 20 of those states and statistically have better odds in Cali.
Cali also has the 6th highest ave household income. Given lottery tickets are one of the few things that is consistently priced across ALL states, they have "more" to spend.
All of this doesn't account for an of the other factors like no tax on winnings, availability to purchase, acceptance and habit of playing, etc...
RE the edit and winners, there was a time when certain states only participated in one or the other, but typically never both. Some go way back while some are newer at participating.
that makes sense - I thought it was curious the variance that Florida and Pennsylvania had. Still, I think if you want to win the Lotto you should live in New York
Seems that 2010 was when the floodgates opened, both ways.
https://en.wikipedia.org/wiki/Powerball
My father told me once when I gave him some scratchoff tickets for one of his Christmas gifts that I should just take that dollar and throw it in the wood stove. He said at least then I'd get some BTUs out of it. Put me off the lottery way back then and I bet I haven't bought 10 tickets since then.
I sort of view the lottery as entertainment. I only buy a few tickets if the jackpot is at or near a billion. I know the odds of winning are low but I don't care. It makes the pageantry more fun to know there's a chance, however slim. It's fun to dream. And you miss 100% of the shots you don't take. When I don't win I don't get upset about it. The entertainment value is worth it. If I get lucky, thats just a bonus. I spend more money on my TKP membership than I do on lottery. Both are purely entertainment for me and would be viewed by most people as frivolous.
That is kind of my philosophy and method, I buy a ticket a week when it is over 500 million. The dreams are worth the $2.
When I was working (retired now) and somebody came around collecting $2.00 to pool lottery tickets, you bet your sweet bippy I got in! There was no way, even at 290+million to one odds, was I going to end up coming to work the next day while the other 10 - 20 people in our work group danced the lottery gig! Pure entertainment is the only way to play.
He misses an important feature of the lottery ticket.
Once it is determined if it is a winner, it also can be tossed in the stove for BTUs.
Here's a question, did he check to see if it was a winner before discarding it?
It was a bit of hyperbole, of course, but my daddy was no fool, and definitely made sure he didn't toss a winner. Also, probably even more BTUs in a lottery ticket than the dollar bill, right? But if daddy said it, it must be true.
I also enjoy some recreational gambling from time to time, the occasional poker game or side bet with my loluva buds, and figure the cost as the price of the entertainment. I win more at poker than that darned lottery though.
All that said, I know a guy that stopped at the same convenience store for decades on his way home from work. He bought a beer to go and a lottery ticket. Something like 30 years running. He finally hit the jackpot and won close to $400,000, so I guess it does happen.
The odds of winning the powerball are equivalent to your car being struck by lightning on the interstate while a 747 is landing behind you on the same interstate.
So you're sayin' I got a chance?
California actually has a fairly low tax burden unless you are rich. It's better to live in California, tax wise, than Texas if you aren't too earners. tax burdens by state
It has a fairly middle of the pack tax burden overall for lower income to middle class, but housing cost is 100%+ higher than national average and utilities, groceries etc all 10-20% higher. Factor in middle of the road taxes and very high cost of living, that combined is pretty tough. Also since housing and utilities are so much higher, gross receipts taxes like sales, meals, groceries, excise, etc. have a much bigger impact on lower to middle income brackets (same tax rate on the transaction for all, but lower income individuals have less income for these expenses after housing and utilities so takes up a larger share of their remaining cash flow.)
This average of taxes by state is a poor thing to use for comparison.
The list here includes local taxes, which includes local sales taxes. So, if you don't want to buy anything....
For instance sales taxes in Alameda County and Los Angeles County are 10.25% with several localities in those counties at higher than that. According to the ca.gov website.
Texas has a state sales tax of 6%. It caps local sales taxes at 2% with an average sales tax across the state of about 8.2% Still high but not anywhere near LA and San Francisco.
Holy smokes, I figured the data was including state and local. I know VA state sales is generally 5.3 and local is capped at 1%. Local sales at 10%?? Insanity.
This also highlights one distinction for VA over pretty much every state - in VA, cities are totally independent from the county, so you don't pay double taxes like most everywhere else. Only downside is if you live in a town where you will pay both town and county taxes, but the tax rates are generally equivalent to what you would pay in a city (town just picks up services that county doesn't provide). In other states, even school districts have taxation authority.
This has also led to some bad policy though - in 2021 when ARPA funding was coming down, VA was a big mystery because of how cities were treated. Our senators essentially wrote a memo to treasury which became rule that VA cities should get both the county and city allocation because they were independent of the county. Which in VA, there are some incredibly small "cities" of population less than 10k that got ABSURD amounts of money. That they are honestly still trying to figure out how to use.
Don't forget to add meals tax.
also some excise taxes like on alcohol and gasoline.
Ca gas tax $.58/gallon not including any local.
Tx $.20/gallon not including any local.
Don't forget special taxes like NY has a tax on sugared drinks at 1 cent per ounce.
Yeah but they make the winner a public record.
Personally staying anonymous would definitely be worth paying some extra taxes. 1) Because I probably wouldn't quit my job for several years and I definitely wouldn't tell anyone that I won it (at 25 it would be so annoying everyone trying to ride the coattails). And 2) The rate of murder or kidnappings for the winner or a family member is pretty alarming. Most people would have to change a decent amount of their life just to feel safe. Whereas if nobody knows you don't have to change a thing
I feel like people would know if I won. There would be signs.
what is your source on this? (I'm not challenging you, just genuinely curious)
I believe Virginia and North Carolina (the two states I have lived in) both also mandate that the winner is made public. I'm not sure about the tax implications to winning the lotto in those states.
Anyway, I've never actually bothered to look up who the winners are and I doubt very seriously that any of my current friends have either. So, even if it's public record, technically, I don't think the people who already know me would know unless I told them (or, as vtnerf points out, they see the signs - because, there would likely be signs)
In Virginia at least, you can claim anonymously over $10mil. Anything below that is public though.
I can publicly say... I didn't win.
Forgot to include, become a venture capitalist to fund Joe so he can make TKP even better.
I take the lump sum. All day everyday.
What is the first thing you buy?
First thing i do is pay off my debt and my parents debt, retire my dad, and buy/build my mom a beach house on the OBX. Technically more than one thing but I'm a millionaire, I do what I want.
What is the most expensive thing you buy?
Hmm...I'm going for something completely unnecessary here, not counting the beach house above. I'd probably buy a really nice set of watches and start a collection. I've always thought watches were cool and to own some high falutin ones for no reason at all sounds cool. Either that or guns...hmmm.
How much do you give away?
I would set up a trust, and have that pay out to some different charities. Top of my priority list would be animal shelters, food banks/pantries, and helping pay medical bills for kids.
How soon do you quit work?
I would wait until a few months after the check hit the bank and everything was in order. Slide each my coworkers $1k (I only have 7 in my office) and bid farewell! I might would do some PRN work on the side for this company because I genuinely love being a therapist.
Do you stay in same house, city, metro, state?
I'd build my "regular" house at SML. Nothing crazy. 4 beds, nice kitchen, fireplace. Something homey but not extravagant. Probably find another house in Florida for the colder winter months and to take the family to Disney. That's less of a priority though, I'm fine with hotels.