NLJ--not that our advice is for everyone--however, is there a specific objection you have to the advice we give or the way we function? Our firm does not work on commission--we work on a percentage of assets fee. This fee includes our cost to manage assets as well as offer financial planning services. After 20 years in the financial services business we find that this is a better method of keeping our goals aligned with our clients. Additionally, everyone in our firm functions as a "fiduciary" meaning that we are leagally obligated to do what is in the clients best interest--and not just sell them the product of the day. The vast majority of "financial advisors" do not work on a fiduciary basis. I welcome any feedback you may have as to how we can improve the services our firm offers. My direct email is: Dave@SatherFinancial.com Dave Sather
First, I'd retire tonight.
I'd buy a as much land in Washington County as I could, put a real tall fence around it and stock it with longhorn cattle, bison, white tail deer and antelope. I'd build a large steel barn and stock it with a 1966 Corvette Stingray (any motor), a 1969 Roadrunner, a 1969 Mustang Mach I, a 1967 Ford Fairlane 2 door ht, a 1969 Camaro Z-28 (or SS if I couldn't find the Z), a 1963 Plymouth fury 2 door, an 1963 Galaxie 500XL, a 1970 SS396 Chevelle and a 1965 GTO (either motor). I also have my eyes on a particular 1965 Plymouth S/SA factory drag race car that has been beautifully restored to pristine condition including the 600 hp Hemi engine. This particular car was owned and raced by my brother's brother-in-law up at Nederland, between Beaumont and Port Arthur. I'd have a 3,000 foot runway scraped on the land and would stock it with a Piper Cherokee Six-300. Finally, there would be motor home with which my wife and I would travel -- A LOT.
I wonder how many big macs that would buy. I would hire a personal trainer and watch them run. LOL
what a scary thought to win all that money. imagine all the problems that would come with it!
So lets assume there will be at least two winners...so cut winnings in half. If you went in a pool, much lower than that....but i'm not. So.
Give at least 10% to the church. Pay off bills...immediately move so no one who I don't know will find me, be completely unlisted. Will work to build an great minor league baseball stadium (at least AA level) to house collegiate sports and playoff games, maybe a multi-purpose arena that could house basketball, minor league hockey, rodeos, concerts, etc. and softball complex. The rest will help immediate family and will invest away for the future and live off of.
Initially, I’d probably give enough away to friends and charity to absolve any irrational guilty feelings that I’d inevitably get for getting so much money without actually earning it – I’d most likely do that right alongside purchasing insanely extravagant toys that I have absolutely no use for. Naturally, I’d delude myself into thinking that these toys were sound investments and I’d consider anyone giving advice to the contrary as being overly jealous – I’d especially avoid people like Dave Sather.
It’s an inconceivable amount of money, so I’d probably be okay for a decade or two. At some point, I’d probably have spent all my money on non-income producing goodies and I wouldn’t have enough left to maintain them – so I’d spend the next few years selling stuff off for a fraction of what I paid for it. Also, I’d be so fat, lazy, and old by that point that actually going back to work would be next to impossible. I’m thinking that either I’d commit suicide or turn to back to the religion that I thought I didn’t need when I had so much money – hopefully religion. If so, I suppose that the whole debacle would have been worth it! I think I’d continue to avoid Sather and the like just on the off chance that they might tell me “I told you so.” Still, I’d like to give it a try!
Pay off bills, provide for my basic needs, and spend the rest turning the cross roads region into the technological, intellectual, artisan, economic and self-sufficient capital of the world.
To bad I'm not going to play, but if I had the power that this kind of money would bring, that is exactly what I would do.
Leadership by example, the way I live and think to the core of my being.
pay bills, buy a new home on about 100 acres and a new car and a few new clothes and put the rest of the money into the bank and live off the interest....I would probably buy a hand made drum kit to play with. Then give my parents half of my winnings so they are wealthy and can buy anything they want. Just payback for raising me. They deserve it !!! That is what I would do if I won the big one.
Pay off an bills, help family friends that I interact on a regular basis, disappear as much as I can. Hire a answering service to answer all calls, CPA firm that handles large money clients. Drive year old used cars and you would never see my house from the road or Google maps, but I would see you driving up. Change my address the next day to a postal box. And have my money keep making more money with simple long term investments.