Thread: If you won the current Megamillions drawing...

What kind of coin collection would you build?

Figure if it's $359,000,000 lump sum, minus 46% or so for taxes, you're looking at about $194,000,000 after taxes.

Me? I'd go and build the finest known set of mercury dimes, and probably try for a top-notch full set of $20 Gaudens, including the '33.

Id buy out hugh heffner.

I don't need or want that much money, I'd donate most of it.

Originally Posted by Merc Crazy

What kind of coin collection would you build?

Figure if it's $359,000,000 lump sum, minus 46% or so for taxes, you're looking at about $194,000,000 after taxes.

Me? I'd go and build the finest known set of mercury dimes, and probably try for a top-notch full set of $20 Gaudens, including the '33.

Also minus time value of money, meaing you may get $97,000,000 cash today. Still a tidy sum, but half as much as you think.

Myself, I would make sure my family is set up for life, and would never go hungry. For playthings like coins, I am not sure since I change collecting interests periodically. I am sure I would get complete ruler sets of Parthian, Sassanian, Roman, Byzantine empires, and work on Central Asian holdings some more. The problem with many ancient coins is its not a matter of money, its availablity of coins for sale at any price.

Originally Posted by rodeoclown

I don't need or want that much money, I'd donate most of it.

You are nicer than I.

I would donate some of course, but would balance it out with my family first before I committed too much to charitable giving. I have 141 first cousins, and I am sure every dang one of them would be calling me.

Honestly...if I had that much money all at once, here's what I'd do:

1. Finish out this semester. I'm still completing grad school, no matter how rich or poor I am.
1a. Decide how much of my money I'm giving to family and friends, and give it.
1b. Decide how much money I'm investing, and how much I get to have available to spend. Do that.
1c. Hire lawyer, accountant, investment banker, and contract killer on retainer. The last one is to keep the others in line.
2. Spend the summer traveling with friends. My treat. We'd just decide where we wanted to go next...pack one bag each, that's it. Reconnect with people.
3. Search for a good location to build a school for orphans. Start finding the best teachers possible. Teach those interested about numismatics (or whatever field they're interested in learning.) Help them become well-educated citizens.
3a. Search for a good location to build a dance center, where I (and others) can live, bring in guest artists (of all disciplines), offer classes for free, and generally work to improve the art form.
4. Start a coin-buying operation similar to the one my auctioneer friend has...or maybe just bankroll him.
5. Specifically to coins, I begin completing collections of all my favorites - only this time, I can just approach people with quality merchandise, get to know them, and build my collection while building my friendships.

That's probably what I'd do. And I'd probably upgrade my car to a gas-hybrid engine. And maybe paint it.

No state income tax here in Florida, but after federal income tax there'd be at least $233 million.
If I were to win it all I'd take care of my favorite charities than start up some kind of business and
hire all of my family members that are unemployed.

I'd go swimming in gold coins.

Good points! I never thought about my life and what I would do. I think I would go back and get a couple PhD's, maybe law school as well. I am one of those sickos who love school and truly enjoy taking tests. I definitely see a Phd in history, the other maybe in Finance or Econ, and law school just for fun.

After that, I think teaching monetary history classes for fun would be brilliant.

If the total value is $359 million, a lump sum payout would be about 60% of that or $215.4 million, and if you live in a state with no income tax, you can figure the feds getting 38%, so that reduces the actual payout to about $133.5 million.

I'd go fishing after a lengthy stay in Las Vegas catching up with "old friends".

And, I'd pay Hunt $3.00/hr. not to ask any more questions.

Chris

Originally Posted by medoraman

You are nicer than I.

I would donate some of course, but would balance it out with my family first before I committed too much to charitable giving. I have 141 first cousins, and I am sure every dang one of them would be calling me.

Oh, don't get me wrong, I'd setup a nice cushion to live off of, retire, travel and the kids would be taken care of, but I likely wouldn't tell most people, I'd try to stay anonymous and yeah, most of it would get donated after I take the small portion I know I could live off and travel off of.

I likely wouldn't give money directly to family, I'd just pay off all their debt to give them a fresh worry free start again.

The rest gets donated. I bet out of that much money, 10 million would be enough for me, I try to live simple and would continue living simple.

I just laughed, out loud, thinking about training dancers to buy coins for me.

"Oh, who are those attractive young people? They're doing WHAT? THEY are the ones buying coins?"

Ha ha...but honestly...I know lots of really intelligent, organized, and motivated people...who, because of rehearsal schedules, have to work 4 or 5 crap jobs at retail/food service establishments. It'd be my pleasure to give them a job that could pay the bills and allow them time off...

Originally Posted by cpm9ball

If the total value is $359 million

That's the cash option value, the actual lotto is 500 million estimated even.

So minus the 38% for taxes they take immediately, that's what you end up with unless you live in a state with state taxes, etc. Also, most people don't realize, the first thing you do is get a good trusted lawyer and you'll have to pay them. And one more thing, if you do win, don't freaking tell anyone until you actually get the money. Quietly get the best safety deposit box in the best secure location and lock the ticket away, without telling anyone what you're putting in the SDB.

Its up to 500 million now. The highest its ever been. I think you would be left with well over 200 mill no matter what state you are in. Im not sue which direction I would go but I just might have my name mentioned in numismatic books 200on years from now. Lol. We'd have a heck of a give away here on the site and I might hand deliver the prizes for something to do.

Id only attend the large shows and would probably collect so much that Id get bored with it to be honest. Might have to take a break and move on to other hobbies.

Originally Posted by rodeoclown

That's the cash option value, the actual lotto is 500 million estimated even.

So minus the 38% for taxes they take immediately, that's what you end up with unless you live in a state with state taxes, etc. Also, most people don't realize, the first thing you do is get a good trusted lawyer and you'll have to pay them. And one more thing, if you do win, don't freaking tell anyone until you actually get the money. Quietly get the best safety deposit box in the best secure location and lock the ticket away, without telling anyone what you're putting in the SDB.

Most important point, SIGN THE DANG TICKET. Its a free for all, possession equals ownership item until its signed. Signing it permanently marks the ticket as yours, and no one else can redeem it. Lots of lawsuits and heartache over someone taking your ticket and you unable to prove ownership since they never signed it.

Then hire a lawyer. Btw the lawyer can take possession of the ticket, and its safekeeping becomes their responsibility. That is the option I would go with, huge law firm acknowledging receipt of my signed ticket would allow me to sleep well.