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Thread: What Would You Do?

  1. #16
    Senior Member ProfessionalLocator's Avatar
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    Default Re: What Would You Do?

    Quote Originally Posted by Mke View Post
    PL, To tell the truth, there are various forms you have to fill out when dealing with large ammounts of money. the CRT is just one of them. As for setting up a system where you can have your cake and eat it too, that is where the financial adviser comes in. Hiding money may not be ethical or moral, but there is enough loopholes and systems in place you can file bankruptcy and still have access to your lotto winnings. The actual details are never really going to be encountered so going into the minutia of it all doesn't make sense.

    It takes the fun out of asking, "What would you do?"
    I get where you are coming from. For me extravagant things and behavior come with a $500,000,000.00 lottery winning. For a win of $ 5 million I can't help but to think a bit more seriously.

    The premise was a win with a net of $ 5 million after taxes and any loop holes you find. You have $ 5 million cash on hand , period.

    The fist thing that determines what you do is dependent on your age. If you are 21 you may have 50 or more years in front of you. If you are 61 you may have ten or perhaps 20 years in front of you.

    I would say the younger person should have less extravagant expenditures on a once in a lifetime windfall like this if they were going to secure their future. Then again they may be pocket rich, common among locators, and blow it all like there was no tomorrow. For this age get a modest home and pay cash. Remember a big home has big property taxes, higher insurance and larger utility bills. If things go bad you could still not be able to make your bills. A trick to keeping property taxes low is to buy two adjacent lots of land or one large lot and subdivide it. The lot with the house gets the high tax rate and the unused land is taxed as vacant or farm use. You may have to get the second undeveloped lot re-zoned. Invest some but remember, investments can fail and leave you with nothing. So diversify your savings. I remember an old recommendation, 1/3 in precious metal, 1/3 in stocks and 1/3 in usually secure tax free bonds.

    Because you do not have to work go ahead and get a job rather than starting your own company, Start your own firm and you have a 60+
    hour work week and that is an investment than can tank fast. I remember a character in James Clavell's 'Nobel House'. The character was a writer and subscribed to the idea that one should have two years of Drop Dead money in the bank. That was enough money to cover all expenses for two years so if his publisher insisted he take an assignment he did not want he could tell him to drop dead. Having drop dead money makes working a job a lot eaisier. i say get a job because if not you at this age doing nothing is likely to rot your brain.

    If you are young you have to look at your remain lifetime and try to live off of earned money and interest and not touch the principle from the remainder of the 5 million.

    If you are old you can take the interest to live on plus draw out principle, after all you can't take it with you. May as well spend some money more extravagantly in your few remaining years.

    Okay,
    I am older so option two would be mine.

    My own Fortress of Solitude, away from the world where I can think deep thoughts.

    http://www.mlsfinder.com/ak_amls/kw_...5-ea3aa2f3cab5

    A nicer home to live in near the beach. Extra large garage with work shop. Room for pool table. Lot may not be large but situated so it would be private.

    A couple of nice wheels.

    Do some traveling, see this country and the world.

    Buy a run down property needing some work. Do some landscaping constantly and call in before you dig tickets. The laugh uncontrollably at the locators that show up to 'mark entire property'.

  2. #17
    Premium Member daman1's Avatar
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    Default Re: What Would You Do?

    Quote Originally Posted by ProfessionalLocator View Post
    A nicer home to live in near the beach. Extra large garage with work shop. Room for pool table. Lot may not be large but situated so it would be private.

    Buy a run down property needing some work. Do some landscaping constantly and call in before you dig tickets. The laugh uncontrollably at the locators that show up to 'mark entire property'.
    That's just mean PL. There's some nice places needing work in Yahoo's area. 1000+ feet off the road. Corner lot if you can find one. He said he needs the OT. He'll try to mark the services and run. Watch him. Make sure he marks the easements.

    .......And get a couple of big dogs to poop in the yard that intimidate locators too while your at it........
    Last edited by daman1; July 28th, 2014 at 02:46 PM.
    UULC likes this.

  3. #18
    Member Boss Man's Avatar
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    Default Re: What Would You Do?

    First thing I'd do is to set things straight I'd have a big family reunion and disown the most of them.
    Mark and TheCableVine like this.

  4. #19
    Senior Member Mark's Avatar
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    Default Re: What Would You Do?

    Quote Originally Posted by Boss Man View Post
    First thing I'd do is to set things straight I'd have a big family reunion and disown the most of them.
    Hell yeah. Maybe do it at a private place and invite them up on a stage and tell them to kiss ur ass - you aint gonna see no monies! Then have some topless Female dancers come out and play some AC-DC music really loud "highway to hell". Then start flinging cowshit at them. Well - that might be a bit over the top, maybe.

    I think I'd give each of the guys I work with 100K. I like all my Family with one exception.

    One thing for sure I would buy - is a palapa south of Cancun on the Myan Riviera someplace, down by Paamul maybe. And for sure i'd buy a brand new CTS-V and mod the piss out of it.

    Fun to think about I guess. I knew a guy that was worth some big money. He worked for AT&T and sucked up all the overtime he could. Never really had a life, always working. He bought multiple property's and rented them out hauling in some serious cash. He decided to retire from the phone company and died 2 weeks later. So that kinda sucks...

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