You have $5,000,000 Dollars tax free, now what? - Chicagoland Sportbikes
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post #1 of 58 (permalink) Old 04-10-2007, 04:48 PM Thread Starter
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You have $5,000,000 Dollars tax free, now what?

I am just curious how various people might spend a windfall if they had one.

Imagine if you would that you have just been told that you have been given $5,000,000 cash (tax free).

No taxes are due (nor will they be due at a later date)

What do you do with the money?
Do you still work?
Do you know how to make those decisions?
If not, who would you get to help you make the decisions?

What would you buy? (break it out in list form with the price next to it)
Example - Veyron ($1.3mm)

Make sure that your total equals $5mm.

This can be a fun exercise if you haven't done it before, and if you take it seriously. Of course, we can expect the EMR Sex Palace or WSE to spend it all on specific activities.

Curious how YOU would spend your new windfall...

===========
Great Quote - One would think that the Secret Service was smart enough to get serviced secretly.

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post #2 of 58 (permalink) Old 04-10-2007, 04:52 PM
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2 chicks at one time.
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post #3 of 58 (permalink) Old 04-10-2007, 04:52 PM
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Originally Posted by teamben158 View Post
2 chicks at one time.
only 2???

Everyone Exaggerates

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post #4 of 58 (permalink) Old 04-10-2007, 04:53 PM Thread Starter
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I think you could get two straight guys at one time for that price!

===========
Great Quote - One would think that the Secret Service was smart enough to get serviced secretly.

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post #5 of 58 (permalink) Old 04-10-2007, 04:54 PM
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pay off mortgage and debt (300K)
buy nice 4 season home in northern woods (300K)
buy new truck, boat, jet skis, snowmobiles and 4 wheelers to stock said northern woods garage (200K)
buy porsche sports car something with a turbo and aircooled (100K)
buy engagement ring for girlfriend (10K)
buy small condo on a ski resort in colorado (500K)
invest the rest somewhere with a 7~8% target

never work again...

<-- Chris

turn the bars left and go right; that just isn't right
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post #6 of 58 (permalink) Old 04-10-2007, 04:54 PM
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Quote:
Originally Posted by Wink View Post
I think you could get two straight guys at one time for that price!
No deal.
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post #7 of 58 (permalink) Old 04-10-2007, 04:56 PM
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Re-do:
-Quit my job, study to be an architect. (25k?)
-Invest in property. (1.5 mil)
-Buy a Liger. (dunno)
-Hire 4 midgets to clean my bike and car, twice a week. ($100 a week sounds good)
-Fuck all the Jessica's in the music/acting business. (???)
-Buy a few cars and bikes. (1 mil)
-Build a house, along with a garage similar to the one in Ferris Bueller's DO. (500k)
-Summer homes in these places: PI, Amsterdam, San Francisco. (1.5mil)

Spend the rest on the i dunno's.

Quote:
Originally Posted by G2G
No one says you have to get drunk everytime you drink.

Quote:
Originally Posted by Snoodles
Isn't that like having sex and not finishing though?

Last edited by EndlessRR; 04-10-2007 at 05:22 PM.
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post #8 of 58 (permalink) Old 04-10-2007, 04:57 PM
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I would not change too much actually...just do it faster and at a greater scale.

-Pay all debt/mortgages for myself and my immediate family
-Set up a trust for my son and any future children
-Spend a $100-200 on cars/toys
-Join a few private CCs
-Manage the remaining $2mm

I would still work halfdays a few days a week.
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post #9 of 58 (permalink) Old 04-10-2007, 05:01 PM
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i'd go to Elgin, put it all on red and see what happens. if I won, i'd keep 1/2 my winnings and play again. i'm not a gambler but you figure this is the only time in your life someone will give you $5 meeeleeeon dollars.

+1 on the midgets, though. i'll come up with a list later when i collect my thoughts. cool post.

-Maciek
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post #10 of 58 (permalink) Old 04-10-2007, 05:06 PM
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-Call my lawyer or hire a new one - not sure how much
-Pay off all debt, including my moms (not too much actually) - around 100K
-Buy any house that my wife wants - 300K I'd guess
-Invest - 2 million
-Buy a nice RV and trailer - 200K

At this point I still have 2.5 million dollars left

-Race an entire ASRA or MOTO-ST season first fucking class baby - 75K
-Travel to Europe First fucking class oh yea! - 30K
-Buy 10 new bikes - 100K

DAMN!!!! I still have 1.3 million dollars left!

I don't even know.

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-Malcolm Smith, champion motorcycle racer

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post #11 of 58 (permalink) Old 04-10-2007, 05:07 PM
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Quote:
Originally Posted by teamben158 View Post
2 chicks at one time.
I think you could get 2 chicks with a million bucks

Last edited by norton; 04-10-2007 at 05:08 PM. Reason: I would use the money to purchase investment property (apartment high rises in a section 8-guaranteed money) then leverage
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post #12 of 58 (permalink) Old 04-10-2007, 05:09 PM
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10% off the top would go to charity. then:

I would probably buy an acre somewhere and build myself a nice ranch home with a walkout basement and 3 car garage. Don't really need much more than that. $400,000

I would also buy a small log cabin up in door county and a snowmobile. 250,000

the rest would most likely go into investments and the like, to be sure my retirement is more than secure. And yes I would still work. I like my job and am very good at it. I would be bored if I just up and quit.




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

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Last edited by HDTony; 04-10-2007 at 05:17 PM.
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post #13 of 58 (permalink) Old 04-10-2007, 05:09 PM
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Buy my idiot wasteohflesh partner out.

Invest the rest in a pre-ipo I have access to that is still a little cash shy.

There is nothing firm, nothing balanced, nothing durable in all the universe. Nothing remains in its original state, each day, each hour, each moment, there is change. Change is the essence of life. Embrace change as you do life. To fight change is to live in the past.
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post #14 of 58 (permalink) Old 04-10-2007, 05:10 PM
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I was thinking along the lines of 'Indecent Proposal" justs for the shock value

Everyone Exaggerates

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post #15 of 58 (permalink) Old 04-10-2007, 05:11 PM
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Quote:
Originally Posted by norton View Post
I think you could get 2 chicks with a million bucks
Not for the things I would do to them
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post #16 of 58 (permalink) Old 04-10-2007, 05:15 PM
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Quote:
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Not for the things I would do to them
http://en.wikipedia.org/wiki/Erotic_asphyxia

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post #17 of 58 (permalink) Old 04-10-2007, 05:18 PM
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Invest the money, live off the interest.
Quit "working for money"
Develop hobbies, some may lead to some income
Travel extensively
Do a bunch more track days

Tom

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post #18 of 58 (permalink) Old 04-10-2007, 05:25 PM
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I'd open a small dive shop on the beach somewhere in the caribbean & spend my days scuba diving, deep sea fishing & enjoying tropical paradise.

I'd probably have enough employees to handle most of the hassles but would keep things small & basically stress free
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post #19 of 58 (permalink) Old 04-10-2007, 05:27 PM
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$5M?

Split 3 ways with my family.
With the $1.x I'd have left:

- Loft in the city ($450K)
- Car/Bike/Toy ($65K)
- Invest the $400K and work every day with the comfort of knowing I don't have to worry about money.

<---- Patrick

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post #20 of 58 (permalink) Old 04-10-2007, 05:33 PM
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Quote:
Originally Posted by BLARNEY View Post
Invest the money, live off the interest.
Quit "working for money"
Develop hobbies, some may lead to some income
Travel extensively
Do a bunch more track days

Tom
Same thing as Blarney.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
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post #21 of 58 (permalink) Old 04-10-2007, 05:43 PM Thread Starter
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$5mm Distribution of Funds

$500k
Charitable Trust (10% Tithe of the Gain)
Invest in Tax-Free Munis at 5% or higher
Yield is $2,100k/month FOREVER
Principal is Restricted
Donate yield monthly, OR compound and make large donations as appropriate
$750k
Pay off all debt
(includes paying off my parents house)
$2mm
$500k trust x 4 kids
Invest in Tax-Free Munis at 5% or higher
Yield is $8,333/month minimum FOREVER
Principal is Restricted
Yield is reinvested until specified events occur:
College
Marriage
First Home
Grandkids College
Grandkids Marriage
Grandkids First Home
$1.5mm
Invest in Tax-Free Munis at 5% or higher
Yield is $6,250/month FOREVER

$250k
Remaining Balance Kept in Money Market (or other short term vehicle), used for cash flow differences to be offset by disposable income from the tax free munis.
All purchases, travel, fun toys, etc... to be purchased from the disposable monthly income from the $1.5mm Munis for me and my wife. Unused disposable income would continue to compound and grow the tax free muni fund investment.

I would continue to work basically full time on a variety of projects as I do now. Goal being to work for minimal income, maximum private stock compensation. First million dollars from exit events from stock would move into my own private "Angel" fund for high-risk investing in early stage companies. Subsequent gains would roll into the tax free municipal funds that I already had passive income coming from.

Wife would move to volunteer and charity work full time.

===========
Great Quote - One would think that the Secret Service was smart enough to get serviced secretly.

MotoVid hasbeen
NESBA hasbeen

CCS neverbeen
WERA neverbeen

Last edited by Wink; 04-10-2007 at 05:58 PM.
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post #22 of 58 (permalink) Old 04-10-2007, 05:46 PM
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post #23 of 58 (permalink) Old 04-10-2007, 05:54 PM
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Get 2 houses in Florida (1 for me and other for parents). $2M
Invest $1M
Upgrade vehicles $100K
Travel $20K
The rest goes to bank

Russ

Last edited by Bratva5; 04-10-2007 at 05:57 PM.
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post #24 of 58 (permalink) Old 04-10-2007, 06:01 PM
 
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Already posted in this thread

https://www.chicagolandsportbikes.com...ighlight=lotto



But I'll throw 'em up again. This is it, period.


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I just want an 83 Chevette with a 350, tubbed, with a roll cage. that's it.
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Actually I would buy 100 midgets, build a fiddy track, and have them corner work while we race and then go hand out Willy Wonka chocolate bars to the kids watching.

Number one and two midwestern ideas. Thanks.
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post #25 of 58 (permalink) Old 04-10-2007, 06:10 PM
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First, I would write a will and put everything in the name of my immediate family in case I get run over by a truck or something (I don't have a will yet).

Second, I would put it in a bank and "lock" it for at least 3 months to avoid initial crazy spend, get used to owning this sum and make a plan.

Third, I would consult with several lawyers and financial professionals on how to manage it. Most likely I would invest most of it. About 70% would go into low risk low dividends stuff and the rest of it into high risk high profit private ventures that I have an access to already.

I guess I would allocate around 15% to pay off / buy a new house, buy some toys, go traveling etc and have some cash pile.

As far as the leisure side of it. I would study, just for the hell of it. Go traveling. Hobbies and stuff. Pretty much same as Blarney & Rob said - I would quit working for money and devote my time to hobbies.

- Stas

Thou shalt not disfigure the soul.
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post #26 of 58 (permalink) Old 04-10-2007, 06:21 PM
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1. Pay off all my debt
2. Pay off all parents debts
3. Give my sister 100k
4. Buy my dad's house
5. Buy myself a 2004.5 Lotus Esprit V8TT - then mod the shit out of it.
6. Buy myself a 2005 Acura NSX - then mod the shit out of it.
7. Buy myself a 2007 Audi RS8 - then mod the shit out of it.
8. Buy myself a 2007 Arden Range Rover as my daily driver in the winter.
9. Buy myself a 2007 R1
10. Finish the remaining mods on the R6
11. Finish the Z
12. Invest the remaining $3,592,000 in mutual funds, stocks and bonds, commodities, time shares, and real estate.
13. Never work again because now my money is working for me.
14. Sign up for Skip Barber racing school with the hopes of going pro.
15. Travel the world
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post #27 of 58 (permalink) Old 04-10-2007, 06:21 PM
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Pick up a 1098
Pick up a 05 R1
Pick up a Lamborghini
Pick up a Ferrari
Pick up a M5 for daily driver
Invest the rest.

Quit my full time job, but find a part time job to keep me busy and alive from speeding all the time in the vehicles above. Before I start the part time job, take a couple of trips. One of those trips being a two week snowboarding vaction in Colorado. Maybe do a MotoGP tour with the season to check out all of the tracks .

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Quote:
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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #28 of 58 (permalink) Old 04-10-2007, 06:26 PM
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Never, ever wear a shirt or shoes again (except on the bike)

Eric
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post #29 of 58 (permalink) Old 04-10-2007, 06:35 PM
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Buy my parent's house from them ($950k)
Buy house in NC near Kitty Hawk for vacations ($250k)
Buy 1997 911 Targa or Turbo ($75k)
Buy TurboSpeed's S3 or make my own ($30k)
Go to UTI/Lincoln Tech ($50k est.)
Invest the remaining $3.65 million in some middle of the road stocks (7-10%) and live off the interest for a few years, working on cars/motorcycles and eventually start my own business.

Brian
NESBA #22
الكافرة مع بندقية سوداء
Si vis pacem parabellum

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post #30 of 58 (permalink) Old 04-10-2007, 06:36 PM
 
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Get drunk and shit my pants everyday.


Oh, and pay what I owe my heroine dealer. 271,000.
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