What to do with $500,000?

Reply #33

pumpi76 — Fri, 23 Jan 2009 05:09:03 GMT

you can start a new: Lottery Magazine an actuall one, not an online one...I believe there is a great market for it....

Reply #32

dphillips — Sat, 27 Dec 2008 16:17:16 GMT

If a person is 20 or 30, perhaps investing in a long-term financial growth plan would be wise, including putting some of their money investments in a diversified portfolio.

Assuming the above age group will hopefully be employed until retirement, along with their salary increases (if they are still with the same company), and setting aside some money for savings/retirement, that age group should do just fine. However, steady, financial commitment toward growth will be important.

People in

Reply #31

savagegoose — Sat, 27 Dec 2008 05:19:44 GMT

start your own bank, what with fractional reserve banking thats like 5 mill you can have out on loans

Reply #30

ThatScaryChick — Mon, 22 Dec 2008 20:53:27 GMT

Thank you for that information KY Floyd. Very interesting.

Reply #29

rcbbuckeye — Mon, 22 Dec 2008 14:56:14 GMT

That is a little rude, don't you think? If I won $500K, I still would have to keep working and I'm 54. We have about $400K in REITs right now, and frankly, I think I'll still have to work at least part time when I reach retirement age. But.....if I won even that amount, I would take a trip to see my advisor. That's what he's there for, to advise, which is what my answer was to you.

To go on a lottery board and ask for financial advise, and then insult those that answer you makes no sense. If... [ More ]

Reply #28

mymonthlypicks — Mon, 22 Dec 2008 14:42:42 GMT

Pay off Debts, keep Working

Reply #27

KY Floyd — Mon, 22 Dec 2008 08:40:57 GMT

As long as you're looking for a long term investment, gold probably is pretty dependable. Then again, so are stocks, bonds, and real estate. Unlike those investments, however, gold is one single item. You have no chance of doing better than the market average, and failing to diversify means you have little protection from loss. The best you can do is buy and sell at the right times. OTOH, other than a few unusually bad days, there will be stocks that go up when almost everything else went down.... [ More ]

Reply #26

Grovel — Mon, 22 Dec 2008 02:19:55 GMT

I would pay off any old debt and put the rest in the bank. I don't think 500,000 is enough to quit your job over

Reply #25

lottocalgal — Sun, 21 Dec 2008 23:41:07 GMT

Good luck on the $1,000,000

I would put $50,000 away for a yearly salary and not have to worry about finding a job for a year. Then I'd sell my house, (knowing I would have to take a loss on it and pay off the difference.) I would put a HUGE chunk down to build my dream house, since construction cost are down due to the real estate decline. I would give some money to my church and participate in the building of my home, sort of an upscale habitat for humanity. Ahhhh lottery fantasies, Gott... [ More ]

Reply #24

justxploring — Sun, 21 Dec 2008 23:03:42 GMT

Don't ask why, but I play Florida MM once in a while. Supposedly, the odds are much better than Lotto, but I've yet to win much. I guess it's not very popular these days. I noticed that last time it only increased from $500,000 to $700,000 which is the lowest rollover I've ever seen. It used roll from $500,000 to $1,000,000 and then it changed from $500,000 to $750,000. Friday night it only went from $500,000 to $700,000. Still, I won't complain if I win

Reply #23

GamerMom — Sun, 21 Dec 2008 23:00:14 GMT

AHHH ok I see...I don't play Mega Money or scratch offs anymore so I guess that's why I was in the dark about a 20 year. Thanks for clearing that up for me

Reply #22

justxploring — Sun, 21 Dec 2008 22:57:48 GMT

Yes, GamerMom, there is a 20 year annuity, but not on the Raffle. Some of the scratch-offs in Florida give you the option of a 20 year pay-out or a lump sum like the For Life tickets. Also, the FL MegaMoney game is a 20 year annuity or lump sum but, as I already wrote, at 77% or better (which it's been lately) I'd always take the cash. Take the money and run....(great Woody Allen movie!)

RE: Insurance - That's why I said your age is so important. If someone has Medicare and a social security... [ More ]

Reply #21

GamerMom — Sun, 21 Dec 2008 22:32:04 GMT

I thought as much, I am wondering where he got the idea that you get an annuity on a raffle?? And the FL Lottery says nothing about a 20 year annuity, just a 30 year.

Personally I would not quit my job after winning $680,000. I could not afford the luxury of being without medical insurance and for medical reasons it would be almost impossible for my son or me to get private insurance. Plus...it's only $680,000!!! I have a house to pay off and kids to put through college. I would much ra... [ More ]

Reply #20

ThatScaryChick — Sun, 21 Dec 2008 20:07:16 GMT

I didn't know that. I thought that gold was one of those things that you could see as dependable because all countries have a need for gold no matter how the economy is doing. I don't remember were I read that though. I guess I should read up on it more.

Reply #19

justxploring — Sun, 21 Dec 2008 20:02:44 GMT

Yup - by the way, gold silver isn't always a safe bet, except for a very long term investment, but you can never rely on living off of the capital gain of any variable product. For example, if you bought gold in April 2001 when it was at an all time low, in March 2008 you might have earned about 4 times the initial investment. From Aug 2007 to March 2008 I believe gold soared 40%. However, if you jumped on the bandwagon bought in March 2008 when it hit $1,030 an ounce, you would have a 20% loss... [ More ]

Reply #18

ThatScaryChick — Sun, 21 Dec 2008 19:31:08 GMT

Yep, he was rude. He got some answers from people and didn't like what he heard. Maybe he should just go to a book store anytime he needs advice instead of coming here.

Reply #17

pumpi76 — Sun, 21 Dec 2008 18:33:16 GMT

I still don't know what people see in southern LA....

Something else you could do is start a Dating service but that it is National to the country you want because the dating services currently are too global but you will have to advertise...

i refuse to let people tell me what to do when they go happily about their life and don't worship the sun....

Reply #16

pumpi76 — Sun, 21 Dec 2008 18:09:13 GMT

How do you know that...Have you lived in a foreign country? I really don't think LP is going to dwarf any portuguese or Greece version....And If LP was to charge each of his member 1 dollar a month it might have 8,000 or 9,000 members...But they don't....And so you know in Greece, they made the big International lotteries Fair/Fare....I am not lying to you LP is bigger than anyone but i don't think it will DWARf nobody...And 3,000 members is a very good estimate...Is not that much....Let's assum... [ More ]

Reply #15

justxploring — Sun, 21 Dec 2008 18:05:09 GMT

I think your answer is very rude. You asked for advice and then criticized people who made suggestions. You also assume other people do not already have or handle large sums of money. BTW any responsible financial advisor would sit down with a client for at least an hour and review his/her current financial status, living expenses and current/future needs before even giving advice. It's called a needs analysis. You also said you didn't want to invest the money in CDs or the stock market. Well, i... [ More ]

Reply #14

SmoothJuice — Sun, 21 Dec 2008 17:27:06 GMT

Seems like no one knows what to do. Is this common for lottery players?

I guess I'll go to the book store and buy a book on how to handle large sums of money.

Reply #13

ambelamba — Sun, 21 Dec 2008 17:05:53 GMT

Yeah, keep working. 500K doesn't mean anything if you live in So Cal. A decent house costs 800K or more.

Reply #12

DC81 — Sun, 21 Dec 2008 15:34:51 GMT

3,000 paying members? Even for only three dollars a month that's unrealistic even if you forced people to join to view and post you'd still not get anywhere close to 3,000 paying members. Even LP right now seems to have 457 Gold and Platinum members and it would likely dwarf any Greek or Portuguese version that you may make.

Anyway, you can do a lot with 500-600K+ but it's nothing more than a nice bump in your possible retirement nest egg. The possible interest might make for a nice supple... [ More ]

Reply #11

justxploring — Sun, 21 Dec 2008 10:22:30 GMT

The Florida Raffle is not a jackpot game where you have a choice of an annuity or lump sum and never has been AFAIK. It is also not parimutuel so, if you do win one of the nine $1M prizes, you will win $1M, no more, no less. I see nothing that mentions the grand prize has a lump sum or annuity option. Someone please correct me if I'm wrong.

Even if you have no deductions whatsoever in 2009, except for the standard deduction, you would end up paying approximately $319K in Federal Income tax. Y... [ More ]

Reply #10

psykomo — Sun, 21 Dec 2008 08:45:08 GMT

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Reply #9

results4me — Sun, 21 Dec 2008 08:27:06 GMT

Purchase a moving truck, hire about four or more dependable guys and find a few banks who will hire you to do foreclosure move-outs. Then invest in a few bank owned homes for rental property until the market change and you can sell the homes at a profit . Watch your money grow! I hope you get your $500,000

Reply #8

Shawn67 — Sun, 21 Dec 2008 08:01:33 GMT

I'd have to keep working because as wierd as it sounds, I would get bored without working. However, I would quit my current job and would work doing something I really enjoyed, regardless of the salary, and would have the comfort of knowing that I didn't HAVE to have the job in order to make it. Besides, I don't think $500,000 is enough to completely rely on without another source of income.

Reply #7

psykomo — Sun, 21 Dec 2008 07:10:08 GMT

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Reply #6

pumpi76 — Sun, 21 Dec 2008 06:32:43 GMT

if it was me i would take 60,000 and start a Greek Lotterypost in Greece or a Portuguese LotteryPost in Portugal or Brazil...There is plenty of languages to go around...But again that's only if it was me...

All i need is 3,000 members to join and pay 3 dollars/month for membership and i'll be making 9,000 a month...4,000/month goes to mantaining the site and 5,000/month goes to me...And that's just 1 language....Imagine if you get 5,000 members....

And 5,000/month is like having what 900,0... [ More ]

Reply #5

ThatScaryChick — Sat, 20 Dec 2008 17:03:46 GMT

I actually think that is a good idea if one doesn't want to invest in cd's or the stock market. Isn't gold andd silver suppose to be a safe bet

Reply #4

rcbbuckeye — Sat, 20 Dec 2008 13:45:52 GMT

500K is not enough to live off interest, at least for me and my family. We invest in REIT's around the country which are doing very well for us. Only problem is that they are not income investments, but we are not yet retired so it doesn't matter right now, just trying to grow the money.

Find a good financial advisor to help you achieve your objectives.

Things in Tx are much much better than in Fl and other parts of the country.

Reply #3

jackpotismine — Sat, 20 Dec 2008 11:41:19 GMT

I would buy gold and silver and propety.

Reply #2

claymore — Sat, 20 Dec 2008 09:35:53 GMT

I don't think that you can make 500K work for you in the stock market -- especially if you're relying on it as your only source of income.

Me being 22 (no dependents but housemates to split living costs with), I can live off about 20k/yr (a 4% return - not accounting for the tax man, of course) pretty comfy right now, but it still wouldn't be enough because in a few years...I'd fall behind the inflation trap real quick.

If it were me, I'd use 400k cash on two 4-bedroom apartments close to... [ More ]

Reply #1

s5thomps — Sat, 20 Dec 2008 08:22:55 GMT

Keep working

What to do with $500,000?

SmoothJuice — Sat, 20 Dec 2008 07:19:06 GMT

I just bought a FLorida Raffle ticket and the prize is $1,000,000. With all the taxes and stuff, I assume the prize would be $500,000 unless I do the annuity where I get the full amount in twenty-years.

What do I do with the $500,000 so I can live off of the interest? PLease don't say CD's or Stock market.