What to do with money after winning Lottery

Discussion in 'Investment Strategy' started by JK200SX, 21st Apr, 2016.

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  1. albanga

    albanga Well-Known Member

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    Start a travel business and then travel the world claiming it as a tax deduction.
     
  2. Azazel

    Azazel Well-Known Member

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    A million?
    Chump change ;)
     
  3. Blacky

    Blacky Well-Known Member

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    Ha - I didnt read the first post properly. Just read the second which said $15mil.

    yeah, a mil wont spread too far. It would have been allocated before the cheque clears and life would carry on pretty much as normal.
    I would actually be really disapointed to win $1mil. For ever after any success would be put down to you winning the lotto - rather than any level of intelligence or sacrifice already made.
    Dont be concerned though - I will never win a mill in lotto. I dont pay that tax.

    Blacky
     
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  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    I guess best thing to do with a mill winnings for you would be to give it away then... how about 100k to each of the top 10 forum participants? ;)
     
  5. HUGH72

    HUGH72 Well-Known Member

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    I would happily be disappointed and find some way to deal with others thinking whatever they wanted to.:D
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I think this may be a common feeling amongst people who win or inherit - that people assume that everything is not 'earnt' but 'won'.
     
  7. Plutus

    Plutus Well-Known Member

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    Personally I wouldn't be disappointed with winning $1m, I'd see it as being given a bonus 10-15+ years. Its not enough to retire on and i'm confident that barring acts of god, war or some sort of heinous accident I would have reached the $1m+ net worth stage myself eventually anyway.

    Now that I'd be over the "the first million is the hardest" stage:
    • $10k on a holiday
    • $400k used to fund roughly 4x $400-500k neutral to slightly pos geared properties at 20%-ish down, less than 10yo, etc with anything left put into offset
    • $450k into 2-3 international high growth ETF's - already heavily exposed to aus market via prop holding. So probably the vanguard US & the vanguard world excluding US + a third maybe. Might make sense to do high yield depending on what my depreciation & tax scenario is going to look like after the property acquisitions.
    • $140k into offset for bargain opportunities & sleep at night factor
    • Go back to work, tell no one, keep focusing on career, stick with the plan
     
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  8. Chris Au

    Chris Au Well-Known Member

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    Wow! Like your thinking.
    Only part I would have some trouble with was the 'don't tell anyone'. Therefore I would need a little for the family. Need to keep the family.
     
  9. Jerry O

    Jerry O Well-Known Member

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    it would certainly help me at this stage of life.. but like others, its not gonna get me anywhere to where im planning to be. it will certainly help a bit but not significantly..
     
  10. Plutus

    Plutus Well-Known Member

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    Not telling them would probably be the hardest part. I already do a fair bit for the family, so I would probably get a tad more generous but I wouldn't be spreading the news or the winnings. Some of them are terrible with money (or maybe its my ego. Probably both) so if anything I would rather have the extra capital under my control to be in a better position to bail them out if really needed.
     
  11. Tattler

    Tattler Well-Known Member

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    That's what I will do....
    images.jpg
     
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  12. Ed Barton

    Ed Barton Well-Known Member

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    That's $80m - one would be far less comfortable.

    Seriously one million? Wouldn't make much of a difference.
     
  13. JDP1

    JDP1 Well-Known Member

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    With the lottery winnings, I would buy in mt druitt..
     
  14. Gockie

    Gockie Life is good ☺️ Premium Member

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    You could even buy 2 there!
     
  15. Sonamic

    Sonamic Well-Known Member

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    I wouldn't tell a single soul if I won $1mill. Including partner and family. Particularly not all the people on PC who label playing Lotto "idiot tax". :p
    Carry on business as usual safe in the knowledge that work is a choice not a necessity.
    But if I win the $10 mill tonight that's a different story. . . . . ;)
     
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  16. JDP1

    JDP1 Well-Known Member

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    No only one the the druie...the other one in kingston/woodridge ;)
     
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  17. Gockie

    Gockie Life is good ☺️ Premium Member

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    Buy one in Elizabeth too then. Be a slumlord millionaire literally lol
     
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  18. JDP1

    JDP1 Well-Known Member

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    I was thinking more like davoren park..but i guess elizabeth will do...
     
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  19. LibGS

    LibGS Well-Known Member

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    With $1 mil I'd immediately call @euro73 and organise more NRAS properties.
     
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  20. Ted Varrick

    Ted Varrick Well-Known Member

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    Datto, you might be on to something here.

    Imagine what one could charge for a "Premium Extra" like pulling donuts outside a certain constabulary in Merrylands, although on the downside, you would also need to travel frequently with your two friends (Smith & Wesson) to avoid your passengers becoming over-enthusiastic about the thought of ownership-change of said vehicle...
     
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