34 MILLION - What would YOU do with it?

[Fred114]

I think that the size of lotto payouts are simply getting too large. Such an excessive amount for an individual to receive in a single payout is irresponsible. What advice would be available to an individual is this position? Which adviser would you turn to? Lawyer, financial, friend, accountant? How could you find experience from others that would be credible? Everyone would want to offer advice...

Honestly, I have everything I need. Getting to that level slowly would be far easier to make sense of than receiving it at once. Who would you trust for advice in such an extreme situation?

In fact, I would expect that $34mill would not be an unusual amount for some higher salaried public sector workers. Say they get to salary of $350K when you're fifty. I happen to know one of the deputy secretaries for justice, who came to the job as a solicitor from the private sector law firm as a partner on at least $500K. He took a paycut for the job. Charles Chavuel from the labour party was another. By then you might have amassed a couple of Million in Funds under active management (FUM), that doesn't include the family home. At the rate of 20% for 10 years, those funds would reach around $7mill compounding, a contribution of savings and investment returns. A further ten years of savings now at age 70, they would be at $54mill, but probably difficult to get that rate at that age. Anyhooo, $34mill would not be out of the ordinary for some people at some point in their lives, but they do collect superannuation without penalty.

People with such large wealth, now in the thousands I'm guessing, would have a perspective that we hear very little about. In fact, such a perspective is very difficult to access, unless you win lotto. Why is wealth so absent from discussion, and yet the news media obsess themselves with inequality? They just can't bring themselves to admit that such wealth really does ordinarily exist in NZ, least that disturb their closeted debate of political convenience.

[Minerbarejet]

We can all dream about winning all that but when it comes to the nitty gritty who do you trust. Probably the Lotteries Commission would have the best independent advice but it would still be your best judgement that would prevail.Agree the prizes are getting a bit high, 5 to 10 to mill is enough for anybody- and they should pay out more prizes. Plus they should have a prize for getting all the numbers but all on different lines on 1 ticket - you might be surprised how often that doesnt happen.
Previous lotto winners would probably have some pretty meaningful input if they could be found.

[Dej]

A guy at my work won lotto a couple years ago, he just continued working, paid off the mortgage and invested some money in the company so he now has an invested interest in his work.

Just sits on the rest, told me if I ever came up with a reasonable business idea he would invest in me.

Like I said before, I would do something similar.

EDIT: just for the record, he didnt earn anything near 34 million.

[Fred114]

The mediterranean appeals to me too. I looked at buying a house in Lampadusa when it was on the news, an island off the coast of Italy. The picture from google maps was mainly barren, with many old plastered apartments and the ground scraped raw at the coast. The water was a different picture. Amazing blue colour with one bay full of luxury yachts. Seems that's a better way to go....

[CJ]

EDIT: just for the record, he didnt earn anything near 34 million.

Sounds like he's done the sensible thing depending on how much he won. Anything less than $10m and you will probably blow it all once you buy the mansion, flash car, holidays, give some to the leeches and no job to support the costs.

[stanace]

What would you do if you won Lotto, she asked as he walked in the door.?
I'd give you half and then leave you, He said.
Well I just won $24 so here is $12, now F** off, she said.!

[777]

By the look of PEB this morning a few mill chucked there wouldnt go amiss

Think of the result if you had been able to action this.

[Joshuatree]

I would buy 40mil Heartland shares.By the time the next dividend is paid I may have figured out what I will do the dividends.
lol.

Heartland re 75c then $1.33 now plus divs, looks like a good plan there percy.

[Bjauck]

The mediterranean appeals to me too. I looked at buying a house in Lampadusa when it was on the news, an island off the coast of Italy. The picture from google maps was mainly barren, with many old plastered apartments and the ground scraped raw at the coast. The water was a different picture. Amazing blue colour with one bay full of luxury yachts. Seems that's a better way to go....

I have been to some Mediterranean isles. IMHO Waiheke Island is (at least) their equal (Jeremy Clarkson notwithstanding!).

[bullfrog]

Fun to look back in time, $38m is just loose change today, $50m, wow. Saw PEB got a mention back in 2013, some things never change. So, what’s the list in a Covid world. I’m thinking a huge estate, plenty of hunting, fishing, bit of a farm, a bunker.