Friday, July 6, 2007

Mega Millions Jackpot up to $126 Million

Friday, July 6, 2007

I don't gamble. It's just never been my thing. Besides, I've got enough vices to deal with.

Anyway, I saw a billboard this morning advertising the $126 Million Mega Millions pot. The first thing I thought, "Damn, whoever wins that will be more wealthy than some small countries."

Then I thought, "Hmmm, what would I do with all that money?"

For the purposes of this discussion $126 Million is just too much money. So let's discuss a more finite number.

My question is this:

If $5 million appeared in your bank account, how would you spend it?

I would:

- Immediately bank $500K. This would be split between my already established 401K, CDs and high yield savings accounts. Since these are winnings and not earnings, I dunno if 401K investment would allow me to circumvent taxes, but I'd try.

- $500K would go into the stock market.

- $1 million would be used to bankroll a real estate development project in either Baltimore, Washington or Philadelphia. That would get some residual income flowing.

- My sister (and her family), my mother and I would each get new homes. Nothing extravagant. Maybe a $500K suburban new build for each of them and a urban waterfront condo for me.

- The rest would go to charity. $100K to my high school, $200K to the Maryland Athletics Department (maybe then I'd be able to get Maryland Basketball season tickets) and the rest would be divvied up somehow.

How would you spend your $5 mill?


Darius T. Williams said...

Hmmm - I haven't the slightest idea - but 5 million isn't THAT much, so I'd reinvest in something I know won't

Corey Keith said...

I would open a coffee house/book store with a 200 person little theater in the back so I could write full time. I would also put a million in stocks and a million in the bank. I would spend a million and give a million away.

The Captain said...

Good question-

10% goes to the church
40% to me
20% towards family
10% retirement funding
10% charity/research
10% traveling/expenses/etc

Mr. Jones said...

Uh oh. I forgot the church in my initial proposal.

yet another black guy said...

well after my trip around the world, which should take about 9 months, i'd build a modern house, cribs and whips for the family, sock a mil away, donate to UNCF, and go back to school.

then i'd buy one of Micheal Jackson's old noses.

That Dude Right There said...

I would take 2 million and become an investor in a new hotel build in a city that needs hotels. Like Birmingham, AL or Charlotte, NC

I would take a million and buy myself 2 homes and two cars. A condo in the city and a house in the burbs of Atlanta, a Mercedes S550 and a Range Rover 4.6 HSE.

I would invest 1.5 million in real estate.
And the rest would be used to pay off debt for my family, and donate to organizations helping the homeless and/or youth with HIV/AIDS

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