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If I were Filthy Rich
By Beta_Nerdy
+75 You are days away from collecting $500 million in the Powerball Lottery. You live in a small 1200 square foot rambler in a small town with all your extended family nearby (What now!)

You just won 500 Million Dollars in the Powerball Lottery! (After taxes, lump sum)

BUT, everything you know is connected to the small town of 3000 residents in the middle of Nebraska. You have lived there your entire life. You have a very close extended family of nearly 50 people who live nearby. You spend all your time with friends and extended family who live in and near your rural hometown. Your whole life is your job, your church, your kids' school, your friends, your family, and the local pub. You hang out at the local Moose Lodge and YMCA. You are in a bowling league and proud of your high score of 291.

You and your wife are simple people. Just a High School Diploma. You work at the local factory and earn an annual income of $37,000. You live paycheck to paycheck. No Investment Accounts, no 401K, hardly any savings. You know nothing about any of that. (Yes, you should learn about how to manage your money and investments, but you don't.)

What now? Again, your whole life is the town you have lived in since you were born, your extended family, and other close working-class friends.

Once the word comes out that you won $500 million, everyone in town will demand part of your money. You will move from being a loved relative and friend to an outsider. Strangers will ring your doorbell 24/7.

Yes, you could move to another City, but then you are all alone. You have a working-class persona and won't interact well with big-city rich people. What now?

Recent responses

+89 @Terradactyl87 Why play if you're afraid of winning?

+57 @TooTallTrey There’s a 300million to 1 chance you’ll never have to worry about that my man! Enjoy your life it sounds great!

+47 @LPNTed This reads like a setup to be broke in a few years. People in this position TEND to make "massive mistakes" like sticking around and remaining faithful to their communities. I had the thought to give away ~$200m a few months ago, and I would have had over $200m left over. I'd keep the place as my legal residence for the remainder of the year and buy a small shack on a large piece of land in a tax friendly state and "move" there for residency reasons. But after I had secured the place I'm moving to, I'd start traveling, and only be reachable by e-mail. No one would ever know when I was at my "real" home.

+23 @jeep-olllllo I take a trip to wherever I want to go. I tell the friends and family I am going to Vegas. When I return, I tell them that I won money in Vegas. I would come up with a number that can justify some cool new toys. But yet is not so large that I can't give away tens of thousands of dollars either. Maybe say I won $150,000.

+22 @Beta_Nerdy I read a story about a lottery winner who did not want to anger his close friends and family, so he agreed to give half of his Lottery Winnings to them, with a statement from each of them that under no circumstances would they ever ask him for more money. Shortly after the friends and family got the money, they were pounding on his door asking for more money. The contract and firm understanding were worthless.

+17 @SonUnforseenByFrodo Meet with an attorney from a larger city to set up a trust to collect the winnings and tell no one. Don't make big purchases in the city and have an estate where you like to vacation. Make donations to various charities in the city and say. I made a little money on Bitcoin

+15 @Dulce_suenos I would want to enjoy my winnings and my life, and part of that would be sharing the winnings with people I love. Realistically, my immediately relatives and some good friends would each get a small share of a family trust, which would ensure they each had a small lifetime monthly income. Nothing to go crazy with, but something to make sure they always have a roof and food. Beyond that, here’s what I would do in this particular scenario, assuming that I didn’t want to give up my community: 1. Before I tell ANYONE, I’d use at least $5M to purchase index annuities for myself and my wife. This is only 1% of my winnings, but would ensure that even if the other 99% of the money evaporates, I still have a very comfortable lifelong guaranteed passive income. The actual payout is determined by a number of factors, but in my personal case, this would pay me over $275k passively per year, for life. It’s the safety net keeping me from ever going back to a $37k factory job. 2. Quietly buy some land, and build a better home than what I could have had before. Nothing fancy or out of sorts with the local community, but nice, new, and mine. 3. Determine what my town/county needs, or what would improve the lives and livelihood of my fellow citizens, and develop one or more businesses to support those ideas. I would probably hire a couple of MBAs and lawyers from out of the area to consult on getting the businesses up and running, then hire locals and pay relatively high wages and benefits for the area to attract and retain dedicated talent. Personally, I’d start a credit union to deposit much of my new money to, which would offer loans with favorable conditions for borrowers, and lax standards for small business loans. I’d also start a construction company that I would hire for other projects I’d plan to implement. Regardless what you choose, you will want to build something that can supply you with diverse streams of income. 4. Give meaningful money to local community projects: Help the hospital get new tech, better doctors, and upgraded facilities. Build new basketball courts or swimming pools at the YMCA. Work with a community college system to build a campus in your town. Modernize the local library. Fix up your church. Establish a nice public park. Revitalize your downtown area. Maybe pave a few main streets… Do things to help the people around you, without giving money directly to them. Whatever your heart desires, within reason. 5. Support chosen people to run for local offices such as mayor, city council, county judge, commissioners, sheriff, etc. Bringing this much money to a blue-collar area is a huge boon for the community, and I would want to have some sway over local politics to ensure that my vision for the area is not trampled, and my money isn’t misused. 5. Establish local charities to help people in my town gain access to food, clothing, shelter, and clean water. Also start a scholarship fund to help local kids make something more of their lives. 6. Keep living my life, but more generously (within reason). Put more money in the offering plate at church. Pick up all the tabs for meals with family and friends. Buy rounds of drinks for the bowling league. Host steak dinners for the Moose Lodge… Yes, people would approach me for money, but with the above in place, I could direct them to other resources I’ve established - maybe I could hire them for one of my businesses, or help them get approved for a loan at my credit union, or approve a scholarship for their kid to go to school, or arrange a ride to take them to the food bank. There are lots of options now, because I’ve put in the infrastructure to bootstrap my community, and in doing so, hopefully made myself into a respected and admired community leader and pillar.

+11 @Eagle_Fang135 That person will declare bankruptcy and reverse off them before. Because at that point family and friends will hate them. Everyone will expect done thing and whatever they get will not be enough. The center will not have any financial knowledge so not know how to properly budget the funds. Just look at the average PRO sports star. They get their big money in a few short years almost like winning the lottery. And lose if all just as fast.

+11 @lubeinatube Step number 1, the most important step of your life: Don’t tell your extended family.