I'm gonna buy a controlling interest in a sad sack franchise like the Kings and trade all my good players to Portland.
Take the lump sum upfront. Put a reasonable amount aside for fun/spending, and then get the majority of it earning more money for you. Live off of that interest.
I'll draft them...be a total psychopath towards them and they'll want out. We'll suck so bad I could trade the draft picks to Portland too. I'd have to be really sneaky to hide it. A great young player and some unprotected picks for Turner and Leonard? Seems legit
F that. Even pro athletes get ripped off or lose 100 million dollars. Tim Duncan got scammed and Antoine Walker is broke last I heard. Take the annuity and buy property and bonds or whatever. Even if I get screwed the first year I'll get more money next year. Where do you keep 500 million dollars and are sure it doesn't disappear?
You are right, don't put that money anywhere you don't know what is happening to it. Most likely, have to go with a big named financial institution, so if there ever is any funny business you can sue their pants off. And if you don't know how to invest the money wisely, then by all means take the annuity, but most financial guys are going to suggest taking the lump sum and get that money working for you. Heck the S&P 500 is about as solid as an investment you can make - of course it doesn't always perform well, but over time, it's very solid.
Duncan was because he just relied/trusted a guy who screwed him over - he was doing everything privately, not with a big institution. Duncan's fault for not digging deeper and really knowing where his money was. Walker, not sure how he blew his money, but if these guys invest or give money to every "ask" that comes their way, they would all be broke in 6 months. They need a "No" guy. That's my job. I get to say "no" (politely of course) to a bunch of start up asking for money, and tons of charities asking as well. Feels like doodoo sometimes, but less and less so over time, once you realize they are just greedy asking for a hand out.
I think it'd be amazing to use the funds to spearhead a campaign to make the Blazers a community-owned organization like the Packers are. Set up a plan where I'd be 51% owner, and sell shares to the public for the other 49%. I also think a decent writer could make a pretty interesting series based on the concept of a regular fan winning this mega-jackpot and bringing that concept to fruition, and then having to deal with all the aspects of team ownership, as well as the fan feedback. I'd watch.
What do you do the moment you win? How do you keep the ticket safe until you turn it in? I wouldn't want to leave the house. Would they come to you? Or do you have to drive to the lottery office in your state? I'd be shaking probably, knowing what that piece of paper is worth.
I'm not even driving myself to the lottery office--I'm hiring a driver, because I wouldn't trust myself to deliver myself there safely.
You have the lawyer representing the trust you set up claim the ticket. Claim it right after a major news event (maybe Election day) happening so you aren't the top story. If anyone asks for money, let them know that the money is locked in a trust and you can't touch it at the moment. Live off the interest only and don't touch anything else.
