this post was submitted on 01 Nov 2023

1 points (100.0% liked)

Entrepreneur

0 readers

1 users here now

Rules

No Personal Attacks - criticism of ideas is allowed, attacking people is not.
Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.

Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.

founded 10 months ago

MODERATORS

communick@indiehackers.space

"If You Won The Lottery" - With a Twist (alien.top)

submitted 10 months ago by CovertOps80@alien.top to c/entrepreneur@indiehackers.space

11 comments fedilink hide all child comments

Honest question for the entrepreneurial (merely for personal use!) What would you do if you won the lottery, but:

With $1 million
With $2 million
With $5 million
With $10 million
With $20 million

What would you purchase, invest in, create (eg. businesses, etc.) etc.?

What would be your financial goal, how much is "enough?"

Where would be your base, would you move; why?

What if you were a good person, ethical, not predatory or selfish, and wanted to do good?

What if you were religious, and wanted to give back, or start an initiative?

What if you were a woman, would it have any bearing on what you would/could do, or its ease?

How would you put this windfall to its best use, for both you and others, to maximize it, in perpetuity?

You don't have to answer all the questions, it's moreso testing business savvy, financial literacy, trends, and a balanced life; and generating interesting discussions.

Thank you for your contributions. 🙏🏻

top 11 comments

sorted by: hot top controversial new old

[–] OJSimpsons@alien.top 1 points 10 months ago

I'd quit my job and drink a beer.

[–] throwaway_83w2@alien.top 1 points 10 months ago

I will buy a yatch and snag bitches

[–] SaltMaker23@alien.top 1 points 10 months ago (1 children)

Coaince & Hookers

[–] Lease-Advice-Bureau@alien.top 1 points 10 months ago

citing that news reporter viral video I take it

[–] asuka_rice@alien.top 1 points 10 months ago

Things that store wealth. Property and land.

[–] telecomtrader@alien.top 1 points 10 months ago

ok I'll give it a go.

Assuming the money is in my business account and not private.

company: 25 mil revenue
ebitda 1.5 mil
reserves: ~ 1-1.5 mil
1 mill. Use it as a buffer for long term. add additional people (1 or 2) in specific areas.

2 mill. same as 1, but also reduce a but of debt to reduce interest payments.
5 mill. reduce debt, increase development team, hire business development people and additional ops people

10 mill. debt free, same as five mill. Buy out competitors / strugglers for additional revenue

20 mill same as 10. expand, go global. 2nd and 3rd office.

duplicate what we do in other regions.

pay my self and my team a one time bonus.

[–] betteringyou@alien.top 1 points 10 months ago

All I would really need is $1M liquid, and ensure my lifestyle doesn't change much. Pay off my debts as well as my families. However, keep the mortage as the rate is low enough and the oppurtunity cost of throwing a lump sum of cash away at that would be foolish.

First, buy some land in rural MO for personal use as well as an investment.

Diversify the heck out of the rest, throw most of it at a moderate to high risk index fund (VOO), but also have some bonds, CDs, etc. in the mix.

I am only 25, so I am fine with the risks associated and the volatility of the market.

Have maybe $50k or so in cash, and just keep doing what I am already doing everyday as fortunately, my work is play.

Additionally, I don't know anything about real estate so I wouldn't allocate money there until I felt ready to do so.

[–] Drinkmorewateryo@alien.top 1 points 10 months ago (1 children)

How much tax is taken out from the lottery win?

[–] Lease-Advice-Bureau@alien.top 1 points 10 months ago

I was interested in the answer to this question:

https://www.amoneythinghappened.com/post/is-the-lottery-tax-free

apparently it's not taxable, but the interest is.

[–] Ben_Stark@alien.top 1 points 10 months ago

So 1-2 million I would invest to generate income. I would quit my job and focus full time on the invention I'm trying to get to market. Hopefully that invention will generate more income. Hopefully I could manage that business in 4-8 hours a week and it would generate enough income to hire real developers for one of a handful of app/business ideas.

Anything over 2-10 million probably gonna solo-dev or hire one dev to get started with one of my app/business ideas.

10+ million I'm going right to the dream app.

The real goal is to have an app/business generating enough income that I can use its marketing budget to fund my lmp3 race team. So I basically have to be able to burn $500k-750k a year.

[–] QuietEffect@alien.top 1 points 10 months ago

Kids' college, off-grid cabin in the woods, rest in HYSA
Kids' college, off-grid cabin, 2nd cabin for AirBNB, rest in HYSA
Kids' college, cabin, 3 AirBNB properties, rest in HYSA
Same as 3, plus a self-storage business
Same as 4.

My ethics, faith, and sex have no bearing on my decisions.