What to Do if You Win the $636 Million Mega Millions Jackpot
NEW YORK (TheStreet) -- Slightly more than a year ago, TheStreet asked various money managers, contributors and market experts how they'd advise a newly-minted half billionaire. With Tuesday night's $646 million Mega Millions jackpot, we're at it again.
This time, though, responses from our staff preferred spending the money instead of saving it.
"I'd open a dog shelter," said Natalia Kaspshik, an analyst at TheStreet.
"I'd buy a Major League Soccer team," said Antoine Gara, an M&A reporter."I'd go to a beach and do nothing," said Alicia Formella, a marketing associate. "Help family and give to charity. Then I'd buy houses," said Kieran McBriar, a graphic artist. I'd buy an island in the South Pacific," said Bill Inman, editor in chief at TheStreet. But for those of you looking for serious investment advice, we discovered that going headlong into stocks may not have been the first choice of the pros. Here are some responses from last year's study: "Finding a brokerage-house/steward that can handle investments in the hundreds of millions of dollars: "My suggestion would be to find one that isn't publicly traded and has a stellar reputation for customer service and not putting pressure on the customer. "An example would be Fidelity Investments. They have conveniently located offices that are pleasant to visit, and they will offer you a generous number of free trades when you open a large enough account." -- Marc Courtenay, Advanced Investor Technologies. "Very simple: 100% U.S. Treasuries and a good tax attorney and estate planner. "Let's do the math: 500,000,000 at 1.66% = $690,000 a month pre-tax. There is no need for risk assets. My motto: You can only eat so many steaks." -- Steve Cordasco, Cordasco Financial Network. "The first rule: Take it slow. With $500 million, you should be set for life. Even if you simply put it in checking accounts and earned no interest at all, you'd never have to worry about running short." -- Richard Saintvilus, TheStreet contributor.
Good luck deciding what to do when you win. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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