If I won a $10 million lottery

spiderweb

spiderweb

Final Approach
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Ben
First, of course, $5 million goes to the government.

I then donate $1 million (over time) to charity.

I invest $3 million and live off of interest and dividends.

BUT, I continue to perform and teach, so I need an airplane.

I spend $460,000 on an airplane that fits my trio and our instruments and suitcases.

http://www.controller.com/listingsd...NA-340A-RAM/1977-CESSNA-340A-RAM/1196173.htm?

How much per year do you think I will need for airplane reserve, cost of operation, and currency training? I estimate I will fly for pleasure or work about 250 hours per year, and I estimate I will want an additional 200 hours or so of training to be sharp.

Would the C340 be ideal for this situation, with those currency hours? What type of speed and range can I truly expect?
 
spiderweb said:
First, of course, $5 million goes to the government.

I then donate $1 million (over time) to charity.

I invest $3 million and live off of interest and dividends.

BUT, I continue to perform and teach, so I need an airplane.

I spend $460,000 on an airplane that fits my trio and our instruments and suitcases.

http://www.controller.com/listingsd...NA-340A-RAM/1977-CESSNA-340A-RAM/1196173.htm?

How much per year do you think I will need for airplane reserve, cost of operation, and currency training? I estimate I will fly for pleasure or work about 250 hours per year, and I estimate I will want an additional 200 hours or so of training to be sharp.

Would the C340 be ideal for this situation, with those currency hours? What type of speed and range can I truly expect?
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If I were you I'd try to win $20 million and buy new!
 
I'd build a fully decked-out RV-10 for travel and buy an already flying hotrod RV-8 or HR-II for fun.

A C340 is a heck of a great X-C travelling machine too. I've got a little bit of right-seat time in one, but it does fly like a truck.
 
While I like the C340, I think you could get more bang for the buck with an Aerostar 700. If you need more room though then a C340 would fit the bill.
 
Velocity173 said:
While I like the C340, I think you could get more bang for the buck with an Aerostar 700. If you need more room though then a C340 would fit the bill.
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Room. I bet it is slower than the Aerostar and Twin Commander, but we've gotta put stuff in that plane!
 
I had one for four years. They aren't all that roomy, but three + noise-makers should fit. With age they have become quite expensive to maintain due to lots of systems, all built light enough to fit inside a 4500# airframe.

spiderweb said:
Room. I bet it is slower than the Aerostar and Twin Commander, but we've gotta put stuff in that plane!
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spiderweb said:
First, of course, $5 million goes to the government.

I then donate $1 million (over time) to charity.

I invest $3 million and live off of interest and dividends.

BUT, I continue to perform and teach, so I need an airplane.

I spend $460,000 on an airplane that fits my trio and our instruments and suitcases.

http://www.controller.com/listingsd...NA-340A-RAM/1977-CESSNA-340A-RAM/1196173.htm?

How much per year do you think I will need for airplane reserve, cost of operation, and currency training? I estimate I will fly for pleasure or work about 250 hours per year, and I estimate I will want an additional 200 hours or so of training to be sharp.

Would the C340 be ideal for this situation, with those currency hours? What type of speed and range can I truly expect?
Click to expand...


I think you have a problem with your plan.

250 hours x $400/hr = $100,000/yr.

Current S&P500 dividend yield is sub 2% = $60,000 per year on the $3mm
 
spiderweb said:
First, of course, $5 million goes to the government.

I then donate $1 million (over time) to charity.

I invest $3 million and live off of interest and dividends.

BUT, I continue to perform and teach, so I need an airplane.

I spend $460,000 on an airplane that fits my trio and our instruments and suitcases.

http://www.controller.com/listingsd...NA-340A-RAM/1977-CESSNA-340A-RAM/1196173.htm?

How much per year do you think I will need for airplane reserve, cost of operation, and currency training? I estimate I will fly for pleasure or work about 250 hours per year, and I estimate I will want an additional 200 hours or so of training to be sharp.

Would the C340 be ideal for this situation, with those currency hours? What type of speed and range can I truly expect?
Click to expand...

When you have 10 million the last thing you want to do is buy.

If it flys Fu--s, or floats rent it.
 
A friend just got a gig flying a Cessna 441. It has an almost identical panel, I bet RAM did both panels.

This is what you want, and a 10-millionaire could afford it. For a while anyway.

Avgas is for the proles.
 
spiderweb said:
I invest $3 million and live off of interest and dividends.
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You made me go run the math.

Assuming you can average a 3% return on $3M, you can withdraw just under $9000 a month for 60 years before your nest egg runs out.

The return is a big deal, though. Lower that to 1% and you'll have to get by (ha) on $5500 a month.

If you can push that up to 6%, you get roughly $15500 a month to play with.

Or just die sooner if 60 years doesn't work for ya. ;)
 
Tom-D said:
When you have 10 million the last thing you want to do is buy.

If it flys Fu--s, or floats rent it.
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Go hybrid:

Buy a smaller, easily maintained something for, say, a 500 mile radius.

Get one of those 'credit cards' from a fractional for longer stuff.

First Class on a Major Carrier for trans-ocean type things.

Not that I've thought about it . . . :)
 
I have been told that those who win lotteries are either ruined by it or not changed at all.
 
JimNtexas said:
This is what you want, and a 10-millionaire could afford it. For a while anyway.
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TEN MILLION DOLLARS and you'll run out of money???? Seriously? No wonder people think pilots are rich people. Pilots have to be rich people if they're considering $10,000,000.00 is short term money that will be gone in a few years. You rich people live in a totally different world than the rest off us that could easily retire permanently and live very comfortably with 1/4 of that without ever touching the principle money that's creating the interest we would live on.
Sheesh.
 
James_Dean said:
I think you have a problem with your plan.

250 hours x $400/hr = $100,000/yr.

Current S&P500 dividend yield is sub 2% = $60,000 per year on the $3mm
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Then I'll just keep my job, so I'll have that income in addition to the investment yield!
 
Take all of this seriously, you are for sure going to win the ten million dollar lottery. My advise would be buy an annuity at six percent with the whole reaming five million.

Anyway, in light of this being an absolute in your future. It is probably best that you quit your day job now, so you can devote your entire days to planning and preparing for this forthcoming major life change.

Congratulations!

-John
 
denverpilot said:
You made me go run the math.

Assuming you can average a 3% return on $3M, you can withdraw just under $9000 a month for 60 years before your nest egg runs out.

The return is a big deal, though. Lower that to 1% and you'll have to get by (ha) on $5500 a month.

If you can push that up to 6%, you get roughly $15500 a month to play with.

Or just die sooner if 60 years doesn't work for ya. ;)
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Well, if I live 60 more years, I'll be 104, so I think I'm ok!
 
fgcason said:
TEN MILLION DOLLARS and you'll run out of money???? Seriously? No wonder people think pilots are rich people. Pilots have to be rich people if they're considering $10,000,000.00 is short term money that will be gone in a few years. You rich people live in a totally different world than the rest off us that could easily retire permanently and live very comfortably with 1/4 of that without ever touching the principle money that's creating the interest we would live on.
Sheesh.
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Now, now, Frank. I'm not rich yet. I have to win that lottery! For now, I'm a lowly Classical musician, and I bet you can guess what -that- pays!
 
I would buy three planes:

Glastar Sportsman 2+2 with floats for back country and camping.
RV 14 for medium cross country
Air Cam, because who doesn't want to fly one of those around? This would be for local flying.


Anything longer then I would want to go in an RV 14, I will let someone else fly :)
 
spiderweb said:
Now, now, Frank. I'm not rich yet. I have to win that lottery! For now, I'm a lowly Classical musician, and I bet you can guess what -that- pays!
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"Lowly"?

He creates music with beauty that scratches at the core of your soul, and calls it "lowly."

Ha!
 
spiderweb said:
First, of course, $5 million goes to the government.

Which they can try to collect from me when I move permanently to Thailand. Good luck with that.

I then donate $1 million (over time) to charity.

I believe charity begins at the home. Plus, I will be pumping oodles of cash money in the local economy anyway, so there is my charity. Capitalism taking care of the poor.

I invest $3 million and live off of interest and dividends.

Check interest rates these days. You need to invest more than that for a sustainable income. Dividends? You could lose your principal overnight. I've learned my lesson on that.

BUT, I continue to perform and teach, so I need an airplane.

I spend $460,000 on an airplane that fits my trio and our instruments and suitcases.

http://www.controller.com/listingsd...NA-340A-RAM/1977-CESSNA-340A-RAM/1196173.htm?

How much per year do you think I will need for airplane reserve, cost of operation, and currency training? I estimate I will fly for pleasure or work about 250 hours per year, and I estimate I will want an additional 200 hours or so of training to be sharp.

Would the C340 be ideal for this situation, with those currency hours? What type of speed and range can I truly expect?
Click to expand...

Past that, the experts can cover your questions. (BTW there is in fact general aviation in Thailand....)
 
LJS1993 said:
The Twin Commander is one good looking plane too.
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I also remember it having a bigger cabin than a C-340. However, I am leery of older, complex airplanes since in my observation they tend to be money pits. There's a reason the prices are low. The only possible exception is if you know it's been very well cared for.
 
Everskyward said:
I also remember it having a bigger cabin than a C-340. However, I am leery of older, complex airplanes since in my observation they tend to be money pits. There's a reason the prices are low. The only possible exception is if you know it's been very well cared for.
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Perhaps but wouldn't being a smart lotto winner pretty much allow a guy to buy one in great condition with updated avionics?
 
Everskyward said:
I also remember it having a bigger cabin than a C-340. However, I am leery of older, complex airplanes since in my observation they tend to be money pits. There's a reason the prices are low. The only possible exception is if you know it's been very well cared for.
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I know of one, and I've flown it. It isn't pressurized, but it is a beast and an awesome airplane.
 
I would do very little differently than we do now...
First I am older than most of you,... I have had a professional career (a couple in fact) and we worked like dogs and lived like church mice... We are in a position to buy almost anything we might want - but we don't really want more than what we have now...

First, I would let no one know I have millions on deposit, not my children and certainly not the media... The children will find out once we are gone and it is given to them... Till then they can keep on working...

I might (likely in fact) send the Apache out for a paint job and interior and some panel changes - things I can afford to do now but I judge the benefit not worth the pain of parting with the money... This is a fine airplane for us - comfortable, reliable (after lots of work and $$) and safe...

I would endow some additional (but modest) trust funds for grandchildren - they are college age and a bit more cash in hand would make their next few years a lot more fun.. However, I would not let them feel/think they are set up for life and don't need to make an effort..
And I have been thinking of endowing a modest little township park (with our name on it, natch)

Probably would trade off the combine for a newer one as this old derelict I have takes lots of wrenching to keep it going... I can afford to do that now, but again I have made the decision that in place of parting with the money I would rather keep wrenching...
I would keep a weather eye out for a good buy in some more farming land - another 200 acres would be nice but no more than that because it would exceed what my son and I can comfortably work and then we would have to have employees (oh gawd, just shoot me)

Don't need a new boat as we have one that we really like and going bigger just means more work and more waxing...
Don't need more vacation time as we always wind up coming back home weeks before the marina reservation is finished...
Don't need a new car - my 2001 Saturn suits me just right - and my boat pulling truck is only a year old (I do like shiny diesel trucks :D )

So probably in the balance of the universe we are the absolute wrong people to win a large amount of money - we won't get excited, no one is going to scam us or pry it out of our hands (yeah I am old, but meaner than a rattlesnake, and armed to the teeth) and we don't need it...

So we are more likely to win it, eh?
 
Dr. O said:
So probably in the balance of the universe we are the absolute wrong people to win a large amount of money - we won't get excited, no one is going to scam us or pry it out of our hands (yeah I am old, but meaner than a rattlesnake, and armed to the teeth) and we don't need it...

So we are more likely to win it, eh?
Click to expand...
Probably!
 
Dr. O said:
So probably in the balance of the universe we are the absolute wrong people to win a large amount of money - we won't get excited, no one is going to scam us or pry it out of our hands (yeah I am old, but meaner than a rattlesnake, and armed to the teeth) and we don't need it...

So we are more likely to win it, eh?
Click to expand...

I would seriously be surprised if you ever bought a ticket, so winning is probably a real long shot! :D I am not quite as fiscally conservative, but I will never win a lottery, I never buy tickets.:dunno:
Back to the OP's dream airplane, the 340 is nice, but it is a good bit narrower than the 414/421 cabins and while a little faster, it won't really be much cheaper to operate and maintain. :rolleyes:
 
N747JB said:
I would seriously be surprised if you ever bought a ticket, so winning is probably a real long shot! :D I am not quite as fiscally conservative, but I will never win a lottery, I never buy tickets.:dunno:
Back to the OP's dream airplane, the 340 is nice, but it is a good bit narrower than the 414/421 cabins and while a little faster, it won't really be much cheaper to operate and maintain. :rolleyes:
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So might as well go for the 421?
 
Revise your dream. I think feds only take 25% of your winnings. Not sure about state taxes (Hook'em). Just enough to bump up to a C90 and its 3k hr tbo's
 
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