If you won a 5 million lottery prize.

[aj]

I you won a 5 million dollar lottery prize or were just looking to set up a hobbie farm for tax deductions, what breed would you jump into? Would it be a club calf deal or a registered breed? Would you buy land or embryo's or what? What would you do with 5 mill? Would you buy a new truck?

 

[CWshorthorns]

that could buy a lot of Kentucky brown water. joking i would try to invest as much a i could in land as it seems to me that they are not making anymore of it and it is hard to find good pasture,or land at all that you could build a house on or do anything with.

 

[knabe]

loan it.

 

[CM Cattle]

I would have the nicest farm in my little POS town, then tell anybody that has ever done me wrong to kiss my A$$. (thumbsup)

 

[knabe]

I would have the nicest farm in my little POS town, then tell anybody that has ever done me wrong to kiss my A$$. (thumbsup)

so your club sale would be all out of towners?

 

[feeder duck]

 I would buy 600 acres and put my house in the middle. Surround it with dear food plots and hunt. Then I would have a house on the lake with a new 20 ft Ranger w/ 250 horse. Bass fishin in the summer dear hunt most of the winter.  I bet you would not of guessed that now would ya?
I seen millions of dollars spent chasin the purple stardom and I would be smart enough not to at that dollar level.

 Jeff

 

[TottenClubCalves]

To be honest, most people would thi9nk I'm crazy but I'd take atleast a million of it and invest in some Lowlines. lol I really think that there some pretty cool cattle to show imo there miniature angus with a butt haha. Me and Justin Olson just worked on some in Denver and we could have passed any of the ones we clipped out as a heat wave or crossbred clubbie. I'd have to say after that I would invest another two million. And then buy a house for my parents and make sure they could live comfortably. Last I would buy  farm out in the midwest.

 

[OH Breeder]

Reality Check- here is the Jackpot calculator says about the 5 million. After looking at this, I would invest the money carefully. If you could find some place to put that 1.725 million that would actually earn money. Stock market is risk. Land is probably the soundest investment.Would never buy a new truck the depreciation is ridiculous. I would go find a nice truck off lease and let someone else eat depreciation. Don't want any new house or other stuff. I would invest some in my stock. Get in on a few good donors and sell eggs.


5 Million
CASH OPTION PRESENT DAY
CASH VALUE Pay Out:  $ 2,500,000

FEDERAL TAX (25%): 625,000

STATE TAX (6%):  150,000
ONE-TIME NET
CASH VALUE AMOUNT:   $1,725,000

If you take the
ANNUITY PAYMENTS
Pay Outs
YEAR 1  $ 128,340 pay out a year
YEARS 2-30  $ 114,540 pay out a year

 

[FutureBreeder2013]

Id take a small fraction of that 5 mil to just have a chance to get out of city limits and get a little herd started and build from that.

:-\

 

[jbw]

I would keep farming, I could have it gone in a couple years! <rock>

 

[farmboy]

buyout all the neighbors lands and build some new facilities (barns, house, garage etc etc) probably buy some Purebred Maine stock and live like a hermit. I could never move from here, its too nice.

 

[MYT Farms]

F550 truck, triple axle aluminum stock trailer, a new tractor, and some land with what I had left over. If I had some extra, I'd go blow it on club cows.  ;D

 

[Nasc]

herefords or old school simmentals would be my choices

 

[kanshow]

I'd be complaining about taxes..    but happy

 

[Reinken Cattle Co.]

I would stay located hear in central Iowa, buy the little bit of pasture thats left around me, (50 acres or so) buy some land for hay crop, buy a few more cows, open a feed store to fill the time and make a little money.. Then what ever is left I would probably invest. And be left upset with all the taxes id be paying  ;D

 

[afhm]

Reality Check- here is the Jackpot calculator says about the 5 million. After looking at this, I would invest the money carefully. If you could find some place to put that 1.725 million that would actually earn money. Stock market is risk. Land is probably the soundest investment.Would never buy a new truck the depreciation is ridiculous. I would go find a nice truck off lease and let someone else eat depreciation. Don't want any new house or other stuff. I would invest some in my stock. Get in on a few good donors and sell eggs.


5 Million
CASH OPTION PRESENT DAY
CASH VALUE Pay Out:  $ 2,500,000

FEDERAL TAX (25%): 625,000

STATE TAX (6%):  150,000
ONE-TIME NET
CASH VALUE AMOUNT:   $1,725,000

If you take the
ANNUITY PAYMENTS
Pay Outs
YEAR 1  $ 128,340 pay out a year
YEARS 2-30  $ 114,540 pay out a year

With the annual payments do you get taxed every year or do they take it all out at the beginning?

 

[aj]

I would try and buy a ranch in Cherry county Nebraska. Not sure how far 5 million would go.

 

[Davis Shorthorns]

I would put it all in the bank, use the money as collateral to get loans to buy land.  With that kind of money in the bank you could get low interest rate loans all day long.  Then you use the interest to pay the note on your land and at the end of the day you still have the money in the bank to fall back on.  I know I know I am just boring. 

 

[linnettejane]

i would put half of whatever was left after taxes in savings for my children...the other half i would use to adopt a couple more kids...buy a 300 acre farm that you can drive a tractor all over with no rocks!!!!...build a great big house and an awesome barn...get my husband a new tractor and manure spreader...oh and an aluminum trailer...and probably flush my sammy cow with sexed heifer semen to build my herd from... ;D

 

[Jill]

Davis is on the right track-with that I'd buy some more pasture ground and then have some fun!  Truck my hiney to Sullivans for Shorthorns, Exposure for Maintainers, Blairs and Road Warriors for RA, Stierwalts and Rogers for steers, May for a combo package, get a new truck and trailer and have a great time with my kids!