Hearing that seven regular Joes and Josephines have each won a little more than $19 million in last Friday’s Mega Millions has created a buzz in more than one office building as daydreamers imagine what they could do with such a sum.
Most people would likely think about a little splurge with such a windfall, perhaps maybe a new vehicle, boat or cruise vacation.
A million dollars alone will buy a Ferrari Enzo, also called F60. Add $1.6 million and you can have the world’s most expensive new car, the Bugatti Veyron Super Sport, which can reach a top speed of 268 miles per hour, according to the Forbes website.
Hammacher Schlemmer & Co. of New York has a two-person submersible in its catalogue for $2 million if underwater exploration is of interest. Piloting lessons are strongly urged and a trailer to haul the vessel will add to the cost.
Claustrophobic? Want to stay on top of the water?
Mohawk Valley Marine in Alplaus has a Grumman luxury pontoon boat for $35,000, according to P.J. Esperti, son of owner Robert Esperti.
“That [boat] has a 25-gallon tank, so at about $5 a gallon, the fuel to fill it is going to be another $150,” he said.
Gasoline prices are up, if that matters. There’s a gas station for sale on Route 9 in Halfmoon that is listed for $65,000 that might be a good investment.
Another option for time on the water is an around-the-world cruise aboard the Queen Mary II. Bookings are now being made for a 107-day cruise with overnights in Cape Town, Hong Kong and Dubai, at $20,995 per person, double occupancy.
Or maybe spending all the cash in one place is more appealing.
The cost of traveling to the International Space Station as a tourist costs upward of $20 million.
If concern for government programs or workers draws enough sympathy, $19 million could pay the federal contribution to NPR for about five months, almost match what the U.S. is planning to give Tunisia to help build its new democracy or fund an entire year of health insurance for the employees of Schenectady County.
Any local school district would likely hang a “thank you” banner on the side of a building for such a donation.
Financial planners are always ready to help plot the course of income that can last for generations.
John Fox is director of research for Fenimore Asset Management Funds in Cobleskill.
“Everybody’s different and the general public has become a little disillusioned with the stock market over the past couple of years, but a good, growing company will help money last a long time,” Fox said. “With some money in reserve and the rest in funds and stocks, an account earning 7 percent will double over 10 years.”
The investment firm has had at least one Lottery winner as a client.