April 16, 2014 – What do the super-wealthy do with all their money and free time? Whatever they want – I’m pretty sure that’s the point of being super-wealthy – do what makes you happy, even if that’s just sipping daiquiris on a remote beach somewhere.
It sounds almost perfect, but there is one way to make that daydream even better – imagine you’re sipping daiquiris on your beach.
The one you own. On your island.
Incredibly, this isn’t even that far out of reach for more “regular-guy” wealthy people. There are islands around the world as cheap as $100,000, some even less. That’s a choice I’d like to make: sports car or private, tropical island.
But let’s say your Powerball ticket matches the six winning numbers drawn tonight, and come tomorrow morning – once you’re through the excitement, anxiety and possibly the pure terror of having to make huge, $110 million decisions – you’re stuck wondering what to do with your big payoff. Daydreams are about to become real, and you don’t know where to start.
Most winners say they’ll take a vacation with some of their winnings, but I would advise you to invest in vacations, plural. Buy yourself an island. Big or little, you know all your old co-workers will tell the guy training in your old position “..the guy that used to do what you’re doing? Yeah, he owns an island now.”
Part of my job is to daydream, which is as great as it sounds. Today, I found the ultimate website to help me do that, it’s called Private Islands Online, and I can’t believe it’s taken me this long to find such a fantastic mental getaway.
If someone is lucky enough to score the estimated $110 million jackpot up for grabs tonight, they’ll have a choice between the full amount, paid out over 30 years, or a lump-sum cash payment of about $64 million before taxes.
If you read yesterday’s post about the taxes generated by this year’s big Powerball and Mega Millions winners, you would know that a prize like that is going to be taxed, er, heavily.
Thirty-nine point six percent of that prize is going to Uncle Sam, leaving the lucky winner with
a little less that $40 million to work with.
That’s plenty of money to buy Cebaco Island in Panama. Listed at $25 million US, this Central American getaway is aperfect investment for the vacationer and the explorer-at-heart: the 3,706 acre island has the same area as the floor space in eight Empire State Buildings.
Perhaps that’s too much space for you – the upkeep on a small country has to be killer – so consider what Private Islands Online calls “a timeless and rare opportunity to own one of the last freehold islands in the South Pacific paradise of Fiji.”
Maybe you don’t want just one island, but a world’s worth of getaways. In an NBC News report by travel writer Joe Yogerst, private island broker Farhad Vladi said:That island, Katafanga Island, is just 225 acres, surrounded on three sides by beautiful coral reefs and crystal-blue waters, and also costs $25 million.
“There are literally hundreds of freehold islands available in Sweden and Nova Scotia. You can still buy a substantial island for under $400,000. That’s less than what you pay for a condo in New York.”
So, with nearly $40 million in your pocket, you could pick up 100 islands at $400,000 apiece. Rent some of them out (yep, you can rent islands) and start making some of your money back while you dig your toes into the sand on your personal favorite island.
Ok, I’m gonna go get that Powerball ticket now.
Image Credit: Matt Fernandez