As I was driving to work today, I took my daily look at the billboard with the current lottery jackpot on it. And I got to thinking, while I don’t play the lottery all the time, I’ll by a ticket every now and then, just for S&G’s, and to have an hour or so of dreaming what I would do with all that money. So, the question is, what the hell would you do if you won?
For example, the current jackpot is around $10 million right now. If I remember correctly, you’re supposed to receive like $50k for every million in the pot…so you’d end up getting around $500k a year for 20 years or so. Now figure that Uncle Sam will take around half somehow, that leaves you with $250k a year…about 5 times what I make now.
Everyone always talks about how they’d quit they’re jobs right away, but then, what would you do all day long?..I mean, there is only so long you can sit around doing nothing…or travel.
I figured that I would volunteer to teach adult computer classes. I like teaching, and it would give me something to do. I’d also like to take college classes, but probably would never actually get a degree. I’d just like to study things that interest me. And of course, I’d travel to all the places that I loved when I lived overseas, as well as the ones I didn’t get to see.
I’d pay off my debts and revel in the sensation of being debt-free for, oh, maybe 10 minutes or so. Then I’d see to it my mom was taken care of medically/financially. I’d help out my brother as well. I’d have a house built with a workshop so I could learn woodworking/furniture making. Imagine that…a woman with powertools.
I’d consider going to college and would most likely volunteer in some capacity around the community.
I wouldn’t mind working on the side as a professional painter (faux finishes, etc.).
Photography is a passion of mine that I haven’t been able to devote much time to (due to finances, or lack thereof) so that would be something I’d definitely pursue.
This isn’t likely to happen but what the heck, it’s nice to dream.
First, I’d probably take the lump-sum payment. I’d then buy a house outright and set up an investment fund to cover the taxes on the property indefinately. After some small splurge spending, I’d invest the rest conservatively. This should return about 5-10%.
On a lump-sum from the $10M pot sited in the OP, I figure an income from the interest alone of $100,000 to $300,000.
With that income and a place to live for the rest of my life, I’d travel, go back to school and get degrees, perhaps become a teacher (I always wanted to except for the crappy pay).
I’d also set up education trust funds for my children and probably my niblings.
After several years, if the investments are doing real well, I might go into politics, but refusing the salary given.
What would Brian Boitano do / If he was here right now /
He’d make a plan and he’d follow through / That’s what Brian Boitano would do.
Atrael - interesting fact, in Canada you get to pick if you want it in a lump sum or spread out. Hmm I’m pretty dull, I would pay off my student loan, buy a home, a jeep, pay off all of my family’s debts (mom, dad, sisters) and open a high school for the performing arts in my home town.
Fast plane to San Diego for a while. After that, I’d buy a house in Seattle, an apartment in St. Louis, one of the historic houses here in Springfield, and finally one of the Garden District houses in New Orleans. Then I’d migrate between them.
We interrupt this thread to increase
dramatic tension.
I’d buy three homes. One big farmhouse near my family with horses, one medium one on the ocean (Maine, I think), one decent sized apartment in Manhatten. I’d travel as much as possible, living abroad for as long as I can before I miss my family and want to come home. I’d get my PhD in psychology (which I plan on doing anyway,) and then go back and get an MD in neurology. I’d donate copious amounts of money to the Youth Centers in my town. I’d go to Italy when I wanted to see Opera, and Stratford when I wanted to see Shakespeare. I’d hike Ireland, find my great-grandfathers families (both Irish immigrants). If I had kids, I’d have their childhoods be spent in other countries, so they could learn languages other then English when it is easy for them to learn, rather than try an cram Spanish down their throughts when the language centers of their brains are fully developed.
Before I claimed the prize, I’d have my lawyer set me up a trust to hold the funds, some sort of tax shelter and I’d take it as a lump sum. Only when the arrangements were made such that I could claim I am a investment based trust fund in a Swiss account would I step forward and announce myself the winner.
Then I’d buy a boat and learn to sail. I’d quit my job and move to a place with ocean beside it and putter around on the boat all day in my white tennis shoes and cable knit sweater. I’d hire some arm candy to go sailing with me, sort of a tall, dark, handsome, strong, and easily persuaded type of person. Heck, I might buy 2 boats, a sailboat and a houseboat.
I’d pay off my meager debts, go back to school, go (maybe sail) to India and never come back. I’d set up a trust fund for my 2 nephews. I’d buy a nice urn to have my ashes put in when I’m dead and get my nephews to agree to pass me back and forth every year once I’m dead as a condition of receiving funds from their trusts.
(Just because I’d be rich doesn’t mean I wouldn’t have a sense of humour.)
If the shock didn’t kill me first,I would meet with my financial advisor.
I would then invite the family over to make the announcement, that is after showering them with extravagant gifts.
I would take some time to travel and then
when I got home and settled into my wealth, I would return to university for awhile and finish my fine arts degree.
I would then spend my life doing whatever the hell I wanted… because I could!!
I would share it with everyone who ever voted for me as their favorite poster, or told me my jokes made them spit their Coke all over their monitor.
So it looks like I’d get to keep about half of it!
“The labors…are aided by…innumerable lecturers, who diffuse such a various profundity in all subjects of human or celestial science, that any man may acquire an omnigenous erudition without the trouble of ever learning to read.”
Nathaniel Hawthorne The Celestial Railroad
I’d pay off my few existing debts and sell the house I’m living in currently. I’d build another home which I’d design with the help of an architect. The house would be placed on about 50 acres of land, fenced to keep in horses and dogs. I’d move my horse from the stable at which he’s currently boarded, plus buy a few more so he’d have company. I would also set up a no-kill animal shelter and free spay/neuter clinic. I’d travel when I felt like it.
Kind of a hard question, really. I’d like to go back to school, do some work on a Masters of Music degree at a really good music program, maybe Indiana.
OTOH, my parents are getting up there, age-wise, and really don’t have much of anything set back for retirement. I’d want to take care of them, give them the break they’ve had coming for years. Of course, for a quarter million a year, I could probably do both.
That’s about 1.5x what we make now, so our life style wouldn’t change much…we don’t have much debt anyway.
I would do as was said above - no-kill animal shelter, free spay/neuter clinic, some sort of place for teens…like Boys and Girls Club (god forbid I’d actually have to spend time there, though)