I think most of us have had this daydream, but we typically speculate about what we would buy and to whom we would donate. My scenarios also include when and how and to whom I make my fortunes known.
For the sake of this discussion, let’s assume you have won $100 million.
Do you quit work? Do you give proper notice? Do you tell your boss you have won? Your co-workers? When do you tell? How?
What about friends and family? Do you throw a party for the group and make the big announcement? Tell them individually?
And how do you handle immediate pleas for financial assistance from co-workers? Friends? Family?
My partial answer is that I would give work proper notice, but not spill the beans as to why. My only response would be “I’ve decided to retire” (which is not a lie). I would come clean after I had left; I just would not want anyone to know about my winnings while I was still around.
Family and friends, I would throw a mysterious party, make the announcement, and distribute awesome door prizes to one and all.
I’d tell my husband and our parents, and try to tell NO ONE else. The fewer people know, the less complicated things get. I’m sure my husband would quit his job and devote his time to his own company (since it’s built around his hobby).
I’m not entirely sure why I said we’d tell our parents, even. Probably because his family is in the habit of giving us generous cash gifts and I’m not comfortable with it–hoping they’d stop if we were rich. Also, parents are the only family who really visit us at all, so they’d need to know what was up if we bought a larger house, which we would. Thirdly, his parents organize big family vacations with his sister and her family, and if they knew perhaps we could pay for those vacations. On the condition his sister NEVER find out.
My daughter first, then my husband maybe (he finds it hard not to share everything with everybody), then our accountant, then our lawyer. I would set up a foundation for charitable giving and trusts for the siblings.
ah, well, immediate family only. too many irresponsible/deadbeats on both sides of my extended family who would likely become moochers in no time flat.
I would tell my attorney and immediately draw up some paperwork so that he could sell my business, etc. Cut a few checks for long time employees (generous severance). I’d tell my kids, and they’d get a decent portion. Then I’d arrange my flight and be gone.
Kids first. The 4 of us would have a private celebration while we discussed how to handle it. After that we would announce to friends and the rest of the family.
I believe the lottery organizations have counselors on hand for big winners. I’ve often wondered what the after-win experience of a big winner is like, but this is really hard to search for because the results are swamped by results about how to win.
Next, I’d contact an attorney and get things set up as corporation because with that much money, I’d be splitting the winnings among:
Dad and Stepmom
Mom
MiL
Both kids (who are adults)
Both sisters (and their spouses)
Four very close friends
I’d probably give them each or each couple three million.
Other than those listed above, I wouldn’t tell anyone. I’d work until I had paid off all my bills, bought a piece of property and started and finished construction on a house and taken care of any other loose financial ends.
After that, I’d quit, but defer the retirement while still contributing to it, until I was old enough to collect it.
Thanks to a post in GQ I recently discovered that there is no gift tax in Canada. I knew we had no windfall or lottery taxes but this revelation means that in the unlikely event that big money comes my way I can easily share it with friends and family without too much paperwork.
Then I’d get a financial consultant, because I’d like to (in order of importance):
Pay off my debt
Pay off my parents’ debt
Give some money to my grandparents (preferably some every month or year to help with their medical bills)
Buy myself a home, preferably someplace that’s inexpensive too live, but not completely out in the boonies
Not have to work ever again (in other words, any ‘work’ I do is for fun and not because I have to pay bills)
Help my friends
I always figured I’d split it 70/30. LET family have 30% It would take a couple months to set all that up. We would both leave our jobs and use credit and savings until the money came in. My biggest concern would be health insurance. My wife takes drugs twice a year thay cost in excess of 60k each time. Im not sure that even a Cadillac plan would cover us. As for splitting it , the op is mother of all lotteries and we could never spend it all. A rising tide lifts all boats. Hopefully after the first chunk of money we wouldnt get bothered by people wanting even more.
[ol]
[li]Get a Tax Accountant[/li][li]Get a Lawyer[/li][li] The Traditional–Hi Opal! Merry Xmas![/li][li]Make a Will.[/li][li]Then tell the family.[/li][li]Create an investment plan.[/li][li]Quit my job.[/li][li]Make myself scarce (IE–tour Canada), for a year or two.[/li][/ol]
I would, on the advice of a lottery winner I would sign and date the back of the ticket, make copies and put the actual ticket in a safety deposit box.
I would probably only tell a few very close, very discreet friends, then find a good money manager to have a place to put the money safely.
I would sit with my superintendent and tell him that I have no real financial reason to need to work anymore, but since I’ve just started this job, replacing a person who had spent 30 years in the job, and we’re in the middle of the school year that I would at minimum finish the school year, or if he asks me to, get through the 12-13 school year start up.
Then, I’d claim the winnings publicly. The CatWife and I have actually prepared a “kick ass lottery dream list”.
In no particular order:
new cars. Nice but not extravagant, at least for the primary ride. I’m thinking a nice Benz AMG sedan, or an Audi R6. The ‘fun’ ride will be fancier. Think Italian, low sleek and red.
Do some stuff around the house - we like it here, and bigger wouldn’t necessarily be better for just the two of us. Finish the basement into the giant flat screen/bar/comfy couch cave. Though we might have grand kids in a few years or less and more room might come in handy, but…
The CatKid and** Cat S.I.L** currently live out of state. In a nice tiny apartment. They get a house. The housing market can go scratch when you’re talking a nice 3-bedroom house that maybe you’ll have trouble selling when they move closer to home and need a new house down the street from Gramma and Grandpa.
Finally buy my “crash pad” town home or condo in the city. I’m thinking Gold Coast, somewhere west of Michigan Ave, between the river and Division. A place to stay at after Bears, Sox, Hawks or Bulls games. Or after a concert, or for a nice weekend getaway. Save me the 45 minute drive back to the burbs. Along with the pad, full-season tickets for Bears/Sox/Hawks. What I don’t use, and I’l use a lot - I give to friends, or take friends.
In one version of this, I even get a nice city sized dog to walk around, and hire some sexy little thing to stay in the town home as a full time dog sitter. Wife isn’t so sure about that part, I may need to negotiate that.
Hire my 82 year old mom an assistant to live near her (not with her, god knows no one can live WITH that woman). She needs to have a driver, a helper, someone to be there if she needs things done. Also, take on every single household expense she has. She has no need to spend any more of her money, she’s been too generous to her kids and grandkids for too long.
pet causes: animal welfare and diabetes research. They’re gonna love me.
Travel a bunch. In the US I can drive wherever I want to see, stay in B & B’s all over, visit the largest ball of string in the world - cheesy places like that. And Italy.
Oh, and I’ve always thought about this in terms of travel. I have a lot of friends here on the Dope and FB that I’ve never met IRL. You all know who you are, and best be ready for a knock on the door and a visit from** MWAC!**
Make a will! That’s a good point I hadn’t thought of. I don’t have a will now because I don’t have anything of importance to leave to anyone. Or any descendants. But if I suddenly had a hundred million dollars?
Okay, let’s see. Get a lawyer and an accountant. (How? Maybe this is sort of thing that winner’s counseling covers…)
Pay off credit card.
Make my will.
Set up the investments.
Then comes giving money, buying things and having experiences…
My impulse would be to tell everyone. In reality, we’d probably tell my parents and Mr. Lissar’s parents, and that’s it. Mr. Lissar would quit his job, quietly, and we’d look into buying the house we now rent. We’d pay off our debts and buy a decent, probably used, minivan, since we don’t have a car.
We’d talk to some close friends eventually about additions or renovations on the house- we have a bunch of friends who are craftsmen (carpenter, blacksmith, fine artist) and I’d like to give them some work and also have them make beautiful things.
Yeah. Keep it quiet and not suddenly live lavishly. I don’t think either of us really want to live it up- we’d like more time with the kids and freedom from crummy jobs.
