This is the situation:
You have just won the lottery - 10 million dollars. (or 7.5 million Euros)
The winnings are given to you tax free, in a lump sum payment (not spread out over many years).
Do you share any of the winnings with anyone?
If so, how much do you keep, how much do you share?
Who do you share with? Family? Friends? Charities?
I’d tithe 10% off the top to my church, then another $1M to the MS Society probably.
I’d probably pay off the mortgages of my parents, brothers, and my wife’s sisters. My wife’s brother is pretty well-off so I’d probably give him a smaller gift.
The rest would probably be spent/saved/invtested for me and my wife and kids.
$100,000 to my close friends, $500,000 to my mother.
1 million to my parents.
1 million to be divided amongst the rest of my family.
1 million to children’s charities.
The rest I keep and spend like it’s going out of style.
Like crazy. Cars for everyone, the MBA gets a huge check, etc.
Oh, family would get a nice chunk – about half. I suppose I would up the amounts I already give to charity every year. But a good 4 mil is stayin’ with me. 4 mil is the amount on which I believe I could still live reasonably comfortably for the rest of my life (along with what I already have) even if I never earn a penny of interest and the dollar becomes fairly significantly devalued (moreso than already, I mean).
Only with people who have been nice to me during this year and a half of hell.
My ex-Boss would suddenly try to become my best friend. I would spit in her face and announce that I’ve become pro-life and would never do busines with someone who has had four abortions.
Yes. Probably a million each to my brother and his wife, my mom and stepfather, my dad and his wife (3 million total).
Some charitable contributions to various causes (MS Society, Doctors Without Borders, etc.).
I’d probably work it out so I give or donate half, and keep half.
Definitely would set up my immediate family, including grandparents, aunts, uncles and cousins.
I’d hook up some of my friends’ kids with college money (they’re toddlers). Probably even decent-sized monetary gifts to my friends themselves.
Lots of money to the HSUS, MS Society, veterans funds.
I could do a ton of good work with $10mm.
$50,00 to Bearflag70.
$25,000 to my sister.
$100,000 to a foundation to bring chess instruction into schools.
A bunch of little cash prizes for top academic success in high schools.
Another $700,000 in various divisions to anything that makes people more like me. I figure, the more people like me in the world, the better we’d all be, amirite?
I’d see what was left after taxes, first.
After I’ve set aside enough for e celebratory spree (US$127.53), then next is a set-aside for interest-based income, at, oh, a level roughly twice what I make now plus enough additional to compensate for a goodly inflation rate. In short, a perpetual income that doesn’t get eaten by inflation.
Then, after that, if anything is left, another fund set up along the same lines for college money for the children of my family, starting with my own, and extending as far out as the children of second cousins, if resouces are avaliable.
THEN, after that, if aything is still left, invest the remainder for charity, interst procedes distributed as (income - inflation offset = donation).
Yeah, I’ve fantisized about this a time or two. Which may be amusing, 'cause I don’t play the lottery. I consider lotteries to be a tax on people whom are bad at math.
I’d give one million to my parents, to ensure their comfort in their old age. I’d keep the rest initially and invest it and make it grow so I could continue to give to charity as I see fit for the rest of my life.
I’m assuming Canadian lottery rules; The 10 million is given to you in a lump sum, entirely tax free. You would only pay taxes on the income you earn from interest or capital gains.
could be worse - it could be a tax on people whom are bad at grammar.
$100k college funds for the nieces and nephews. Fuck everyone else. They didn’t do anything for me when I needed help.
Absolutely, I’d share. One of my favorite fantasies is winning the lottery, keeping it secret from my family, then on the next Christmas going totally crazy on the gift-buying–mortgages paid off, new cars bought, boats, a group trip around Europe, etc. My 90 year-old grandmother would spend the rest of her life in the lap of luxury, her every need taken care of.
After all, what’s the fun in having all that money if there’s no one to share it with? I think the main thing I’d use the money for would be to travel, but I don’t like to travel alone!
All this, and I don’t even play the lottery. I think I’ve bought a grand total of two in my life. I just never think to do it!
Family gets nada. I’d set up a scholarship trust for the kids of close friends, and a similar one for my debate team. The rest will get spent on the wife, cats and I. Screw everybody else.
Jim and I have discussed this at length, and the bottom line is - we’d like to share, but we’re not sure how. We have four sisters and four brothers-in-law and two nephews and two nieces between us. One sister, bil, and nieces are well-off and don’t need anything, and are not currently speaking to us*. The other sisters and bils are not as well-off; one in particular is really struggling (the one with the two nephews). Do we give the same amount to each family, or do we give according to their need? Some would get lots, others would get nothing. Either way doesn’t seem fair, and there is plenty of potential for resentment no matter what you do.
Maybe the idea of paying off the mortgages for everyone and setting up education trusts for the kids would be the best idea. Plus, you know, big all-expense paid vacation for immediate family members a month after the big win.
As for charities, I’m not sure about that, either. I know we would donate something, but I’m not sure how much or to which charities.
*It’s a little bit satisfying to imagine winning a big lottery while they aren’t talking to us, especially when a few years ago they were very stingy after THEY had a big lottery win.
Have I mentioned, Annie, how nice you look today?
I would absolutely share with my immediate family. Have a house for us, a college fund for my son, Dad could retire early, brother could pay off his truck and property, Grandma could do the same. Donate some. That would still leave me a nice chunk to invest and live off of while I went back to school to take some frivolous interesting courses and travel.
Oh, I’d definitely share, generously, in fact: with my cocaine dealer and local strip joints.
What’s the point of winning that kind of money if you can’t fulfill the lottery millionaire stereotype?