This is something I like to think about when I get bored. As it is super-quiet at work right now, and I have nothing better to do, I am going to ponder what I would do if I won the lottery.
First let me say I'm talking a goodly sized lotto here, none of that mamby-pamby under 7 figure stuff. Come on, if you're gonna dream, dream big!
1. Pay a crap-load of taxes, and not care because this is free money. Uncle Sam: Check!
2. Convince DH that we will need to legally change our names (slightly) so we can still live where we are undistrubed rather than having to pick up and move.
3. Split a million up into separate accounts at separate banks so it would be FDIC insured. Have all interet generated deposited into another separate account just for the joy of seeing how much interest I would earn every month. Emergency Fund: Check!
4. Pay off all of mine and DH's debt. Debt Elimination: Check!
5. Split the remainder 50% me and DH, 25% friends and family, 25% charitable donation. Place an accountant in charge of the F&F portion with strict instructions to call DH or me anytime anyone attempts to access the money (otherwise we'll have F&F we never even knew about!). This money will be assumed lost once it leaves the building. Place another accountant in charge of the charitable donation funds, with instructions to invest them and donate dividends/revenue/interest every month to a list of pre-approved organizations in pre-approved percentages. Have accountant one and two send monthly reports to Head Honcho Accountant who will manage the remaining funds for DH and me and hopefully be a wiz at tax deductions *grin*.
6. Go to DH's office and watch him light a smoke, take a shot of tequila, and quit on the spot. Do the same at my office (except vodka, not tequila), with an offer to do contract work if absolutely needed.
7. Hire a landscaper to overhaul my yard (crack shack included!).
8. Hire a general contractor to replace the roof, install solar panels, install solar collecting storm windows, a mac-daddy on-demand water heater, renovate the kitchen, replace my leaky toilet and the sub-floor beneath it, and scrape and paint all the walls and trim in the house.
9. Hire my mom to be there to ride the GC's arse to make sure the job is done right!
10. Take DH and the cats on a month-long trip to Buenos Aires while the house is being renovated. Eat fork-tender steak daily and do my part to boost the Argentine economy by purchasing leather goods and silver/garnet jewelry.
11. Move back into my house, because I like it.
12. Encourage DH to open a pool hall, something he says is a dream of his.
13. Get into real-estate with my mom. We enjoy going to the foreclosure sales anyways (they're held once a month about a mile from my house). I'll provide the start-up capital, she'll be the property manager, and maybe TLC or A&E will come make a TV show about people who actually know how to renovate and flip houses...
After that, I'm not really sure. What about you, what would you do if you won the lottery?
What if I Won the Lottery?
November 10th, 2006 at 07:33 pm
November 10th, 2006 at 08:59 pm 1163192345
November 10th, 2006 at 09:30 pm 1163194223
November 10th, 2006 at 09:51 pm 1163195491
and a speacil one for my mother she has special needs and I would have to
buy one for myself this tradler would have to go.
Girl you know how to dream.
November 10th, 2006 at 11:34 pm 1163201661
i thought about paying the houses/cars of my family, but i figured that's what the family and friends fund would be for: if they want their house paid off, there's money there waiting for them.
November 10th, 2006 at 11:46 pm 1163202417
November 11th, 2006 at 02:09 am 1163210978
I don't typically think about ginormous windfalls... in part because I don't ever play the lottery. I simply refuse to throw my money away like that. Besides, it will eventually depress me knowing that I can't actually do it for real.
However, because of my obvious lack of forethough on this subject, IF I were to win a powerball lottery, I would put together a crew first. I'm talking about bodyguards, tax attorney, financial planner, personal assistant, etc. Managing large windfalls well can be quite a serious challenge, and it doesn't hurt to call in some hard hitting professionals, even if they're retained only temporarily.
At least that's my rambling thought for the night anyway.
November 11th, 2006 at 03:39 am 1163216393
November 11th, 2006 at 04:31 am 1163219500
November 11th, 2006 at 01:26 pm 1163251588
actually, either discovery or TLC had a documentary in the past week or two about people who'd won the lottery... the thought of going bankrupt after winning it absolutely boggles my mind! WHY would you ever finance a house when you could pay cash for it?
IMO, folks who come in to windfalls take the opportunity to buy anything and everything they've ever wanted, without taking much care to protect themselves for the future. you know, pretty much they way they handle their finances now. i personally don't care for that much stuff, and i'm pretty sure w/ DH's wishlist even he could get tired of stuff after a million or so... i hope so, at least!
that's partly why i would get into real estate and property management: ensure an ongoing rental income. and pay for the houses in cash, of course!
November 11th, 2006 at 02:25 pm 1163255100
November 11th, 2006 at 03:05 pm 1163257525
He later said that, while he does not regret calling the Police, he would have gladly gave up all of the money to have his granddaughter back. Very sad indeed.
Like I said, the first thing I'd personally do is to put together my own A-Team. Nobody's going to screw with my family for any reason!
November 11th, 2006 at 06:05 pm 1163268321
Your blog was such a switch in our thinking today. We all need to dream. They do say not to play the lotto if you don't have a plan. Makes sense to me. Thanks for an enlightening day.
Aleta
November 12th, 2006 at 02:14 am 1163297644
I'm just saying that we all talk a good game, but its not as easy as it looks.
November 12th, 2006 at 03:50 am 1163303427
very true... at the same time, part of me thinks that going through this "dream about it" exercise might help me decide what would and wouldn't be important to me if i were actually put in the position of having to deal with so many zeroes.