A distant relative (second cousin) won a little over a million down in California recently. It had me thinking about what would happen if I won the lottery. Like say $10 mil. The more I think the more I don't think I'd quit my job. It would definitely improve the recreational part of my life. I would immediately buy front row season tickets to Blazer games. I'd move to a sweet house in the West Hills. Buy a vacation house in Bend. Vacation at great places. But, I don't think I'd quit my job. I like the camaraderie of working. I'd try and keep it on the hush, hush so I wouldn't have any hanger-on's. But, I'd definitely retire as soon as I would be eligible. What would you do if you won the lottery? Say like 10 mil?
I'd definitely quite my job, but look to other working opportunities like investing or other opportunities. Find something that would make me happy. Pick up some simple hobbies that would normally take time or expensive equitpment like video editing or something like that. I'd also spend time to get into awesome shape. Eating regimented meals, working out (maybe in different areas like Hawaii and New York and stuff), etc. I'd keep it as quiet as possible though. I'd do some traveling, but not anything something someone on a decent 6 figure income couldn't muster. Won't be jet-setting, but more seeing places I want to see, staying in mid to high level hotels. Maybe take a 6 month "sabbatical" as the guise of it all. Oh yeah, I'd buy a condo in the pearl and some season tix for the Blazers as well. Do a bunch of dope outdoor shit in Oregon as well (I'd still live in LA too though).
My life is pretty much set: wife, house, kid(s). That 10 mil (after taxes, so it'd have to be a 40 mil jackpot) goes straight into a fund earning a solid 3-5% while I sip 2% off the top to cover living expenses. I retire. I probably take up designing tabletop games full-time, and write a novel or two. I raise my kids. I buy four 100-level season tickets. I enjoy the fuck out of life because I'm not working. If a year was particularly kind, I give the profits to family and friends. I have no grand ambitions. I like my life. I just want to relax more.
Would just work during Blazer season...... Take off the rest if the year. Buy a house a couple blocks from us on the Alameda ridge....... Pretty much live the same, but it would be kick ass family vacation time in the summer! Sent from my baller ass iPhone 5S...... FAMS!
There is a documentary on this exact subject on how it changes people. Really interesting. Wish I could remember the name of it. Sent from my baller ass iPhone 5S...... FAMS!
I wouldn't change as a person, I'd probably put a good chunk of the money in a bank set aside for my daughters schooling/wedding though. I'd move somewhere pretty secluded but nice and close to civilization so I can go to every home game of my favorite teams.
You'd have already paid $5M of that $10M in taxes and you want to give up more? Find a charity. At least your money will be more effectively spent.
I would donate 10% to my church first. Then I would invest 50% of that to this Mexican high density shrimp farming project. I would use 20% to give to my family and put the rest in my bank for a rainy day. I would still do exactly what I've been doing before as a lifestyle.
I would probably quit my job in a few years. Give them time to transition. I would then start a 2nd career. Maybe even go back to school. I would vacation a lot. Maybe return to Portland.
QUIT MY JOB? HELL YA I WOULD! I'd sleep in every day, workout more, bike rides, walk the dogs, vacation, volunteer, wash my nice cars, etc etc to keep me busy!
The first rule of winning the lottery is never to discuss winning the lottery. I wouldn't tell a soul, except for my wife. Not my mother, not my siblings, not even my child. If anyone close to me asked why I was suddenly so much more liquid, I would just say we had a generous partnership distribution. Nothing more. I will assume the amount coming to me after taxes is $10MM. First, I would pay off any debt held by people near and dear to me. Mortgages, student loans, etc. My friends who are struggling, I would pay some of their debt down to make their lives managable. Debt causes so much stress in the lives of my family and friends, I would want to eliminate it for them so they could enjoy life. Let's call that $2MM. Second, I would create a scholarship fund for family members so their kids can attend the college of their choice without burdening them. Let's call that another $2MM off the bat (investing it causes it to grow). Third, I take 20% of what is remaining ($6MM) and give it to charities I deem worthy. I would do so anonymously. That's $1.2MM Fourth, I would probably sell the beach shacks I currently own and purchase a nice spot of land on the Oregon Coast, Delaware, the Outer Banks, the Jersey Shore or Cape Cod/Nantucket for a family compound. Nothing fancy. Anything where I could build one house or a few small cottages that could house 8-12 people. It would be the place where my friends and family could come any time. Let's call that (net of the revenue from the existing places and with annual upkeep and taxes) another $1.2MM. Whatever was left over is for investment and enjoyment, without ever touching the principal. Let's call it $3.6MM. At an average real rate of 6% (a couple percentage points below the average at which my investments have returned), that's $216K with which to play. Our fund is winding down, but we're not fully retiiring. That amount would be for travel or for a rainy day. I have friends and family that have not been able to travel. I'd like to give them that gift. Anything not spent would go back into the kitty. Not exciting and certainly not life-changing, but I'm a pretty boring guy.
If I won powerball I would try to buy the blazers and the people currently posting on the forum would all get 100 level season tickets for life. I don't think the blazers would sell for that low though lol So I would end up investing with the hopes of owning them one day...
