How much would winning the lottery change you?

The_Lillard_King · Sep 8, 2014

BoBoBREWSKI said: ↑

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!
Click to expand...

This

MarAzul · Sep 8, 2014

maxiep said: ↑

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.
Click to expand...

Ha! Sounds good. I'd sell you my compound but I want a little more. I know I am not winning the lottery, I don't buy the tickets.

MarAzul · Sep 9, 2014

umm, I guess I didn't make a sale.

Log in or Sign up

How much would winning the lottery change you?

The_Lillard_King Westside

MarAzul LongShip

MarAzul LongShip

Share This Page

Log in or Sign up

How much would winning the lottery change you?

Moderators

The_Lillard_King Westside

MarAzul LongShip

MarAzul LongShip

Share This Page

Useful Searches