I bought a Mega Millions (Lottery) ticket the other day and of course it starts one to dreaming. I realize that the odds of winning a lottery are pretty bad. But I don't see anything wrong with playing once in a while responsibly. And eventually someone does win.
So FOREVER I've had a basic plan in my head of how I would deal with a huge windfall such as winning the Mega Millions. For the most part my plan is pretty dull and has not changed much over the years. Its actually gotton more conservative as I've gotton older and strive more for the simple life.
My "plan" is mostly how I would save and invest most of the money. I would do some repairs on my modest home but don't see the need for a new one. Right at the moment I would not buy a new car. But it sure would be nice having the money available to go buy one anytime that I did need to. The 2 big things for me are that I would definately quit my job soon, and I would definately travel a lot more.
As things are right now I wouldn't even be in a big hurry to quit my job. It would have to happen, but no big rush. Since I work in a store selling toys I think I'd happilly stay there through Christmas. I mean i'd have the rest of my life after that to never have to work on a holiday again. I'd also book the terribly expensive trip that I drool over to Antarctica. I know most of you would choose other places, but I'd get to those too. But I really would not spend all that much money on material objects. I've had enough of those in my life.
A friend of mine constantly comments that he wants to win the lottery but that he would only be happy if it were something like 100 million dollars. He talks about all the silly things he would blow his money on. I think if he really won 100 mil, it would be gone within a year or so. He even insists that if he won such a prize that he would have my house torn down and re-built for me. I don't want that even if someone else is paying.
I would love to win a huge amount of money. But all I really want is to be able to pay my bills, live in a comfortable enough way, and be able to travel more. I can do a lot of that on my own without winning a lottery. Its just winning would make it a whole lot easier of course. Just wanted to share some of my thoughts on the subject and wondering what any of you would do if you won a large sum of money? And what amount of money would really make you happy?
A few thoughts about winning a lottery. Sorry, very long winded.
August 12th, 2009 at 05:57 am
August 12th, 2009 at 08:47 am 1250063246
i could never say 'i would only be happy with $100 m'. what if you won 99 million? i think that is just putting a negative vibe on the whole thing. and i dont even believe in 'vibes' and all that so basically i would be happy with any amount of money won.
what would i do with it? of course, cost permitting:
first of all, figure out how much i'd need to (safely) invest so that i could comfortably live off the interest. or atleast, live off part of the interest. probably purchase another property to rent out. or rent out our house and build our own house.
and if there was any money remaining, buy a car (or three) and do some travelling, and give some of the money to our parents. possibly pursue study interests as well, for the fun of it.
August 12th, 2009 at 02:00 pm 1250082020
Of course, I would also take a lot more vacation time. Instead of 4 weeks, I'd want to take 8 or 10. My wife could stop working entirely which would make her quite happy.
I would get a new car since mine is 12 years old now. We'd also do a bunch of work on our house.
August 12th, 2009 at 02:30 pm 1250083845
August 12th, 2009 at 03:03 pm 1250085793
They always say winning the lottery magnifies your strengths and faults. A majority of lottery winners end up declaring bankruptcy. Also, it creates a lot of stress with people asking for money, etc. Overall, winning the lottery sounds a lot better than it would be. Though, no doubt your plan would not put you in the bankruptcy category. Unless you have a weakness for people begging for money...
August 12th, 2009 at 03:44 pm 1250088271
But assuming a sum massive enough that I effectively don't have to worry about it, well ok, I'd "retire", buy a house, and get a new car.
By "retire", I don't mean I'm going to stop working, but rather, I would work in an area that I am interested in, even if it ends up in non-profit or charity.
By "house", I don't mean anything fancy. In my area, $300k can pretty much get you whatever you are looking for. I also can't imagine needing anything over 1500 sq. ft.
And by "new car", I really mean a newer used car. My current car is 12 years old and having problems.
Is that really conservative for mega millions? Probably. But then, I'm retiring at a fairly early age, and much can still happen (including my kids) so, that's how I look at it.
By the way, for fun, I looked up the odds of winning for the Ohio mega lottery, and at 1 out of 197,000,000, it's well it's better than my state's odds if that um helps any.
August 12th, 2009 at 05:33 pm 1250094808
BA - You gave me great hope (and a laugh) with your
statement about the Ohio lottery odds. Hey I thought you were going to write that you would "trick out" your closet. J/K.
Thanks again everyone.
August 12th, 2009 at 07:40 pm 1250102449
August 12th, 2009 at 08:51 pm 1250106683
August 13th, 2009 at 05:55 am 1250139353
Whitestripe - You have some good plans.
August 14th, 2009 at 09:13 pm 1250280795
Oh, and on the selfish side, I would get a completely restored Land Rover Defender with a new 300TDi diesel engine, rust-and-bomb-proofed, and convert it with a second fuel tank to run on waste vegetable oil whenever feasible. And I would splurge on some nice suits as well as some custom shoes made by Tim Little in London, just for fancy occasions. Oh, and I would take my daughter to some of my alma mater's football games, and some Red Sox games each year. OK, enough selfish. =)
Jerry