You’ve Just Won the Lottery. Like, a LOT. Now What? (Fantasy Open Thread)
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I was looking around the designer dresses and clothes at Nordstrom recently and found myself thinking, man, if I ever win the lottery I am immediately going to the closest Max Mara store. (Then I started debating myself — Akris Punto? Armani? Hmmn.) So I thought this might be a fun fantasy open thread today — what would YOU do if you won the lottery? I'm assuming many of you would pay off student loans or credit card debt — maybe even family members' student loans. (I seriously know someone this happened to!) After that, where would you turn? Just for kicks let's say you've won $50 million dollars.
For some reason here's what comes to my mind (after mortgage, college for the kids, and checking with close family and friends to see about helping with debts, and doing some serious thinking about charitable donations/setting up our own foundation):
Travel
A really, really nice trip to Bali. We wanted to go for our honeymoon but couldn't quite swing the number of days needed for wedding/travel/vacation — so going to Bali is still on my bucket list. There are so many cities still on my bucket list I'm not sure what would be next; probably Tokyo or Buenos Aires. Pictured.
Luxury Home Purchases
A pied à terre big enough for my family in Paris. I love Paris, have been four times over the years for vacations, and could go a million more. It feels strangely familiar and comfortable to me — maybe I lived there in a past life. (Ok, a sick apartment in New York would also be on the list!) Pictured below and at top: from my personal archives.
Personal Trainer/Chef/Assistant
Daily personal trainer, personal chef, and personal assistant. I know, I know, getting in shape and eating well can be very affordable things — but I'd still love to have someone come to the house and kick my arse on a regular schedule… serve us/clean up healthy versions of our favorite foods… and take care of all the other little details in life.
Those are the first three things that come to MY mind for total splurges — ladies, what would yours be?
I would fund a Super PAC or 100 and target some state and federal elected officials who need to be thrown out of office.
I gave this way too much thought. Based on what remains after tax, and considering I want to have enough capital to leave on afterwards, I would:
– buy a flat in Paris, overlooking the Seine. Actually, I’d buy one for my brother too
– do all the upgrades in my mother’s house that she keeps talking about but can’t afford
– buy a house in Hawaii, that I would open to all my friends so they can go as they please
– I would quit my job, and travel around for sure. But I would probably join a board of some sort. Maybe a hospital? I’ve always fancied having a hospital wing to my name!
I would definitely keep it quiet too, way too many greedy distant family members
Oh this is a lovely thought exercise! In no particular order.
1. Set up monthly payments for relatives who could use some money (but not so much that they go cray cray)
2. Buy a vacation home somewhere on the coast of California
3. Retire and retrain to do asylum work pro bono here in Europe
4. Buy a house for our family in the town we live in, have it professionally decorated, install a heated pool, have a cook, cleaner, and someone to get me in shape
5. Every time there is a school holiday, explore somewhere interesting in the world.
6. Eventually split our time between Europe and the U.S.
Re: number 1, this actually is a double-edged sword, as I have family members that would *expect* to have a lux lifestyle based on my winnings, where I would only be willing to take the edge off/make sure everyone has enough for rent/the basics.
1. Hire a moral financial management team to handle taxes and guide our investments.
2. Set up a fund for lifetime health insurance for us.
3. Buy each of my sisters a home of her choice and provide for lifetime property taxes, insurance, and indoor/outdoor maintenance.
4. Select two worthy charities or causes and make it known that only those two will be supported.
5. Build a small home on a beautiful property.
6. Never cook or grocery shop again if I don’t feel like it! Ever!
Oh man, this is a fun thread, I want to play! After setting up all those responsible accounts and picking a charity, I think I might spring for a different house, closer in to all the “cool” stuff in my city, with a nice view, and I’d have all of those pesky remodel/decorating projects professionally DONE before moving in. Then, I would travel. Then I would redo my wardrobe.
I really like my job, so I would be rather conflicted as to whether or not to quit. Maybe they’d let me work part-time from home, because #1 on my list would make for a 3-hour commute and I don’t care how much $$$ I have, that business is NOT gonna happen!!! Outside of that my plans would be:
1) A log house in the mountains near our family’s camp with a fabulous kitchen, a voiceover studio, and an amazing view of the river.
2) Adopt critters, especially shelter dogs and birdies
3) Remodel my parents’ house to make it wheelchair-friendly for my mom or build them a new house
4) Pay off my sister’s mortgage or buy her a new house
5) Buy a new 4WD SUV for myself
6) Buy myself my dream car — a 1970 Buick GSX
7) Go on a riverboat cruise down the Mississippi River
8) Drive cross-country seeing all the cool things in every state
9) Visit Alaska
1. Call in rich to work. Extra funny because I am all about contingency planning and documentation for my day job. “Say on the way to work you get hit by a winning lottery ticket….”
1A. SLEEP IN.
2. Pay off the student loans and credit cards.
3. Set aside about 7.5MM for family and healthcare.
4. Take six months vacation: France, Italy, Japan. All luxury.
5. Fund a few corgi rescue/medical expense fundraising orgs online.
6. Retire to a life of opera, theatre, fine dining and spas on both coasts, traveling business class all the while.
Would love to do a desk-flip at work & rage-quit. I’m pretty sick of my current job & only there for the money to pay my Silicon Valley mortgage, so lotto winnings would be very satisfying.
I have no kids & a very tiny family, but I’d treat my husband & my mom to anything they want.
Buy a great house in some far off country where all my friends could visit & stay.
Fund my hometown’s humane society & food bank forever.
And they lived happily ever after!
Late response, but fun…
1. I’d keep working for the short time left until my loans are forgiven (PSLF).
2. Pay off all debts (H’s loans, mortgage, etc.) and set up college funds for kids/retirement accounts for me and H.
3. Give parents $1 million and/or buy house for them.
4. Pay off siblings’ and mother-in-law’s debts.
5. Invest most of what’s left and live off the interest.
6. Buy luxury boxes for local NHL team, theater, alma mater’s football team, and local MLB team.
7. Travel, travel, travel.
8. I like the idea of buying a vacation property somewhere for family and/or friends to gather.