Win the Powerball, what would you change?

T

Tekward

Recycles dryer sheets
Joined
Nov 18, 2006
Messages
431
I only buy tickets when the prize gets oversized but then the mental exercise is interesting. What would you change in your life?

I always come to the conclusion that I'd give almost all of it away (yep, test me) because we don't need much more and for everything you gain, you lose more. Familiar neighborhood, good relationships, easy security, few worries - all gone. Thoughts?
 
Regardless of what you do with the money, you need a great story for the reporters. Giving it away is a great thing, but makes for a boring story.

One time I had someone asked me for some phone solicitation for some type of scam or contest. I told them I would rent a bus, gather up a bunch of friends, and tour every strip joint in North America.

The line went silent for a few seconds and then he said "That would be an interesting way to spend the money". I should have asked him if he was interested in being invited...
 
I'll admit I'd spend some on myself/family. I'd definitely step up giving to charity, but I'd also step up my lifestyle a bit.

- upgrade the current cars. The "newer" one is 10.5 years old. That tesla I fantasize about would be in my garage.
- push all of the planned remodeling/house projects into the near term vs spreading them over several years as we currently plan/budget.
- vacations would definitely include first class vs coach. But I don't see myself going to private jet - too wasteful.
 
WE would take more vacations and go out more to eat, etc. Some to family and some to charity. Would not change house or cars. Happy with all of that.
 
We had lottery madness hit work. Different departments going in on group tickets. I joined one group. You'd hate yourself if the group won and you hadn't joined in and it was only 5 bucks. Almost every person said they wouldn't show up for work on Monday. Most people said they'd buy a new vehicle for themselves and family members, there were new houses, new clothes, vacation. Someone told me they would give their kids $75,000. to spend. These are teenagers. I asked why and he said just to give them spending money. No one talked about investing it. I bought 2 tickets for myself on the way home. I only buy when the lottery gets big. I'd talk to an attorney, buy a new truck and think about the rest. I can't wrap my head around that much money. Would be fun.
 
We amuse ourselves by imagining novel ways of giving friends/relatives money, (on the presumption that they were unaware of our imaginary win).

Don't think we'd change, we'd just do more of the same.
 
I would give it all away because I don't think I could even spend the interest. Sure I would buy a new car and take some car trips but that's only .001 percent of the money. I am guessing I am like a lot of you I have 95% of what I want.
 
I would take it all to Vegas and put it all into 14 red. Then you are talking real money!
 
I'd probably spend couple million on that winter home we are considering, new vehicles, etc, give $1 million to charity then invest the rest and do a lot more giving to charity.

Honestly, I have trouble thinking that big.

Actually, now that I think of it... that college hockey game that I am streaming I would probably be seeing live after having landed at a nearby airport in my private jet charter.

I'd probably also make the neighbor from hell a nice offer for her place the an additional provision that I see her again.
 
Last edited:
There was a guy in Minnesota that won 5 million in the lotto. The reporter asked him what he wanted to buy he said a new car and a snow blower. I laughed when I read that he was the same type of guy that I am.
 
$800M, net of $500M after tax .. I would give at least 50%-60% of the money to charity or do something like build housing for homeless people. It's a big amount of money. The rest - gifts to family and projects to employ people.
 
Among other things I would set aside a sum to provide a gifts to a dozen poor souls on the ER forum stuck in OMY syndrome. The amounts would be what they still needed to save so that they could quit the day the funds hit their account.

-BB
 
cyber888 said:
$800M, net of $500M after tax .. I would give at least 50%-60% of the money to charity or do something like build housing for homeless people. It's a big amount of money. The rest - gifts to family and projects to employ people.
Click to expand...

Actually the lump sum is $496 - so around $250k after tax (I live in a high tax state.)

It'll still be enough for me.
 
First class travel, staying in the nicest, most convenient places, i.e., slopeside ski accommodations, closest hotel to start/finish of marathons, oceanside, etc. Help the family, charities. Shop more locally (probably--I really prefer the convenience of shopping online but there are at least some local businesses I'd support). Maybe upgrade the cars and/or get a nice class B motorhome but nothing too flashy.

Fun to think about, but really, there's not enough I'd want to get/do to make the hassle and notoriety of all that money worthwhile. Giving to charities and helping family is great, but I think I'd be hounded by scam charities or causes I don't care to support, and extended family coming out of the woodwork. Maybe I'd set up a foundation and family who wanted to could work for it, making some easy money while handling the hassles for me.

With this in mind, I'm not likely to buy lottery tickets. With my luck, I'd win and ruin my life.
 
I would give money to forum posters, to a tune of $100 for each post that they have made. There are posters here with more than 10,000 posts, and that's a cool $1M+ for each of them.

However, I would notify the forum admin first before my announcement, so they would freeze the post counts. Else, the forum Web site would crash.

But before y'all get excited, I do not plan to buy any ticket.
 
rec7 said:
There was a guy in Minnesota that won 5 million in the lotto. The reporter asked him what he wanted to buy he said a new car and a snow blower. I laughed when I read that he was the same type of guy that I am.
Click to expand...
Quite a few years ago an old Nebraska couple won a pretty big lottery. I'm thinking it was high 8 figures. Someone asked what they'd do with the money. "Well, the barn needs a new roof..."
 
Then there's the story of the guy who walks in the door of his house and yells to his wife, "Pack your bags, I just won the lottery!"

She replies, "Great, where are we going?"

"I don't care where you go, just pack your bags and get out!"
 
Winning one of these huge lotto jackpots has long been a favorite fantasy of mine. It hasn't happened yet so it will still likely remain a fantasy.

I will buy some tickets for sure.

If/when I win (thinking positive here) much of it would be given to charity. I would share with friends and family with perhaps some education funds for the kids. For me it would be a place at the coast that is close enough to drive to for a few days or weekend. Some would likely be invested. I can imagine Vanguard and Fidelity treating me very well.
 
We're still renting because a modest 2B/2B 1200 sq ft single family in our area costs around $650K so buying a house is definitely first on the list. Probably around $800K max (3B/2B 1500-1800 sq ft) so property taxes won't be too crazy.

Iirc, annuity is backloaded so I'd likely prefer lump sum over annuity. If the after tax lump sum after any splits is at least $10M, then that paves the way for ER at 31. Gonna have to set up a trust and maybe have Vanguard as successor trustee or corporate co-trustee. If lump sum's considerably larger than $10M, will put the remainder in separate trusts for special needs relatives, charitable giving and college funds for nieces and nephews. Maybe also help pay off cousins' student loans. :tongue:
 
Well I guess first I'd have to contact Healthcare.gov and update my income.

Seriously, I'd make sure my one sister could retire comfortably. I'd have to set something up with Vanguard, Fidelity to ensure the money stayed invested in a normal AA, else they'd pick cash!

Life would not change much, more travel, new vehicle. Be a lot of fun to give a bunch away to folks that really need it!
 
NW-Bound said:
I would give money to forum posters, to a tune of $100 for each post that they have made. There are posters here with more than 10,000 posts, and that's a cool $1M+ for each of them.

However, I would notify the forum admin first before my announcement, so they would freeze the post counts. Else, the forum Web site would crash.

But before y'all get excited, I do not plan to buy any ticket.
Click to expand...
Bump... <Enter>Bump... <Enter>Bump... huh? oh, nevermind :LOL:
 
Many lives, I hope.


Sent from my iPhone using Early Retirement Forum
 
You must log in or register to reply here.

Similar threads

D
Marriage Tax Penalty on Social Security wish I knew earlier
Replies
6
Views
1K
Dave J
D
Tranquility Base
When to Sell Positions With Unrealized Gains
2
Replies
38
Views
2K
TheWizard
T
K
asset location and allocation
Replies
13
Views
894
Montecfo
M
M
AA Question - How would you handle?
2
Replies
47
Views
3K
rayvt
R
T
RE 2 Year Update - Same problems when retired, but better still to retire
Replies
12
Views
3K
Koolau
Koolau

Latest posts

Back
Top Bottom