Top 10 Tuesday time is here again! Make sure you check out Kate's and Keeble's blogs as I imagine we might have wildly different answers on this subject given our different locales.
TOP 10 THINGS YOU WOULD DO IF YOU WON THE LOTTERY
This is always fun to speculate on, especially with the recent ginormous Powerball lottery here in the USA. Kate set a limit of 75 million GBP which translates to about $108 million USD so I'll use those numbers.
1. Set aside 50% for taxes.
It's a fact. As much as you'd like to think you get to keep the lot, you don't. So I'd immediately want half set aside. This wouldn't matter if I had a lump sum or an annuity, I would keep half back for taxes.
~$54 million left
2. Hire a lawyer.
I have no idea what to do with that kind of money, and a lawyer would be helpful in keeping strange people off your back. A good example is some prisoner is suing the Tennessee couple that came forward about winning 1/3 of the Powerball jackpot. A ridiculous case, and yet people do it.
~$53 million left after large retainers, fees, etc. for a number of years with a lawyer
3. Pay off all debts.
Before going crazy with anything else I would want to make sure all my debt is completely paid off. That includes my mortgage, credit cards, business loans, etc. All completely paid.
~$53 million left, my debt would barely make a dent in that amount
4. Pay off my parents and siblings debts as well as aunts/uncles/cousins.
I know there are a lot of stories about how winning money can ruin family relationships. I would like to pay off all the debts my family has as well. I think that would be better than giving people a "handout". I'd probably also have this discussion with my co-workers over what they would like paid off, etc.
Let's go big and say that's $10 million in debt if we include all of my family and DH's family too, so $43 million left
5. Trust fund for DD
I would want this to be something that would pay for college, etc. so this should be a decent amount of money, say $10 million again.
~$33 million left
6. Buy the building my office is in and re-vamp the whole thing so it looks more modern and inviting. There are upstairs tenants, may have to buy out their leases or find them space while it's being renovated.
~$28 million left
7. Set up various investments, trusts, etc.
So if we blow some of the money there's still some left to live on. Another $10 million here.
~$18 million left
8. Talk with local LNS in Stowe about opening up a shop in Burlington.
I know nothing about running an LNS, but I know some people who would be good at it and having an expanded outreach for the stable LNS might be useful and keep both stores going strong.
~ $13 million left
9. Either expand our house or build a new house on the same lot.
~ $12 million left
10. Generously donate to local organizations, rescue animals, food shelters, etc.
~ $5 million left
11. Take the rest and use on vacations, new cars (Tesla), month long vacation from work, etc.
I hope you enjoyed the list, and if you think it looks like I've thought about this a lot, I haven't, it's just fresh in my mind from that Powerball jackpot. I ran through what I might do if I had been lucky enough to win, so this topic was well-timed.
What's the number one thing you'd do if you won the lottery?
Tiffstitch
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Wow Tiffany. You wouldn't retire if you won that much money! I would pay off all my bills and mortgage and spend a month at Disneyland.
ReplyDeleteLinda
We can all dream about what we would do with a massive amount of money! I think debts, charity and property and funds for the children would be high on my list, followed by a round-the-world cruise on my own fully-crewed boat (I hate flying!) But back to reality and work tomorrow... :)
ReplyDeleteYou are a lot more rational than I am...I'm just paranoid and selfish!
ReplyDelete#1 thing would probably be Freak Out! But then I'd be rational and factor taxes and lawyers into the scheme. Then we'd buy a house of our own! Or maybe the landlord would actually sell us the one we're in. :) Otherwise, pretend we're just normal people.
ReplyDeleteMost of the things will be what you mentioned. I hope you enjoyed your virtual plans while writing the post:)
ReplyDeleteGreat list! My first thing always changes depending on the day. But right now today's answer is to buy a new house in a different city than I live in right now.
ReplyDeleteThe number one thing I would do is clear families debts and my own and buy a house for me and Musey :)
ReplyDeleteWell thought out list. It's fun to imagine, isn't it?
ReplyDeleteGreat list! I posted some of mine on Keeble's blog (because I went there first!) but now I want to add - give my friend who runs a small bookshop enough money to employ his wife and two other booksellers who I work with so they can enjoy their jobs again instead of fretting about management targets!
ReplyDelete