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Take 90% of it and invest it in multiple directions. Live off the other 10% for a while while my investments create enough passive revenue to live off of and then retire.
i'd give $2 million to charity, give $3 million each to my parents. the other $10 million i'd invest in a variety of investments to both grow the money and save some away for retirement, leaving $2 million to spend.
once that's sorted i'd do a LONG road trip travelling the US and Canada - spending maybe 2 weeks in each state or just mixing it up and exploring as i go. once i've finished travelling
i'd buy myself a ~$250,000 house in either Kansas City or St. Louis, and furnish it, and live off of my investments. i'd not work, but retire early and do whatever i wanted.
I'd get debt-free.
Then I'd give some money to family and faithful friends.
I'd remodel my house. Later, I'd sell it and move to a remote town on the west coast (maybe in the desert).
Work part-time to maintain what few social skills are left.
Be a cougar, but my guy would truly love me for ME. He wouldn't know my net worth.
$20 mil? Pay off all debt. Hire a good accountant and attorney for investment, trust, and tax shelter advice. Invest at least 75% to live off interest. With the rest, buy an upscale log home at one of the local ski resorts, and live there full time. Long been a dream of mine. Would own a restored FJ40 for outdoor play, a GT-R, and nice AWD suv for getting around on snow days if need be. Spend a hefty sum on ski and backpacking equipment, mountain bikes, and camera equipment. Would pay off my parents home. Pay for my sister and her husband to go to college. Travel, a lot. Possibly adopt at least one child. Go to graduate school. Finally, I'd fight the FAA to get my pilot medical certification back. They grounded me a few years back for a medical condition (lost my flying career due to that), but gave me an option to get it back if I could submit to some extra, very expensive tests, which I could not afford. But if I won, I'd do it, I miss flying, but would not buy a plane. Just rent for fun.
If I won $20 million I would give the first 2.5 million to my church. Then I would set 1 mil. aside for my kids college education. Next, I would spend 2 mil. on a long vacation for me and a friend or two. After that I would buy a big house for 4 mil. and a second smaller house for 2 mil. then I would spend 2.5 mil. decorating them. I would get one house on each coast of the USA. I would buy a few cars 2 mil. so that I didn’t have to get my own gas. I would then take the rest of the money and get a butler and maid to take care of all the cleaning and chores and stuff. I will have 5 mil. left so I would live extravagantly until the money ran out then I would sell my houses and get a job and you would never know I had won and lost $20 million.
A. You can't add. 2.5+1+2+4+2+2.5+2+5=21
B. You don't win 20 million dollars and get 20 million dollars. If you take the lump sum that take about 1/2 right up front, you be lucky to get 6 million after taxes.
I've always lived a rather simple life. Not much into materialism or consumerism, so I highly doubt that would change for me. I would quit my job! I've always been an introverted homebody, so staying home with the dogs fits me well. Never have been the traveling kind.
I'd be more concerned about my young adult sons blowing thru the money in a careless fashion. So I'd give them small increments over a period of yrs.
1st yr.... get them debt free and a decent vehicle.
2nd yr... tell them to hit the Real Estate market and find their little dream home for $100,000 or less (we live in a region with cheap housing)
3rd yr... get them set up with $100,000 of tiered CD's. The fastest maturing CD (3 months) would be $1,000. The 6 month CD would be $5,000. The 12 month CD would be $10,000. The 5yr CD would be the largest amount.
This gives them a chance to make stupid mistakes with the smaller amounts, hopefully teaching them valuable money management lessons.
Don't really know what I would do with the rest?
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