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Hey Teach! Oo-oo-oo! I like the way you think. Everything but taking the month off work. They are going to have to carry me out of there in a box. I've warned my boss!
After taxes, I'd go to the dentist.
After the dentist, I'd pay for my sister to go to the dentist. She has lupus and has lost some teeth and needs 3 implants.
After my sister went to the dentist, I'd pay off my friend's house in CA. who is close to losing it.
After I paid off her house, I'd buy a house for my other friend whose husband just died and she had to sell their house.
I'd pay off my bills.
I'd buy a house for my kid.
I'd buy her best friend, (who is like my 2nd daughter), who sleeps on a sofa because she has no other option, a house.
I'd buy my husband a Jeep.
I'd hire my housekeeper back. 3 days a week.
I'd write my mother a check.
I'd watch the worry lines go out of my husband's face because we'd have enough money.
I'd throw away my Flobee.
I'd have a patio cover built onto my house.
I'd donate to cancer research because I've had too many deaths.
If I'm really frugal, should I even be playing the lottery? Is this a trick question?
The older I get and the more I think about this subject, I'm inclined to believe that winning that much wouldn't be as great as I'd originally imagined.
If I'm really frugal, should I even be playing the lottery? Is this a trick question?
The older I get and the more I think about this subject, I'm inclined to believe that winning that much wouldn't be as great as I'd originally imagined.
Hence the Alanis Morrisette song, "Isnt it ironic"
Quite honestly, to receive a bolt-out-of-the-blue of such magnitude could very likely prove to be quite depressing, and in my case might very well do so. Many examples of lottery winners stating that they became miserable and wishing that it had never happened. As humans we are conditioned to receive satisfaction and happiness from things that are worked for and earned. When we are able to effortlessly purchase these things on a whim they become less meaningful, so as for hitting the lottery, like the old saying goes, be careful what you wish for, because your wish just might come true.
As a side note, those Real Stories of Lottery Winners type shows tend to focus on the bad outcomes of lottery winners. The success stories are harder to find because successful winners aren't on the front page of the paper like the losers are....
Being old, a bit eccentric, and a contrarian, would take a much different path than most should this very, very unlikely event occur. Having lived a very Spartan frugal life of modest means, quite frankly would not quite know what to do with that much money. Most definitely there would be no wild spending sprees. No luxurious mansions, yachts, airplanes, classic cars, second vacation homes, etc.
After the shock wore off, would purchase a modest home, perhaps just an upscale mobile in a nice park. A new car in the 30k-40k price range and would keep the one I have because I like it and am used to it. A couple of thousand bucks on some new clothes, some fishing tackle and a couple of new guns and perhaps a 12 or 14 foot fishing boat and that would pretty much do it. The rest? Oh yes, the rest. I would become a philanthropist and donate over a period of time about 90% of the remainder to very carefully selected worthwhile charities and causes. After the inital purchases, it would be hard for me to spend more than about $50,000 a year, and would live very comfortably on that sum.
Quite honestly, to receive a bolt-out-of-the-blue of such magnitude could very likely prove to be quite depressing, and in my case might very well do so. Many examples of lottery winners stating that they became miserable and wishing that it had never happened. As humans we are conditioned to receive satisfaction and happiness from things that are worked for and earned. When we are able to effortlessly purchase these things on a whim they become less meaningful, so as for hitting the lottery, like the old saying goes, be careful what you wish for, because your wish just might come true.
Your last statement is because they weren't smart with money or smart in general in the first place. They all tend to blow it on low life friends, get into drugs and put in into "Icebergs in Alaska" deals.
How much? A million dollars won't go very far, even if its after taxes.
But if I had a very large lottery win, say upwards of 10 million dollars after taxes, I would:
Hire a lawyer and get some good financial planners for myself and my family members with whom I'd share. I guess its called a trust. There'd be no way anybody could blow through the money fast, it wouldn't be possible.
There'd be a number of charities I'd give to, even some individuals. I believe I'd have a hard and fast rule. If I ask you what you need and you are reasonable, you'll likely get it. If you ask me for something, you won't get it.
A gentlemans farm, weekend cabin in the mountains, maybe a place at the shore. I might even get extravagant and get a winter place in Florida.
Money can't buy hapiness, only peace of mind and a sens eof security.
10% to the church. Stick the rest in the bank. I have no idea what I'd do with it. New cars are a waste of money. Maybe buy new carpeting for the house. Other than that, there's nothing else I want.
Give each of my children a 'gift' of only $9,999 a year, so it can't be taxed or confiscated.
Hire an accountant.
Pay off the property, put in a new well, and probably buy more property to put more cattle on.
Put new wood flooring in the 100-year-old farmhouse where we live.
My needs are small.
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