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What would you do if you won the lottery?

Discussion in 'Other' started by KenBrace, Jan 10, 2016.

  1. Jason76 Cat Moderator

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    Tom Green on one of his movies made fun of winning the lottery by showing him doing some really wasteful, idiotic actions. Of course, before he was this 20 something old bum still living with his parents.
     
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  2. Quality Checked Bird Moderator

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    The problem for most lottery winners is that 99.9999% have no experience managing even moderately large amounts of money, their own or somebody else. They are generally descended upon by all sorts of mendicants who want in on the good fortune -- give me $10,000 so that I can finally get my teeth fixed, or... whatever. Before long, and it doesn't actually take that long, they have given away a good share of what the won. Or maybe all of it, depending on how much they won.

    Even if they are wise enough to hire legal and accounting help immediately (before even showing up with the with the winning ticket) the sudden expansion in their life options is too great to cope with. Most people are used to thinking in terms of spending maybe $500 max on a nice gift for a spouse or favorite niece, or something. Thinking in terms of what to do with $50 million dollars, or $5 million, or even $500,000 doesn't come easy. Many lottery winners, even though they are now rich enough to never work again, first say they will continue working. Of course they would -- that is where their friends are, and unless they loathe their work and their fellow workers (which a lot of people do) they don't want to leave them behind. On the other hand, everybody at work now knows the winner's situation is profoundly different than theirs.

    So, many winners who received small fortunes (let's say, $2,000,000) are rich enough to attract the vultures, but not rich enough to totally change their life. One can retire, and retire reasonably well, but even $2 million doesn't allow for a lifetime of future extravagance. It allows for a very long retirement where one's basic needs and wants are met. In the 3 to 10 million range, life gets more difficult. People who work for a living probably do not have a great plan for starting a very successful business. They don't have any idea of how to buy excellent future value in real estate, and they don't know anything about organized philanthropy. People who hit the rally big jackpot, say, up to $300,000,000, have the greatest planning problems. Even after taxes are paid, a $300,000,000 winner will probably only have something like a measly $140,000,000 left. But even 140 million dollars requires extensive skill to dispose of in the most productive possible way.

    My daydream of launching a big foundation with 100 million to do good work sounds like a plan, but the devil is in the details.

    For instance, I would like to solve the homeless problem in Minneapolis. It isn't huge, but it is significant. I think $10,000,000 could probably be constructively applied to achieve a solution. But... big but... how, exactly? I could endow the state college I attended, but again, how? I don't want them to spend it on NCAA athletic activities, for instance. A fitness center for students is one thing, but using it to pay coaches to lead teams that have little connection to the community or the student body, no. I could endow several departments, like say English, Sociology, History, Geology, Nursing, Music, and/or drama, but what will the demand be at this college in the future for these fields of study? Hard to say. With an endowment, they might become very good, but do we really need an excellent drama program in this part of the state? Don't know. I could just give the college (a state university, actually) the whole $100,000,000 and have them name the liberal arts college after me. Then they could fund all the basic departments at once, as they needed.

    Once Exception: I wouldn't want them to fund a philosophy department -- it's a total waste of time.
     
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  3. Jason76 Cat Moderator

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    How do you know many of the homeless cannot work? It's not like the street children problem in the third world where it's a sure thing your dealing with people that cannot support themselves.

    Best rule of thumb is once you win, get out of the nation ASAP to avoid vultures. Plus, don't tell them you left.
     
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  4. jimbob Cat Moderator

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    That's a strange statement coming from someone who enjoys talking about philosophy.
     
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  5. anupamas2 Atom

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    I will buy a house. Give some to my sister and my parents. buy a car for myself. Fix some amount for my children's education and future. If possible buy another house in some cold place, where we can go and live after retirement.
     
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  6. Rosyrain Atom

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    In order to win the lottery, I would actually have to part with a few dollars and actually play. I have only purchased a few lottery tickets in my entire life.

    If I were to win the lottery though, I would sell my current home and purchase one in the back woods somewhere. I would get farm animals and become self-sustaining. I would then give my parents some money so they could live out their days doing whatever they wanted. I would also quit my job and pursue my other dreams in life. I would also save a lot of my money so I would never have to worry about bills ever again.
     
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  7. tonyb Bacteria

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    I hope I win a big lottery some day. If I do then most of my financial fears would be taken care of. I would first get myself a cozy house big enough for an average family. Then invest in companies whose worth and product have the tendency to increase in values over time like lands and real estates. Get at least one or two good cars and a truck. Finally, I'd keep part of the money in fixed savings with good interest
     
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  8. Jasmin Cottontail Molecule

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    I guess it depends on the amount of what I've won. For instance I've won a million dollars, for sure I'd buy my parents a huge acres of land since they would love to have their own farm, build a house for them. I will buy myself a huge acres of land as well as I would love to have my own ranch, build a big house with complete furniture and everything that I would like to include. Start my dream business and build an empire :D
     
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  9. Quality Checked Bird Moderator

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    If someone can stand by the freeway all day and beg, they are probably capable of working. That doesn't mean they are homeless. Some homeless people definitely can work, do work, but are homeless. Some people who appear to be able-bodied are mentally ill and can not manage to work -- can't learn routines, are too depressed, too nervous, too forgetful, etc. People who can not work, or can't earn enough money, often end up being homeless.

    And "homeless" only sometimes means "literally, living outside". It may mean that they are couch surfing, staying with relatives who do not have enough room or the resources to help them, are living in SRO hotels which are too expensive (but take rent by the week), and so on.

    The critical piece is "affordable housing".
     
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  10. Quality Checked Bird Moderator

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    Once Exception: I wouldn't want them to fund a philosophy department -- it's a total waste of time.

    I like talking about philosophy; I don't like "the field" very much. Yes, I'm slightly irrational.
     
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  11. Alexandoy Bacteria

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    I am buying lotto tickets once in a while, only when the jackpot is big enough as to afford me to buy my dream. I have a list of projects that I dream to fulfill when I win the lotto jackpot. First is the "home on the range" which is a 1-hectare lot with a one-story house built like a log cabin. I am fond of gardening so that big lot will afford me to have the plants and trees that I prefer. Another project is a movie. Yeah, I want to make a movie based on my own script.

    I have erased some projects related to charity because I now realize that if I won the lotto then that means it is for me and not for the poor people that I care for.
     
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  12. Shine_Spirit Bacteria

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    This is a question I can easily answer without thinking twice. :cool:

    First I would look for great ways to invest much of the money (something that I can always be monitoring) and logically make it pay off. Then I would travel the whole world (I love traveling and that would be essential).

    When I return from my trip to the world, I would help some close relatives, and my best friends.

    I would also try to help many social entities that I like and know are serious entities. Buying a home on an island would also be on my list (or who knows... buying the island itself b:)d).
     
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  13. tonyb Bacteria

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    I am sometimes tempted to play lotto online but when I look at the probability of being a winner seeing how tiny or 'microscopic' it is I would hold back. Really if I win a mega lotto running into millions of dollars I would most probably just resign from my daily work. I really like to have the time for myself, visit any place that appeal to me in the world and be financially secured.
     
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  14. Jason76 Cat Moderator

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    One argument for playing the lottery might be that some of us waste money all the time anyway so why not waste it on something that has a small chance of doing something big?
     
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  15. tonyb Bacteria

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    That's a good point, there is at least a chance or a probability of winning something very big for the risk. My worry is not to get addicted to playing lottery.
     
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  16. lazar Molecule

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    I would buy all the things for my family first, than I would buy a house on the beach and somewhere in the mountains and I would live happily ever after. ^^
     
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  17. Greengrl Atom

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    I have 5 children. First thing I would do is buy a house for myself and the older (adult) two. I would pay the rest for their education, buy all of us brand new cars, and donate to charities. I would leave about half of it in a savings account to do the same when my younger 3 were old enough. I would not quit my job, as I do what I do because I enjoy it.
    I would also pay off my debt and go back to college to become a substance abuse counselor.
     
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  18. tonyb Bacteria

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    Interesting you have good thought out plans should you win a lottery @Greengrl . I may also consider spreading the money through my family members if I win a big lottery too. I'd like an arrangement where I get every member of the family a house first before considering cars.
     
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  19. ray Bacteria

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    I would decide once I know the exact figure I won in lottery :rolleyes: If it is really big the first thing I will do is take a good insurance plan, hire few body guards (You know it is must in my area XD) and then sell my present house and buy a big one with all facilities like badminton hall, swimming pool garage big enough to accommodate 4 -5 cars and lush green lawns in front. Then, I will go for a long world tour. I would decide later if I would continue with my current job or buy the company I am currently working for :p
     
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  20. KenBrace Bird Administrator

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    Agreed. I love philosophy but I would hate it as a formal profession.
     
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