I’m not one that plays the lottery that often. Our lovely state of Pennsylvania participates in a multi state lottery called Power Ball. I believe that there are 27 states that partake in this lottery which means that if know one matches all the numbers for a while the jackpot will reach eye popping proportions. My personal rule of thumb is that once the jackpot reaches an amount that attracts media coverage I’ll go and buy a ticket. Today the Power Ball is worth $290 million with a lump sum payout of $141.9 million. The last time I checked that was a lot of dough even with the increasing energy costs that all of us are experiencing in the states.
Ok, so I have a better chance of growing a second head named Harvey than hitting the numbers, but isn’t it worth $1 to find out? When the lottery hits a jackpot of this size people always ask “What would you do with all that money?” Then they say it would put me in a higher tax bracket, plus with all the taxes being taken out you would be left with only a fraction of that amount. To all those people I say SHUT UP. I’ll take a fraction of $141.9 million dollars any day of the week.
So going back to the original question, what would I do with all that money? It’s quite simple actually. Winning that much money comes with a lot of responsibility. After notifying my immediate family, attorney, financial advisor and family spokesperson (I wouldn’t be in any condition to stand in front of the media after winning $141.9 Million) I would take $1 million dollars and blow it to get the whole spending thing out of my system, then I, along with my family would put a plan together that would involve family, education, charity, and a few close friends. This money would be put to good use for my generation and future generations. Trusts and foundations would be started for my kids and certain causes that my wife and I are already involved in. The bulk of the money would remain untouched, put away earning interest somewhere.
I'm human too, so I would be a little materialistic and buy a bigger house (not mansion), drive a nicer car (replace my 2000 Camery with a 2006 - I just love that car), I have always wanted a Rolex so I guess that would go on the list. We would do a lot of traveling and enjoy being with our kids.
What would you do?