Friday, October 14, 2005

Winning - What Would You Do?

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?


Amanda said...

I would buy a condo in San Diego...since they are starting a half a mill for a 1 bedroom...otherwise I will be renting my entire life!!! ;)P

BStrong said...

Simple, I like it. Half Mil for a one bedroom, WOW?

Amanda said...

Yeah...I used to live in MD...let me tell you, its a shocker!!!!

Kim Ayres said...

I must admit I never quite understood the idea of waiting until the jackpot was really big before entering. Your odds don't change, and even on a normal week, several million dollars is still more than you'd ever need.

However, I guess that doesn't answer the point behind the post which is what would you do with a great deal of money?

Fundamentally our lives wouldn't change much. Sure we'd buy a house instead of renting, and I'd get myself a couple of nice cars, but on a day to day level life wouldn't change. We've spent the past 18 months changing our lives to get to where we want to be, and so, other than owning a few more things, it wouldn't make a great deal of difference.

I guess that's got to be pretty positive!

BStrong said...

Sounds like a plan Kim. You're right about why waiting till the Jackpot is huge before buying a ticket. If I played everyday I probably would be out 20 bucks a week and I can't rationalize that, besides the lottery isn't top of mind on a weekly basis.

If we should ever be so lucky as to win a large sum of money like that our trip to Scotland would be pushed up.


Kim Ayres said...

If I win that kind of money, I'll fly you all over here!

Naomi said...

I used to buy a lottery ticket when I lived in the UK and never even won a measly ten quid. I haven't bought a ticket since moving to California which is seven and a half years ago, we pass a big billboard on the way to work with the current jackpot amount and it does sometimes get to huge silly money amounts.

Anyway, what would I spend it on...A bigger house with a nice garden and someone to clean it for me. I'd give up work but I'd have to do something I couldn't be a lady who lunches type person). Some would go to charities and trusts, some to family. The majority would be saved away.

Maybe we'd relocate again, I've always wanted to live in Australia.

Mauzy said...

Can I be your attorney?

Julana said...

I'm with Kim. I could never understand why people buy more when it goes higher. The odds are the same.

I'd try to set up the best plan possible to ensure our son is well-taken care of when we're not here any more.
I give some to Joni and Friends, who help people with disabilities. I'd tour Europe with my son and husband, for a few weeks.
I'd visit my brothers in California and Florida every year.
Give to Samaritan's Purse.
Maybe build a great nursing home out in my small hometown. One like Jan Karon wrote about in the Mitford books.

Tara Marie said...

Lol!!! I love playing the 'what would you do' game.

Not much. Pay off our mortgage, fix all the things that are in need of repair in the house. I would put on an addition [as we have a very small house and I would love a great-room with a huge fieldstone fireplace] and replace our barn.

It would help with college costs, but other than that, I truly don't need a thing.....oh, I'd trade in my 1996 Suburban [with 212,000+ miles] in for a new vehicle.

and my big splurge would be in a digital SLR camera.

and then I'd figure out a way to set up programs that would benefit my community and the world of Trisomy 21!!!

BStrong said...

So we all agree that our lives wouldn't change that much, but of course we haven't won yet. By the way the lump sum pay out is at $161 million.

Kim - Thanks for your offer. You can't win if you don't play. I'll buy you a ticket today.

Naomi - I like the garden idea. I spend hours in my yard gardening; it's therapeutic for me.

Mauzy - I have a family filled with attorneys. We could check to see if you're a long lost relative. Please send me a DNA sample.

Tara - Your pictures are already plentiful and amazing. If you get a new SLR Camera, servers around the world will crash.


Just Shu said...

would I get a raise?
I'd like to say that I don't think to much would change in my life if I hit the lotto. I would get a few stuff, new car, fix up my basement, and take vacation, but I would still come to work, because I think its important to set an example for my kid.

BStrong said...

Shu - A raise? You are not only an employee of mine, but a freind. I would be willing to help you out, though you would still have to work. Like you said "I would still come to work, because I think its important to set an example for my kid".


MomTah said...

Oh my gosh! I would do *so* much if I won the lottery! Shannon and I and the girls would get a place of our own, I would pay off my mom's house for her and set her up so she could stop working, set up college funds for my girls, even give some to my brother and sis-in-law even though they're being jerks and not speaking to us right now. :-)

Mostly it would just be nice to see something little at the store and be like "yeah, we can get that" instead of "no, we can't afford it."

Lori said...

I would remodel our home, buy a better vehicle for my hubby (one that's not ready to fall apart at any moment), give some to my family, give to charities, (pro-life org., our school, the Down Syndrome cause, EWTN...), pay for the kid's college. I don't think you could really spend it all. The only problem would be I think people might know maybe get to materialistic, spoiled, etc. I like the people around me the way they are, I wouldn't want them to change. It would never happen here anyways. We sometimes say, wouldn't it be nice to win the lottery...but we never play! LOL