Author Topic: How would you live if you hit a 100 mill lottery?  (Read 9941 times)

dashuk

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Re: How would you live if you hit a 100 mill lottery?
« Reply #150 on: July 12, 2018, 08:04:52 AM »
I would much rather dream big about the ways I could make my city and the world a better place through carefully selected charitable enterprises, than "dream big" about a too-big house, paying people to cook all my meals (that sounds awful, actually, since cooking is one of my favorite hobbies), shopping at the mall every week (!!!) - basically all things that would make me significantly less happy, not more.  The whole point of this site is to live your best life, and the fact that best =/= expensive.

So much this. Buying yourself shiny shit seems pretty unambitious to me (unless your ambition is to turn yourself into even more of an environmental catastrophe than the average American/Western European).

Sure, I'd pull the trigger on a few capital intensive things that we're currently holding off on - putting enough solar PV and storage into the house to be more or less self sufficient, seeing how far it could be pushed towards Passivhaus levels of thermal efficiency, extending a little to prepare for the space the kids might 'need' as teenagers.

I'd probably get rid of the car, because we'd no longer be balancing frugality against environmentalism in the stupid situation where it's cheaper to own a car for a whole year than to either hire or take the train for a handful of family trips. Same for travel - we'd have time and budget to cross Europe by rail.

Something like a million GBP in the bank would cover that and the rest of our lifestyle indefinitely with plenty of headroom.

But then just start to dream...

- Our neighbourhood politics is dominated by an argument over plans for a supermarket on the high street on what is currently a church and a pub. Church wants to sell up so they can build bigger and better on a cheaper site, Residents Assoc is massively opposed because they're pissed about the pub. I'm indifferent-to-slightly-against the supermarket, but mostly frustrated because it's basically impossible to get anything else on the local agenda. Given a crapton of money I could just buy the damn land and maybe build something with real community value, then we could all move on to more pressing issues (except supermarket MegaCorp, but screw them).

- Our local library is on the verge of closure because the city council is broke. Its (the library, not the council) operating budget is maybe a few hundred k per year.

- I can think of several places where poor planning decisions have led to problems with foot/cycle permeability (and hence people driving everywhere), but this could be fixed by giving homeowners ridiculous cash offers to cede a few metres of garden to the city.

 - I could bankroll the renewable energy R&D programme that I've been working on for the last couple of years but which we didn't get the next round of government funding for. Hell, I might even fund it anonymously and just stay in my job to work on it.

I could go on. The tricky thing would be balancing what I put into these things against the valid case for throwing it all at Givewell/Effective Altruism.

Milizard

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Re: How would you live if you hit a 100 mill lottery?
« Reply #151 on: July 12, 2018, 09:45:52 AM »
I like to think about this from time to time, and my thoughts have gone from more generous to less over the years, as people and organizations have revealed themselves more.  My plans are more or less the same for a smaller vs. larger win.
Numbered, but not necessarily in order:
1. Stay anonymous as much as possible.  DH quits his job, of course.
2. Sharing with family in the case of a larger win:
2x the yearly gift limit to each of parents/siblings for DH and I.  Since I recently lost 2 on my side, their shares will be split between their children/siblings' families.  If they bitch about this not being enough, a one time gift of $1M, and they will be done forever.
3. Sharing with organizations: nominal donation to my church.  If they had been more supportive when I needed it, this would have been much larger.
With a larger win, I would create my own charity org, demolishing old dilapidated houses in the poor parts of town and planting trees.
4. Complete all desired renovations on my current home,  and remain for a few years as this is the ideal place for young children.  Plan to build a larger, custom home in the future, as that has been my life-long dream.
5. Go on long overdue vacations with my family. With bigger win, fund extended family vacations as well. Maybe buy a 5th wheel and truck to pull it for easier camping trips with yoing children.
6. Buy a new Odyssey or Sienna in color of my choice. New car for DH if he doesn't want to drive the truck all of the time.
7. Figure out what the heck is wrong with DH's hip.  Maybe my shoulder too.
8. Get back to exercising nearly every day.  Focus more on cooking healthy food.
9. Learn how to have fun again. Maybe get a boat once kids learn to swim really well.
10. Probably get some things done like laser hair removal on my legs and skin resurfacing for some acne scars.  They're not terrible,  but why not?
11. Completely declutter my home. It would be so much easier knowing that I could easily replace anything I needed later.  Plenty of money for new clothes, too, so why hang on to the old ones?

So  you might wonder why I'm not sharing more with family. I don't want to ruin their lives, and remove all their drive to support themselves.  I think that amount will boost their SOL without making them too dependant on me.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #152 on: July 12, 2018, 10:12:10 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #153 on: July 12, 2018, 10:18:19 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

It depends on the magnitude of the gift, and the status of the family currently. 

For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke. 

However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc.  $1M would allow things like paying off a mortgage and funding their kids' college educations. 

There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone." 
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #154 on: July 12, 2018, 10:22:39 AM »
So much this. Buying yourself shiny shit seems pretty unambitious to me

For me, a lot of what I'd be interested in places, and that's what drives the cost. 

I'd be happy to live in a $250k 4/3 house on the coast of Hawaii, but that turns a $250k house into a $3.25-5.25M house purely based on the value of the lot.  IOW, the HOUSE doesn't need to be fancy, but the spot where it would be put would be very fancy, and that's what drives the resulting cost.  I agree, a $5M 10,000sq ft house has no appeal, but a $5M 2500sq ft house might have a ton of appeal pending where it is situated.
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

Raymond Reddington

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Re: How would you live if you hit a 100 mill lottery?
« Reply #155 on: July 12, 2018, 10:32:01 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

It depends on the magnitude of the gift, and the status of the family currently. 

For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke. 

However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc.  $1M would allow things like paying off a mortgage and funding their kids' college educations. 

There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone."

I think it depends. No one appreciates the value of money without a struggle. In this regard, trusts that require certain conditions be met (one of which should be age), can be very beneficial as it can force an heir to earn their keep on their own before they are just gifted an inheritance.

However, I believe in meritocracy, and that NO ONE should ever inherit so much wealth that they do not need to work. So if I truly was that rich, the goal would actually be to give most of it away, and leave money in trust for any heirs, with stipulations that need to be met for them to have the money. The trust needs to also be managed in such a way that the heirs don't learn the actual market value of their inheritance until it is due to them, so they operate with no safety net for a few years and learn fiscal responsibility.
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effigy98

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Re: How would you live if you hit a 100 mill lottery?
« Reply #156 on: July 12, 2018, 06:48:18 PM »
Huge chunk of land, build a compound with a fancy house, create a school on part of it for underprivileged kids (free for them) that teach real world trade skills like coding and FI of course so they can get (and stay) out of poverty.

Lmoot

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Re: How would you live if you hit a 100 mill lottery?
« Reply #157 on: July 13, 2018, 02:22:10 AM »
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.

This post belongs more in the Antimustachian wall of shame than anywhere else.

Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.

agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

I'm interested in the part that I bolded.  I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.

On the flip side, there is this YouTube video where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue.  Especially starting at this point in the clip...

I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.

Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy...  Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.

Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.

Being able to live as you please is certainly enjoyable, but spending more isn't necessarily more enjoyable.

This is anecdotal, but the most miserable people I've ever met are also the most wealthy. Extreme wealth seems to really fuck people up on average.

First, every increment of luxury costs radically and disproportionately more than the added level of experience it provides. It leaves a lot of luxury experiences feeling mediocre and crappy. Not a lot of it lives up to the hype compared to more reasonably priced alternatives, and people with money tend to hate wasting money. I often say that I'm not cheap, I'm just a snob about spending, and after having experienced a lot of luxuries, most are disappointing relative to the cost. I remember my first experiences with first class travel, private clubs, designer shopping and thinking "WTF? This is it??? THIS is what costs 10 times as much?"
I remember buying a $1000 pair of shoes and being so unimpressed that they came in a typical, boring cardboard box like a normal pair of shoes. I expected the experience of buying them to be glamorous and it was just a slightly fancier experience than buying any other shoes.

Second, hedonic adaptation makes it all just feel standard fare and boring. It also exaggerates when things are more mediocre and shitty. It's very hard to tolerate standard diner service when you are used to white glove, private club service. Having access to luxury makes the grind of existence feel that much more grating. Having to stand in line at a government office where there is no prestige line for preferred clients can feel unbearable to those who are used to their wealth providing them a separate standard of service.
Back when I drove a Jaguar, the staff at the dealership used to tell me all about the ridiculous Jaguar owners who would lose it when they had to drive a rental entry-level car whenever their Jag needed work (which was always). Put a Jag owner in a Ford Fiesta and watch what happens. It's pretty funny.

Third, they get stuck circulating with mostly other super wealthy, miserable assholes because non-wealthy people get so weird around them. Their wealth is then even more normalized and doesn't feel at all special. There's always someone richer and makes them say things like "well, we're not really rich, I mean, we don't even have a private plane."
Yes, I've known people worth 50-100M who felt poor and were treated like the poor friend.

Fourth, they fuck up their kids. So so many kids of very wealthy people are royally fucked up. It's unreal. It is so incredibly hard to raise a child with normal mental health in an environment of extreme privilege. Even if they aren't spoiled at all, even if they are made to work for everything they have, they are still raised with society treating them like they are special because of who their parents are. It messes them up. Plus, the chances of them being as successful is next to nothing unless they take over for their parent(s), so parents are stuck with facing that either their kid will have a drastically reduced quality of life from living by their own means, or they will be handed a business/trust fund/inheritance, which is problematic in and of itself. No matter what, all of the options are serious compromises.

Fifth, extended family resent them, use them, manipulate them, etc. They are often not seen as even people who have real feelings.

Sixth, there is SO MUCH responsibility in having that much wealth. Their decisions can make or break lives, communities, businesses, etc. The stress can be utterly crushing and so few people are able to understand it. When people depend on you for their livelihood, your decisions are no longer your own. You can't just do what you want, you need to account for the impact on others.

Overall, as I said in my previous post, whenever I start spending to entertain myself, my life starts feeling more empty and vacuous. It starts feeling pointless and I get existential angst about it. It's when I live frugally that I start challenging myself to live my life fuller, richer, and with more meaning. It's when I look for the fulfillment that can't be simply bought that I find the most satisfying experiences.

Pete lives a way richer life with far more adventure than most spendy people I know.
Ask Spartana what her life is actually like before you judge that what she aspires to isn't enough. You might be surprised.
The people saying that they wouldn't want that much money aren't saying it for lack of imagination or lack of ambition. Most are saying it because they know themselves and hold their lives to a higher standard and know that enormous wealth would erode that.

I've had the privilege of meeting so many amazing, interesting, and extreme people in my life, and I have never once envied the life of anyone ultra wealthy. I have mostly admired and envied the lives of people who have incredible skills, flexible lives full of adventure and who take on challenges that enrich their lives and give them purpose. Yes, a certain amount of wealth is necessary to live this way, but not a lot, just enough to be secure in that they don't need any given job and aren't tied to any given circumstance.

It's the freedom of wealth that helps people live their best lives, beyond that, wealth actually starts stripping life of freedom and placing more restrictions on your decisions.

Wow, that was fascinating to read. I am not wealthy, but I have family overseas in a poor nation, and sometimes I can relate to the feeling of feeling/knowing that a family member is being resentful or manipulative, or wondering if they really like me and want to know how my day is going...or if they're just winding up to asking me to wire money; there are only a few like that, and they were people I was close with as kids, so I still have good enough memories and thoughts of them to deal with it...but in the back of my mind, I know, and it changes some of our interactions.

I've never wanted absurd wealth, for most of the reasons you listed. When I think about the type of house I would live in if I had more wealth, I realize it's very similar to what I can afford now. I like living around a certain mix of people, and I feel you just don't find that in high-income habitats. When I visit my birth country, it's common to have a live-in or nearby maid and cook (for the upper middle class), and while sometimes it's nice I prefer to do things myself as I take pleasure in being involved in the daily "drudgeries", especially in slow village living where there isn't much else to do if you don't have to farm for your own food or cobble out a living.

I live far below my means now, initially because I wanted to save more than 50% of my income so that I could have more options for my future, but even when I allow myself money to spend, there just isn't anything I want to spend it on. I can't imagine why I wouldn't also live far below my needs, with more money. I realize it's time I want. And options, and to help others. Not downing others for whom things bring them pleasure, but unless they are things directly related to my passions NOW, I'm not suddenly going to get a hankering for luxury cars, swimming pools, mansions, 1st class (which would be a waste for me since I get knocked out on meds anyway), and tech toys. I've spent my life moving towards a simpler life, and I'd imagine (hope) I'd continue that trajectory no matter my financial situation.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #158 on: July 15, 2018, 06:02:24 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #159 on: July 15, 2018, 06:26:37 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Of course rich people have things they dream of/wish for.  How about friends who genuinely like you for reasons not related to the money?  How about a partner who is willing to stand by your side through thick and thin?  How about children who make you proud?  How about the satisfaction of completing something difficult all by yourself?  Can you buy those things?

The beauty of it is, the things that are really valuable, we can all have.  Money doesn't make it easier.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #160 on: July 15, 2018, 06:36:35 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Of course rich people have things they dream of/wish for.  How about friends who genuinely like you for reasons not related to the money?  How about a partner who is willing to stand by your side through thick and thin?  How about children who make you proud?  How about the satisfaction of completing something difficult all by yourself?  Can you buy those things?

The beauty of it is, the things that are really valuable, we can all have.  Money doesn't make it easier.

Not talking about non monetary things like kids, love, competing something difficult. Really just talking about stuff you wish for that money can buy. Once you have purchased enough homes, cars, luxury vacations, jewelry and other STUFF, your sense of 'what else is there' may kick in. You could run out of things to buy to bring you joy. My point is that being rich and being able to buy anything would just become a bore after you have bought everything.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #161 on: July 15, 2018, 06:44:20 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Of course rich people have things they dream of/wish for.  How about friends who genuinely like you for reasons not related to the money?  How about a partner who is willing to stand by your side through thick and thin?  How about children who make you proud?  How about the satisfaction of completing something difficult all by yourself?  Can you buy those things?

The beauty of it is, the things that are really valuable, we can all have.  Money doesn't make it easier.

Not talking about non monetary things like kids, love, competing something difficult. Really just talking about stuff you wish for that money can buy. Once you have purchased enough homes, cars, luxury vacations, jewelry and other STUFF, your sense of 'what else is there' may kick in. You could run out of things to buy to bring you joy. My point is that being rich and being able to buy anything would just become a bore after you have bought everything.

Obviously the marginal utility of money decreases the more you have of it.  I don't think anyone in this thread has said otherwise.  Frankly, I think most of us would run out of things we could buy that would bring us genuine joy  way before you've bought "everything."  I don't want a boat, or jewelry, or a fancy car - I would start stressing out about it before the check was signed!  No joy there.  After all, the whole point of MMM is that buying things isn't what brings people genuine joy.  It's the non-monetary things above that bring true happiness.

On the other hand, as several people have discussed above, you can shift to dreaming of improving your community and the world through charity.  Donation is very satisfying, and the money has a much higher utility to the people you might give it to.

Malkynn

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Re: How would you live if you hit a 100 mill lottery?
« Reply #162 on: July 15, 2018, 10:09:04 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

This is not my experience with very wealthy people at all. Most that Iíve met have felt poor compared to someone with infinitely more wealth and influence than they have.
Thereís always someone wealthier, and if itís not a specific person, then thereís always a wealthier entity like a business or a country.

Thereís always something that people canít afford or that canít be easily bought.
Thereís always some ambition or desire just beyond a personís reach. Money doesnít change that, it just changes the scale.

ender

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Re: How would you live if you hit a 100 mill lottery?
« Reply #163 on: July 15, 2018, 11:57:10 AM »
Give away a bunch.

I would probably buy a house that had more of the "nice to haves" than our current house.

I would likely quit my job.

I might replace our 2005 vehicle?

Hmmm. I feel like I am not ambitious enough since I really cannot think of much else I'd put on that list.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #164 on: July 15, 2018, 12:01:47 PM »
I'd stop worrying about the future of healthcare in the USA thats for damn sure.. In fact with a chunk of the $100M invested you would be making far more from the HC cartel than it would be costing you, no matter what illness you had.

frugalmom

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Re: How would you live if you hit a 100 mill lottery?
« Reply #165 on: July 15, 2018, 12:23:00 PM »
As a bitch ass trust and tax lawyer who is employed by a family with significant wealth, I found this thread to be quite interesting.  One thing I never appreciated until I was exposed to it is the responsibility that comes with great wealth.  Even if you are going to give it all away, it takes a an amazing amount of work to ensure that you are making the biggest impact with your donation and understand the ripple effect of your gift.

Out of college I worked for an extraordinary wealthy family--think B not M's.  They had so much stuff, and so much of that stuff required specialized maintenance.  Homes, antiques, etc.  There was SO many staff members and specialist.  I would never want that level of opulence too many people in/out.  Then there was all the charity obligations. Things to attend, finance, correct.  Not to mention managing their assets--even with a full office of professionals was a job. 

They thought I was hilarious because I could fix things outside of my hired job function (I'd also call out the contractors when they did crap work--there was a funny exchange with me asking a plumber if he would do this kind of work at HIS mother's house), and I was willing to walk the dog (despite not being a dog walker).   Great family, but not the kind of life I would ever want---especially with all the weird money related fame and all the entitled people around them. 

Every few years they ask me if I want to come back yet, I left to "live my own life".  I would consider managing one of their properties once my daughter graduates high school--or earlier if I wanted her to attend an East cost elite school.  For now, I politely decline.  Any time they are in the Midwest we get lunch.

Villanelle

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Re: How would you live if you hit a 100 mill lottery?
« Reply #166 on: July 16, 2018, 05:36:19 AM »
Am I the only one who would legit be terrified?  I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified.  I already alluded to possible family drama (mostly semi-extended family).  There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom. 

And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle. 

Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing. 

mak1277

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Re: How would you live if you hit a 100 mill lottery?
« Reply #167 on: July 16, 2018, 06:51:05 AM »
Am I the only one who would legit be terrified?  I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified.  I already alluded to possible family drama (mostly semi-extended family).  There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom. 

And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle. 

Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.

I don't know why you couldn't just ignore people who rub you the wrong way.  I already do this and I don't have $100M.  I can say it would sure be easier to tell people to screw off if I had that much.

zolotiyeruki

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Re: How would you live if you hit a 100 mill lottery?
« Reply #168 on: July 16, 2018, 10:38:12 AM »
How would I spend the money? Definitely not on stuff

I think I'd focus first on things that add stress or difficulty to my life, and fix those.  So I'd buy a two-post lift for the garage, because it's really annoying to have to use a jack and jack stands and lay on my back while I'm fixing my 23-year-old car (not to mention the risks).  I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest.  I have a list of over 600 invention or business ideas, and I'd love to have time to pursue a few of them.  In terms of personal benefit, having more time for my own interests is a much more enticing vision than buying more things.

I'd certainly have some fun with the money.  I'd love to send some money as a "thank you" to some Youtubers who have brought me hours upon hours of entertainment and/or valuable education.  I'd help out family members or friends who, though hard-working, have been through tough times.  Anonymously, of course.  Several years ago DW and I did it to a friend who had lost his job, and even though we never heard anything afterward (and never brought it up), it certainly was a thrill.

I'd like a "right-sized" home, a highly-energy-efficient one, with a fantastic layout, built with high-quality materials and workmanship, that requires as little maintenance as possible.  Attractive, but not fancy.  Functional, with an oversized garage.  With a nice view, in a location that has a good climate and low taxes, because property taxes are like maintenance--an on-going cost to owning the property.

Speaking of property taxes, I'd like to run for school board (and maybe buy a few friends a seat on the board as well?) and clamp down on a lot of the stupid stuff our district spends money on.  (No, you don't need seven assistant superintendents.  No, you don't need a "Coordinator of Diversity and Inclusion."  No, you don't need to have a huge auditorium at both high schools.  No, you don't need to change out your entire curriculum every 2-3 years because some snake oil salesman convinced you their new brand of garbage is the new hotness.  No, you don't need an Executive Assistant to the Assistant Superintendent of Business Development.  Yes, that's a real title of someone who works in our district.  No, your secretaries should not be earning more than your teachers.)  Or, I could just not care, and move somewhere else so I don't have to think about it.

I'd spend more of my newly-freed time with DW and the kids.  I'd work on learning new skills, like how to weld and machine.  I'd spend more time playing the piano, take voice lessons, and learn to fly an airplane. 


Jouer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #169 on: July 16, 2018, 11:47:43 AM »
Am I the only one who would legit be terrified?  I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified.  I already alluded to possible family drama (mostly semi-extended family).  There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom. 

And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle. 

Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.

I don't know why you couldn't just ignore people who rub you the wrong way.  I already do this and I don't have $100M.  I can say it would sure be easier to tell people to screw off if I had that much.

Exactly, there is a perfect phrase already in the English language for those types of people. It goes as follows: "Go Fuck Yourself!"

Jouer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #170 on: July 16, 2018, 11:50:43 AM »
How would I spend the money? Definitely not on stuff

I think I'd focus first on things that add stress or difficulty to my life, and fix those.  So I'd buy a two-post lift for the garage, because it's really annoying to have to use a jack and jack stands and lay on my back while I'm fixing my 23-year-old car (not to mention the risks).  I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest.  I have a list of over 600 invention or business ideas, and I'd love to have time to pursue a few of them.  In terms of personal benefit, having more time for my own interests is a much more enticing vision than buying more things.

I'd certainly have some fun with the money.  I'd love to send some money as a "thank you" to some Youtubers who have brought me hours upon hours of entertainment and/or valuable education.  I'd help out family members or friends who, though hard-working, have been through tough times.  Anonymously, of course.  Several years ago DW and I did it to a friend who had lost his job, and even though we never heard anything afterward (and never brought it up), it certainly was a thrill.

I'd like a "right-sized" home, a highly-energy-efficient one, with a fantastic layout, built with high-quality materials and workmanship, that requires as little maintenance as possible.  Attractive, but not fancy.  Functional, with an oversized garage.  With a nice view, in a location that has a good climate and low taxes, because property taxes are like maintenance--an on-going cost to owning the property.

Speaking of property taxes, I'd like to run for school board (and maybe buy a few friends a seat on the board as well?) and clamp down on a lot of the stupid stuff our district spends money on.  (No, you don't need seven assistant superintendents.  No, you don't need a "Coordinator of Diversity and Inclusion."  No, you don't need to have a huge auditorium at both high schools.  No, you don't need to change out your entire curriculum every 2-3 years because some snake oil salesman convinced you their new brand of garbage is the new hotness.  No, you don't need an Executive Assistant to the Assistant Superintendent of Business Development.  Yes, that's a real title of someone who works in our district.  No, your secretaries should not be earning more than your teachers.)  Or, I could just not care, and move somewhere else so I don't have to think about it.

I'd spend more of my newly-freed time with DW and the kids.  I'd work on learning new skills, like how to weld and machine.  I'd spend more time playing the piano, take voice lessons, and learn to fly an airplane.

This is an excellent plan. Question: why would you keep any of your work hours?

Raymond Reddington

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Re: How would you live if you hit a 100 mill lottery?
« Reply #171 on: July 16, 2018, 03:39:22 PM »
Exactly, there is a perfect phrase already in the English language for those types of people. It goes as follows: "Go Fuck Yourself!"

This. If certain specific people showed up, I'd take particular joy in telling them the aforementioned, maybe even make them jump through some hoops for me first, just for my own amusement.
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JLee

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Re: How would you live if you hit a 100 mill lottery?
« Reply #172 on: July 16, 2018, 04:07:26 PM »
I'd have roughly the same lifestyle I do today, except I would have a much larger garage with a few more cars and I would spend far more time SCUBA diving and at dance exchanges.

Villanelle

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Re: How would you live if you hit a 100 mill lottery?
« Reply #173 on: July 16, 2018, 07:08:09 PM »
Am I the only one who would legit be terrified?  I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified.  I already alluded to possible family drama (mostly semi-extended family).  There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom. 

And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle. 

Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.

I don't know why you couldn't just ignore people who rub you the wrong way.  I already do this and I don't have $100M.  I can say it would sure be easier to tell people to screw off if I had that much.

Currently, family and friends aren't hitting us up for money.  Writing off strangers or casual acquaintances wouldn't be so tough, but telling a sibling to screw off when one knows it would likely end the relationship?  Simple, but far from easy. "Hey mom, go fuck yourself"??  It might come to that, which is exactly when it would be troubling and terrifying.  I'm not saying we couldn't--or maybe even wouldn't, eventually--do those things.  I'm saying that it would be awful to be in a position where that seemed like it might be the answer, because whether you do it or not, that relationship is very, very broken.  Far more and far worse than it is now.   And never being able to meet a new friend without wondering about their motives?  That doesn't happen to stealthy mustachians, so no, it's not quite the same. 

zolotiyeruki

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Re: How would you live if you hit a 100 mill lottery?
« Reply #174 on: July 16, 2018, 08:05:45 PM »
... I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest.  ...

This is an excellent plan. Question: why would you keep any of your work hours?
Great question!  Two reasons:
1) I enjoy my job
2) I'm working on a project that I'm personally (emotionally) invested in, and I'd really like to see it to completion.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #175 on: July 16, 2018, 08:06:26 PM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

PDXTabs

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Re: How would you live if you hit a 100 mill lottery?
« Reply #176 on: July 16, 2018, 08:32:26 PM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.

zolotiyeruki

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Re: How would you live if you hit a 100 mill lottery?
« Reply #177 on: July 16, 2018, 09:01:39 PM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)

EscapeVelocity2020

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Re: How would you live if you hit a 100 mill lottery?
« Reply #178 on: July 16, 2018, 09:37:27 PM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)

Apparently humans have not adapted to post on the internet :)  More seriously, I was listening to an interesting podcast that talks about this on my commute this week, so maybe I'm biased :)
Quote
EconTalk host Russ Roberts does a monologue on how political discourse seems to have deteriorated in recent years and the growth in outrage, tribalism, and intolerance for those with different views from one's own. Roberts suggests that part of the problem is the revolution of the market for information caused by the internet that allows people to customize what they see to fit their own political narratives and worldview. In short, the market for news works to make us feel good rather than to help us to discover the truth. The monologue closes with some suggestions for how we might improve the way we consume information and interact with those we disagree with.

Sorry if this is off topic, just started going and couldn't stop...
Transitioning to FIRE'd albeit somewhat cautiously...

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #179 on: July 16, 2018, 11:08:45 PM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)

In my In-laws case it would be an interesting experiment to find out just how fast $3M could be blown on prescription painkillers!..:)

Villanelle

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Re: How would you live if you hit a 100 mill lottery?
« Reply #180 on: July 17, 2018, 01:58:28 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.

mrmoonymartian

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Re: How would you live if you hit a 100 mill lottery?
« Reply #181 on: July 17, 2018, 02:24:19 AM »
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. 
Did you see the one the other day? Pretty sad.

https://www.bbc.co.uk/news/world-us-canada-44801448


Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #182 on: July 17, 2018, 07:53:07 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.

Which brings me back to my point about a release to be signed upon receipt of the money acknowledging "this is all I'm getting".  Then when they come back you hold that up and say "remember when...?"

Honestly, I'd do this for charities too.  I would imagine upon receipt of the jackpot, I'd sprinkle some cash around liberally to various charities, but I don't want that to be an invitation to hit me up again at a later date.  My gifts would all have a clawback provision in the event they come back to me.  I'd expect big one time gifts at the beginning and then smaller gifts over time (say $1M up front and then $50k a year or something) for 1-2-3 charities I'd want to support (cancer research, children's charities, etc).
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

TravelJunkyQC

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Re: How would you live if you hit a 100 mill lottery?
« Reply #183 on: July 17, 2018, 08:38:25 AM »
1. Buy as much land as possible to protect it from human encroachment. Build nothing on it.

2. Stop working for pay and continue writing (I work in communications/marketing) for causes I care about.

3. Speed-up our house build and make it a bit bigger so that my parents can come live with us full-time and have their own space (currently planning on building them a small apartment that might not suffice for full-time living).

4. Have the time and energy to take physical and emotional care of my family for the rest of our lives (they don't need financial help, but I'd be there if it happened).

FireHiker

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Re: How would you live if you hit a 100 mill lottery?
« Reply #184 on: July 17, 2018, 10:11:16 AM »
I haven't read all of the pages here, but here's what I would do:

- husband and I would both stop working, so kids wouldn't have to go to before/after school care and we could really travel during the summer
- volunteer a LOT more during the school year, in various ways
- pay off my brother and his wife's student loans so they can finally buy a house (they have $3000/mo student loans from grad school, 25+ more years)
- buy my mom a house, set her up with a monthly stipend, and buy her a puppy and a reasonable newer car
- help my sister get through college and pay for her to finally finish gender reassignment, which she is desperate for but can't afford yet
- stay where we are until the kids graduate high school, then downsize and move to Durango and buy a cute little house in downtown
- help out my best friend who is a teacher and single mom with two boys. I'd love to pay off her mortgage and fully fund college for her kids.
- contribute real, substantial money to causes that matter to me: environmental and refugee/immigration assistance, provide scholarships or tuition assistance somewhere for underprivileged kids
- travel a lot more often and a tad more lavishly; business or first class when we fly a red eye. Finally get to all 7 continents and do some crazy dream trips: watch bears in Katmai, Iceland campervan, New Zealand, African safari, hike the Salkantay Trail to Macchu Picchu, Everest Base Camp, all 50 states, visit the rest of the National Parks in the US (halfway there), thru-hike the PCT.
- go to yoga every day
- finally have the time to downsize and minimize all the stuff in the house
- run or hike most days
- go skiing at Mammoth again instead of going to Brian Head every year
- upgrade to a baby grand piano and play for at least a half hour every day
- spend at least a half hour every day working on learning a new language
- read, read, read
- buy a small RV for really great summer road trips

I rarely buy a lottery ticket; maybe a couple of times a year when there's a work pool (worth the $1-2 to make sure I wouldn't be the only one left in the office!), or my husband will buy one or two a year. For the under $10 a year it's well worth the detailed entertainment value I get from daydreaming about what I'd do. Aside from some of the more lavish travel and helping out friends, family, and important-to-me causes, I see on my list that what I really want is the TIME to do things that matter to me. That's why I keep working hard to achieve FIRE; it's the time that the money can buy that is the most valuable thing to me.

brute

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Re: How would you live if you hit a 100 mill lottery?
« Reply #185 on: July 17, 2018, 10:18:04 AM »
It wouldn't be much different. Mostly it would just speed up the current plans.

Buy the house we want without worrying about if I have to change jobs and end up with a longish commute
Take vacations to a few destinations that are little too expensive right now
Start up my brewpub without worrying if I'm taking too much of a risk and will end up ruining us financially.

Really, just things we are going to do anyway but without the stress involved.

spartana

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Re: How would you live if you hit a 100 mill lottery?
« Reply #186 on: July 17, 2018, 10:31:50 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.
« Last Edit: July 17, 2018, 10:33:53 AM by spartana »
Retired at 42

brute

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Re: How would you live if you hit a 100 mill lottery?
« Reply #187 on: July 17, 2018, 10:44:17 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.

So, this is something I'm looking at doing with my inheritance from my folks eventually. They have a HUGE pile of cash, well ETFs, set aside for charity. I'll take over that once they're gone, and they've made their wishes known as to which charities they want it to go to. But no way in hell am I letting a place have all of it at once. I'd rather set up an endowment for a place that keeps on giving than let them blow $30M in a year and them come asking for more.

MonkeyJenga

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Re: How would you live if you hit a 100 mill lottery?
« Reply #188 on: July 17, 2018, 11:16:01 AM »
Well I might get a monkey butler to serve me cocktails on the veranda of my mountain abode but otherwise my life wouldn't change much with any increased amount of money.

@spartana - Normally I would say you couldn't afford me, but with lotto money, you probably could.

I would reevaluate the best way I could influence politics. Now I'm FI and working because it's the best I can do. But with that much money, I could have more influence doing something else.

A big chunk would go to charities, but keeping a substantial amount for politics is necessary right now.

I grew up in a conspicuous consumption household, and I don't want that shit. At most I would buy a better, recycled material backpack, a nicer phone, and some high end lingerie. Oh and nice socks.

spartana

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Re: How would you live if you hit a 100 mill lottery?
« Reply #189 on: July 17, 2018, 11:43:20 AM »
Well I might get a monkey butler to serve me cocktails on the veranda of my mountain abode but otherwise my life wouldn't change much with any increased amount of money.

@spartana - Normally I would say you couldn't afford me, but with lotto money, you probably could.

I would reevaluate the best way I could influence politics. Now I'm FI and working because it's the best I can do. But with that much money, I could have more influence doing something else.

A big chunk would go to charities, but keeping a substantial amount for politics is necessary right now.

I grew up in a conspicuous consumption household, and I don't want that shit. At most I would buy a better, recycled material backpack, a nicer phone, and some high end lingerie. Oh and nice socks.
I dunno. I heard it only take a bit of chocolate and some wine and perhaps a cute little doggie to pay you. Maybe a few other things (cough...men...cough) which are abundant in mountain towns ;-).
Retired at 42

Jouer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #190 on: July 17, 2018, 11:45:25 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.

Yep, I would absolutely set up a trust for one family member. They are just learning about money now, so I'd want them to continue learning before dropping a couple mill in their laps. I'd want to set them up for success. I'm sure there would be hard feelings from their wife....but that's none of my concern.

Warlord1986

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Re: How would you live if you hit a 100 mill lottery?
« Reply #191 on: July 17, 2018, 01:28:22 PM »
I would set up a stand up paddle boarding business. I would run it during the summer, offering free/reduced lessons and rentals to clients of charities I like and trust. Any proceeds would go to local schools, and maybe schools in countries I've visited.

I would also create full ride scholarships for community college students. Do my part to reduce the student loan debt problem. I would also offer travel scholarships so kids could spend a week or two overseas.

I would eat more delicious pizza. Because pizza.

In the winter I would travel. :3

I'm not too crazy about the idea of giving money to family. My family has been extremely blessed and the one's who don't have money wasted it. However, my cousin has three daughters and I would pay for their educations provided they kept their GPAs above a certain point. Any my uncle has mentioned wanting to take his wife on vacation. He's been very, very patient, generous, and forgiving towards my aunt (his sister. her life is a Gawd awful shit show) and shouldered that burden for many years. They're not exactly rich and I'd like to make them happy.

I'd also give some to Catholic Charities. Not sure about the capacity though.

Villanelle

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Re: How would you live if you hit a 100 mill lottery?
« Reply #192 on: July 18, 2018, 12:27:44 AM »
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.

So for $1M the whining would be done forever. Not that my family would but DW's certainly would.

If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.  Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely.  Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.)  Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.

Sadly, with a couple of them, I suspect when they $40k was gone (and it would be!), they would come to claim more, and anything we told them about that being it (before it was even given) wouldn't matter.  There would be "we can't  buy groceries to feed the kids and next month's payment is due for 3 weeks and is already earmarked for rent" sort of complaints. 

Some people, no matter what you tell them, how many times you remind them that X is all they are getting, or how much you let them know this is *your* money, not theirs, are going to feel entitled, and I don't think any financial set up, or any conversation is going to prevent that. 

So, since it is likely an unsolvable (hypothetical) problem, I think the best bet would be for DH and I to agree on what is reasonable for each person, and then he or I (depending on whose person it is) would be allowed to distribute however we see fit, with the agreement between us being that once the well runs dry, there will be absolutely no more.  (Even that might be hard though. If your sibling comes to you saying he will literally be homeless because he's blown ever penny, it's surely damn hard to say, "sorry, but I'm not giving you another dollar even though I have tens of millions".  But that would be why I would encourage each of us to never, ever reveal--or reveal honestly!--the total available, and to always keep some in reserve.  In the end, it might kill the relationships, but if that's the case, they weren't great relationships anyway, though I suspect that's small comfort when cutting off or being cut off my family.)

My sister, for example, I would expect to be perfectly reasonable and entirely grateful for whatever I gave her.  And fairly responsible.  She's not especially frugal, but I am pretty sure their mortgage is their only debt.  So I would feel comfortable giving her either all, or nearly all of her amount up front, not even with strings attached.  (IOWs, no "use this to pay off the mortgage" or anything like that.)  I suspect they'd use 75% of it fairly responsibly and travel and snag a few luxurieswith the other 25%. 

Some others in our lives?  That would be catastrophic and probably 90%+ would be blown on huge new trucks or jet skis or upgrading to a McMansion or lavish travel.  It would be gone in a year or two (or less, depending on how much).  So an annuity would probably be the way to go, and then just being ready to have hard conversations and say No.

zolotiyeruki

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Re: How would you live if you hit a 100 mill lottery?
« Reply #193 on: July 18, 2018, 08:00:32 AM »
On the flip side, the spendthrift might understand and sympathize if you told them that you blew through your part of the money as well, and then (maybe?) they wouldn't come asking for more.  Right?  One can dream, right?

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #194 on: July 18, 2018, 08:55:24 AM »
Actually its worth remembering that you CAN actually blow $100M (one of the 5th grade educated NFL players blew $142M in a story I read).

So you could simply tell your spendy relatives that you spent it all.. They might actually believe you.

Just tell them you bought some really nice socks..:)

MonkeyJenga

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Re: How would you live if you hit a 100 mill lottery?
« Reply #195 on: July 18, 2018, 09:17:19 AM »
Well I might get a monkey butler to serve me cocktails on the veranda of my mountain abode but otherwise my life wouldn't change much with any increased amount of money.

@spartana - Normally I would say you couldn't afford me, but with lotto money, you probably could.

I would reevaluate the best way I could influence politics. Now I'm FI and working because it's the best I can do. But with that much money, I could have more influence doing something else.

A big chunk would go to charities, but keeping a substantial amount for politics is necessary right now.

I grew up in a conspicuous consumption household, and I don't want that shit. At most I would buy a better, recycled material backpack, a nicer phone, and some high end lingerie. Oh and nice socks.
I dunno. I heard it only take a bit of chocolate and some wine and perhaps a cute little doggie to pay you. Maybe a few other things (cough...men...cough) which are abundant in mountain towns ;-).

Chocolate and cute dogs, absolutely. Wine, no.

And as much fun as I'm sure mountain men are, by themselves they're not quite enough. Monkey Butler would be in it for the money. My socks are really, really old.

BookLoverL

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Re: How would you live if you hit a 100 mill lottery?
« Reply #196 on: July 18, 2018, 10:01:41 AM »
Definitely if I won the lottery and was giving money to friends or relatives I would either do it as a yearly, monthly, or even weekly payout thing rather than all at once. Even the ones I consider to be sensible about money still buy things I consider to be absolute nonsense on a regular basis - the house where I live with my parents and brother is full of barely-used clutter. So if I wanted to actually achieve my aim of setting them up for life, it'd definitely have to be either of the "buy them a house" nature (prevents homelessness) or in installments (maybe pay them yearly the amount I was keeping for myself yearly, except split it up to smaller installments to prevent them spending it all at once), which would prevent them needing a soul-crushing job, but would simulate the flow of money they were used to from a job.

If they wanted to spend more a year than I was keeping for myself, well, they'd just have to get a job to supplement it, because I'm not in the habit of subsidising shiny new cars, model railway layouts, and 1735871350 pairs of running shoes.
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undercover

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Re: How would you live if you hit a 100 mill lottery?
« Reply #197 on: July 18, 2018, 10:43:04 AM »
Of course rich people have things they dream of/wish for.  How about friends who genuinely like you for reasons not related to the money?  How about a partner who is willing to stand by your side through thick and thin?  How about children who make you proud?  How about the satisfaction of completing something difficult all by yourself?  Can you buy those things?

The beauty of it is, the things that are really valuable, we can all have.  Money doesn't make it easier.

Those things are definitely not things that anyone can have. I'd say you're extremely lucky to have one of those things.

Quote from: Raenia
After all, the whole point of MMM is that buying things isn't what brings people genuine joy.  It's the non-monetary things above that bring true happiness.

Sort've...If we count "money" as a "monetary thing" then it is definitely valued on this site and by MMM. The reason to value it is different than most people's reasons, but it's still valuing money above a lot of things IMO. The primary motive is to feel secure and have as much freedom as possible but it's still focusing on money. Buying investments seems like a purchase to me.
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Re: How would you live if you hit a 100 mill lottery?
« Reply #198 on: July 18, 2018, 11:45:30 AM »
Assuming that at the end of the day, I came away with about 30 million give or take...

DAY ONE after the check is in my hands - hire a tax lawyer, accountant, and probably an estate lawyer too.  And then if possible, lie and say that I received a smaller amount than I did-- maybe 3-5 million, which is still a lot.

After getting my personal financial affairs sorted out, and most of it tucked away into investment accounts, I'd quit my job and give my closest friends 100k each and 50k to my good friends.  I feel like that's enough to be generous and for a person to do a lot with, but also not so much that they'll wildly change their standard of living and then come crying to me when the money runs out. 

For family... my mom would get about a million, my dad maybe half of that (he's got money and she doesn't), and I'd set up a trust fund for my sister for about half a million also.  My grandparents would get any care they needed paid for. Reserve about 3 million for myself (that's an unimaginable amount of money for me already) and honestly... I might just go trawl the pages of sites like GoFundMe and YouCare and start fulfilling random people's requests-- for important things like surgeries, chemo, disability aids, things like that.  The rest into conservation charities, charities that assist with training and poverty, and probably some political donations as well.

As for life changes, I honestly wouldn't change a lot about what we did/are doing now, at least not at first.  In the long run, I would want to move out of our apartment, but I'd still want to keep living with my girlfriend and one of my current roommates.  Maybe rent out an apartment or a house with a yard so I can garden, and a room we can designate a workroom for soap or crafts or art, as we're all pretty crafty people.  Focus on my soap business on the side, as a hobby.

I'd eat out more-- maybe as much as 3-4 times a week, and tip like a madwoman when I do.  I'd buy some fancier food ingredients and try cooking complicated recipes just because I can, and now I have the time.  Travel more-- back to Taiwan to see relatives, to Japan, maybe stay there a month or two to just enjoy the sights, and go on the trip with a couple of friends.  My big luxury spending would be trying out first class flights and going to fancy hot spring inns for a week, but I don't know if I would repeat the first class flight experience. None of this should add up to more than about ~25k a year (well, maybe not including the first class flight) so all the extra I'll funnel into charities or more direct donations to people who need it.

Learn new languages and skills-- car repair, armor making, Japanese, Spanish, re-learn my Mandarin. Read more. Hike more. Go to the beach more. But I'll be able to do all of those things after FIRE anyway, with or without a couple cool million.

When my current car gives out, I'll buy a fancy Prius with a back cam.  Take my girlfriend out to a Michelin star restaurant at some point, and then hit up In N Out afterward.

RangerOne

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Re: How would you live if you hit a 100 mill lottery?
« Reply #199 on: July 18, 2018, 01:14:38 PM »
For a start:

Invest:
- Invest the majority of the money in a Vanguard account with indexes
- Keep plenty of liquid cash in high yield accounts FDIC insured
- Possibly offshore some of the money.

Living:
- Buyout my condo and rent it out
- By a nice home in San Diego near my family that doesn't not have nearby neighbors. There are a number of wealthy community plans that have villas with no directly adjacent neighbors, but still central to the city.
- Make my home self sustaining and nearly off grid. Solar energy and back batteries. Possible back up water or gas as well.

Income:
- Use investments and my one rental to establish a baseline monthly income.

Work:
- Probably keep my job. Start exploring options to work in risky software startups. I don't have to worry about income so I can afford to work for edgy companies that have a high failure risk.

Budget a Higher but sustainable standard of living:
- Newer nicer stuff, but try to avoid falling into the designer luxury trap.

Money For Family:
Giving money to family I think is a slippery slope. Instead I would do a rough calculation for my wife and I's parents that have helped us and pay them back every cent they ever used to help us. Possibly with a opportunity cost adjustment. Then I would likely lay low and let the dust settle before possibly gifting money to any family.

I would consider buying another decent property and renting them out at cost if it would enable my closest friends to move back to San Diego who are avoiding it due to cost.

Charity or Research:
Look into funding charities, the community and or compelling research on an annual basis.