Author Topic: How would you live if you hit a 100 mill lottery?  (Read 16062 times)

Roadrunner53

  • Handlebar Stache
  • *****
  • Posts: 1694
Re: How would you live if you hit a 100 mill lottery?
« Reply #150 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

  • Pencil Stache
  • ****
  • Posts: 656
Re: How would you live if you hit a 100 mill lottery?
« Reply #151 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.

ender

  • Magnum Stache
  • ******
  • Posts: 4306
Re: How would you live if you hit a 100 mill lottery?
« Reply #152 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

  • Walrus Stache
  • *******
  • Posts: 5649
  • Age: 57
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: How would you live if you hit a 100 mill lottery?
« Reply #153 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

  • 5 O'Clock Shadow
  • *
  • Posts: 82
Re: How would you live if you hit a 100 mill lottery?
« Reply #154 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

  • Handlebar Stache
  • *****
  • Posts: 2306
Re: How would you live if you hit a 100 mill lottery?
« Reply #155 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

  • Pencil Stache
  • ****
  • Posts: 752
Re: How would you live if you hit a 100 mill lottery?
« Reply #156 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

  • Magnum Stache
  • ******
  • Posts: 2831
  • Location: State: Denial
Re: How would you live if you hit a 100 mill lottery?
« Reply #157 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

  • Bristles
  • ***
  • Posts: 335
Re: How would you live if you hit a 100 mill lottery?
« Reply #158 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

  • Bristles
  • ***
  • Posts: 335
Re: How would you live if you hit a 100 mill lottery?
« Reply #159 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

  • Stubble
  • **
  • Posts: 177
  • Age: 2014
  • Location: NYC
  • "The Concierge of Cash"
Re: How would you live if you hit a 100 mill lottery?
« Reply #160 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.

JLee

  • Walrus Stache
  • *******
  • Posts: 5019
Re: How would you live if you hit a 100 mill lottery?
« Reply #161 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

  • Handlebar Stache
  • *****
  • Posts: 2306
Re: How would you live if you hit a 100 mill lottery?
« Reply #162 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

  • Magnum Stache
  • ******
  • Posts: 2831
  • Location: State: Denial
Re: How would you live if you hit a 100 mill lottery?
« Reply #163 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

  • Walrus Stache
  • *******
  • Posts: 5649
  • Age: 57
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: How would you live if you hit a 100 mill lottery?
« Reply #164 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

  • Pencil Stache
  • ****
  • Posts: 720
  • Age: 35
  • Location: Vancouver, WA, USA
Re: How would you live if you hit a 100 mill lottery?
« Reply #165 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

  • Magnum Stache
  • ******
  • Posts: 2831
  • Location: State: Denial
Re: How would you live if you hit a 100 mill lottery?
« Reply #166 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

  • Handlebar Stache
  • *****
  • Posts: 1821
  • Age: 45
  • Location: Houston
    • EscapeVelocity2020
Re: How would you live if you hit a 100 mill lottery?
« Reply #167 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...

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5649
  • Age: 57
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: How would you live if you hit a 100 mill lottery?
« Reply #168 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

  • Handlebar Stache
  • *****
  • Posts: 2306
Re: How would you live if you hit a 100 mill lottery?
« Reply #169 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

  • Stubble
  • **
  • Posts: 101
  • Age: 36
  • Location: Brisbane
Re: How would you live if you hit a 100 mill lottery?
« Reply #170 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

  • Magnum Stache
  • ******
  • Posts: 3163
  • Location: Chicago NW Suburbs
Re: How would you live if you hit a 100 mill lottery?
« Reply #171 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).

TravelJunkyQC

  • Bristles
  • ***
  • Posts: 469
  • Age: 32
  • Location: Quťbec City, Canada
Re: How would you live if you hit a 100 mill lottery?
« Reply #172 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

  • Pencil Stache
  • ****
  • Posts: 852
  • Location: So Cal
Re: How would you live if you hit a 100 mill lottery?
« Reply #173 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

  • Pencil Stache
  • ****
  • Posts: 609
Re: How would you live if you hit a 100 mill lottery?
« Reply #174 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.

brute

  • Pencil Stache
  • ****
  • Posts: 609
Re: How would you live if you hit a 100 mill lottery?
« Reply #175 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.

Snake P. Jenga

  • Walrus Stache
  • *******
  • Posts: 7495
  • Location: Washington DC
  • Cake or Death?
Re: How would you live if you hit a 100 mill lottery?
« Reply #176 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.

Jouer

  • Bristles
  • ***
  • Posts: 335
Re: How would you live if you hit a 100 mill lottery?
« Reply #177 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

  • Handlebar Stache
  • *****
  • Posts: 1128
  • Age: 32
Re: How would you live if you hit a 100 mill lottery?
« Reply #178 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

  • Handlebar Stache
  • *****
  • Posts: 2306
Re: How would you live if you hit a 100 mill lottery?
« Reply #179 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

  • Magnum Stache
  • ******
  • Posts: 2831
  • Location: State: Denial
Re: How would you live if you hit a 100 mill lottery?
« Reply #180 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

  • Walrus Stache
  • *******
  • Posts: 5649
  • Age: 57
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: How would you live if you hit a 100 mill lottery?
« Reply #181 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..:)

Snake P. Jenga

  • Walrus Stache
  • *******
  • Posts: 7495
  • Location: Washington DC
  • Cake or Death?
Re: How would you live if you hit a 100 mill lottery?
« Reply #182 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

  • Stubble
  • **
  • Posts: 249
  • Location: England
Re: How would you live if you hit a 100 mill lottery?
« Reply #183 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.

undercover

  • Pencil Stache
  • ****
  • Posts: 809
Re: How would you live if you hit a 100 mill lottery?
« Reply #184 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.

Fish Sweet

  • Stubble
  • **
  • Posts: 107
Re: How would you live if you hit a 100 mill lottery?
« Reply #185 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

  • Pencil Stache
  • ****
  • Posts: 686
Re: How would you live if you hit a 100 mill lottery?
« Reply #186 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.

Roadrunner53

  • Handlebar Stache
  • *****
  • Posts: 1694
Re: How would you live if you hit a 100 mill lottery?
« Reply #187 on: July 19, 2018, 06:09:37 AM »
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola.  Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.

plainjane

  • Handlebar Stache
  • *****
  • Posts: 1624
Re: How would you live if you hit a 100 mill lottery?
« Reply #188 on: July 19, 2018, 06:49:36 AM »
Giving a franchise to problem relatives would be a really cruel thing to do to the employees of said franchise location.

Lmoot

  • Pencil Stache
  • ****
  • Posts: 640
    • Journal
Re: How would you live if you hit a 100 mill lottery?
« Reply #189 on: July 19, 2018, 08:20:56 AM »
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola.  Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.

Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.

If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.

Roadrunner53

  • Handlebar Stache
  • *****
  • Posts: 1694
Re: How would you live if you hit a 100 mill lottery?
« Reply #190 on: July 19, 2018, 08:38:04 AM »
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola.  Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.

Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.

If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.

Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.

Villanelle

  • Handlebar Stache
  • *****
  • Posts: 2306
Re: How would you live if you hit a 100 mill lottery?
« Reply #191 on: July 19, 2018, 07:13:52 PM »
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola.  Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.

Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.

If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.

Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.

Those people would also be idiots with a franchise. They will be idiots with whatever you give them, and however much.  Just as they spend every penny they make now rather than saving, they would do so with 2 and 5 and 10 times as much money.  That's the problem and I don't think there is a solution. Monthly or weekly allotments?  They can spend through that and be broke, too?  Pay off their house?  They can take out a HELOC or just increase their spending to eat up the former mortgage payment and then still be broke.  There is no solution to this, which is why so many ten-and hundred-millionaires end up bankrupt.  If the mindset is that of a someone who spends it all, changing what "all" looks like doesn't matter. 

BookLoverL

  • Stubble
  • **
  • Posts: 249
  • Location: England
Re: How would you live if you hit a 100 mill lottery?
« Reply #192 on: July 20, 2018, 01:58:33 AM »
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola.  Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.

Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.

If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.

Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.

Those people would also be idiots with a franchise. They will be idiots with whatever you give them, and however much.  Just as they spend every penny they make now rather than saving, they would do so with 2 and 5 and 10 times as much money.  That's the problem and I don't think there is a solution. Monthly or weekly allotments?  They can spend through that and be broke, too?  Pay off their house?  They can take out a HELOC or just increase their spending to eat up the former mortgage payment and then still be broke.  There is no solution to this, which is why so many ten-and hundred-millionaires end up bankrupt.  If the mindset is that of a someone who spends it all, changing what "all" looks like doesn't matter. 
Yeah, any solution which involves an idiot friend/relative having to do something smart that takes effort isn't going to work. I think if you really wanted to save a relative like that from a pit of no money, setting up a trust or something that literally paid them just like a weekly wage, but without them having to do much for it, is probably the only way that's going to work...

Roadrunner53

  • Handlebar Stache
  • *****
  • Posts: 1694
Re: How would you live if you hit a 100 mill lottery?
« Reply #193 on: July 20, 2018, 06:36:38 AM »
Why are these people mentally programmed to spend every penny and then some? I can see the thrill of taking a much needed vacation then settle down into reality. You came into a windfall and now to maintain a nice lifestyle you have to settle down and realize the money will run out at some point if no restraint is made to curb spending. Most of us have gone to school and know basic math. I guess they don't teach common sense in school.

I have read enough stories on athletes and actors who were on top of the world and had to buy everything on earth then gone broke. I will never understand this!

Cranky

  • Handlebar Stache
  • *****
  • Posts: 1449
Re: How would you live if you hit a 100 mill lottery?
« Reply #194 on: July 20, 2018, 06:55:28 AM »
I think that for some people, the thrill of having *anything* is really strong.

Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)

They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.

But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.

Lmoot

  • Pencil Stache
  • ****
  • Posts: 640
    • Journal
Re: How would you live if you hit a 100 mill lottery?
« Reply #195 on: July 20, 2018, 07:19:00 AM »
I think that for some people, the thrill of having *anything* is really strong.

Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)

They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.

But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.

 Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that Iím an adult and I see how quickly money can go and how slowly it can come, I donít want as many things as I did. Not to the point of just going out and buying them because I had the money to.

Warlord1986

  • Handlebar Stache
  • *****
  • Posts: 1128
  • Age: 32
Re: How would you live if you hit a 100 mill lottery?
« Reply #196 on: July 20, 2018, 09:32:32 AM »
I think that for some people, the thrill of having *anything* is really strong.

Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)

They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.

But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.

 Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that Iím an adult and I see how quickly money can go and how slowly it can come, I donít want as many things as I did. Not to the point of just going out and buying them because I had the money to.

I'll second this. I used to want ALL THE THINGS. Then I started working for my own money and was like, I don't want anything.

...Except a stand up paddle board. I really want a stand up paddle board.

Cranky

  • Handlebar Stache
  • *****
  • Posts: 1449
Re: How would you live if you hit a 100 mill lottery?
« Reply #197 on: July 20, 2018, 09:38:17 AM »
Well, if there's one thing that I've never wanted, it's a stand up paddleboard!

wenchsenior

  • Handlebar Stache
  • *****
  • Posts: 1832
Re: How would you live if you hit a 100 mill lottery?
« Reply #198 on: July 20, 2018, 09:40:08 AM »
I think that for some people, the thrill of having *anything* is really strong.

Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)

They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.

But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.

 Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that Iím an adult and I see how quickly money can go and how slowly it can come, I donít want as many things as I did. Not to the point of just going out and buying them because I had the money to.

I'll second this. I used to want ALL THE THINGS. Then I started working for my own money and was like, I don't want anything.

...Except a stand up paddle board. I really want a stand up paddle board.

LOL.   Yeah, I have very few 'things' I want, and it's easy for me to roll my eyes when people talk about buying cars or bigger houses or whatever, but then when you said this I immediately thought, 'HELL YES (and access to some real water to use it on, which requires relocating to some other part of the country).'

PhilB

  • Bristles
  • ***
  • Posts: 484
Re: How would you live if you hit a 100 mill lottery?
« Reply #199 on: July 20, 2018, 09:48:53 AM »
Sheds.  Lots and lots of lovely big sheds and barns.  I see no point in having a huge house, but you can never have enough outbuildings!