Author Topic: How would you live if you hit a 100 mill lottery?  (Read 15478 times)

merlin7676

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Re: How would you live if you hit a 100 mill lottery?
« Reply #50 on: July 02, 2018, 09:30:33 AM »
Buy some acreage in Montana that backs up onto National Forest land.  Built a modest home there.  Alternate between traveling to interesting places and hiking and hunting in Montana.

So, pretty much what I'd like to do when I FIRE.  The only real differences would be that if I won $100 million, I could do it today, and I'd be buying first class airline tickets.

This.  We just signed the paperwork Friday for the 10.25 acres we bought in MT. Already planning on building a house there in about 10 year so would just build it now and FIRE as soon as it was done.   Maybe have a second vacation spot in Maui or Palm Springs for winter time.
Most of the money would be donated to charities like ASPCA and St. Judes, ect.

hudsoncat

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Re: How would you live if you hit a 100 mill lottery?
« Reply #51 on: July 02, 2018, 10:29:50 AM »
I'd just start living my planned FIRE life. Except I'd also being driving a Tesla Model S (Not in the FIRE plan). Probably quietly and anonymously give to the same charitable causes I do now, but in larger sums.

OurTown

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Re: How would you live if you hit a 100 mill lottery?
« Reply #52 on: July 02, 2018, 10:38:36 AM »
1.  Pay the taxes.
2.  Invest the balance, conservatively, being mindful of future tax liability.
3.  Set up an annual withdrawal.  On this size of a corpus, 4% is way too high.  Maybe take a draw of $500k per year.  I think we can live on that.
4.  Quit the jobs.
5.  Sell the house.  Buy a northern house for the summer and a southern house for the winter.
6.  Travel and enjoy life.
7.  Get some cool shit?  Okay.  How about a grand piano?

SimpleCycle

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Re: How would you live if you hit a 100 mill lottery?
« Reply #53 on: July 02, 2018, 10:45:04 AM »
I'd buy a SFH in Chicago.  I'd quit my job.  I'd get tickets for Alinea, to say I did it.  Then I'd keep on keeping on with everything else.

v8rx7guy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #54 on: July 02, 2018, 10:54:20 AM »
I'd donate at least 10% to charity.  I'd retire at a convenient/friendly stopping point at my job... I'd hate to leave my coworkers high and dry.  I'd pay off mortgages of close friends and family.  I'd buy a house with a big shop and lots of parking... lots of cool cars.  Bi-weekly massages.  Travel the world.  Maybe buy or build a small business in a field that interests me?  Invest the rest and live off the 4% rule.

mathlete

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Re: How would you live if you hit a 100 mill lottery?
« Reply #55 on: July 02, 2018, 10:56:03 AM »
Tactically, I would try to change as slowly as possible. Maybe not even quitting my job immediately. Sudden lifestyle changes aren't so great for mental health from what I've observed. Sure I'd make changes eventually, but I would want to ease into it.

It'd be a feeling out process, but a rough timeline might look something like this,

Day 0: Pay the taxes. Invest the rest in a conservative portfolio

Day 30: Set up trusts for the economically vulnerable people in my life. Probably do a shit ton of reading about the best way to handle this. i.e., who to tell what.

Day 60: Take a part-time, consulting role with my company.

Day 90: (over)Pay a real estate investor/project manager to handle all of the home improvement and maintenance that I've neglected due to lack of handiness and mental bandwidth.

Day 300: Quit my job and pay off the mortgage.

Years 2-5. Travel the world (ideally, still on the cheap as I do now). Live a life of leisure. Learn two things. 1.) What I really need to be happy. 2.) The most socially beneficial use for the rest of my money.

Years 6+. Execute on what I learned.




BookLoverL

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Re: How would you live if you hit a 100 mill lottery?
« Reply #56 on: July 02, 2018, 11:17:59 AM »
Google tells me $100 million is just over 76 million. This is clearly way more money than I need. So here is what I'd do if I won the lottery that I never actually play. (Maybe I should play it once a year or something, just for laughs.)

1) Buy a house near my local village with a big garden area. The actual house can be small, I mainly care about the garden, but rural houses are at a premium so anything other than the most basic houses in the village are currently out of my projected housing budget unless we get a housing market crash. I hate big cities and I don't like most towns, and I'm emotionally attached to the village I grew up in even though it's full of pensioners. This house would be the house that I mainly live in. Do any remodelling and interior decorating I need to make it into the perfect house.

2) Set aside enough money to cover the most luxury yearly budget I came up with when buying things I actually wanted until I reach 100+, should I be so lucky. (Was around 20,000 per year if I recall). Quadruple that to allow for inflation and unanticipated one-off large purposes.

3) Buy a decent sized area of land. Turn part of it into a woodland, with a view to making it into a nature reserve (allow walking and camping with my personal permission only, which is likely to be based on whether I think they will leave no trace). Turn the other part into a permaculture garden that provides most of the food for me, any spouse and/or children I have at that point, and for the people I hire to do the growing for me because I like gardening on a small scale but I don't want to spend the amount of time that this hypothetical land would require doing only gardening. Maybe even make it bigger than just that and sell the produce to people in the local area.

4) Buy a flat in the centre of the nearest large city that I can temporarily move into if I want to do stuff that requires being near to shops and social opportunities for a bit. Allow certain close friends that I trust to stay there for free in exchange for maintenance, should they want to.

5) Buy my immediate family and closest friends ONLY a basic house in the location of their choice, if they want me to. (None of you on here are in this category, I only have 2 friends I consider this close.) Otherwise (if they already have a house or they don't want a permanent fixed location), offer them an equivalent amount of money in cash, with a "split into yearly payments" option if I think they are liable to spend it all at once on something stupid. Basically, not solving their money issues, but putting in a baseline support for them if they want to do something "unproductive" like becoming a writer, artist, athlete, whatever.

6) Buy myself a personal library containing books on every category of information I think might be useful, plus an extensive fiction section in the genres I like. Allow extra money for future books that haven't come out yet.

7) Create an actually good public library in a local location which currently lacks one, featuring non-fiction both academic and non-academic, fiction of every kind, and basically everything I want in a library, and since I already have a personal collection from the previous point it won't matter if some of the books go missing.

8) Use most of the rest of the money to fund charitable opportunities I agree with when they come up, provided they are going to use the money wisely, such as: local community centres, environment and wildlife focused charities, charities providing better birth control and sex ed, charities that help disabled people live a full and satisfying life (eg the one that provides guide dogs to blind people), hospices, and basically every charity that sensibly uses its money to help increase quality of life without also increasing quantity of people alive.

9) Maybe use some for political lobbying, even though I don't agree that the people with the most money should be the ones with the political advantage, because if I was in a position where I could actually get politicians to do things then I might as well take advantage of that to improve the prospects of the country. It depends if I think it would actually achieve anything useful or if it would just attract publicity while being basically useless. Probably I'd lobby for better environmental laws, lower max working week hours and other workplace condition laws, better and less bureaucracy-filled education, stuff like that.

10) Spend the rest of my life doing whatever I want.

Fields of Gold

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Re: How would you live if you hit a 100 mill lottery?
« Reply #57 on: July 02, 2018, 11:44:55 AM »
I want to puke and revoke my membership to this forum after reading the post above mine.

Fortunately it looks like that post was deleted. I was similarly disgusted. The poster only had two posts at the time so I'm assuming (hoping) it was just a troll and not indicative of the type of people we are attracting now. (for anyone curious, the post was essentially about buying companionship)

This explains a lot.  Thanks.  I had been perplexed about that quoted remark about puking because the post currently above undercover's reads: How would you live if you hit a 100 mill lottery? "Quietly." 
« Last Edit: July 02, 2018, 11:49:21 AM by Fields of Gold »

FIRE@50

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Re: How would you live if you hit a 100 mill lottery?
« Reply #58 on: July 02, 2018, 11:49:31 AM »
I don't want a large house, but I want it to be a quality home with all the little touches that I like. It would be built on a lot of land that would be 99% trees. Probably somewhere out west in the mountains. I would also own about a dozen really cool cars.

My hobbies would continue to be hiking, golfing, and traveling.

I would setup a scholarship fund for family members.

I would rarely sleep in my house or drive my cars because I would be travelling most of the time.
I neglected to mention that I would also spend a lot more on food. My sushi expenditures alone would likely increase exponentially.

mak1277

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Re: How would you live if you hit a 100 mill lottery?
« Reply #59 on: July 02, 2018, 12:00:47 PM »
I would buy a minor league baseball team.

LifeHappens

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Re: How would you live if you hit a 100 mill lottery?
« Reply #60 on: July 02, 2018, 12:08:50 PM »
I would buy a minor league baseball team.
That would be so fun!!

With that kind of stash, I would probably go for the Citizen of the World lifestyle. Winters in South America, summers in the Med, slow travel to wherever looked fun next. Don't think I would bother owning a home unless DH really wanted one.

I would also get my mom to retire, fund education for my nieces and nephews (and maybe they all get a pony!) and set up a charitable foundation.

mm1970

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Re: How would you live if you hit a 100 mill lottery?
« Reply #61 on: July 02, 2018, 12:22:00 PM »
Forget the pressure to sound like a mustachian. Try to think of your dream lifestyle.

If you win a 100 million dollar lottery, what is your dream life style. I'll go first

Buy a huge mansion with a river like swimming pool (that runs long), Huge (Few acres) back yard
Both the kids stop school and will be schooled for 3 hours daily by private tutors that come home
We all will have fun as family in the pool
Buy a baseball pitching machine plus a batting net / cage. Keep practicing playing with myself every day having fun
Have other games in the backyard like ping pong table, tennis court, basketball court, kids play area with pump it up or jumping style games
Hire Chefs cooking food; eat out often
Frequent vacationing at different places in the US and world
Lease cars and change every 1 year; not super expensive cars; <= 50k
Backyard biking and running trials and gym equipment
Go mall shopping and eat out at mall weekly twice; The spending won't be crazy, the kids learn some frugality and restraint
Ipad and other watching for entertainment is limited to kids; They will be encouraged to read books, initially it will start with story books and then more and more non fiction

It depends.  If it is required for people to find out?  Donate it all to charity - set up a fund for college scholarships.  People go nuts if they find out you have that money.  I would hate for it to be public knowledge.

If it was completely, utterly anonymous? 
Pay off my house.  Keep it and rent it out.
Buy a slightly bigger house (3BR, 2BA, 1500 sf) on a less-busy street.  No pool though. 
When we travel (which is not often), fly first class.
I would not eat out more.  Mostly not healthy at all.  But I would increase my food budget.
I'd buy my dream car (a minivan!) and probably a pop-up camper.

Set aside some for college for the kiddos.  Want to go to Stanford?  Fine.
I'd have higher end summer camps for the kids.

Also: charity.

rdaneel0

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Re: How would you live if you hit a 100 mill lottery?
« Reply #62 on: July 02, 2018, 12:37:08 PM »
I would buy my apartment so I'd never have to move again.

RedmondStash

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Re: How would you live if you hit a 100 mill lottery?
« Reply #63 on: July 02, 2018, 12:56:30 PM »
Fun thread.

If at all possible, I'd keep it secret and stay anonymous.

I'd set aside maybe $20M in case of catastrophic medical expenses for my immediate family.

I'd spend probably $50M opening a video game studio where I could hire great people to make great games without immediate pressure to sell.

I'd talk to relatives and close friends, and fully fund their children's college and graduate-level educations, anything they wanted to do, including med school.

I might set aside maybe $20M to spend on political activity for causes that are important to me. Money talks; the kind I have now only whispers.

And I'd travel comfortably to see more of the world. (Current health issues make that difficult and expensive.)

I might hire a house cleaner and chef, might not. Probably I'd move to a house a bit more suited to my needs.

The rest would go into trusts for charities. Or maybe I'd fund a small charity of my own.

OurTown

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Re: How would you live if you hit a 100 mill lottery?
« Reply #64 on: July 02, 2018, 01:10:27 PM »
Hire a chef?  Probably no.  Go take classes at a culinary school?  Sounds great.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #65 on: July 02, 2018, 01:17:06 PM »
I have read enough of movie stars who went nuts and bought many mansions, then needed staff for each mansion to maintain it in and out. Then they bought cars, art, jewels, wine cellars, personal assistants, the entourage that has to follow. NOPE, none of that.

I would have:
1. One home and it would be pretty awesome but not a mansion. It would be on a large parcel of land.
2. Would hire a housekeeper and grounds keeper but the yard would not be huge.
3. A very nice inground pool and maybe enclosed for year round use.
4. I would spend time in the Caribbean and would rent out something pretty nice, maybe a penthouse in a 5 star hotel and stay for a couple of months a year.
5. I would fly on a private jet to the Caribbean and the only reason for that is that is that I would want to take my pets and not subject them to flying in cargo.
6. Would set up a trust fund for the Animal Welfare in my town and the money would be set up in perpetuity so they received money every year.
7. Would set up some kind of a fund for the local soup kitchen and homeless shelter.
8. Would check out other charities to help.
9. Don't have too many close relatives so would have to consider that aspect. I would help friends.
10. Would buy a few cars, nothing too high end but comfortable.
11. Of course my money would be invested and I would be withdrawing a nice chunk each year. I might buy a few franchises like McDonalds.

Since I have no children, I would have to find some ways to give the money away upon my death. I would prefer to give money in a way that they could only take a minimum withdrawal each year so it would last a very long time and not get frittered away. The town I live in has a fund and it was a legal settlement with a large corp. This fund is supposed to be used for mostly recreational purposes like parks, land trusts, presevering farm land and can also be used for offsetting taxes. The weasel's in town are constantly trying to get to that money in any way or form they can figure out. This money is like a Godsend and like any government, they want to spend it all. The money grows each year but each year seems they find something fishy to spend it on. If I were to set up a fund, I would try to word it that had to be used specifically for its original intention. Our last mayor decided he was entitled to twist the meaning of the trust to his advantage so he could dip his dirty fingers in the till and spend a few million on his pet project at the time. This is without voter input.

I am sure there is more but this is the only stuff I can come up with.
« Last Edit: July 04, 2018, 02:29:36 PM by Roadrunner53 »

ysette9

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Re: How would you live if you hit a 100 mill lottery?
« Reply #66 on: July 02, 2018, 01:39:46 PM »
According to the Bogleheads post on windfalls I would like to think I would make no drastic decisions for the first 6-12 months. I expect I would either quit or reduce my hours at work though. No sense in not reducing the stress if it isn’t needed.

That said, I’d love to think that I would be just like you people of strong moral fiber,  it honestly, I’m afraid all of that money would go to my head. It would be so easy to say “yes” to a nicer house, a new car, etc etc etc until I found myself in lifestyle inflation behind what I had originally planned. I also really fear that my relationships with everyone would suffer as I would suddenly be different, and suspicious of everyone. Do they want to hang out because they liked me before or because they know I am the lucky person and perhaps an extra $50k will accidentally fall in their paths as they walk behind my on the sidewalk?

I’d love to do good via charity as well,  it that isn’t as easy as picking the top charities that pop up in a google search. I think the right thing to do there would be to set up a thoughtful foundation to make sure the donations are effective, efficient, and accountable. Likely I’d outsource it all by just giving it to something like that Gates foundation. Then again, I’d love a scholarship at my junior college, so..... these aren’t easy questions. I think I wood probably rather win $1M than $100M for fear  of losing a lot of what makes my current life so enjoyable.

BTDretire

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Re: How would you live if you hit a 100 mill lottery?
« Reply #67 on: July 02, 2018, 02:09:43 PM »
Hugh Heffner lifestyle comes to mind,
but that would be a serious talk with the wife.
Ah, nevermind.

 100 million things would change, a couple million, I stay in the same house,
maybe hire a housekeeper and someone to do the laundry. Today is laundry day!

Schaefer Light

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Re: How would you live if you hit a 100 mill lottery?
« Reply #68 on: July 02, 2018, 02:28:43 PM »
I think I'd either do two chicks at the same time or absolutely nothing.

OurTown

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Re: How would you live if you hit a 100 mill lottery?
« Reply #69 on: July 02, 2018, 02:57:36 PM »
I suspect my wife would object to me having my own personal Playboy mansion, or two chicks at the same time.  I also think the hot young Asian live-in housekeeper and personal masseuse is probably out of bounds.

You don't need 10 mil to do nothing.  Look at my cousin, he's broke and he don't do shit.

runbikerun

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Re: How would you live if you hit a 100 mill lottery?
« Reply #70 on: July 02, 2018, 04:10:55 PM »
Day One: buy a ten-thousand-dollar triathlon bike for racing on, and a ten-thousand-dollar aero road bike for draft legal racing and day-to-day riding.
Day Two: buy a nice place in Ghent.
Day Three: get up, ride ten-thousand dollar aero road bike up and down Flandrian cobbles, stop for lunch, drink good Belgian beer, ride ten-thousand-dollar aero road bike up and down more Flandrian cobbles, get home.
Day Four: pay for language lessons to learn Flemish. Continue riding around Flanders with a massive idiot grin, this time in the time-trial position.
Day Five: uh, I'm out. Buy a ten-thousand-dollar cyclocross bike in preparation for the winter? A fancy indoor trainer and big-screen TV so I can ride on Zwift when the weather's bad instead of embracing the mud and the salty wind like a true Flandrian?

I'd quite literally run out of ideas pretty much immediately. A nice place in Ghent, a stable of nice bikes and nice gear, and enough left over for some Trappist beers, and I'm set. I'd probably see if I could learn to swim well enough to be a triathlete, but even that would be a pretty small overall expense.

PDXTabs

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Re: How would you live if you hit a 100 mill lottery?
« Reply #71 on: July 02, 2018, 05:02:37 PM »
I think I'd either do two chicks at the same time or absolutely nothing.

You need 100M to be able to have a threesome????

I think it only takes $1M.
Office Space (1999)

jmecklenborg

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Re: How would you live if you hit a 100 mill lottery?
« Reply #72 on: July 02, 2018, 05:07:34 PM »
I have thought about this in the past, and would love to buy a few big homes in the richest part of my city and let the worst people I can find live there for free. 


use2betrix

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Re: How would you live if you hit a 100 mill lottery?
« Reply #73 on: July 02, 2018, 08:17:17 PM »
Id retire, but also would have a huge shop to build stuff. Mostly welding and woodworking. Id like to build my own cabin in the mountains.

Im not gonna be some stoic mustachian and say I wouldnt buy anything. Id have a huge sweet RV or maybe an airstream. Probably a couple houses or condos in some different places. I definitely want a lot of land, a few kids, and a bunch of dogs lol.

I love sports cars and motorcycles, so yep, Id have some.

My parents are near retirement, and Id give them enough to retire now, so then we have good retired friends to hang out with. Id give a good chunk to my siblings as well.

I already work out a ton despite 60-70 hr work weeks, and Id do even more, probably with more active hobbies.

nessness

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Re: How would you live if you hit a 100 mill lottery?
« Reply #74 on: July 02, 2018, 09:52:54 PM »
Quit my job
Buy a nice house with a few acres of land
Buy houses for my mom and MIL
Set up a college fund for my nieces, nephews, and young cousins
Buy my husband whatever car he wants
Invest $5 million to live on (I doubt we'd spend that, but it would give enough of a cushion to not have to worry about future health insurance costs or anything)
Give the rest to charity
 

EscapeVelocity2020

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Re: How would you live if you hit a 100 mill lottery?
« Reply #75 on: July 02, 2018, 10:59:02 PM »
I sometimes feel like I've 'hit the lottery'.  I enjoy the work that I do and I'm moving overseas again which is my favorite thing in life.  It will be interesting to see, one last time (I plan to ER soon after this wraps up), if life in the US really is better than this 'socialist quagmire' that I'm moving to!

Long term, if I had 60M after tax, I'd do my best to work with young folks and try to turn things around in the US.  There is so much potential, but vocal minorities seem to be taking hold (NRA, anti-immigration, anti-public healthcare, etc.).

If that first foray fails, then I'd move to Southern France, open a vineyard, vacation all around the Mediterranean, and do my best to ignore the toxicity coming from the US.
« Last Edit: July 03, 2018, 07:27:27 AM by EscapeVelocity2020 »

mies

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Re: How would you live if you hit a 100 mill lottery?
« Reply #76 on: July 03, 2018, 04:47:01 AM »
My lifestyle wouldnt inflate too much if I had crazy money like that, but it would inflate. I would definitely quit my job. Id move to Northern California and spend my days in the Redwood forests. Id take trips down to the sierras to visit the giant sequoia trees when I get bored with the coast redwoods. I would still live in a modest house, a 3 bedroom ranch like I have now, but I would do everything I could to make it as efficient as possible like solar panels, insulation, efficient lighting, water efficient fixtures, etc. I would get an electric car too. Beyond that, I cant see myself doing anything as extravagant as the original poster.

Once I had a good grasp on my new expenses, I would invest what I needed to support that lifestyle and keep a nice liquid emergency fund. I would use the excess to buy old growth forest property to protect it from logging and development. I would do this through conservation organizations and through personal purchases. I would also give heavily to organizations that support art and science education so we dont leave this world to a bunch of mouth breathers that know the price of everything and the value of nothing.

StacheyStache

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Re: How would you live if you hit a 100 mill lottery?
« Reply #77 on: July 03, 2018, 06:24:18 AM »
This is always fun to dream about :).

Step 1: Keep it QUIET, wait until check cleared before doing anything else (I would be in denial that this was really happening until I actually saw the numbers).  Hire lawyer, hire accountant. 

Step 2:  Follow any advice of lawyer and accountant to protect assets and minimize taxes (may involve donation to charity...I'd much prefer a hefty donation to a good cause than a donation to Uncle Sam!).  Possibly hire security depending on how successful I was at keeping it quiet (I don't know if winners can claim anonymously here).  At this point I'd probably give a month's notice at work

Step 3:  Work out my notice, quit my job. 

Step 4:  "Keep it quiet" is not going to work if I suddenly start buying everything under the sun.  Keeping that in mind, I'd buy a modest house in the MCOL area I want to buy in now but can't afford (400k will get a nice, updated four bedroom in a good area with a yard and little work to do, perfect).  And because it's been her dream since I was a little kid and my parents have done a ton for me, I'd also buy my mom a two bedroom oceanfront condo with a small trust set up to pay the property taxes, regime and HOA fees, with strict instructions to tell no one it came from me (they're well off enough that it's believable they bought it themselves).  So we'll say 700k there (400k for the condo, 300k for the trust to pay 12k annually).  I'm pretty sure I could stay in the guest room whenever I wanted so it's partially for me too ;). 

Step 5:  No other property purchases planned but I'd probably get a nicer car than the 14 year old Honda I drive now.  Let's say 40k here. 

Step 6:  Lifestyle changes:  Definitely would eat out a lot more, but I still love to cook and don't want to get fat eating out all the time.  There would be some ridiculously extravagant shopping at Whole Foods (let's say 1000 a month, which is more than 3x what I spend now).  Hire a maid a few times a week.  I don't think I'd really need a gardener for a nice but not huge backyard, but maybe I'd hire a kid from the neighborhood to mow the lawn every now and then.  Hire a personal trainer 3x a week to make sure I stay in shape.  Umm...not sure how much all that would cost.  Maybe 4k a month more than I spend now?  I'd take some nice vacations too (two super extravagant weeks at Disney a year, two weeks in a new place, a week at the beach condo), so let's put 10k a year on vacations, for now (see Step 7). 

Step 7:  Travel.  This is different than going on vacation every now and then.  The reason this isn't in Step 7 is because I have an older kitty cat and can't leave him for months on end.  Even with a kitty sitter coming in to take care of him I don't think that'd be enough.  He's a rescue who grew up feral and took years to socialize, but now he's very social and adores his people, he would get lonely if I was gone for months at a time.  Can't take him with me, he hates leaving the house and would be terrified.  So this would probably have to wait for a few years until after kitty.  This is fine, fancy vacations would be plenty for awhile and I'm a homebody, but I would like the slow travel experience of spending six months of the year traveling the world, home for the other six.  Because this experience would be delayed for a few years, it would also give the stache time to compound.  First class flights and nice hotels the entire way, I'll be too old for hostels at this point.  Let's say 70k for six months of fancy slow travel. 

So let's say of the 100 million I took home 40 million (hopefully much of that went to charity rather than Uncle Sam).  I'll knock 1.5 million off for my house, mom's condo, new car (though I think that's an overestimate). 4% of 38.5 million means I can spend more than 1.5 million a year.  Um, no, that is way too much.  I'd keep 150k a year for my living expenses and I doubt I'd come close to spending all that.  The rest (let's say 1 million a year to be safe) would go to charity.  I'd focus on low income housing and public transportation, both of which are desperately needed in my area and largely ignored by the powers that be. 

If Mr. Stachey and I got married (looking more and more likely), we'd have an amazing blow out wedding and honeymoon but not much else would change.  He would obviously benefit from my win and I'd be happy to share, but there would be a prenup (we've actually had that 'what if' conversation before so this wouldn't be a surprise to him, he'd expect nothing less from me ;)). 

If we had kids, again not much else would change provided they were healthy (150k is more than enough for a family), but I would buy them ONE modest car once they learned to drive (no repeats if they crash it and I don't pay speeding tickets), pay for their college and graduate school OR start up money for a business if they choose that path and have a plausible plan.  I'd also buy their first (MODEST, no mansions) home for them so they could have one heck of a start in life.  I think it'd be hypocritical to demand that my children work their butts off if I won the lottery and early retired at 30, but I want them to get through school, learn a skill that makes money and hopefully that they have a passion for. 

BUT.  This is all assuming my hypothetical children didn't grow up to be spoiled little shits who sit around and watch TV all day, do nothing for themselves or others or start getting into trouble.   If that's the case, they get nothing but a swift boot out the door. 

It's fun to dream :)


StacheyStache

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Re: How would you live if you hit a 100 mill lottery?
« Reply #78 on: July 03, 2018, 06:30:23 AM »
This is always fun to dream about :).

Step 1: Keep it QUIET, wait until check cleared before doing anything else (I would be in denial that this was really happening until I actually saw the numbers).  Hire lawyer, hire accountant. 

Step 2:  Follow any advice of lawyer and accountant to protect assets and minimize taxes (may involve donation to charity...I'd much prefer a hefty donation to a good cause than a donation to Uncle Sam!).  Possibly hire security depending on how successful I was at keeping it quiet (I don't know if winners can claim anonymously here).  At this point I'd probably give a month's notice at work

Step 3:  Work out my notice, quit my job. 

Step 4:  "Keep it quiet" is not going to work if I suddenly start buying everything under the sun.  Keeping that in mind, I'd buy a modest house in the MCOL area I want to buy in now but can't afford (400k will get a nice, updated four bedroom in a good area with a yard and little work to do, perfect).  And because it's been her dream since I was a little kid and my parents have done a ton for me, I'd also buy my mom a two bedroom oceanfront condo with a small trust set up to pay the property taxes, regime and HOA fees, with strict instructions to tell no one it came from me (they're well off enough that it's believable they bought it themselves).  So we'll say 700k there (400k for the condo, 300k for the trust to pay 12k annually).  I'm pretty sure I could stay in the guest room whenever I wanted so it's partially for me too ;). 

Step 5:  No other property purchases planned but I'd probably get a nicer car than the 14 year old Honda I drive now.  Let's say 40k here. 

Step 6:  Lifestyle changes:  Definitely would eat out a lot more, but I still love to cook and don't want to get fat eating out all the time.  There would be some ridiculously extravagant shopping at Whole Foods (let's say 1000 a month, which is more than 3x what I spend now).  Hire a maid a few times a week.  I don't think I'd really need a gardener for a nice but not huge backyard, but maybe I'd hire a kid from the neighborhood to mow the lawn every now and then.  Hire a personal trainer 3x a week to make sure I stay in shape.  Umm...not sure how much all that would cost.  Maybe 4k a month more than I spend now?  I'd take some nice vacations too (two super extravagant weeks at Disney a year, two weeks in a new place, a week at the beach condo), so let's put 10k a year on vacations, for now (see Step 7). 

Step 7:  Travel.  This is different than going on vacation every now and then.  The reason this isn't in Step 7 is because I have an older kitty cat and can't leave him for months on end.  Even with a kitty sitter coming in to take care of him I don't think that'd be enough.  He's a rescue who grew up feral and took years to socialize, but now he's very social and adores his people, he would get lonely if I was gone for months at a time.  Can't take him with me, he hates leaving the house and would be terrified.  So this would probably have to wait for a few years until after kitty.  This is fine, fancy vacations would be plenty for awhile and I'm a homebody, but I would like the slow travel experience of spending six months of the year traveling the world, home for the other six.  Because this experience would be delayed for a few years, it would also give the stache time to compound.  First class flights and nice hotels the entire way, I'll be too old for hostels at this point.  Let's say 70k for six months of fancy slow travel. 

So let's say of the 100 million I took home 40 million (hopefully much of that went to charity rather than Uncle Sam).  I'll knock 1.5 million off for my house, mom's condo, new car (though I think that's an overestimate). 4% of 38.5 million means I can spend more than 1.5 million a year.  Um, no, that is way too much.  I'd keep 150k a year for my living expenses and I doubt I'd come close to spending all that.  The rest (let's say 1 million a year to be safe) would go to charity.  I'd focus on low income housing and public transportation, both of which are desperately needed in my area and largely ignored by the powers that be. 

If Mr. Stachey and I got married (looking more and more likely), we'd have an amazing blow out wedding and honeymoon but not much else would change.  He would obviously benefit from my win and I'd be happy to share, but there would be a prenup (we've actually had that 'what if' conversation before so this wouldn't be a surprise to him, he'd expect nothing less from me ;)). 

If we had kids, again not much else would change provided they were healthy (150k is more than enough for a family), but I would buy them ONE modest car once they learned to drive (no repeats if they crash it and I don't pay speeding tickets), pay for their college and graduate school OR start up money for a business if they choose that path and have a plausible plan.  I'd also buy their first (MODEST, no mansions) home for them so they could have one heck of a start in life.  I think it'd be hypocritical to demand that my children work their butts off if I won the lottery and early retired at 30, but I want them to get through school, learn a skill that makes money and hopefully that they have a passion for. 

BUT.  This is all assuming my hypothetical children didn't grow up to be spoiled little shits who sit around and watch TV all day, do nothing for themselves or others or start getting into trouble.   If that's the case, they get nothing but a swift boot out the door. 

It's fun to dream :)

One more thing:  I'd keep my law license current and I might start a very small pro bono legal practice focusing on indigent defense if I had time.  I'd interview potential clients and cherry pick my cases based on how interesting the facts are, whether I believe the client is actually innocent (this would not be a requirement but it would help), and whether the client (and his family, who would also be interviewed) is going to be nice and do what I tell them to do or be a demanding asshole who refuses to help himself.  I'd take on no more than two or three at a time and give them everything I had.  Basically Dr. House for lawyers.
« Last Edit: July 03, 2018, 06:47:48 AM by StacheyStache »

Nickydg

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Re: How would you live if you hit a 100 mill lottery?
« Reply #79 on: July 03, 2018, 06:44:35 AM »
Slow travel the world broke backpacker style until I get bored of it. Then get odd jobs and/or do volunteering all over the world. Spend at least 1 month/year home to see friends/family, preferably twice a year.

Donate lots of money to charities that help underprivileged/poor people and that protect the environment.

Start some sort of study fund/grant that allows underprivileged young folks to get good education.

Be generous towards friends and family, but at a rate where they don't expect/demand it. Just occasionally (i.e. picking up the bill after dinner more often, offering them to stay with me for free while traveling together).

This! and build a tiny house somewhere remote next to a body of water.

Mississippi Mudstache

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Re: How would you live if you hit a 100 mill lottery?
« Reply #80 on: July 03, 2018, 06:45:35 AM »
I'd buy several hundred acres (or more) in the mountains of western NC and build a modest-sized home with a large workshop. I'd probably travel a lot more frequently as well, and of course I would immediately retire. That's pretty much it I think.

This sounds perfect.

Nicholas Carter

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Re: How would you live if you hit a 100 mill lottery?
« Reply #81 on: July 03, 2018, 09:54:01 AM »
4 million dollars: I immediately retire.
96 million dollars: my 24 closest friends do to.

Jouer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #82 on: July 03, 2018, 11:47:11 AM »
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!!  (I'm rich now so I can get away with saying obnoxious things like that....teeehee)

1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.

Cookie78

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Re: How would you live if you hit a 100 mill lottery?
« Reply #83 on: July 03, 2018, 12:50:44 PM »
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!!  (I'm rich now so I can get away with saying obnoxious things like that....teeehee)

1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.

This is really close to what I'd like (including the Canada clause :p)

... but I hesitate about point 2 because loads of sudden money can fuck people over pretty quickly and I wouldn't want to do that to my friends and family. I've been trying to think of a way to share the wealth without the risk, and without micromanaging it for them.

Cromacster

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Re: How would you live if you hit a 100 mill lottery?
« Reply #84 on: July 03, 2018, 12:52:13 PM »
4 million dollars: I immediately retire.
96 million dollars: my 24 closest friends do to.

You have 24 close friends?  You are already rich.

FIRE Artist

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Re: How would you live if you hit a 100 mill lottery?
« Reply #85 on: July 04, 2018, 12:04:37 PM »
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!!  (I'm rich now so I can get away with saying obnoxious things like that....teeehee)

1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.

This is really close to what I'd like (including the Canada clause :p)

... but I hesitate about point 2 because loads of sudden money can fuck people over pretty quickly and I wouldn't want to do that to my friends and family. I've been trying to think of a way to share the wealth without the risk, and without micromanaging it for them.

This is me too, but I want to live bi-coastal for at least as long as my mom is alive, so maybe a nice penthouse condo in Halifax and in Victoria.

For me, I have in mind setting up education funds for my many nieces and nephews, this alone would take a huge burden off my siblings, without being obscene. I would then likely do one time gifts which could be used to pay down mortgages. My siblings are not idiots with money so this would likely propel each of them into their own early retirements if they so chose. I could also be open to being an investor in  businesses they might want to set up, but again, my many siblings are not idiots, so I worry not about bad investments. 

In reality, the first thing I would do is secure a secret location for myself and pets to jet off to right after the winner is announced.  I will have hired a personal assistant to pack up my house, and deal with all the begging mail and calls from strangers that are sure to come.
« Last Edit: July 04, 2018, 12:20:43 PM by FIRE Artist »

BORN SAVER

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Re: How would you live if you hit a 100 mill lottery?
« Reply #86 on: July 04, 2018, 01:33:48 PM »
First I wouldnt let anyone but my wife know. I would pay off the rest of my debt. Which is my house.  Then put away 20m in investment for me my wife. I would still live around the same life style. This the exception of the first few years I would travel the world live in a few different countries. Learn a language or 2. After we get tired of traveling I would wanna try Change  the world in some way..I would probably start a green relestate company. With rental/ vacation rental properties that would be self seficient. Solar power and other green technologies. And I would kinda wanna just see how big of an impact I could make but growing my real estate empire. I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs. Also I would want to live a very minimal life style so that when I have kids they never grow to be selfish or entitled.

BORN SAVER

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Re: How would you live if you hit a 100 mill lottery?
« Reply #87 on: July 04, 2018, 01:34:55 PM »
First I wouldnt let anyone but my wife know. I would pay off the rest of my debt. Which is my house.  Then put away 20m in investment for me my wife. I would still live around the same life style. This the exception of the first few years I would travel the world live in a few different countries. Learn a language or 2. After we get tired of traveling I would wanna try Change  the world in some way..I would probably start a green relestate company. With rental/ vacation rental properties that would be self seficient. Solar power and other green technologies. And I would kinda wanna just see how big of an impact I could make but growing my real estate empire. I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs. Also I would want to live a very minimal life style so that when I have kids they never grow to be selfish or entitled.

CogentCap

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Re: How would you live if you hit a 100 mill lottery?
« Reply #88 on: July 04, 2018, 02:58:46 PM »
I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs.

There is a level of poverty that millions of people are trapped in, that often results in death.  In this level, learning and growing may not occur because the person may actually die from poverty.  Becoming a better individual cannot occur because the person is struggling just to stay alive.

Charity is the only means to break this cycle, reduce this level of poverty until it is eliminated and never recurs again.

Synopsis of The Life You Can Save here:
http://www.scholardarity.com/?page_id=1913

swiper

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Re: How would you live if you hit a 100 mill lottery?
« Reply #89 on: July 04, 2018, 08:43:53 PM »
Continue living as I do now. Donate all of it to effective altruism (www.givewell.org)

BORN SAVER

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Re: How would you live if you hit a 100 mill lottery?
« Reply #90 on: July 04, 2018, 08:50:45 PM »
i dont post much so i dont know how to quote

malkynn
"I never once felt like resources were being wasted on the battered women and children who were desperate to leave violent men who broke their bones, or the cancer patients who needed drives to their chemo appointments, or the mom whose kid had muscular dystrophy and needed support services, or the teenage prostitute drug addict who was born into prostitution after her father raped his own daughter who he was also prostituting out, so she was third generation indentured sex worker and product of incest, and now trying to kick the heroin habit that her father/grandfather forced her into."

You just have to be willing to do what ever it takes to get out of the situation/REMOVE the problem. Which most people are not willing to go the distance and just live with it. Also my father was a priest who was a drunk and a child abuser. My mother was always depressed growing up and tried to kill herself and me and my brother on multiple accusations. All you have to do is choose not be a victim and find a solution. these are simple problems to overcome minus the medical stuff.

shuffler

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Re: How would you live if you hit a 100 mill lottery?
« Reply #91 on: July 04, 2018, 10:49:34 PM »
i dont post much so i dont know how to quote
You hit the button that says "Quote".
That's my act of charity for the day.

runbikerun

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Re: How would you live if you hit a 100 mill lottery?
« Reply #92 on: July 05, 2018, 12:58:52 AM »

You just have to be willing to do what ever it takes to get out of the situation/REMOVE the problem. Which most people are not willing to go the distance and just live with it. Also my father was a priest who was a drunk and a child abuser. My mother was always depressed growing up and tried to kill herself and me and my brother on multiple accusations. All you have to do is choose not be a victim and find a solution. these are simple problems to overcome minus the medical stuff.

This feels pretty uncomfortably close to victim blaming.

EricL

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Re: How would you live if you hit a 100 mill lottery?
« Reply #93 on: July 05, 2018, 02:24:01 AM »
Ive always promised myself if I ever came into that kind of money Id dedicate 10% of it to mindless, egotistical hedonism.  The other 90% would go to assorted charities.

jinga nation

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Re: How would you live if you hit a 100 mill lottery?
« Reply #94 on: July 05, 2018, 05:47:55 AM »
Get to a public hotspot.
Make an alternate MMMF ID.
Post that I made it.
Delete alt-ID.
Go to another public hotspot.
Delete main MMMF ID.
Continue to read MMMF for grins.
Get a lot of stuff in order.
Gym and riding road bike daily.
Buy a home in a better school district.
Quit the company and job that I still love, or ask to go on consultant basis, capped hours 10-15/week. Would do this for $1/year.
Growing my own veg, get a couple of layer chickens.
Build my workshop.
Finish all those planned DIY projects.
Continue with current vacation schedule, maybe increase it during school holidays, one vac in USA, one Intl.
Volunteer at a non-religious non-buffonery org that needs my tech skills, maybe teach IT skills.
« Last Edit: July 05, 2018, 05:59:04 AM by jinga nation »

PhilB

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Re: How would you live if you hit a 100 mill lottery?
« Reply #95 on: July 05, 2018, 09:43:06 AM »
I would seriously consider buying this house:
https://www.primelocation.com/for-sale/details/46724875?search_identifier=c698792b1c904f0b6614d10ab5268b1e#QzHMvZl9cJlH3QfQ.97
Not the most mustachian purchase, but a very short commute for my kids as it's next door to their school.

jmecklenborg

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Re: How would you live if you hit a 100 mill lottery?
« Reply #96 on: July 05, 2018, 11:07:10 AM »
I would seriously consider buying this house:
https://www.primelocation.com/for-sale/details/46724875?search_identifier=c698792b1c904f0b6614d10ab5268b1e#QzHMvZl9cJlH3QfQ.97
Not the most mustachian purchase, but a very short commute for my kids as it's next door to their school.

...and you'd be able to afford antique furniture, too. 

10dollarsatatime

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Re: How would you live if you hit a 100 mill lottery?
« Reply #97 on: July 05, 2018, 12:07:13 PM »
Oh fun!

I've always wanted a fancy turn-of-the-century house on a few acres, so I'd start looking for that immediately.  And once I found it, I'd update all utility systems and fully restore/paint/do whatever to it.  I'd also build a(or find a property with an existing) small cottage for a caretaker, because with that kind of money, I want to travel and someone will need to take care of the chickens and gardens while I'm gone.

I'd update and finish remodeling the house I'm in now.  I think I'd keep it, since it's close to the parents' and I would need a place to stay when I visit.

I'd buy my dream cars... a 1979 Datsun 280z with t-tops and a turbo, and a Tesla.

I'd start a trust to fund the local arts center so that they don't have to stress about the budget every time a new mayor or council comes in.  I think the current subsidy is around $350,000/year.  So $10m should do just fine.  Maybe more so there's money for upgrades and fun toys. :)

I'd pay off all my siblings' mortgages, and give them each $2m.  Most of those would be outright.  A couple would be trusts, due to some learning disabilities.  It would be nice knowing they'll be taken care of. 

Same for my parents, but $4m at least.  I don't actually know how they'd spend it all.

Education trust fund for my nieces and nephews.  It would cover half of tuition, books, fees, rent, etc.  They'd need to earn the other half.  Seems a bit petty, but from experience, they'll value the education more and work harder if they are helping to pay for it.

By my math, I've still got $60m left... I'll invest it, and take my 4% yearly.  I spend $20,000/year now.  I might be able to spend $100,000 if I tried REALLY hard, traveled a lot, bought the fanciest of ingredients, paid someone else to do the dishes...  I'm sure other things would occur to me once I had all the money sitting there.  Everything else?  Various charities, scholarships, and community programs, randomly paying for people's groceries, angel investing, etc.

OtherJen

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Re: How would you live if you hit a 100 mill lottery?
« Reply #98 on: July 05, 2018, 12:23:01 PM »
I would...

Buy a beachfront duplex (or pair of homes) in San Diego county; husband and I would live in one half, and I would give the other half to my parents.
Upgrade our camping gear (practically speaking, a pop-up camper and vehicle that can tow it).
Buy a couple of kayaks.
Put money in trust for my niece's and nephew's education (and maybe for the children of some of my financially challenged cousins). 
Set up a scholarship fund at my undergrad alma mater.
Set up a research grant program for biomed PhD students at my grad alma mater.
Set up a music library endowment for the choir I helped to found.
Give significant amounts of money to a few charitable and social service organizations in my current city that do amazing work.

Um...maybe another pair of Frye boots? The ones I have still look almost new after 6 winters.

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #99 on: July 05, 2018, 12:26:59 PM »
Assuming after taxes/lump sum we're landing at about $30M-35M?  I'd give about $5M away to family (2x sets of parents, 3x sets of siblings between my wife and I, $1M each).  Maybe give a million to my alma mater. 

Then it's off to Hawaii, spend a month or two looking for the perfect little beach house on either Maui or Kauai, something like this looks about perfect for our needs:

https://www.realtor.com/realestateandhomes-detail/4786-Aliomanu-Rd_Anahola_HI_96703_M81837-71193

Then maybe a nice condo in downtown Chicago where we live, and then a small beach bungalow in one of the small New England beach towns where I grew up.  $1M for each of those should do just fine. 

Bounce around the three residences.  Like to get a little boat, and spend some time working on my sports car.  Take some cooking classes, learn to play guitar. 

After a couple years, see what the cash requirements are to keep the lifestyle afloat, $10M in the bank should do it, give away the delta.