Author Topic: Do you have a lottery fantasy? Post it here...  (Read 23323 times)

TheGrimSqueaker

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Do you have a lottery fantasy? Post it here...
« on: October 31, 2016, 02:24:14 PM »
The math behind playing the lottery has been shown many times to not favor the player, compared to an intelligent investment strategy. Nobody here would ever suggest playing the lottery as a retirement strategy. However, there are a few among us who sometimes buy a ticket once or twice a year when the jackpot is ludicrously huge, and we do it because we have lottery fantasies.

For the price of a single ticket, we get the feeling of taking a step toward realizing the lottery fantasy. That's why we do it. Probabilistically speaking we know we most likely won't win, so we're doing it just for the thrill. For whatever reason, the run-of-the-mill lottery jackpot, if won, wouldn't be big enough to act out the fantasy. Nor would a smaller win justify the down side of the ticket purchase.

So, those of you who have lottery fantasies... what are they? If you won $200M or more, what would you do with it? Would you take the smaller lump sum or the larger annuity? Provide details... we're all adults here.
I squeak softly, but carry a big schtick.

MgoSam

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Re: Do you have a lottery fantasy? Post it here...
« Reply #1 on: October 31, 2016, 02:26:57 PM »
Peter Gibbons: What would you do if you had a million dollars?
Lawrence: I'll tell you what I'd do, man: two chicks at the same time, man.
Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?
Lawrence: Damn straight. I always wanted to do that, man. And I think if I were a millionaire I could hook that up, too; 'cause chicks dig dudes with money.
Peter Gibbons: Well, not all chicks.
Lawrence: Well, the type of chicks that'd double up on a dude like me do.
Peter Gibbons: Good point.
Lawrence: Well, what about you now? What would you do?
Peter Gibbons: Besides two chicks at the same time?
Lawrence: Well, yeah.
Peter Gibbons: Nothing.
Lawrence: Nothing, huh?
Peter Gibbons: I would relax... I would sit on my ass all day... I would do nothing.
Lawrence: Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do shit.

-Office Space

Captain FIRE

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Re: Do you have a lottery fantasy? Post it here...
« Reply #2 on: October 31, 2016, 02:40:31 PM »
In my lottery dream, after visiting a friend to set up a double blind trust so my name would not be available to the news, the first thing I want to purchase is the services of an executive assistant - the person who takes care of all of the pesky life details.

And that's about it for my lottery dream.  I mean, I also contemplate putting money into trusts for various family members (and some for me 10-20 years later, just in case I go crazy and spend it all) and renovating my house, but I've been contemplating that without a lottery ticket ever since we bought it.  And travel would be great.  [ETA: Forgot to mention if the win was large enough, I'd donate enough to perpetually fund a disabled program at the non-profit where I volunteer.]  But it's the assistant I *really* drool over.

I've bought less than 10 tickets in my life, so I don't see this happening any time soon.  It's a nice dream though!
« Last Edit: November 30, 2016, 08:31:53 AM by Captain FIRE »

Friar

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Re: Do you have a lottery fantasy? Post it here...
« Reply #3 on: October 31, 2016, 02:59:36 PM »
I had an inkling that you might be posting this thread TheGrimSqueaker!

I believe that in the UK the main lottery (Lotto) doesn't have an annuity option, nor do we pay taxes on the winnings, so I would take that lump sump bad boy immediately.

My likely route would be:

- Do nothing. Not until I had confirmed beyond a shadow of a doubt that I had actually won. This would probably mean having the money in my account.
- Once money came in, pay off my mortgage. No point keeping that sucker around. Also pay off my student loan.
- Reorient my work. Whether it be in my current field, or finding something new I'm not sure.
- I'd like to gift some of it to my immediate family, but I'm not sure how to do so without letting on that I'd won a significant amount.
- Have a holiday - backpacking around Europe for a few weeks would be fun.

After that I'd like to focus on my fitness and becoming a better person.

sol

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Re: Do you have a lottery fantasy? Post it here...
« Reply #4 on: October 31, 2016, 03:18:12 PM »
My lottery fantasy is that intelligent westernized nations come to their senses and cease preying on their poor and mathematically illiterate disadvantaged populations with the worst possible form of state-sanctioned gambling.

Abolish Lotto.  It's a blight.

ketchup

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Re: Do you have a lottery fantasy? Post it here...
« Reply #5 on: October 31, 2016, 03:29:37 PM »
Ensure nobody knows I won.  Take whatever measures necessary.  Lawyer up.

Immediately and anonymously give away 99% (to real charities, not any BS that walks up), accounting for taxes.  Live off the remaining 1% using the 4% rule, which is probably still six figures annually.

From what I've read about past lottery winners having their life go to hell, those two things ought to cover the bulk of what can go wrong.

Truly though, I feel like such wealth would not be nearly as enjoyable and satisfying as if I had earned it myself.

Syonyk

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Re: Do you have a lottery fantasy? Post it here...
« Reply #6 on: October 31, 2016, 03:33:47 PM »
"But it funds schools and... stuff!"

Not very well, apparently.

========

I don't play the lottery, so I can't say I expect to win, and haven't spent much time on what I'd do if I did, but I can't really say I'd do much differently from what I do now.

I live somewhere I like living, near family, and have enough money to do what I find interesting.

I'd probably buy a nice twin engine plane for travel, but... that's about it, I think.
My random project blog - ebikes, DIY, fans, and more: http://syonyk.blogspot.com

Lunasol

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Re: Do you have a lottery fantasy? Post it here...
« Reply #7 on: October 31, 2016, 03:43:26 PM »
My SO plays frequently (twice a week) doing math and probability calcs that I don't understand.
He's an economics major so he's pretty sure he knows what he's doing *shrug* we haven't won a big prize but very often he ends up making $2-$9 bucks, so even if he makes very little he's still making more than he spent :)

If we won a big prize we would probably buy a HCOL house and an apartment somewhere else we love :)

It would be tricky to try to keep it a secret from family specially if we wanted to share some of it with relatives, no idea how that could be handled.

Travis

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Re: Do you have a lottery fantasy? Post it here...
« Reply #8 on: October 31, 2016, 03:54:43 PM »
like being there when the gas company decides they are going to tear up the street to replace the gas pipe and need you home - twice, because they screwed up the first time - to replace your connection and want to make giant holes through your ceiling because they're "not sure where they are going to come into the house" when they start drilling.  It wouldn't solve the traffic problems stemming this work, caused by street closures for work on 100+ homes, but at least I wouldn't need to be working from home for it when 6 mo pregnant, sick to my stomach from a glucose tolerance test, smelling the gas/other noxious fumes from the work, while cold because the heat is off all day...   

Totally hypothetical right?

human

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Re: Do you have a lottery fantasy? Post it here...
« Reply #9 on: October 31, 2016, 04:00:20 PM »
200 million? A jeep and a bunch of canoes and buy 5 or 6 cabins all over bc, yukon and nwt.

Pooperman

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Re: Do you have a lottery fantasy? Post it here...
« Reply #10 on: October 31, 2016, 04:04:45 PM »
Quit with a mariachi band. Once that's done, start something like bell labs with most of it, and live off far too much.

ncornilsen

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Re: Do you have a lottery fantasy? Post it here...
« Reply #11 on: October 31, 2016, 05:31:57 PM »
First thing I'd do is find a way to keep my name out of the news.

I'd quit my job, give them 30 days notice or something so they could backfill.

I'd acquire a large parcel of land away from, but not tooo far away from a metropolitan area. Fences out of sight with cameras and razor wire. (lot of bad experiences with tweakers back in the day.)

Construct massive shop. My own skunkworks. Fill it with milling machines, welders, measuring equipment... maybe staff it with a guy for the tedious shit I can't stand. And god the tools... mmmhmm.

Decent house. Something nice, solidly built, with a view and entertaining area, but not to gaudy or humungous. Solar/wind power, self-sustaining. Bunker underneath.

I'd basically spend my time traveling and tinkering in the shop. I have car projects I want to do, just never enough time, it seems like.  I'd probably slowly loose my connection to society and go insane, ultimately building some kind of atomic super monster, with freeway onramps for arms, and a soul as black as coal...

Oh, and investing and charitable work. I really like the idea of promoting STEM to children, maybe some scholarships too. Hopefully I could put something together that would survive into perpetuity, paying for kids college from it's dividends.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #12 on: October 31, 2016, 05:46:39 PM »
Pay off the mortgage on our new house and the heloc on our old one.   That's all our debt.   If I won a big payout I would be simplifying my life by removing two more bills.

Send some cash to my relatives to make their life a bit easier, along with a note that the rest has already been given to charity.

Buy the mid-century modernist house we want to save and fix it up, then turn it into a maker space for artists.   Hire someone to watch over it so I don't have to be there on any given day.  Buy the lot next door for parking space. 
Set up a trust fund to handle ongoing expenses.

Help good, hardworking people get started in the rental property business by fronting the money and mentoring thru the process of buying and fixing up a house for rent or flipping.  Set up an internship where they help me flip two houses and they get half the profits on each.  That should give them the knowledge of how to fix up a house and the cash to get started with.
Part of the internship is a contract that they will offer the same deal to other people every 6th house that they get.   The profits from just one paid-off rental house would make a real difference to folks who are in the lower middle class. 

Set up a trust to help out my kids and grand kids.

Sign up for lots of art classes around the world.   Try getting into The Prince of Wale's School of Traditional Arts.   Sign up for language immersion classes in French in France and Arabic in Morocco. 

Buy some additional tools.

I'm sure my wife would come up with a few things, too.


Pretty much it.

Goldielocks

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Re: Do you have a lottery fantasy? Post it here...
« Reply #13 on: October 31, 2016, 07:06:31 PM »
My Lottery fantasy is that they will go away, yet mandatory taxes will not increase because magically, all the same revenues will be obtained through discretionary taxes.

Warlord1986

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Re: Do you have a lottery fantasy? Post it here...
« Reply #14 on: October 31, 2016, 07:26:55 PM »
Fund my investments to the point where I could live comfortably for the rest of my life. And travel.
Buy a stand up paddle board.
Pull a Carnegie, but instead of funding libraries, I'd fund bike trails/paths/infrastructure that lead to libraries. If there's any money left over I'd find a way to give bikes to teenagers who need them.
Go to Thailand/Cambodia.
Go stand up paddle boarding.
Go stand up paddle boarding in Thailand? I can't imagine lugging one of those things onto a plane, but I could rent one in Thailand.

Adventine

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Re: Do you have a lottery fantasy? Post it here...
« Reply #15 on: October 31, 2016, 07:32:46 PM »
Hmmm, I'll bite:

- Buy a studio condo in the nice part of town and furnish it exactly how I want (minimalist but comfortable)
- Travel the world
- Buy a really nice gaming PC

But I'm already actively working towards all of those things without ever actually buying a lotto ticket. I may get there slower (since I don't expect to suddenly receive a huge windfall), but I'm also more sure that I'll actually achieve those goals. Precisely because I'm not just daydreaming :)

sonjak

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Re: Do you have a lottery fantasy? Post it here...
« Reply #16 on: October 31, 2016, 08:18:25 PM »
In no particular order:

Buy/build a cabin on some acreage on the outskirts of the PDX area and keep working on my side hustle w/o pressure of it making any money.
Pay off the mortgages of all of my siblings and some close friends.
Build myself a tiny-ish house on my parents' property to stay in when I visit.
Buy a small RV to travel around the country and visit friends/family, see all the parks, etc.
Give 2 mos notice at work so they could replace me.
Set up a charitable trust for most of the rest - donate to worthy causes, scholarships, etc.  I'd keep enough for $60k income each year.

Bumperpuff

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Re: Do you have a lottery fantasy? Post it here...
« Reply #17 on: October 31, 2016, 08:31:26 PM »
Set up a few blind trusts and give to charities. Then I'd start looking for a new job somewhere else.  I'd jump from job to job for a couple years until I found a place I'd want to live. 

After that I'd buy a bit of land and live out playing farmer, with a couple people hired to do the stuff I don't want to do.  I hear farmings easy if you don't mind losing money ;)

Chris22

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Re: Do you have a lottery fantasy? Post it here...
« Reply #18 on: October 31, 2016, 08:34:25 PM »
Beach house on Maui, a couple sports cars, and I'd endow a chair of statistics at my alma mater to fuck with people.
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

nnls

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Re: Do you have a lottery fantasy? Post it here...
« Reply #19 on: October 31, 2016, 08:41:15 PM »
My Lottery fantasy is that they will go away, yet mandatory taxes will not increase because magically, all the same revenues will be obtained through discretionary taxes.

what are lotto funds used for in the USA? as in why would scrapping it increase taxes?

letired

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Re: Do you have a lottery fantasy? Post it here...
« Reply #20 on: October 31, 2016, 08:42:38 PM »
I play this game every once in a while!

 - set up living expenses fund
 - pay off house
 - do the big house projects (plumbing! solar on the roof! bathroom!)
 - pay off the student loans of some friends who made it through college sans families
 - set up mini trusts/give money to siblings/friends/godchildren (I think my parents are fine, but will check)
 - charitable trust/donations
 - go backpacking in New Zealand for a while
 - when I get back: killer pollinator/native plant garden, killer veggie garden, volunteering work, some travel to visit friends and family, lots of craft projects and hiking

letired

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Re: Do you have a lottery fantasy? Post it here...
« Reply #21 on: October 31, 2016, 08:44:27 PM »
My Lottery fantasy is that they will go away, yet mandatory taxes will not increase because magically, all the same revenues will be obtained through discretionary taxes.

what are lotto funds used for in the USA? as in why would scrapping it increase taxes?

The funds are often used for schools. The other popular option for school funding is property taxes. No, it doesn't make any sense.

nnls

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Re: Do you have a lottery fantasy? Post it here...
« Reply #22 on: October 31, 2016, 08:50:45 PM »
My Lottery fantasy is that they will go away, yet mandatory taxes will not increase because magically, all the same revenues will be obtained through discretionary taxes.

what are lotto funds used for in the USA? as in why would scrapping it increase taxes?

The funds are often used for schools. The other popular option for school funding is property taxes. No, it doesn't make any sense.

oh ok, interesting. This made me realise I have no idea what our government does with the money a quick google informs me "Public hospitals and the State’s health services, sporting organisations, arts and cultural groups and thousands of charities and community groups are the biggest winners of all from our business. This amounts to around one third of every dollar spent on a lottery product"

So I suppose our taxes would go up as well to cover the shortfall for hospitals

obstinate

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Re: Do you have a lottery fantasy? Post it here...
« Reply #23 on: October 31, 2016, 11:26:01 PM »
So I suppose our taxes would go up as well to cover the shortfall for hospitals
Maybe. The lottery is mostly played most by poorer people. If they spent the money on useful things rather than lottery tickets, maybe the state would need to offer slightly less support, and so it might net out even.

The lottery is ultimately a massive wealth transfer from many poor and middle class people to one rich person (whoever wins the jackpot is inherently rich by virtue of winning the jackpot). It is a perpetuater of inequality and a destroyer of savings.

Cathy

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Re: Do you have a lottery fantasy? Post it here...
« Reply #24 on: October 31, 2016, 11:39:41 PM »
It is a perpetuater of inequality and a destroyer of savings.

The lottery doesn't do these things, as no one is forced to play it. There is nothing deceptive about the lottery as it is practiced in the United States and Canada. The mechanics are known. The odds are known. In a free society, people should be left to determine for themselves whether they want to spend money on a completely fair and transparent game of chance.

As far as tantalisingly-bad purchases go, automobiles are probably a bigger "destroyer of savings" than the lottery, but few people propose that the state should heavily limit car acquisition, use, and retention in order to assist people in saving money.
« Last Edit: October 31, 2016, 11:55:44 PM by Cathy »
This post contains only general information on the issues raised by this topic. This post does not provide help tailored to your specific situation. There are many facts that could be relevant to your specific situation and I am not in possession of those facts. If you need help tailored to your specific situation, you should retain an appropriate professional and not rely on this post.

Goldielocks

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Re: Do you have a lottery fantasy? Post it here...
« Reply #25 on: November 01, 2016, 12:29:16 AM »
My Lottery fantasy is that they will go away, yet mandatory taxes will not increase because magically, all the same revenues will be obtained through discretionary taxes.

what are lotto funds used for in the USA? as in why would scrapping it increase taxes?
Many states use them for education, so they can put more revenues to other things (roads?)

Goldielocks

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Re: Do you have a lottery fantasy? Post it here...
« Reply #26 on: November 01, 2016, 12:31:45 AM »
It is a perpetuater of inequality and a destroyer of savings.

The lottery doesn't do these things, as no one is forced to play it. There is nothing deceptive about the lottery as it is practiced in the United States and Canada. The mechanics are known. The odds are known. In a free society, people should be left to determine for themselves whether they want to spend money on a completely fair and transparent game of chance.

As far as tantalisingly-bad purchases go, automobiles are probably a bigger "destroyer of savings" than the lottery, but few people propose that the state should heavily limit car acquisition, use, and retention in order to assist people in saving money.
Very good answer.

One Noisy Cat

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Re: Do you have a lottery fantasy? Post it here...
« Reply #27 on: November 01, 2016, 03:15:53 AM »
Give 25% each to my brother and sister,give $10,000 each to my three cousins.

Dreams? Don't really have any. Maybe take an extensive tour around the world. But a mega mansion, Ferrari, expensive clothes and liquor and yachts just do not interest me. So I don't play lotteries.


Anatidae V

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Re: Do you have a lottery fantasy? Post it here...
« Reply #28 on: November 01, 2016, 03:33:52 AM »
I like thinking big like this, it helps me work out what I value and that helps me when I actually look at my spending.

I'd buy a house large enough for my family, including rooms my parents and siblings could stay in for months at a time. It's not far to where my parents live, but the option means a lot to me.

We'd probably purchase a few acres as well, to hobby-farm on or have great tinkering sheds.

And I think we'd intersperse each frivolous purchase with donations to charity, to keep ourselves honest, and then work out some kind of trust, it seems the only safe thing to do with such a large sum. I'd try my hand at mini businesses or something, perhaps, because it wouldn't matter if my stuff sold.

Psychstache

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Re: Do you have a lottery fantasy? Post it here...
« Reply #29 on: November 01, 2016, 05:46:01 AM »
I'd probably buy a couple of state congressman.

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shelivesthedream

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Re: Do you have a lottery fantasy? Post it here...
« Reply #30 on: November 01, 2016, 06:12:22 AM »
I bought one ticket on my 16th birthday, because I could. Didn't win (obviously!) and have no plans to buy one again, but I do have a lottery fantasy. It involves fun and creative ways to give away my millions - a lot like MMM's latest blog post, but crazy "just because" shit. Like I would give a million to my old university on the condition that they painted the main building gold. Or I would pay to have all the bike lanes in my city refurbished, extended, and painted in rainbow stripes. Or I would set up a bursary for the student who wrote the best essay on why essays are stupid at my other old university to buy a Savile Row suit. Because the world needs more eccentric millionaires...

Villanelle

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Re: Do you have a lottery fantasy? Post it here...
« Reply #31 on: November 01, 2016, 06:18:49 AM »
$200m+? 

Try to convince DH to quit his job.  I suspect there would be some pushback and he'd likely want another 2 years, which I understand.  I'd go to the States and spend time with friends and family.

While I'd probably institute a 6 mo. "no decisions" policy, I suspect we'd eventually buy a house in Coronado, CA.  Probably about 2000sqft, which would be upwards of $2m. 

I'd plan a very large trip and invite family and friends--probably 30-40 people.  Not sure if it would be everyone on one trip, or divided among several. 

We'd also plan a bunch of trips, though most would have to wait until the 2 year mark when DH would be willing to retire. 

We'd donate various amounts to various charities. 

And realistically, DH and I would probably argue about how much to give family.  :lol   

TravelJunkyQC

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Re: Do you have a lottery fantasy? Post it here...
« Reply #32 on: November 01, 2016, 07:12:20 AM »
Become an angel investor for small, promising start-ups.
Buy some small shacks around the world so that I and my loved ones can travel to them.
Pay for family-travel.
Fund my niece's (and any future niece/nephew) future education.
Stop working for money, and start using my abilities for both the aforementioned start-ups, and charities/causes I believe in.
Go back to school, indefinitely, just to learn new things.

ducky19

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Re: Do you have a lottery fantasy? Post it here...
« Reply #33 on: November 01, 2016, 07:33:48 AM »
I actually do have a lottery dream - unlikely to come true since I rarely play, but still...

I fell in love with St. Croix when DW and I went there for a getaway back in March. Good sized Caribbean island that you don't need a passport to visit. The island lost a major employer when the refinery shut down a few years ago, so there is still a high unemployment rate. The island is also home to Cruzan Rum which used to use local sugarcane but now imports it all from off island. There are several old plantations on the island but none are still operating. If I won $200M, I would buy one of these plantations and turn it into a working museum. Hire locals to show tourists how sugarcane was traditionally grown, yet pay them a living wage. Sell the sugarcane to the rum factory so they can distill a top shelf special rum from local cane. I think this could be sustainable if I could get it off the ground, but even if it weren't I would be ok with subsidizing the local economy and teaching some history.

shelivesthedream

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Re: Do you have a lottery fantasy? Post it here...
« Reply #34 on: November 01, 2016, 07:46:12 AM »
I actually do have a lottery dream - unlikely to come true since I rarely play, but still...

I fell in love with St. Croix when DW and I went there for a getaway back in March. Good sized Caribbean island that you don't need a passport to visit. The island lost a major employer when the refinery shut down a few years ago, so there is still a high unemployment rate. The island is also home to Cruzan Rum which used to use local sugarcane but now imports it all from off island. There are several old plantations on the island but none are still operating. If I won $200M, I would buy one of these plantations and turn it into a working museum. Hire locals to show tourists how sugarcane was traditionally grown, yet pay them a living wage. Sell the sugarcane to the rum factory so they can distill a top shelf special rum from local cane. I think this could be sustainable if I could get it off the ground, but even if it weren't I would be OK with subsidizing the local economy and teaching some history.

This sounds amazing.

MishMash

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Re: Do you have a lottery fantasy? Post it here...
« Reply #35 on: November 01, 2016, 07:55:06 AM »
1.  Pay off all family debt.  All we have is one mortgage, but we'd buy a place for my mom and DH's dad, wherever they wanted, then sell moms place and let her live off the proceeds.
2.  Buy a house in the Keys.
3.  Buy a hunting property somewhere out west.
4.  Buy a boat.
5.  Travel, if money were no object, I'd totally do one of the National Geographic around the world tours...drroooooool
6.  Live life of leisure doing charity work

limeandpepper

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Re: Do you have a lottery fantasy? Post it here...
« Reply #36 on: November 01, 2016, 08:06:29 AM »
Ooh, this is fun!

I'll do the usual things - set aside a good portion to save/invest and live off the interest/dividends, retire and do whatever I like, donate to charities, treat family and friends, and all that. And while I'm often very happy with cheap and cheerful pleasures, I'd also totally be up for trying out expensive experiences that I otherwise wouldn't spend my money on, like fancy hotels, restaurants, boats.

Something I think I would really love to do is this - I've thought about it before but it just seems too daunting and risky and I'm not the entrepreneurial type, but if I'm that rich, then it suddenly starts to feel quite doable and it doesn't matter if it's profitable: Starting pop-up cafes or street carts selling whatever I feel like (all based on my own recipes) for a few weeks at a time, e.g. wholesome smoothies in spring, spicy masala chai in winter - until I've had enough of it and move on to whatever I want to do next. I just love when I create something I'm proud of, and other people taste it and their faces light up because they think it's awesome too.

sol

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Re: Do you have a lottery fantasy? Post it here...
« Reply #37 on: November 01, 2016, 08:12:38 AM »
The odds are known. In a free society, people should be left to determine for themselves whether they want to spend money on a completely fair and transparent game of chance.

Except people are NOT free to determine whether they want to play a game of chance.  With the exceptions of Nevada and Atlantic City, we've made gambling illegal virtually everywhere in the country. 

It is the highest form of hypocrisy that a government would outlaw gambling "to protect people" and then institute an official lottery that specifically targets poor people.

I would be less upset (though still upset) about the lottery if it was only played in places where gambling was actually legal. 

mtn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #38 on: November 01, 2016, 08:16:08 AM »
$100k: Pay off wife's student loans, replace our water heater, buy a used sports car (S2000, I think), replace our chimney, redo our bathroom, one nice vacation (~$5k), and then with the remaining start future kids college funds. Probably throw in more home improvements.

$500k: See above, buy elevator for in-laws house, buy a truck, boat, and paying off the house

$1Mil: see above, quit job and open a business with my brother

$2Mil: See above, but I'd be silent investor rather than working 

$3Mil: Buy my inlaws a house that is handicap accessible

$5Mil and up: All of the above, but we'd move into a different house in the same area, and buy a vacation house in the UP. Sports cars get nicer/older, boats get bigger.

With all of these there are donations to charities. At some point I also might become a part-time teacher.

Captain FIRE

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Re: Do you have a lottery fantasy? Post it here...
« Reply #39 on: November 01, 2016, 08:22:17 AM »
like being there when the gas company decides they are going to tear up the street to replace the gas pipe and need you home - twice, because they screwed up the first time - to replace your connection and want to make giant holes through your ceiling because they're "not sure where they are going to come into the house" when they start drilling.  It wouldn't solve the traffic problems stemming this work, caused by street closures for work on 100+ homes, but at least I wouldn't need to be working from home for it when 6 mo pregnant, sick to my stomach from a glucose tolerance test, smelling the gas/other noxious fumes from the work, while cold because the heat is off all day...   

Totally hypothetical right?

Ha!

In fairness, an executive assistant was exactly what I dreamed about the last time I bought a ticket, maybe a year or so ago.  My executive assistant just would have been doing different things then compared to now.

Last time I bought a ticket, I realize I spent so much time thinking about the downside of the lottery win (how to legally keep name out of media - double blind trust, how to give money to family without becoming known - require them to sign a confidentiality agreement before giving them trust money, how to not let money affect relationships - on deciding whether to give money to siblings, or to siblings+their spouses), that maybe I wasn't enjoying the dreaming so much and should stop buying tickets.  Haven't bought a ticket since.

MgoSam

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Re: Do you have a lottery fantasy? Post it here...
« Reply #40 on: November 01, 2016, 09:58:06 AM »
Thinking about it, first thing I would do is lawyer up and try to hide my name.

Then pay off my mortgage and offer to pay off my brother and sister's (they both earn a good living and likely would refuse the offer, so then I would offer to set up a fund for their kid's college education...they likely would still refuse). I would probably also offer to pay off my cousin's med school loans as we are very close. Then I would sit down with a good financial planner and see about how much good I can do in the world. I would likely indulge and spend more money than I currenly do, but within reason and with a strict budget. For traveling around the world, I would rent everything instead of owning as it would make it easier to come and go as I please...I might become AirBNB's best customer. I would likely move to S. America to become fluent in Spanish before moving to India to learn Hindi and then go from there, traveling the world and observing as much local culture as I can.

Making Cookies

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Re: Do you have a lottery fantasy? Post it here...
« Reply #41 on: November 01, 2016, 10:04:41 AM »
I have no idea how to accept the money without my name leaking into the media. That would be the first task.

I think that would be the first step b/c celebrity = post-lottery ticket meltdowns I've read about. Keeping wealth envy from destroying our families would critical.

I think that DW and I could survive the lottery IF our wealth was secret. Giving vast amounts of money to people who have no experience managing large sums of money doesn't seem like it would turn out well very often. They are likely surrounded by equally "desperate" people who will be fixated on the cash their friend or family has lucked into. We have a country music star from the 1990s here that tries to live a regular life and mostly succeeds. I've heard people talk about what they'd do if they had his money - and its mostly what he does. Life of country leisure. No Ferrari that I know of. ;)

Our basic plan would be:

DW and I would work out a notice with our employers whom we like. The story would be we are simply retiring.   

Pay off or pay down the mortgages of our family and a few close friends. Give the same amount to all of them. $100K for example. If you were frugal and have a small mortgage you'll be money ahead. If you have a McMansion sized mortgage then here, this might help.

Slow travel part of the year.

Homeschooling, if our kids want to. Slow travel would almost require it.

Volunteer our time - maybe teach hands on workshops for free for scouts, students - anyone that wants to learn. DW and I have a number of skills that we could share. We like to teach. Volunteer with the local university and school system. Other volunteer orgs too. Any academic donation we gave would be earmarked for academic improvements - not upgrading the football field scoreboard. Test to see if the schools do good things with the money. I guess they could shift money around all they want and tell us our money went to academics when it really just freed up money for a scoreboard upgrade.

Would not want to become the "reliable" volunteer everyone calls upon. Have seen that in a few clubs we've belonged to. People who get roped into being the leader b/c nobody else wants to do the work. Eventually burnout... Fun is gone.

Renovate and sell our existing home and build something elsewhere (nearby?). Am thinking 50 acres and a 2500 sq ft house. Creek, trees, fields, etc. Room for the kids to play and for the dog(s) to bark without bothering the neighbors. ;)

Build a series of workshops. One gets outfitted as a metal working shop with machine tools. Another with a carpentry focus. One for a car/motorcycle restoration shop. Kitchen/bathrooms/gymnasium/classroom in one building. Maybe a hub and spoke design. Keep the welding sparks from staring a sawdust fire. 

Try to keep things normal for our kids so they don't reach adulthood with a weird relationship with life / money / people.
« Last Edit: November 01, 2016, 12:29:36 PM by Joe Lucky »

Gimesalot

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Re: Do you have a lottery fantasy? Post it here...
« Reply #42 on: November 01, 2016, 10:14:49 AM »
I'll bite. My husband and I are both the annuity types.  We would try to do as much as possible to keep our names secret and out of the press. 

For family, we would invite them on a nice trip somewhere of their choice and that would be it.  My brother and father have a rental property business, and I would invest in that as long as they provided a business plan and investment income. 

I would sell our house immediately as it is an investment property and would no longer be needed.  I would like to try my hand at buying an old house and restoring it.  I would then sell it as I would not like to have a set place to live. 

With the rest of my money, I would set up a fund to ensure that I have $1MM per year to live off of, and then I would use the rest to set up trust for things that are important to me.  For example, a  program that teaches sewing lessons to poor children, several scholarships, provide free or low cost dance classes, funds for a book publisher that is run by some friends, funds for a play company run by some friends, etc.  As for my living expenses, there is NO WAY I would ever go through $1MM per year, but I could see us going through $300k a year (pre-tax) of full time luxury travel living.  The rest of the money would be allowed to compound in case we ever have kids and/or we decide that we want to set up more foundations/trusts.

dogboyslim

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Re: Do you have a lottery fantasy? Post it here...
« Reply #43 on: November 01, 2016, 10:20:53 AM »
Only play in KS & ND.  Then you can claim the prize anonymously.  I think there are a few other states that allow it too.

Otherwise, use only your initials, and for the check photo, hold the check in front of your face.

I was dreaming big when the 500 million power-ball jackpot happened a while back and looked up on the web, "how to stay anonymous and claim the lottery jackpot"

I usually only play in the work pool so I won't be the only person left in the department.

Capsu78

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Re: Do you have a lottery fantasy? Post it here...
« Reply #44 on: November 01, 2016, 10:40:37 AM »
Lawyer up, rent a home in a gated community (perimeter access security) work like heck to keep my name out of it.
"Get lost" on some back to back cruises on the other side of the world, slow travel following the Formula 1 races part of the year, other big events - Tour de France etc. 
Pay off kids houses and start a trust fund for generations of college educations in the family tree.
Look for places where  "unnamed" gifts would improve lives- orphanages in SE Asia, water treatment in Africa etc.

GuitarStv

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Re: Do you have a lottery fantasy? Post it here...
« Reply #45 on: November 01, 2016, 10:51:24 AM »
I'd like to design and build a reasonably large hotel-like home, and then invite my friends and their families to live there with me.

shelivesthedream

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Re: Do you have a lottery fantasy? Post it here...
« Reply #46 on: November 01, 2016, 12:24:27 PM »
Is there anyone else who would feel bad spending any of the money on themselves? I posted above about wanting to be an eccentric millionaire, but have been wondering what I might buy for myself first before splashing the cash around on other people. I guess I might buy a house, and it would certainly propel be instantly into a modest FIRE, but I think I'd just feel guilty that this money which had been randomly allocated to me for doing absolutely nothing was going on making my already-privileged life even more privileged. I'd get more value out of it by trying to improve the world (eternal trust to plant 1000 urban trees every year? yes please!), particularly in fun ways that organisations can't do because their hands are tied by needing to handle donations responsibly. Maybe I'd allocate half the money to efficient charity and half to "because it's cool" charity. But I'd actually find it hard to allocate much to myself.

Proud Foot

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Re: Do you have a lottery fantasy? Post it here...
« Reply #47 on: November 01, 2016, 01:05:45 PM »
While I fantasize about winning the lottery I know my chance of winning is essentially 0 because I never have and don't plan on buying a ticket.  However, here is what I would do if I won:
<$100k - Pay off debt, downpayment for a house, take a vacation.
<$500k - Above and give some to charity, family, and investments.
<$2m   - Above plus start a company to hold investments in local business, become an angel investor/venture capital for local business.
>$2m   - Above plus probably donate the rest to charity.

Chris22

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Re: Do you have a lottery fantasy? Post it here...
« Reply #48 on: November 01, 2016, 01:35:55 PM »
Is there anyone else who would feel bad spending any of the money on themselves?

No.  I'd give a large chunk away (Very large, if I won a jackpot that netted me 8 figures) but I don't think I should feel bad about it.  Who is to say I am less deserving of money I won than anyone else? 


I also think the whole "OMG I'd claim it anonymously and hid out so no one could find me" etc etc crowd is funny.  No one remembers the names of lotto winners if they just fade into the background.  I'd sprinkle it pretty liberally amongst my close family, with a signed agreement that they get no more ("Here's $5M, by accepting this you agree to never ask me for another dime") and I'd treat my friends to some cool shit ("here's your first class plane ticket to come party for a week with me at my house on Maui") but everyone close to me is reasonable enough that they aren't going to demand more, and if they are, my iPhone has a real easy way to block their phone number.  That's all the thought that has to be devoted to that.
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

BlueHouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #49 on: November 01, 2016, 01:50:12 PM »
The odds are known. In a free society, people should be left to determine for themselves whether they want to spend money on a completely fair and transparent game of chance.

Except people are NOT free to determine whether they want to play a game of chance.  With the exceptions of Nevada and Atlantic City, we've made gambling illegal virtually everywhere in the country. 

It is the highest form of hypocrisy that a government would outlaw gambling "to protect people" and then institute an official lottery that specifically targets poor people.

I would be less upset (though still upset) about the lottery if it was only played in places where gambling was actually legal.

Take a look at this wikipedia chart and you'll see that most states now allow some form of gambling.  I live in DC, and right at the line to Maryland is a giant MGM casino that will be opening next month.  I dread the effects of that - they seem to be targeting poor people, but maybe it will give some of those people jobs instead of more problems.   

https://en.wikipedia.org/wiki/Gambling_in_the_United_States
Sometimes nothing can be a real cool hand