Author Topic: Do you have a lottery fantasy? Post it here...  (Read 29723 times)

talltexan

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Re: Do you have a lottery fantasy? Post it here...
« Reply #250 on: August 24, 2017, 12:06:07 PM »
We had a big powerball jackpot here in US last night. $758 million.

I successfully talked my co-workers out of making a group office buy. I feel Awesome!!!

cytvta

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Re: Do you have a lottery fantasy? Post it here...
« Reply #251 on: August 24, 2017, 12:12:11 PM »
We had a big powerball jackpot here in US last night. $758 million.

I successfully talked my co-workers out of making a group office buy. I feel Awesome!!!

The winner was in MA, my state, always makes it seem a little more real. Watched part of the press conference. She seems like a nice lady, hopefully she has a good support network, and not too many people who take advantage of her. Best of luck to her, she already had enough to win, but she'll need some luck (and some common sense), to make sure it doesn't impact her life negatively.

TravelingCheddar

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Re: Do you have a lottery fantasy? Post it here...
« Reply #252 on: October 29, 2017, 02:47:15 PM »
My FIRE number is around $700,000 in index funds, with a paid for house. So any windfall above that is just for fun!! 

1 mil:
-Buy a small house or condo in a M-HCOL place with cash ($400,000 maybe)
-Dontate/divy up about $100k to friends, family, and charities
-I would probably have about $100k left that I would just put into index funds
-Keep working until I was FIRED (probably speeding up the date by 2-3 years due to the extra 100k and paid off house falling into my lap)


10 mil:
-Quit working at current job immediately
-Dontate/divy up $1 mil to charity/friends/family
-Buy a NICE piece of land somewhere near a city with lots of green-space and public amenities and build a custom Earthship on it (I would want to learn to do the work myself but this step will still probably eat up close to $1 mil depending on cost of land)
-Sell current RV and Truck (get about $40,000 back from that)
-Buy an RV with a good solar system ($100k ish for the Lazy Daze that i'm drooling over)
-Prius for daily use
-TESLA! for fun driving!!!
-Buy 3-4 condos/townhomes in nice areas around the US (DC area, NYC, South Florida, maybe a ski resort somewhere) and run them as executive rentals and just block off days whenever I want to use them (cost...maybe 4 mil? this cost could be cut quite a bit depending on the zip codes. but these would be bringing some annual income)
-Take classes and learn new skills, new hobbies, and make new friends
-Should have about $1 mil left to stick into index funds.

Live off of investment dividends and income from properties (around $40-60k per year), travel, be generous with time and money.

More than $10 mil:
All of the above plus doubling or tripling amount into index funds, be even more generous. Set up some trusts for family, pay off mortgages for family, fund a scholarship for my alma mater..that kind of thing

With $3 mil in index funds, that's a safe withdrawal of $120,000 per year! I can't even image what I would do besides just give it away. Once I have kids I would obviously invest in some college funds. It would nice to have a LARGE cushion for health insurance/healthcare costs for the future.
« Last Edit: October 29, 2017, 04:11:59 PM by SeaRV »

CanuckExpat

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Re: Do you have a lottery fantasy? Post it here...
« Reply #253 on: October 29, 2017, 03:58:50 PM »
I only read the first and last page of this thread, so apologies if this article was already posted.

Mr Money Mustache: What Would You Do with WAY MORE Money?:

"Do absolutely nothing differently...
And that was a very liberating thing to figure out. I have completely lost the desire for any more of the things money can buy than I already have, which means I have completely lost any form of envy, any sense of deprivation, or any sense of missing out on anything..
The availability of time is always the limiting factor, not the number of amazing activities to choose between. Spending more money can only broaden my list of options even further, without giving me more time...
The ideas above will sound cuckoo-bird to the most junior Mustachians, and “well, duh” to the most advanced ones...

If your goals for the extra money involve simply paying off the rest of your debts and living the financially independent life you were already planning before I gave you this extra $5-$10 million, then you’ve passed the test – you’ll do well in the uncharted and very adult world of complete freedom.
On the other hand, if you started adding just a few niceties, like a second house up by the ski resorts for those family gatherings, and maybe just one new SUV to get back and forth to it, and oh, maybe just a bit more four-star-resort international travel, because hey, with $10 million, you could easily afford those things… I’d say you’re not completely free yet.

Your personal freedom grows with each material desire that you grow out of."
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zolotiyeruki

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Re: Do you have a lottery fantasy? Post it here...
« Reply #254 on: October 29, 2017, 04:51:42 PM »
Your personal freedom grows with each material desire that you grow out of.
I guess it depends on what's a "nicety" and what's "removing a pain point."  Given a million dollars, I'd probably opt to replace our 22-year-old, 215,000 mile car with something with half the age and mileage, rather than spend lots of time repairing the rust that's emerging, replacing the collapsing headliner, and learning how to replace a cracked windshield.

LaineyAZ

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Re: Do you have a lottery fantasy? Post it here...
« Reply #255 on: October 30, 2017, 05:49:56 PM »
I'll play, too.  But first a point on remaining anonymous:  I understand that winners names are made publicly available to prevent fraud.  The public wants to be assured that the winner was not the lottery director's brother-in-law, or similar.  (something like this actually happened and the guy was finally caught after being able to manipulate the winning numbers and then letting a family member show up with that ticket).
That said, you can form a legal entity like "The Three Amigos" did, and show up in some kind of face-covering costume like they did, which apparently was okay.
In AZ where I live, the legislature passed a bill stating that your name would not be released for 90 days, or something like that.  At least that gives you time to move out of your house if you don't want the press/family/friends/shirttail relatives showing up on your doorstep. 

For myself, along with other posters here, I'd help family and friends.  I'd especially like to help the next generation with a modest house and car - having that paid for in your 20s or 30s is a big boost for the rest of your financial life.

Like everyone, I have some charity ideas too.  I'd love to finance and have someone manage some trailer parks for senior citizens.  Lots would be free/minimal cost.  Housing is a big issue, especially in the later years of someone's life.  There are so many retired folks out there now who are trying to survive on a single social security check and driving an old RV to "workkamp" or boondock or similar.  I'd like to give them some dignity and a place to finally park and not worry about lot payments.

And for the Big Lottery Win (>$100M), check out what this millionaire did over the last 20 years in Tangelo Park, FL:
https://www.nytimes.com/2015/05/26/us/tangelo-park-orlando-florida.html
I'd probably do something like that - concentrate on making a big difference in a certain geographical area. 

Laura33

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Re: Do you have a lottery fantasy? Post it here...
« Reply #256 on: October 31, 2017, 07:36:16 AM »
I only read the first and last page of this thread, so apologies if this article was already posted.

Mr Money Mustache: What Would You Do with WAY MORE Money?:

"Do absolutely nothing differently...
And that was a very liberating thing to figure out. I have completely lost the desire for any more of the things money can buy than I already have, which means I have completely lost any form of envy, any sense of deprivation, or any sense of missing out on anything..
The availability of time is always the limiting factor, not the number of amazing activities to choose between. Spending more money can only broaden my list of options even further, without giving me more time...
The ideas above will sound cuckoo-bird to the most junior Mustachians, and “well, duh” to the most advanced ones...

If your goals for the extra money involve simply paying off the rest of your debts and living the financially independent life you were already planning before I gave you this extra $5-$10 million, then you’ve passed the test – you’ll do well in the uncharted and very adult world of complete freedom.
On the other hand, if you started adding just a few niceties, like a second house up by the ski resorts for those family gatherings, and maybe just one new SUV to get back and forth to it, and oh, maybe just a bit more four-star-resort international travel, because hey, with $10 million, you could easily afford those things… I’d say you’re not completely free yet.

Your personal freedom grows with each material desire that you grow out of."

Yeah, I kinda buy this, and I kinda don't.

Best example I can think of:  there are two places in this world that give me an almost overwhelming feeling of peace and contentedness.  One of them is hanging off the West Caicos wall about 80' down, watching the sharks below and the barracudas above and the nudibranchs on the coral -- it is a total feeling of zen (or as close as I have ever gotten), and in fact was the place that I went to in my mind when in the middle of childbirth.  The other one is on a ski lift in Taos, with the brilliant blue sky and the crisp air and the blindingly white snow, knowing that I have a whole day of fun in front of me, with a break for a delicious hefeweissen and goulash at The Bavarian for lunch.

So if I won the lottery, I would buy homes in both Turks & Caicos and Taos.  Not because I want big fancy homes, but because those places let me do the things that bring me a kind of peace and contentedness I have never experienced anywhere else, and because I want to do those things a hell of a lot more than I get to do now (my first post-FIRE purchase is going to be a Taos season pass). 

I am sure a better person and a better Mustachian could replicate those feelings elsewhere.  I am also sure that I could manage a perfectly happy life without ever doing either of those things again -- in fact, I haven't been to T&C in probably 15 years, since we started having kids and stopped diving -- or with choosing just one and forgoing the other.  But if someone handed me millions of dollars, you can bet your ass that I'm doing both.
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JLee

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Re: Do you have a lottery fantasy? Post it here...
« Reply #257 on: October 31, 2017, 09:48:13 PM »
I only read the first and last page of this thread, so apologies if this article was already posted.

Mr Money Mustache: What Would You Do with WAY MORE Money?:

"Do absolutely nothing differently...
And that was a very liberating thing to figure out. I have completely lost the desire for any more of the things money can buy than I already have, which means I have completely lost any form of envy, any sense of deprivation, or any sense of missing out on anything..
The availability of time is always the limiting factor, not the number of amazing activities to choose between. Spending more money can only broaden my list of options even further, without giving me more time...
The ideas above will sound cuckoo-bird to the most junior Mustachians, and “well, duh” to the most advanced ones...

If your goals for the extra money involve simply paying off the rest of your debts and living the financially independent life you were already planning before I gave you this extra $5-$10 million, then you’ve passed the test – you’ll do well in the uncharted and very adult world of complete freedom.
On the other hand, if you started adding just a few niceties, like a second house up by the ski resorts for those family gatherings, and maybe just one new SUV to get back and forth to it, and oh, maybe just a bit more four-star-resort international travel, because hey, with $10 million, you could easily afford those things… I’d say you’re not completely free yet.

Your personal freedom grows with each material desire that you grow out of."

Yeah, I kinda buy this, and I kinda don't.

Best example I can think of:  there are two places in this world that give me an almost overwhelming feeling of peace and contentedness.  One of them is hanging off the West Caicos wall about 80' down, watching the sharks below and the barracudas above and the nudibranchs on the coral -- it is a total feeling of zen (or as close as I have ever gotten), and in fact was the place that I went to in my mind when in the middle of childbirth.  The other one is on a ski lift in Taos, with the brilliant blue sky and the crisp air and the blindingly white snow, knowing that I have a whole day of fun in front of me, with a break for a delicious hefeweissen and goulash at The Bavarian for lunch.

So if I won the lottery, I would buy homes in both Turks & Caicos and Taos.  Not because I want big fancy homes, but because those places let me do the things that bring me a kind of peace and contentedness I have never experienced anywhere else, and because I want to do those things a hell of a lot more than I get to do now (my first post-FIRE purchase is going to be a Taos season pass). 

I am sure a better person and a better Mustachian could replicate those feelings elsewhere.  I am also sure that I could manage a perfectly happy life without ever doing either of those things again -- in fact, I haven't been to T&C in probably 15 years, since we started having kids and stopped diving -- or with choosing just one and forgoing the other.  But if someone handed me millions of dollars, you can bet your ass that I'm doing both.

Oh that sounds lovely. I got my open water cert last month and it was one of the most rewarding experiences of my life.