Author Topic: Do you have a lottery fantasy? Post it here...  (Read 29794 times)

clarkfan1979

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Re: Do you have a lottery fantasy? Post it here...
« Reply #100 on: November 12, 2016, 10:36:40 PM »
I honestly don't have a lottery fantasy. I think my life would turn to shit if I won. I think I would mostly lose a lot of relationships. As a result, I make a conscious decision to not play.

Metric Mouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #101 on: November 14, 2016, 05:31:57 AM »
I honestly don't have a lottery fantasy. I think my life would turn to shit if I won. I think I would mostly lose a lot of relationships. As a result, I make a conscious decision to not play.

I think that if I had a lot of relationships that depended upon me being of a certain networth, I would not mind severing those relationships.
Give me one fine day of plain sailing weather and I can mess up anything.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #102 on: November 14, 2016, 05:40:05 AM »
Sign it. Wait until I get paid.
Win $5,000 = Put into emergency fund. Spend $50 right away (maybe some new shirts)
Win $50,000 Vanguard Admirals shares Spend $500 right away (a non handwritten will)
Win $500,000 talk to a lawyer, create a corporation to claim the ticket to keep my privacy. Invest wisely. Retire. Spend $5000 right away (get shoulder surgery)
Win $5 million as above but have a tiny house built for me, drive around the country until I found a great place. Consider moving or getting a second (small) home there. Spend another $50,000 (truck to pull the tiny house, furnishings for tiny house)
Win $50 million as above but hire a personal assistant for life too. (Spend as above).
Win $500 million here we start getting into the no freedom because you need bodyguards everywhere. At this level it is worth considering giving so much away that you're no longer a kidnapping and murder target (Spend as above).
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Linda_Norway

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Re: Do you have a lottery fantasy? Post it here...
« Reply #103 on: November 14, 2016, 05:59:00 AM »
When I was a poor student, I dreamt of winning something substantial in the lottery. For 1 year I had a subscription on buying lottery tickets in the national state lottery, that cost me 10 Dutch guilders a piece. In total I spent 120 guilders. Twice I won a small sum, in total 20 guilder. Result = minus 100 guilders (the current value of that doesn't matter, the point is that it ended up in a lot of minus).
Then I concluded that this was an effective way to loose money and I have never bought a lottery ticket since. I have been given a lottery ticket twice as a Christmas present from work. With 1 of them I won 10 Norwegian crowns, approx 1,5 US dollars. Yeah!

Last year I sold my index funds with 400.000 NOK in profit. That works better.

By the River

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Re: Do you have a lottery fantasy? Post it here...
« Reply #104 on: November 14, 2016, 09:08:56 AM »
I am in a lottery pool at work.  I consider my weekly $1 contribution as insurance to ensure Iím not the only person still working if they happen to win.  A couple of months ago, we matched 4 of the regular numbers and the special number (not sure if it was Powerball or MegaMillons as they buy both).  The group won $50,000 total but we had 38 people contributing.  It was almost $1,000 each after taxes. 

I just looked at the email with the lottery numbers for this week, there are now 41 people contributing.

Goldielocks

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Re: Do you have a lottery fantasy? Post it here...
« Reply #105 on: November 14, 2016, 06:13:15 PM »
One bonus about the office lottery pool.

A $1 or even $5 per week to join the "club" is a lot less than going out for coffee every day.

GetItRight

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Re: Do you have a lottery fantasy? Post it here...
« Reply #106 on: November 14, 2016, 07:13:33 PM »
I don't like the lottery, it's another evil thing the government does, a poor tax... But I'll play.

$200M? The government would steal half of it, I'd invest the rest and have about $4M/yr to play with. That's still a lot of money.

-I'd pay off all my debt and the debt of family and close friends, give them all a relatively small amount of money so everyone has a nest egg. Maybe $100k to each family or individual.
-Buy my barber a new car
-I'd keep working at my current job at least in the short term, though I'd be more relaxed about it and probably more productive with the security of being FI in mind.
-Buy a relatively large waterfront property so I could be on the water any time I want and have room for my hobbies.
-Donate $1M/yr (or whatever government allows) to the Libertarian party.
-Take a long vacation to ride my motorcycle across the country.
-Write a book or blog to document my travels.
-Build a track bike and get into vintage racing.
-Buy waterfront property somewhere warm where water doesn't freeze and is usable all year round, eventually move there and probably keep working in some capacity, either in my field or perhaps restoring bikes or cars.

Realistically I can't imagine any way I could spend that much money. The only truly expensive thing I want is a large waterfront property somewhere warm. I don't understand how many lotto winners end up broke and worse off than they were prior.

Linda_Norway

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Re: Do you have a lottery fantasy? Post it here...
« Reply #107 on: November 15, 2016, 02:08:47 AM »
My DH does sometimes join a wine lottery at work, usually the week before christmas. You throw a small sum of money in the pot and can win one of 5 bottles of wine. So far he has done this 3 times and won one or more bottles each times, so a netto win. I have also done this twice and never won a bottle. So for me it's a waste.

No Name Guy

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Re: Do you have a lottery fantasy? Post it here...
« Reply #108 on: November 15, 2016, 01:05:46 PM »
Well, if I won a whopper, something that post investing would throw off 2-5 mil / year in post-tax income, the fun would be in figuring out how to give most of said income away.

For fun, I've put together a few spreadsheets of how I'd give to some of my favorite small / mid size charities, those with annual budgets in the 750k-2 mil range, a series of donations.

With 2-5 mil / year of post tax income, I could see giving away all but 200-500k of that (ok, yes, I would live large, just shoot me now).  Since I like the small / mid size** where 6 figure donations make a huge difference, here's what I'd do:

For each charity I was going to support, cut a 500k check.  It would be restricted though such that the charity was permitted to only spend 100k / year for the first 4 years, then the remainder (to include interest / dividends, etc) in the 5th year.  That would (start) to provide stability to their funding.  It would also tend to limit the charity from ramping up a huge new program addition based on one big lump sum.  If I continue to like the charity, repeat the following year, and each subsequent year.  Over 5 years, the charity in question would have 500k available in any given year.  Not enough for a 1.5-2 mil / year charity to rely entirely on, but a nice stable base.   Scale this appropriately (so a 750k / year charity would have 250k / year after 5 years).  Should stuff happen where I couldn't continue the giving, or wanted to ramp down, there would be a 5 year period where these restricted grants would ramp down, allowing for a semi-graceful contraction of the program to fit the diminished resources.


** - In something like an American Red Cross or any other similarly large national charity, or even a University, a 500k donation is a drop in the bucket.  Likewise, a local food bank running a 50-100k / year operation wouldn't be able to effectively absorb such a large donation (or course, I'd drop them a 10k / year donation, but finding enough worthy charities to give away 1.5-4.5 mil / year at 10k each would be a pain).

mtn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #109 on: November 16, 2016, 08:52:28 AM »
Well, if I won a whopper, something that post investing would throw off 2-5 mil / year in post-tax income, the fun would be in figuring out how to give most of said income away.

For fun, I've put together a few spreadsheets of how I'd give to some of my favorite small / mid size charities, those with annual budgets in the 750k-2 mil range, a series of donations.

With 2-5 mil / year of post tax income, I could see giving away all but 200-500k of that (ok, yes, I would live large, just shoot me now).  Since I like the small / mid size** where 6 figure donations make a huge difference, here's what I'd do:

For each charity I was going to support, cut a 500k check.  It would be restricted though such that the charity was permitted to only spend 100k / year for the first 4 years, then the remainder (to include interest / dividends, etc) in the 5th year.  That would (start) to provide stability to their funding.  It would also tend to limit the charity from ramping up a huge new program addition based on one big lump sum.  If I continue to like the charity, repeat the following year, and each subsequent year.  Over 5 years, the charity in question would have 500k available in any given year.  Not enough for a 1.5-2 mil / year charity to rely entirely on, but a nice stable base.   Scale this appropriately (so a 750k / year charity would have 250k / year after 5 years).  Should stuff happen where I couldn't continue the giving, or wanted to ramp down, there would be a 5 year period where these restricted grants would ramp down, allowing for a semi-graceful contraction of the program to fit the diminished resources.


** - In something like an American Red Cross or any other similarly large national charity, or even a University, a 500k donation is a drop in the bucket.  Likewise, a local food bank running a 50-100k / year operation wouldn't be able to effectively absorb such a large donation (or course, I'd drop them a 10k / year donation, but finding enough worthy charities to give away 1.5-4.5 mil / year at 10k each would be a pain).

FYI, in case you ever do hit the whopper--you may want to look into a Donor Advised Fund. I know Fidelity has one. You basically donate to the fund, which is technically a charity, and receive the tax benefits now, and then disperse to the charities of your choice in amounts of your choice at the time you deem fit--meanwhile the money is still growing.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #110 on: November 16, 2016, 09:06:35 AM »
Well, if I won a whopper, something that post investing would throw off 2-5 mil / year in post-tax income, the fun would be in figuring out how to give most of said income away.

For fun, I've put together a few spreadsheets of how I'd give to some of my favorite small / mid size charities, those with annual budgets in the 750k-2 mil range, a series of donations.

With 2-5 mil / year of post tax income, I could see giving away all but 200-500k of that (ok, yes, I would live large, just shoot me now).  Since I like the small / mid size** where 6 figure donations make a huge difference, here's what I'd do:

For each charity I was going to support, cut a 500k check.  It would be restricted though such that the charity was permitted to only spend 100k / year for the first 4 years, then the remainder (to include interest / dividends, etc) in the 5th year.  That would (start) to provide stability to their funding.  It would also tend to limit the charity from ramping up a huge new program addition based on one big lump sum.  If I continue to like the charity, repeat the following year, and each subsequent year.  Over 5 years, the charity in question would have 500k available in any given year.  Not enough for a 1.5-2 mil / year charity to rely entirely on, but a nice stable base.   Scale this appropriately (so a 750k / year charity would have 250k / year after 5 years).  Should stuff happen where I couldn't continue the giving, or wanted to ramp down, there would be a 5 year period where these restricted grants would ramp down, allowing for a semi-graceful contraction of the program to fit the diminished resources.


** - In something like an American Red Cross or any other similarly large national charity, or even a University, a 500k donation is a drop in the bucket.  Likewise, a local food bank running a 50-100k / year operation wouldn't be able to effectively absorb such a large donation (or course, I'd drop them a 10k / year donation, but finding enough worthy charities to give away 1.5-4.5 mil / year at 10k each would be a pain).

You could also set up 500k endowment funds for the various charities, so that they could use the return on investment for program activities. A small charity such as a needle exchange, school PTA, or neighborhood church could pull off 4% of 500k per year and do very well with $20k as a revenue stream. Another option would be to find a nice charity and kill its debt.
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MudDuck

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Re: Do you have a lottery fantasy? Post it here...
« Reply #111 on: November 16, 2016, 10:20:35 AM »
My lottery dream, for like a PowerBall jackpot, bazillion-dollar prize, is to open a non-profit community resource center for my small suburban neighborhood. We'd offer grants and low-interest loans for home improvements, services like lawn care & snow removal, a walk-in health clinic, legal services... sort of like church outreach, only without the church. And bigger.

No Name Guy

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Re: Do you have a lottery fantasy? Post it here...
« Reply #112 on: November 16, 2016, 02:14:48 PM »
.....

You could also set up 500k endowment funds for the various charities, so that they could use the return on investment for program activities. A small charity such as a needle exchange, school PTA, or neighborhood church could pull off 4% of 500k per year and do very well with $20k as a revenue stream. Another option would be to find a nice charity and kill its debt.

I have to wonder if such small charities could effectively manage an endowment.  Your Fail-tastic thread Grim (plus general antimustachian wall of shame and comedy posts) leads me to believe that there are a lot of small charities out there that would find a way to eff it up in short order.  I'd have to wonder about a charity that would willingly go into debt - that would be a case by case for me, but would be a good way to make a big donation toward a charity that went into debt for good cause.

Two charities I give to already have endowments / permanent funds - one is on the order of half a century in operation, the other 30 plus years, with robust governance, so I figure they'd be able to handle it.  Overall, the endowments are small potato's in their budgets, providing single digit percentages of annual operating budget.  But that is something I'd also consider doing, in addition to the previous.

One charity I give to, as part of it's mission, acquires land for preservation, which it ultimately sells to the Government for permanent protection - the charity can move faster than the Government and when a private parcel comes on market, they can move relatively quickly.  Their land fund thus rolls - $$$ to buy land....sell land for $$$, money back into the fund for the next acquisition.   Fattening up the fund would allow for more parcels to be in that mid stage of being temporarily held by the charity prior to being put into the public ownership.

With 1.5-4.5 mil to give away in a year, I could see doing a 1.5 mil to one of these charities.  500k as described above, 500k to for land fund and 500k to their permanent endowment fund.   As nice as a 500k shot in the arm would be to the endowment, at 4% that's only 20k / year, on a 750k-1.5 mil / year charity.  Nice, but not charity changing money in isolation. 

But, since this is lotto fantasy, I'd keep that up for 5 years and then poof....they'd have their 100k / year in perpetuity. 

Other Lotto Fantasies about giving away money I have are this:

Since I'm giving away 1.5-4.5 mil / year, I'd have my attorney hire another attorney (double secret layers of attorney client privilege, since some one could probably figure out that John Smith, Esq at Dewey, Cheatem and Howe is my attorney, but if Smith hired an attorney from another firm...highly unlikely it would be traced back) to deliver checks to smaller but deserving charities.  Lets call it having the double secret lawyer walk into the Union Gospel Mission in Seattle (to pick a worthy, IMO, local charity) and hand over a check for $25k about this time of year.  Wash, rinse, repeat with other charities where a $5-$25k donation would be a good dose of funding.

Another one I think would be fun is to slip 5 C-notes wrapped in a one dollar bill into the bucket of a bell ringer.  Walk around downtown and find every bell ringer out there and do the same.  Put 5-15k into buckets in one day.

zolotiyeruki

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Re: Do you have a lottery fantasy? Post it here...
« Reply #113 on: November 16, 2016, 02:31:06 PM »
One charity I give to, as part of it's mission, acquires land for preservation, which it ultimately sells to the Government for permanent protection - the charity can move faster than the Government and when a private parcel comes on market, they can move relatively quickly.  Their land fund thus rolls - $$$ to buy land....sell land for $$$, money back into the fund for the next acquisition.   Fattening up the fund would allow for more parcels to be in that mid stage of being temporarily held by the charity prior to being put into the public ownership.
I'm having a tough time wrapping my head around this one.  The US Government already owns something like 28% of the land in the US.  What kind of land is being added for protection?

Chris22

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Re: Do you have a lottery fantasy? Post it here...
« Reply #114 on: November 16, 2016, 03:20:42 PM »
I really think that if I had enough to give away in big meaningful chunks (i.e., I net $100M+ from Powerball and give away all but maybe $20M) I'd try to get a meeting with Bill Gates and get some advice on how best to give away my money.  I think he's maybe the modern poster child for large-scale philanthropy, and I'd love to pick his brain about what to do on the subject.  I think I'd target a couple specific areas (for me it would probably be children's diseases and cancer research) and ask Gates's help how to be most effective.  Plus I think it would be really cool to engage with him like that.  I'd also give a big chunk to my alma mater and likely my K-12 school district.

And every dime I gave away would come with a clawback provision where I could demand the money back if I was solicited for more.  Nothing pisses me off more than giving away money even at the small scale I give and having it be an invitation to hit me up again the next week/month/year.  If I wanted to give more/again, I would.
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Uturn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #115 on: November 16, 2016, 05:54:27 PM »
Nothing pisses me off more than giving away money even at the small scale I give and having it be an invitation to hit me up again the next week/month/year.  If I wanted to give more/again, I would.

Oh good, I'm not the only one.  Earlier this year, I gave $1000 to a local homeless charity.  I put a note in the envelope with my check asking them not to put me on any donor list, as I do not want any accolades for my donation nor do I care to be solicited for more.  One month later I get a letter in the mail telling me that a small $xx per month can help so much.  I call and ask to be removed from their list and if I receive another solicitation, they will never get another check.  Years ago I gave to a relief fund after a natural disaster in another country, took me years to get off their list.  I don't mind getting a random solicitation, but solicitations for more money after I give just seems crass to me.  I understand the prior donors are their main source of income, but to solicit after being asked not to is extra crass, not to mention it puts them on my list of organizations to not get donations. 
It's not about money, it's about mindset

No Name Guy

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Re: Do you have a lottery fantasy? Post it here...
« Reply #116 on: November 16, 2016, 11:39:02 PM »
Zolo - Think along the lines of park land, for the type of land this charity deals with.  Not any old land, but land adjoining an existing park like property.  If this adjoining land were developed into housing or clear cut, even being outside the park like property it would still adversely affect the park like public property. 

Not all land (anymore) is created equal.  I feel that an industrial forest can be logged.....but a nearly mature second growth forest adjoining this park like land could, if not cut, become replacement old growth in another 50-100 years if preserved. Not perfect.....but a step in the right direction.....40 -4,000 acres at a time. And paying full price of willing sellers.....no bullshit low ball take by force prices that alienate as many as they please. Again.....lotto fantasy.

zolotiyeruki

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Re: Do you have a lottery fantasy? Post it here...
« Reply #117 on: November 17, 2016, 10:14:37 AM »
Zolo - Think along the lines of park land, for the type of land this charity deals with.  Not any old land, but land adjoining an existing park like property.  If this adjoining land were developed into housing or clear cut, even being outside the park like property it would still adversely affect the park like public property. 

Not all land (anymore) is created equal.  I feel that an industrial forest can be logged.....but a nearly mature second growth forest adjoining this park like land could, if not cut, become replacement old growth in another 50-100 years if preserved. Not perfect.....but a step in the right direction.....40 -4,000 acres at a time. And paying full price of willing sellers.....no bullshit low ball take by force prices that alienate as many as they please. Again.....lotto fantasy.
Ah, thanks for clarifying.

myrrh

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Re: Do you have a lottery fantasy? Post it here...
« Reply #118 on: November 17, 2016, 02:44:21 PM »
I'd love to pay off the house, retire, travel around the world, and maybe buy a house in Hawaii. ;)

If I won a large chunk of money such that it threw off around $1 million per year I would use it to improve water and wastewater infrastructure around the state. For example, replacing old leaky water and sewer lines, replacing failed septic tanks for single home owners, adding components to wastewater treatment plants to make the plant work better and the operator's lives easier, putting in sewer lines where it will do a lot of good (there are lots of mobile home parks just outside of town that can't afford a million dollars to connect to the sewer half a mile away.) Also install monitoring wells to improve our understanding of water quality. I might be convinced to do a similar sort of thing in small poor countries but I think I would have more projects than money just improving things in my state.

GetItRight

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Re: Do you have a lottery fantasy? Post it here...
« Reply #119 on: November 17, 2016, 06:45:59 PM »
One charity I give to, as part of it's mission, acquires land for preservation, which it ultimately sells to the Government for permanent protection - the charity can move faster than the Government and when a private parcel comes on market, they can move relatively quickly.  Their land fund thus rolls - $$$ to buy land....sell land for $$$, money back into the fund for the next acquisition.   Fattening up the fund would allow for more parcels to be in that mid stage of being temporarily held by the charity prior to being put into the public ownership.
I'm having a tough time wrapping my head around this one.  The US Government already owns something like 28% of the land in the US.  What kind of land is being added for protection?

Me too... What is the land allegedly being protected from? How can the government possibly protect it better than the private charity? If you want land to be used for a certain purpose or not used at all just buy it and keep it, then nobody else can use it and if they trespass you have recourse. Why involve the government at all? The government buys the land with money stolen from other people, which is immoral and unethical. Beyond that the government can change its mind and do whatever it wants with the land at any time. The government can give it away to some big business that lobbies them, or use it for a nuclear test site such that it could be uninhabitable for decades, or any number of other things. If it remains owned by private individuals or a private group then it will only be used for whatever the owners want it used for and there is no coercion involved.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #120 on: November 17, 2016, 08:47:14 PM »
One charity I give to, as part of it's mission, acquires land for preservation, which it ultimately sells to the Government for permanent protection - the charity can move faster than the Government and when a private parcel comes on market, they can move relatively quickly.  Their land fund thus rolls - $$$ to buy land....sell land for $$$, money back into the fund for the next acquisition.   Fattening up the fund would allow for more parcels to be in that mid stage of being temporarily held by the charity prior to being put into the public ownership.
I'm having a tough time wrapping my head around this one.  The US Government already owns something like 28% of the land in the US.  What kind of land is being added for protection?

Me too... What is the land allegedly being protected from? How can the government possibly protect it better than the private charity? If you want land to be used for a certain purpose or not used at all just buy it and keep it, then nobody else can use it and if they trespass you have recourse. Why involve the government at all? The government buys the land with money stolen from other people, which is immoral and unethical. Beyond that the government can change its mind and do whatever it wants with the land at any time. The government can give it away to some big business that lobbies them, or use it for a nuclear test site such that it could be uninhabitable for decades, or any number of other things. If it remains owned by private individuals or a private group then it will only be used for whatever the owners want it used for and there is no coercion involved.

Globally speaking it probably depends on the government and the country. In the US, the government has a long history of taking property away from individuals in order to give it to corporations. Not much else explains the Xanterra Group.
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KodeBlue

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Re: Do you have a lottery fantasy? Post it here...
« Reply #121 on: November 18, 2016, 04:03:46 AM »
Mine involves: a private island, lots of booze, and Matthew McConaughey.

JLee

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Re: Do you have a lottery fantasy? Post it here...
« Reply #122 on: November 18, 2016, 06:35:22 AM »
Oh, and I would do this.

Making Cookies

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Re: Do you have a lottery fantasy? Post it here...
« Reply #123 on: November 18, 2016, 08:32:10 AM »
My lottery dream, for like a PowerBall jackpot, bazillion-dollar prize, is to open a non-profit community resource center for my small suburban neighborhood. We'd offer grants and low-interest loans for home improvements, services like lawn care & snow removal, a walk-in health clinic, legal services... sort of like church outreach, only without the church. And bigger.

I LOVE that! Especially without the church. Churches are fine and all that but this prevents religion as a topic from getting between the person needing help and the person who can deliver the help.

No Name Guy

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Re: Do you have a lottery fantasy? Post it here...
« Reply #124 on: November 18, 2016, 09:11:24 AM »
....

Me too... What is the land allegedly being protected from? How can the government possibly protect it better than the private charity? If you want land to be used for a certain purpose or not used at all just buy it and keep it, then nobody else can use it and if they trespass you have recourse. Why involve the government at all? The government buys the land with money stolen from other people, which is immoral and unethical. Beyond that the government can change its mind and do whatever it wants with the land at any time. The government can give it away to some big business that lobbies them, or use it for a nuclear test site such that it could be uninhabitable for decades, or any number of other things. If it remains owned by private individuals or a private group then it will only be used for whatever the owners want it used for and there is no coercion involved.

Clear cutting, Development into houses, to name two specific on going activities that are degrading that which this charity is protecting.

How can the Govt protect it better than a private charity? Well if the acquired lands become more or less / effectively part of a National Park, that's pretty effing protected and will never be despoiled.  Last I checked, Yosemite and Yellowstone, Mt Rainier and SEKI are pretty darn protected and even the most die hard oil and gas and clear cutting types wouldn't propose (and even if they did, would never get through) despoiling National Parks.  Private charities can and do fall on hard times and could be forced to "fire sale" off holdings.  Besides, this charity isn't in the business of being a land owner, not their expertise and besides, they're only a 750-2.5 mil / year charity.  The sunk capital in holding property is huge, especially considering their scale.  It simply isn't practical.

As for the rest of your post, see above.

On the funding point:  These types of lands are acquired via the Land and Water Conservation Fund.  I'll let you look that one up yourself.  More or less this is an extraction tax on oil and gas leases on US Government property that pays to buy up lands for parks, game reserves and other similar uses - drill baby, drill over here, get a game reserve there, and an addition to a park over yonder, etc.  The private charity buys from willing sellers.  No coercion involved.  As for the tax revenue source, well, I'm probably more Red State than you and there's nothing wrong with that one IMO (make a profit off oil and gas owned by the US taxpayer, pay a bit of tax on that profit to fund this program...no one forces any of those companies to bid for the leases, so there....no coercion).

Lets not thread derail onto park concessions, please. 

Another Lotto Fantasy:
Offer recent nursing, dental and med school grads this deal:  I'll pay off every dime of your student loans (up to 250k) if you work in the local free clinic, practicing your profession, for 2 years on a 36k / year stipend.


Metric Mouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #125 on: November 18, 2016, 09:28:53 AM »
....

Me too... What is the land allegedly being protected from? How can the government possibly protect it better than the private charity? If you want land to be used for a certain purpose or not used at all just buy it and keep it, then nobody else can use it and if they trespass you have recourse. Why involve the government at all? The government buys the land with money stolen from other people, which is immoral and unethical. Beyond that the government can change its mind and do whatever it wants with the land at any time. The government can give it away to some big business that lobbies them, or use it for a nuclear test site such that it could be uninhabitable for decades, or any number of other things. If it remains owned by private individuals or a private group then it will only be used for whatever the owners want it used for and there is no coercion involved.

Clear cutting, Development into houses, to name two specific on going activities that are degrading that which this charity is protecting.

How can the Govt protect it better than a private charity? Well if the acquired lands become more or less / effectively part of a National Park, that's pretty effing protected and will never be despoiled.  Last I checked, Yosemite and Yellowstone, Mt Rainier and SEKI are pretty darn protected and even the most die hard oil and gas and clear cutting types wouldn't propose (and even if they did, would never get through) despoiling National Parks.  Private charities can and do fall on hard times and could be forced to "fire sale" off holdings.  Besides, this charity isn't in the business of being a land owner, not their expertise and besides, they're only a 750-2.5 mil / year charity.  The sunk capital in holding property is huge, especially considering their scale.  It simply isn't practical.

Sadly, too many National Parks are already being drilled in for oil and natural gas.
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Re: Do you have a lottery fantasy? Post it here...
« Reply #126 on: November 18, 2016, 01:01:24 PM »
Put what little bit extra away I need to FIRE and then donate the rest. I've already had more "stuff." It certainly wasn't a better life. Hard to imagine how many starving kids I could feed or millions of kids lives that could be saved with basic vaccinations. My wife is fond of animal rights (no kill shelters, etc.) So some would be donated to these causes as well. Especially for Pit Bulls.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #127 on: November 19, 2016, 11:42:40 AM »
Ha! I kinda feel like I won the lottery when I got married for the first time at age 54. I immediately retired. Couple of months later, a dream house I'd fantasized about years before came on the market as a short sale and we paid cash for it. Now I have time to volunteer and do big, important projects in my community. I am livin' the dream, no need to waste money on lottery tickets, lol.
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clarkfan1979

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Re: Do you have a lottery fantasy? Post it here...
« Reply #128 on: November 19, 2016, 05:07:11 PM »
I honestly don't have a lottery fantasy. I think my life would turn to shit if I won. I think I would mostly lose a lot of relationships. As a result, I make a conscious decision to not play.

I think that if I had a lot of relationships that depended upon me being of a certain networth, I would not mind severing those relationships.

My relationships do not have anything to do with having a certain net worth. After someone wins the lottery, family and friends all expect a cut. Many are unhappy and relationships are lost. Many professional athletes that end up with quick riches often tell a similar story. I think it's a little worse if your family is poor. If your family is already financially savy, they don't really expect anything.

Metric Mouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #129 on: November 19, 2016, 05:46:00 PM »
I honestly don't have a lottery fantasy. I think my life would turn to shit if I won. I think I would mostly lose a lot of relationships. As a result, I make a conscious decision to not play.

I think that if I had a lot of relationships that depended upon me being of a certain networth, I would not mind severing those relationships.

My relationships do not have anything to do with having a certain net worth. After someone wins the lottery, family and friends all expect a cut. Many are unhappy and relationships are lost. Many professional athletes that end up with quick riches often tell a similar story. I think it's a little worse if your family is poor. If your family is already financially savy, they don't really expect anything.

Ahh. I guess i respectfully disagree that all friends and family would expect a cut. I'm sure we have different experiences informing our respective opinons.  I did not mean to imply anything about your relationships, and am sorry if I was misunderstood.
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BudgetSlasher

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Re: Do you have a lottery fantasy? Post it here...
« Reply #130 on: November 20, 2016, 02:56:42 PM »
I really only day dream when I buy a ticket and that is really only when it crosses the ~300 million point. I always figure I will take the lump sum (especially in today's low interest rate environment; as I remember lottery lump sum based on a bond due in the 26th year, so low interest rates higher lump sum, lower interest rates lower lump sum)

Step 1: Find out if there is a way in my state to claim "anonymously" without a major tax penalty. Some states allow anonymous collection, others allow a trust with a representative and so on. (No public records of me winning and I'd keep my mouth shut, anyone who got got to figuring it would just be told something like "my trust from my parents/grandparents/dearly departed aunt just dispersed and I figured I deserve a little good time).

Step 2: Peel off a little of the post tax lump sum, maybe 1-2%, and have fun with it. Take a vacation, buy a toy, build that workshop, or something else as a to-me-for-me-from-me-present. (would help resist the urge to raid it later).

Step 3: Invest the rest, probably with some professional input on the majority (remember: for me I only play when we are talking 300 million or ~75 million after lump sum and taxes).

Step 4: Live happily on WAY below 4% (4% of 75 million is 3 million/yr).

Step 5: Struggle to figure out how to spend an income 3 million/yr; do all the projects and vacations I want during the year. At the end of the year take the remainder and setup a little anonymous trust to invest and pay income to a friend/family member for their life.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #131 on: November 20, 2016, 09:26:17 PM »
I honestly don't have a lottery fantasy. I think my life would turn to shit if I won. I think I would mostly lose a lot of relationships. As a result, I make a conscious decision to not play.

I think that if I had a lot of relationships that depended upon me being of a certain networth, I would not mind severing those relationships.

My relationships do not have anything to do with having a certain net worth. After someone wins the lottery, family and friends all expect a cut. Many are unhappy and relationships are lost. Many professional athletes that end up with quick riches often tell a similar story. I think it's a little worse if your family is poor. If your family is already financially savy, they don't really expect anything.

Ahh. I guess i respectfully disagree that all friends and family would expect a cut. I'm sure we have different experiences informing our respective opinons.  I did not mean to imply anything about your relationships, and am sorry if I was misunderstood.

My mom's family wouldn't even blink and everything would continue as normal. My dad's family would decide I'm suddenly white enough to be worth talking to. My daughter's family would go into full predator mode.
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talltexan

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Re: Do you have a lottery fantasy? Post it here...
« Reply #132 on: November 22, 2016, 07:31:40 AM »
Surely someone on here would use some of their lottery winnings to bid on lunch with Warren Buffet? If you're winning $500 million, blowing your first $5 mill on that seems like a no-brainer.

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Re: Do you have a lottery fantasy? Post it here...
« Reply #133 on: November 22, 2016, 08:08:23 AM »
Surely someone on here would use some of their lottery winnings to bid on lunch with Warren Buffet? If you're winning $500 million, blowing your first $5 mill on that seems like a no-brainer.

He'll probably tell you to put your money in a S&P 500 fund and a short-term gov bond fund. (VFIAX 90% and VFIRX 10%). He gave Lebron James similar advice.
https://www.stocktrader.com/warren-buffett-portfolio/

Now you know why probably no one on these forums wants to spend 5 Million greenbacks for advice.
If I genuinely enjoy my profession and workplace, is there a reason to FIRE? Keep Calm and Carry On Milking.

mtn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #134 on: November 23, 2016, 08:17:56 AM »
Surely someone on here would use some of their lottery winnings to bid on lunch with Warren Buffet? If you're winning $500 million, blowing your first $5 mill on that seems like a no-brainer.

He'll probably tell you to put your money in a S&P 500 fund and a short-term gov bond fund. (VFIAX 90% and VFIRX 10%). He gave Lebron James similar advice.
https://www.stocktrader.com/warren-buffett-portfolio/

Now you know why probably no one on these forums wants to spend 5 Million greenbacks for advice.

I'd still probably do it, just because I'd want to meet the guy. And I know the money would [eventually] go to a good cause.

SeaEhm

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Re: Do you have a lottery fantasy? Post it here...
« Reply #135 on: November 23, 2016, 10:34:23 AM »
Depends on how much I won.

A million?  Get a new car and invest the rest while living basically the same.
$5 million?  Open a cafe, invest the rest and "FIRE"   Assuming 3% returns on nearly $5mm, I should get $150k/yr.  My life would be pretty much the same but with a nice car.
$10mm+?  Buy two places to live abroad and travel from the US to there multiple times a year eating out all the time and people watching from cafes.
Just here to feel guilty about my purchases which are often irrational, wants, and in an atypical budget.

Metric Mouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #136 on: November 23, 2016, 01:35:56 PM »
Depends on how much I won.

A million?  Get a new car and invest the rest while living basically the same.
$5 million?  Open a cafe, invest the rest and "FIRE"   Assuming 3% returns on nearly $5mm, I should get $150k/yr.  My life would be pretty much the same but with a nice car.
$10mm+?  Buy two places to live abroad and travel from the US to there multiple times a year eating out all the time and people watching from cafes.

You could do most of the last one on even a mustachian budget. Not perhaps owning two residences, but certainly Airb&b or other low-cost housing would give you the ability to live in cafes abroad.
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Fishingmn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #137 on: November 25, 2016, 06:05:01 AM »
This is going to sound odd but I actually have an Excel document to lay out my lottery winning plans (for a large Powerball). I know I'm not going to win - it's really all about dreaming about a win when it gets huge. That's worth $2.

The biggest part of the plan is to take 30% and set up a charity that our family would run. That would shield a large portion of the win from federal and state taxes. We then spend our days giving to worthy causes and our children can get involved in that process after we are gone if they are so inclined.

Fun to dream about. Not sure I'd really want to win. I worry too much about the impact on family and friends (and everyone else who wants a piece of our win) should it actually happen. I don't think anyone would interact with us the same way going forward and that might make it not worth it when we already have about everything we need.

ginastarke

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Re: Do you have a lottery fantasy? Post it here...
« Reply #138 on: November 25, 2016, 08:05:33 PM »
Deal with legalities quietly, then fly to the UK as soon as the passports arrive.  Spend days exploring the British Museum without worrying about a schedule or  when we have to go home.  Once it's settled, come home and open an import shop to employ some friends and  be a tax write-off to travel and bring neat things home.

clarkfan1979

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Re: Do you have a lottery fantasy? Post it here...
« Reply #139 on: November 25, 2016, 09:46:52 PM »
Fun to dream about. Not sure I'd really want to win. I worry too much about the impact on family and friends (and everyone else who wants a piece of our win) should it actually happen. I don't think anyone would interact with us the same way going forward and that might make it not worth it when we already have about everything we need.


This would be my biggest concern as well.

Kitsunegari

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Re: Do you have a lottery fantasy? Post it here...
« Reply #140 on: November 27, 2016, 06:54:18 PM »
Fun to dream about. Not sure I'd really want to win. I worry too much about the impact on family and friends (and everyone else who wants a piece of our win) should it actually happen. I don't think anyone would interact with us the same way going forward and that might make it not worth it when we already have about everything we need.


This would be my biggest concern as well.

That's why you ought not tell anyone. If you keep a similar lifestyle, it wouldn't be too difficult.
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Metric Mouse

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Re: Do you have a lottery fantasy? Post it here...
« Reply #141 on: November 28, 2016, 04:30:29 AM »
Once it's settled, come home and open an import shop to employ some friends and  be a tax write-off to travel and bring neat things home.

Oooh... this sounds fun! I'd never think of something like this.
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icegirl

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Re: Do you have a lottery fantasy? Post it here...
« Reply #142 on: November 28, 2016, 04:06:31 PM »
1. Pay mortgage on condo.

2. Set money aside for an upgrade to a house.

3. Buy a condo in my home country, maybe also one in a warm country.

4. Furnish the properties, mostly with second-hand furniture and appliances.

5. Calculate how much it will cost to keep the properties running for 50 years, set this amount aside.

6. Pay off mortgage on my m&d and my in-laws house. Give brother and sister about 50k each.

7. Sell my old Kia Picanto and get another car (probably something like a Tesla...)

8. Put an adequate amount of stash into investments.

9. Set up a travel fund for a round-the-world trip.

10. Give all the rest to charity.

I would probably keep working part time, as I really love what I do. I actually work at my hobby, so that is great, but I would definitely cut way back.   

talltexan

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Re: Do you have a lottery fantasy? Post it here...
« Reply #143 on: November 29, 2016, 08:29:04 AM »
I've seen a lot of people talk about real estate they would buy here. If I was dealing with the kinds of life-changing amounts being discussed here, I'd go the other way, and rent a lot more things. Rent a different car every month. Rent a different house. Buy a net-jets subscription instead of a private airplane. Try to shed the stuff that ownership allows to accumulate.

The reason to own something instead of rent it is that you save on long-term costs. But I don't have to worry about those once I have these kinds of money.


Chris22

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Re: Do you have a lottery fantasy? Post it here...
« Reply #144 on: November 29, 2016, 08:36:19 AM »
I've seen a lot of people talk about real estate they would buy here. If I was dealing with the kinds of life-changing amounts being discussed here, I'd go the other way, and rent a lot more things. Rent a different car every month. Rent a different house. Buy a net-jets subscription instead of a private airplane. Try to shed the stuff that ownership allows to accumulate.

The reason to own something instead of rent it is that you save on long-term costs. But I don't have to worry about those once I have these kinds of money.

No, I'm buying stuff because I want it to be ready when I want it, with no arrangements or waiting or whatever, and I want it to be how I want it not decorated for or furnished for or whatever for someone else.


I'm with you on the netjets though, owning a private jet seems like a giant PITA.
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MgoSam

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Re: Do you have a lottery fantasy? Post it here...
« Reply #145 on: November 29, 2016, 09:30:40 AM »
I've seen a lot of people talk about real estate they would buy here. If I was dealing with the kinds of life-changing amounts being discussed here, I'd go the other way, and rent a lot more things. Rent a different car every month. Rent a different house. Buy a net-jets subscription instead of a private airplane. Try to shed the stuff that ownership allows to accumulate.

The reason to own something instead of rent it is that you save on long-term costs. But I don't have to worry about those once I have these kinds of money.

No, I'm buying stuff because I want it to be ready when I want it, with no arrangements or waiting or whatever, and I want it to be how I want it not decorated for or furnished for or whatever for someone else.


I'm with you on the netjets though, owning a private jet seems like a giant PITA.

I agree more with talltexan. If I had no monetary concerns my focus would be on not needing to worry about maintaining things and so I would be inclined to own as little property as possible. Instead of owning a beach house in Hawaii, I would rent one out and once I desire to go elsewhere, I would then be able to pack up and move to Phuket or Bali or Medellin.

That said, I cannot envision a day when I would be free of monetary concerns (even if I won the lottery I would like to think I would remain frugal and would instead donate much of the windfall), so this is a moot point for me.

Uturn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #146 on: November 29, 2016, 01:20:09 PM »
I've seen a lot of people talk about real estate they would buy here. If I was dealing with the kinds of life-changing amounts being discussed here, I'd go the other way, and rent a lot more things. Rent a different car every month. Rent a different house. Buy a net-jets subscription instead of a private airplane. Try to shed the stuff that ownership allows to accumulate.

The reason to own something instead of rent it is that you save on long-term costs. But I don't have to worry about those once I have these kinds of money.

I'm with you, except that I would own a nice hangar for my plane(s).  However, I lust after the <$100k ones. 
My BIL rents a car every month, but it's a business write off.  He put the numbers to it and it is cheaper for him to rent vs own.  So he gets a new ride every 30 days. 
I would also much rather rent a place somewhere and hang out for a few months, then move on to the next adventure. 
It's not about money, it's about mindset

mtn

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Re: Do you have a lottery fantasy? Post it here...
« Reply #147 on: November 29, 2016, 01:42:19 PM »
I've seen a lot of people talk about real estate they would buy here. If I was dealing with the kinds of life-changing amounts being discussed here, I'd go the other way, and rent a lot more things. Rent a different car every month. Rent a different house. Buy a net-jets subscription instead of a private airplane. Try to shed the stuff that ownership allows to accumulate.

The reason to own something instead of rent it is that you save on long-term costs. But I don't have to worry about those once I have these kinds of money.

I'm with you, except that I would own a nice hangar for my plane(s).  However, I lust after the <$100k ones. 
My BIL rents a car every month, but it's a business write off.  He put the numbers to it and it is cheaper for him to rent vs own.  So he gets a new ride every 30 days. 
I would also much rather rent a place somewhere and hang out for a few months, then move on to the next adventure.


There are a few places that I'd own, just because they're so cheap that it is easy to do so even as a second home on a middle class income and budget.

But my Chicago apartment? That would probably be rented. I *might* rent a Florida/Texas/Hilton Head or similar apartment, but likely would just hit up hotels or airbnb's. Jamaica/St. Lucia/Aruba/etc. I'd just stay in resorts.

I remember figuring out how much it would cost to stay at the resort we stayed at for our honeymoon for about 5 months. I think it was about $150k. I'd like to do that someday, if I hit the really stupid level lottery.

hucktard

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Re: Do you have a lottery fantasy? Post it here...
« Reply #148 on: November 30, 2016, 01:44:41 PM »
200 million? A jeep and a bunch of canoes and buy 5 or 6 cabins all over bc, yukon and nwt.

Dude a jeep and couple of canoes and 1 or 2 cabins is pretty obtainable without winning the lottery. 5 or 6 cabins and maybe you need the lottery though.

SEAKSR

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Re: Do you have a lottery fantasy? Post it here...
« Reply #149 on: November 30, 2016, 03:56:37 PM »
My SO and I have had many a discussion to this note over the years. What we keep going back to is a concept that our college friend-group at large joked about: Party Island. However-many-years-ago that we were all joking it was literally a private island somewhere where we would all live and basically party until the money ran out.

As we've matured (thankfully) the concept of a private estate has evolved into the following:

Acquire land, with or without infrastructure, large enough to ultimately house and employ up to 100 families.
This could be in the form of a largely abandoned town and surrounding lands, or just a large tract of land in an area that has minimal restrictions on the development of the land. This largely means possible locations would likely be places people wouldn't want to live in long term.

The ultimate goal would not be a utopian society, so much as a developmental area. The jobs would be offered to the general job market the same as any job. The benefits package would including housing, a generous retirement, and decent health care.  The crux would be that we would both be working for "the company" too. The plan (always on the back burner, and not dependent on lotto (which we don't have in my state)) is able to be scaled from just the two of us plus a couple of good employees who don't mind being paid largely without actually monetary compensation (Like live in ranch hands), all the way up to full scale 500 person compound. Ideally, no one would actually know who was really calling the shots (me).

I'm not actively trying to run anyone's life. There would be no "I owe my soul to the Company Store" type situations. However, I prefer small towns, and I also prefer to have a say in who is around me and my family. No matter what though, I would not be the known owner of anything, just another employee. First order of investment though would be in a transportation company of some sort (depending on location). Best to have vested interest in the business that I'd be using for transporting employees and families.