Author Topic: How would you live if you hit a 100 mill lottery?  (Read 15463 times)

frugalmom

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Re: How would you live if you hit a 100 mill lottery?
« Reply #100 on: July 05, 2018, 12:56:48 PM »
Hire a bitch ass trust and tax lawyer

Quit my job to hang out with my daughter more

Probably pull her out of school for a full year to travel (2nd or 3rd  grade I can homeschool)

Buy a new pair of jeans.

Maybe a summer home.

Share a bunch of $$ with my friends.  I am probably all good on new friends for a while too....

I'd still use coupons when I went out to dinner---I'd probably tip better now--not that I'm a bad tipper, but I could be more financially rewarding to those who provided good service

Hire a cleaning service occasionally 3-4 times a year to do stuff I don't want to do

Put new insulation in the house ceiling and maybe redo my 1980's style kitchen---maybe

Undecided

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Re: How would you live if you hit a 100 mill lottery?
« Reply #101 on: July 05, 2018, 03:56:44 PM »
Hire a bitch ass trust and tax lawyer

Pretty sure you've misunderstood the modifier "bitch ass."

Lmoot

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Re: How would you live if you hit a 100 mill lottery?
« Reply #102 on: July 05, 2018, 04:05:38 PM »
Hire a bitch ass trust and tax lawyer

Pretty sure you've misunderstood the modifier "bitch ass."

Yeah, bitch ass is bad. Perhaps bitchiní is more fitting, although from a different era.

Hedge_87

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Re: How would you live if you hit a 100 mill lottery?
« Reply #103 on: July 09, 2018, 11:52:40 AM »
I would spend a little time finding where the absolute bare minimum work required to keep my job is lol.

After being fired I would spend sometime traveling and doing whatever the hell I want for a little while.

Then I would like to set up or help a foundation that already exists that helps gets kids outside of the house and closer to nature. I can't stand seeing so many kids glued to screens all day.

I am sure I would buy a few toys but I don't want to have to take care of much more stuff than I do now. Probably would drive the same 20 year old pickup and do all maintenance work myself.

MrUpwardlyMobile

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Re: How would you live if you hit a 100 mill lottery?
« Reply #104 on: July 09, 2018, 10:04:56 PM »

frugalmom

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Re: How would you live if you hit a 100 mill lottery?
« Reply #105 on: July 09, 2018, 10:16:40 PM »
Hire a bitch ass trust and tax lawyer

Pretty sure you've misunderstood the modifier "bitch ass."

Pretty certain in the neighborhood I grew up in bitch ass was an extremely good thing.  Thanks for attempting to correct me. 

I could teach you some more of the local lexicon; but likely youíd try and correct me. Itís not likely youíd need to learn the lingoóthe hood lacks all refinement. 

boarder42

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Re: How would you live if you hit a 100 mill lottery?
« Reply #106 on: July 10, 2018, 05:59:37 AM »
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.

This post belongs more in the Antimustachian wall of shame than anywhere else.

Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.

agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

TravelStache

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Re: How would you live if you hit a 100 mill lottery?
« Reply #107 on: July 10, 2018, 01:28:53 PM »
As a bitch ass trust and tax lawyer who is employed by a family with significant wealth, I found this thread to be quite interesting.  One thing I never appreciated until I was exposed to it is the responsibility that comes with great wealth.  Even if you are going to give it all away, it takes a an amazing amount of work to ensure that you are making the biggest impact with your donation and understand the ripple effect of your gift.

Raymond Reddington

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Re: How would you live if you hit a 100 mill lottery?
« Reply #108 on: July 10, 2018, 01:56:03 PM »
it's nice to fantasize sometimes, so here's my stab at a 15 point plan:

1-retire right now
2-take the lump sum, so assuming taxes take half, 50 million.
3-invest 40 million in the market in various endeavors (stock market, REITs, bonds) so that we can live very well on just the yield of the investments alone and continue to grow our incomes each year. (#80PercentSavingsRateLOL) -10M left
4-pay off the mortgage right now and finish renovations to the house (approx 500K) (9.5M left)
5-buy parents a condo or house of up to 500K so slash their retirement housing expense to zero (9M left)
6-re-evaluate whether we want to stay in NYC, and either sell the recently renovated house or double down on living here long term. If we stay, eventually use 5M to buy commercial real estate nearby and open a brewpub here (this includes operating expenses for the first few months until we get up and running). if we don't stay, evaluate doing same in the new locale. (3.5M for real estate, 1M for renovations/brewery equipment, 500K for various business expenses until we start generating income) (4M left)
7-send my wife to the grad school program she wants (100K) (3.9M left)
8-join an intramural type softball or baseball league (negligible)
9-also join a recreational ice hockey league at a rink nearby (a few hundred dollars) - that covers my physical activity for the year
10-consider buying a rental property (or two) in our neighborhood, and (if staying in NYC) consider doing a lease to own type arrangement with the one friend that hasn't moved out of NYC yet and wants to own property (1M max, if two properties, otherwise likely closer to 400-500K). if no to actual income properties, put this money in REITs. (2.9M - 3.9M left)
11-have a kid or two
12-run for the board of directors for 1-2 causes dear to me.
13-give back significantly to my tuition free high school which relies on donations to provide a quality education for students based on merit. (comes out of passive income until I start getting older and trying actively to reduce my wealth)
14-get involved with the neighborhood associations wherever I settle down, to try to continuously improve/maintain the neighborhood.
15-leave the remainder in a combination of 1 year CD's (while rates are trending up) and high yield savings/checking accounts for liquidity should anything else come up (2.9 - 3.9M)
« Last Edit: July 23, 2018, 01:14:25 PM by Raymond Reddington »

Kay-Ell

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Re: How would you live if you hit a 100 mill lottery?
« Reply #109 on: July 10, 2018, 02:04:43 PM »
I'd probably skim 5m off of the top to serve as my own ongoing extravagant income, source of ongoing personal donations/gifts, and the inheritance for my child.  For the rest, I'd probably split it into two buckets.  Investment income from one bucket to be used to help friends, family, and other individuals who I see potential in or feel compassion towards.  Things like paying for children's college, wiping out student loans, paying off houses, seed money for impactful business ideas, covering ridiculously high medical expenses, seeking out those who will do amazing things with financial independence and helping them toward that goal.  The second half would be used to design and build urban, multi-unit, sustainable housig projects in big cities.

dogboyslim

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Re: How would you live if you hit a 100 mill lottery?
« Reply #110 on: July 10, 2018, 02:23:37 PM »
I'll assume 100M after taxes.

1. Hire an attorney and figure out how to keep my name as hidden as possible since I'm not in KS or ND.
2. figure out how to pay for an aid to help my mother take care of my dad without it being obvious I won the lottery
3. <SHHHH!!!>
4. The first rule of lottery club is don't talk about lottery club!

After I've reasonably disappeared off everyone's radar, I'll buy a cruising sailboat and do the great circle, and I'll ride my bike across the US.  Then travel with my kids.  I can do all that on much less than $4m a year, so I'll donate a good deal of it also.

MrUpwardlyMobile

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Re: How would you live if you hit a 100 mill lottery?
« Reply #111 on: July 10, 2018, 02:53:26 PM »
Quietly.
This...but in a castle....

Isnít that your plan anyway?

Yes it is!  Lol it would just accelerate my existing long term plan to right away.

ysette9

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Re: How would you live if you hit a 100 mill lottery?
« Reply #112 on: July 10, 2018, 03:09:55 PM »
Buy some politicians to try to fix some of the dumb things they (both parties) are doing:

1) Term limits
2) Universal Healthcare
3) Green/Renewable Energy
4) Parental Leave Policy
5) Universal Basic Income
6) etc...
Ding ding! We have a winner!

elliha

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Re: How would you live if you hit a 100 mill lottery?
« Reply #113 on: July 10, 2018, 03:47:41 PM »
1. Quit my job.
2. Go to a day spa with my closest friend and start discussing our 40th birthday trip that we dreamif she would want to us to buy her an apartment in our town so she doesn't have to be lonely and she can have one in the middle of town so she can go to the shops without a car and without worries of doing.
3. Build a nice eco-friendly house on some land outside the town but within decent biking distance. Make the house real nice with little nooks and built in book shelves and other things I like and use good quality materials. I still would not want an unusually large house or have a lot of gadgets and such but a nice well-built beautiful house.
4. Buy MIL a flat in our town and include a little cabin for her on our land where she can come and stay for the night. Nope, I don't want her living there all the time but still give her a chance of being with us often.
5. Let my husband have his dream garage with a workshop and plenty of room for stupid veteran cars and mopeds. I would let him buy as many as he can fit into the garage and get us a nice family car too provided that one is as eco-friendly as possible. The veteran cars will not be eco-friendly but if they are only driven from time to time I am OK with that.
6. Set up some arrangement for my kids. One payment when they finish high school and an offer to pay them the same as a government loan if they go to university or any other school that may generate a job. Explain that when they turn 30 they may get more money but that will be if I can see that they are not pissing away their lives, they can make a living for themselves and that they are good people. If not they get to wait until I am dead.
7. Set up another protected arrangement for any grandchildren that may come. This will not be accessible for the parents and if there are no grandchildren this will be donated.
8. Get the perfect purse. I would get one tailored to my needs as I never find one that I like 100%.
9. Go on a trip with my husband wherever he wants to go. I assume some country with nice cars, beer and sausage if I know him.
10. Donate most of the money to charity. Clean water, education, health care, support for women, research for diseases that mainly affect poor people that are not profitable enough to find a cure for now etc.

These are the 10 things I can come up with now, ask me another day and I would give a different answer.

boarder42

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Re: How would you live if you hit a 100 mill lottery?
« Reply #114 on: July 10, 2018, 05:19:00 PM »
Buy some politicians to try to fix some of the dumb things they (both parties) are doing:

1) Term limits
2) Universal Healthcare
3) Green/Renewable Energy
4) Parental Leave Policy
5) Universal Basic Income
6) etc...
Ding ding! We have a winner!

There we go that's a great answer

KBecks

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Re: How would you live if you hit a 100 mill lottery?
« Reply #115 on: July 10, 2018, 09:03:55 PM »
I would either keep my house, pay it off and remodel, or buy a nicer house but not crazy, secure and private, maybe on a lake.

I might buy a second vacation home, or go to a lot of really nice vacation homes that other people own.

I would buy more theater tickets and go to many more shows and even concerts.

I would get a nice little BMW sporty car thing and maybe even a schmancy SUV thing.

I might get and board a horse somewhere.

I would also do some sort of improved schooling for my kids.  Maybe a helper to give them more enrichment.  Maybe help with cooking and meals.

We would do more travel.

EscapeVelocity2020

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Re: How would you live if you hit a 100 mill lottery?
« Reply #116 on: July 10, 2018, 11:09:57 PM »
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.

This post belongs more in the Antimustachian wall of shame than anywhere else.

Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.

agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

I'm interested in the part that I bolded.  I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.

On the flip side, there is this YouTube video where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue.  Especially starting at this point in the clip...

I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.

Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy...  Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.

Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.

matchewed

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Re: How would you live if you hit a 100 mill lottery?
« Reply #117 on: July 11, 2018, 06:43:09 AM »
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.

This post belongs more in the Antimustachian wall of shame than anywhere else.

Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.

agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

I'm interested in the part that I bolded.  I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.

On the flip side, there is this YouTube video where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue.  Especially starting at this point in the clip...

I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.

Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy...  Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.

Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.

So you're lumping a great many things together. There is a world of difference between

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

And living a normal American standard of living which is already filled to the brim with excess.

Stoicism involves recognition that the things around us are impermanent and therefore fleeting and not what should make us happy. This does not require a person to reject luxury, just a recognition that it is easily taken away. That is different from asceticism which is a rejection of physical pleasures in order to obtain some spiritual goal, this is something you seem to be interpreting.

Furthermore let's not equate the internet with electricity and plumbing.

And now we maintain the illusion that living an extravagant lifestyle = dreaming big.

Blech.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #118 on: July 11, 2018, 07:01:31 AM »
Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.

I would much rather dream big about the ways I could make my city and the world a better place through carefully selected charitable enterprises, than "dream big" about a too-big house, paying people to cook all my meals (that sounds awful, actually, since cooking is one of my favorite hobbies), shopping at the mall every week (!!!) - basically all things that would make me significantly less happy, not more.  The whole point of this site is to live your best life, and the fact that best =/= expensive.

We've got to stop buying in to the notion that more money is always better because then you can buy more things.  Isn't our main goal here learning how much is "enough," and stopping there?  100 mill is so so much more than enough, there's nothing I could buy with it that would make my life better than if I had 5 mill.

Jouer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #119 on: July 11, 2018, 07:03:56 AM »
Quote
Quote
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

I'm interested in the part that I bolded.  I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.


I don't have the research in front of me but basically people were asked to rate their level of happiness and also their income levels. The results were that after a certain base level of income, I think it was $70k, there was no extra level of happiness self-reported.

Lots wrong with the research but it is meant to show that once you have enough money, having more won't increase your level of happiness.

talltexan

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Re: How would you live if you hit a 100 mill lottery?
« Reply #120 on: July 11, 2018, 07:08:25 AM »
I notice a lot of people are posting that they'd "Pay off the mortgages" of close friends. Your close friends probably have great, low rates on houses they bought within the past seven years. Or they might also have high loan balances because they've continuously cash-out-refi'd to support opulent lifestyles.

Instead offer to match the existing equity in their homes. That way, you're rewarding the ones who paid down debt the fastest based on an arbitrary measure that they couldn't possibly have gamed. And what fun is there in being super-rich if you cannot do this arbitrary kind of thing?

EscapeVelocity2020

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Re: How would you live if you hit a 100 mill lottery?
« Reply #121 on: July 11, 2018, 08:28:39 AM »
@matchewed Yes I'm lumping things together, but how do you separate having high speed internet from living in a modern abundant world?  Sure, you don't need $100M or a mansion to enjoy internet connectivity, but it also is a signal as to how people (on this site even) are wedded to some pretty ridiculous wants that aren't needs.  I basically agree that beyond a certain level of consumption, there are vastly diminishing returns.  I also don't think there is 'statistical proof' that having too much money and being able to consume as you please is, in and of itself, a problem.

Quote
This is anecdotal, but the most miserable people I've ever met are also the most wealthy. Extreme wealth seems to really fuck people up on average.

Again, I don't agree 'on average', that wealthy people are screwed up.  There are plenty of examples of folks that are screwed up that a poor, and well publicized examples of extremely rich that screw up, but lots of top 10% people that are just living great lives out of the lime light.

On one hand, I certainly agree that extreme wealth is not necessary to enjoy the good life, I'm just calling attention to the somewhat disproven fact (by general society) that having wealth makes you miserable.  I think we are conflating anecdotes and personal bias with the 'working a crap job to live a high consumption lifestyle makes people miserable'.  If you make smart choices and feel like your 100M windfall is making the world better (and you don't have to worry about money either way), then a lot of the answers I've read on both sides of the spending spectrum have been valid, not just the 'live on 25k and ignore the 100M extra' is the only right answer.

[edit for clarity and to add] It's a great discussion and one I wish more people were having.  Watching things like 'The Magic Pill', modern society and abundance definitely comes with unrealized pitfalls.  Balance and independent thinking are important and modern life seems hell bent on stripping away the middle and overly romanticizing the extremes.
« Last Edit: July 11, 2018, 08:37:13 AM by EscapeVelocity2020 »

matchewed

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Re: How would you live if you hit a 100 mill lottery?
« Reply #122 on: July 11, 2018, 09:02:54 AM »
Internet!=plumbing and electrical was more my point. I can divorce those things in my mind quite easily and am surprised that you seem to have difficulty doing so as well.

WSUCoug1994

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Re: How would you live if you hit a 100 mill lottery?
« Reply #123 on: July 11, 2018, 09:32:37 AM »
pay off mortgage
quit job
fund education
hire chef
hire trainer
slow travel
return to flying
invest to fund aggressive giving.

Samuel

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Re: How would you live if you hit a 100 mill lottery?
« Reply #124 on: July 11, 2018, 10:34:58 AM »
Immediately quit. Confide in close family and a couple good friends, then distribute a million or two to each of them. Global slow travel for a year or two or three (flying out friends and family to join for stretches) before returning home and buying a condo downtown and a modest house on a little property in the mountains (or perhaps islands). Split time between skill building/hobby indulging (language study, music study, more scuba certs and perhaps learn to fly, etc) and some more extended travel adventures (RV'ing national parks, sailing the Caribbean, PCT hike, etc). I'm not too into stuff but I'd dress a notch or two better (paying someone to figure that out for me) and have some very nice cameras, guitars, and cooking equipment. Hopefully somewhere along the line find a level headed lady with a heart of gold who doesn't bat an eye when I finally reveal I'm not just a just an early retired mid life semi-vagabond but a wildly rich one. After a few years of self and family/friend indulgence I'm sure I'd turn my attention to effectively putting much of the money to work in charitable and ethical for profit ways.

Pretty par for course, it seems.
« Last Edit: July 11, 2018, 10:42:47 AM by Samuel »

seattlecyclone

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Re: How would you live if you hit a 100 mill lottery?
« Reply #125 on: July 11, 2018, 11:40:32 AM »
I'd probably accelerate my FIRE plans by a few months, but otherwise live about the same as I do today. I might dabble in real estate development, buying up some properties and redeveloping them to make the neighborhood a better place without much regard for whether or not it's profitable.

mak1277

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Re: How would you live if you hit a 100 mill lottery?
« Reply #126 on: July 11, 2018, 11:45:04 AM »
I would conduct a thorough experiment on how much fun I could have in Las Vegas on $10 million.

martyconlonontherun

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Re: How would you live if you hit a 100 mill lottery?
« Reply #127 on: July 11, 2018, 11:45:29 AM »
Definitely not living a mustachian lifestyle. That only appeals to me so that I can be financial independent. No point in being frugal if you are FIRE by default.

Probably buy a 5m house, hire a live-in maid and cook, and budget a $200k a year for travel. Extravagant cars and high-end luxuries wouldn't appeal to me but would probably spend another $100k hosting dinner parties/cocktail parties basically 2x a month when I'm in town. Build huge social networks.

Offer 10-20 friends/family some agreed-upon 'buy-out' package where I would buy/rent properties close to my house give them a $200k/yr stipend renewable at 5 year intervals. Where they would be (for a lack of better word) part of my entourage to hang out and travel together.  Yes, they would be leeching off me but i would be able to afford it and it would be way better than being rich and bored.

All of the above would be around the 4% rule or less. Figure the remaining money would grow fast enough that I would be able to make large endowments after I die.

EscapeVelocity2020

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Re: How would you live if you hit a 100 mill lottery?
« Reply #128 on: July 11, 2018, 11:49:23 AM »
Never said I don't have big dreams. Its just that my dreams wouldn't involve spending that money on myself on consumerist stuff that wouldn't enhance my life (already able to do everything I want) but rather donating it to causes near and dear to my heart.

And I don't have internet at home and haven't for years and have managed to survive (and perhaps thrive). But take away my flush toilet and running water and there will be tears ;-)

ETA I know you never believe me @EscapeVelocity when I say I'm happy, content and full filled by my life even if I don't spend much. But I am. There was nothing on this thread that I even.remotely long for or would want. Nothing.  Its Weds. I'm on a pretty beach about to play some volleyball or maybe surf or ride my bike or maybe do nothing. I'm on my cheap ass Tracfone using data to talk to you. Maybe its boring to you and others but honestly its what I want to do and no fleet of chauffeur driven Ferraris compares imho. So giving that money to charities I'm involved in seems like a better use to me. Sorry to be Sparty the party pooper!

@spartana I do believe you about the part I bolded, yours was just the one post I recalled when I was thinking of an example of a response that basically said nothing would change given an extra 100M.  Also definitely think the lifestyle you describe sounds like a lot of fun!

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Re: How would you live if you hit a 100 mill lottery?
« Reply #129 on: July 11, 2018, 02:09:17 PM »
This thread has helped me think of some things that I can do now that aren't that crazy expensive.  I said I would have more theater tickets.  That's not that extravagant and something I can plan to do right now that would make my life a little richer.  I might not buy a lake home but I can plan to rent a nice lake home once in a while, etc.  I said I would improve my kids' education, I can work on improving their education now in ways that don't take a lot of cash...

the_fixer

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Re: How would you live if you hit a 100 mill lottery?
« Reply #130 on: July 11, 2018, 04:02:28 PM »
When people at work start talking about winning / playing the lottery I really do not have much to add. I do not play it and know I would be better off not winning it so really have no desire to win it.

However what would I do? I would put money into a fund that would provide education assistance to my family that would hopefully grow and last forever. My hope would be that I could create a legacy and lift multiple generations. I would put conditions on it such as GPA but allow trade schools as well as traditional.

Would buy houses for myself, mom, sisters and FIL in the same town so we can be near each other.

Would buy a new truck for my mom


Would travel doing environmental projects and charity work to help communities in poor countries. Such as building Wells, schools, disaster relief, reef restoration, STEM classes and animal causes.

We already have everything we need the above mentioned items would just be icing on the cake.

Sent from my Pixel 2 XL using Tapatalk
« Last Edit: July 11, 2018, 04:50:39 PM by the_fixer »

SachaFiscal

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Re: How would you live if you hit a 100 mill lottery?
« Reply #131 on: July 11, 2018, 04:25:54 PM »
This is a fun topic! I have fantasized about winning the lottery but would rather win a smaller amount because itís less hassle figuring out what to do with it. But if I did win that much I would:

- probably have to buy a Ferrari for my man
- pay off the mortgage
- travel around the world
- buy some properties near our families
- college funds for nieces and nephews
- take my best girlfriends on a fabulous European vacation
- set a good portion aside which will cover retirement at a 2% withdrawal
- have to convince my man not to buy a jet and instead put the rest of the money in a charitable trust


FallenTimber

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Re: How would you live if you hit a 100 mill lottery?
« Reply #132 on: July 11, 2018, 05:01:57 PM »
Just chiming in to say, I feel like @Malkynn hit the nail on the head here.

teetootoo

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Re: How would you live if you hit a 100 mill lottery?
« Reply #133 on: July 11, 2018, 06:28:30 PM »
Take care of the family members from both sides.

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Re: How would you live if you hit a 100 mill lottery?
« Reply #134 on: July 11, 2018, 11:17:47 PM »
ETA: I'm also not talking top 10%, that strata is packed with people whom most would not consider ultra wealthy


Here's a calculator to determine net worth percentile in the USA by age.   You might be surprised what the top 10% in net worth actually is.

https://www.shnugi.com/networth-percentile-calculator


GuitarBrian

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Re: How would you live if you hit a 100 mill lottery?
« Reply #135 on: July 12, 2018, 12:21:16 AM »
I, like a lot of people on this forum, already have an amazing life. I can't speak for everyone, but I buy anything I *want* already...

But, ever since I was a teenager, the 100 million number has been my day dream. I like the sound of it, and with the current value of the dollar, it is a ton of money.

I don't think I would buy much property. I would just rent, a Malibu beach house, a mountain estate.. maybe, if I found a place I REALLY love, I'd buy something, but then, it would impact my life when I wasn't using it... so probably not. It is easy to check Airbnb/VRBO/etc and rent an amazing place... Dealing with a property? No thanks. Same with cars, I would love a Bugatti.. but honestly? Probably only for a month...

I would also buy a bigger sailboat. A large catamaran, or trimaran. Not so much money that I would worry about it, say 250k... (which I could buy now, but it would represent too much of my net worth) So can visit places that are hard to get to. Cliperton is my goal, I am going to get there without the money, but it won't be comfortable :)

I don't think my life would improve much, honestly.

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Re: How would you live if you hit a 100 mill lottery?
« Reply #136 on: July 12, 2018, 01:35:45 AM »
Same here,

I would travel everywhere business class (First is just a bad deal) and rather than doing all the trip planning we would hire somebody to do it for us.

Maintaining the yard?.. Forget that. The rental trailer house?.. I'd take $10,000 in cash and tell the renters to not be there by the end of the week..:)

I'd take more adventure trips for sure.

Might buy a light jet.. But then probably not.. Flying yourself is a bit of a PITA to be honest.

mrmoonymartian

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Re: How would you live if you hit a 100 mill lottery?
« Reply #137 on: July 12, 2018, 03:41:17 AM »
I would be researching sea-worthy yachts, sailing lessons and tips on perpetually sailing the world before the money even hit the bank.

Cranky

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Re: How would you live if you hit a 100 mill lottery?
« Reply #138 on: July 12, 2018, 05:55:52 AM »
When I say that I really donít want to change my life, Iím not thinking small, itís that I honestly love the life I have, and it doesnít take millions of dollars to have that.

Of course I could spend money! So much stuff! But it seems like a lot of bother.

And Iím not living in a cave or something - Iím currently sitting in a resort, on a vacation for or whole family that weíve treated them to, watching 2yo grandson while his parents sleep. (And more sleep seems to be their #1 dream!)

Anon in Alaska

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Re: How would you live if you hit a 100 mill lottery?
« Reply #139 on: July 12, 2018, 06:10:54 AM »
I would quit my job.

I would get stomach reduction surgery done and hire a personal trainer to make me exercise to get down to a healthier weight. I would get shoulder replacement surgery so that I was not in pain every moment.

I would buy a piece of property large enough that I could not hear other people in the center of it. I would have a medium sized monolithic dome house built on it. I would hire people to deal with it. I would stay in it most of the time, occasionally going on trips.

dashuk

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Re: How would you live if you hit a 100 mill lottery?
« Reply #140 on: July 12, 2018, 08:04:52 AM »
I would much rather dream big about the ways I could make my city and the world a better place through carefully selected charitable enterprises, than "dream big" about a too-big house, paying people to cook all my meals (that sounds awful, actually, since cooking is one of my favorite hobbies), shopping at the mall every week (!!!) - basically all things that would make me significantly less happy, not more.  The whole point of this site is to live your best life, and the fact that best =/= expensive.

So much this. Buying yourself shiny shit seems pretty unambitious to me (unless your ambition is to turn yourself into even more of an environmental catastrophe than the average American/Western European).

Sure, I'd pull the trigger on a few capital intensive things that we're currently holding off on - putting enough solar PV and storage into the house to be more or less self sufficient, seeing how far it could be pushed towards Passivhaus levels of thermal efficiency, extending a little to prepare for the space the kids might 'need' as teenagers.

I'd probably get rid of the car, because we'd no longer be balancing frugality against environmentalism in the stupid situation where it's cheaper to own a car for a whole year than to either hire or take the train for a handful of family trips. Same for travel - we'd have time and budget to cross Europe by rail.

Something like a million GBP in the bank would cover that and the rest of our lifestyle indefinitely with plenty of headroom.

But then just start to dream...

- Our neighbourhood politics is dominated by an argument over plans for a supermarket on the high street on what is currently a church and a pub. Church wants to sell up so they can build bigger and better on a cheaper site, Residents Assoc is massively opposed because they're pissed about the pub. I'm indifferent-to-slightly-against the supermarket, but mostly frustrated because it's basically impossible to get anything else on the local agenda. Given a crapton of money I could just buy the damn land and maybe build something with real community value, then we could all move on to more pressing issues (except supermarket MegaCorp, but screw them).

- Our local library is on the verge of closure because the city council is broke. Its (the library, not the council) operating budget is maybe a few hundred k per year.

- I can think of several places where poor planning decisions have led to problems with foot/cycle permeability (and hence people driving everywhere), but this could be fixed by giving homeowners ridiculous cash offers to cede a few metres of garden to the city.

 - I could bankroll the renewable energy R&D programme that I've been working on for the last couple of years but which we didn't get the next round of government funding for. Hell, I might even fund it anonymously and just stay in my job to work on it.

I could go on. The tricky thing would be balancing what I put into these things against the valid case for throwing it all at Givewell/Effective Altruism.

Milizard

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Re: How would you live if you hit a 100 mill lottery?
« Reply #141 on: July 12, 2018, 09:45:52 AM »
I like to think about this from time to time, and my thoughts have gone from more generous to less over the years, as people and organizations have revealed themselves more.  My plans are more or less the same for a smaller vs. larger win.
Numbered, but not necessarily in order:
1. Stay anonymous as much as possible.  DH quits his job, of course.
2. Sharing with family in the case of a larger win:
2x the yearly gift limit to each of parents/siblings for DH and I.  Since I recently lost 2 on my side, their shares will be split between their children/siblings' families.  If they bitch about this not being enough, a one time gift of $1M, and they will be done forever.
3. Sharing with organizations: nominal donation to my church.  If they had been more supportive when I needed it, this would have been much larger.
With a larger win, I would create my own charity org, demolishing old dilapidated houses in the poor parts of town and planting trees.
4. Complete all desired renovations on my current home,  and remain for a few years as this is the ideal place for young children.  Plan to build a larger, custom home in the future, as that has been my life-long dream.
5. Go on long overdue vacations with my family. With bigger win, fund extended family vacations as well. Maybe buy a 5th wheel and truck to pull it for easier camping trips with yoing children.
6. Buy a new Odyssey or Sienna in color of my choice. New car for DH if he doesn't want to drive the truck all of the time.
7. Figure out what the heck is wrong with DH's hip.  Maybe my shoulder too.
8. Get back to exercising nearly every day.  Focus more on cooking healthy food.
9. Learn how to have fun again. Maybe get a boat once kids learn to swim really well.
10. Probably get some things done like laser hair removal on my legs and skin resurfacing for some acne scars.  They're not terrible,  but why not?
11. Completely declutter my home. It would be so much easier knowing that I could easily replace anything I needed later.  Plenty of money for new clothes, too, so why hang on to the old ones?

So  you might wonder why I'm not sharing more with family. I don't want to ruin their lives, and remove all their drive to support themselves.  I think that amount will boost their SOL without making them too dependant on me.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #142 on: July 12, 2018, 10:12:10 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #143 on: July 12, 2018, 10:18:19 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

It depends on the magnitude of the gift, and the status of the family currently. 

For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke. 

However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc.  $1M would allow things like paying off a mortgage and funding their kids' college educations. 

There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone." 

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #144 on: July 12, 2018, 10:22:39 AM »
So much this. Buying yourself shiny shit seems pretty unambitious to me

For me, a lot of what I'd be interested in places, and that's what drives the cost. 

I'd be happy to live in a $250k 4/3 house on the coast of Hawaii, but that turns a $250k house into a $3.25-5.25M house purely based on the value of the lot.  IOW, the HOUSE doesn't need to be fancy, but the spot where it would be put would be very fancy, and that's what drives the resulting cost.  I agree, a $5M 10,000sq ft house has no appeal, but a $5M 2500sq ft house might have a ton of appeal pending where it is situated.

Raymond Reddington

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Re: How would you live if you hit a 100 mill lottery?
« Reply #145 on: July 12, 2018, 10:32:01 AM »
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.

It depends on the magnitude of the gift, and the status of the family currently. 

For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke. 

However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc.  $1M would allow things like paying off a mortgage and funding their kids' college educations. 

There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone."

I think it depends. No one appreciates the value of money without a struggle. In this regard, trusts that require certain conditions be met (one of which should be age), can be very beneficial as it can force an heir to earn their keep on their own before they are just gifted an inheritance.

However, I believe in meritocracy, and that NO ONE should ever inherit so much wealth that they do not need to work. So if I truly was that rich, the goal would actually be to give most of it away, and leave money in trust for any heirs, with stipulations that need to be met for them to have the money. The trust needs to also be managed in such a way that the heirs don't learn the actual market value of their inheritance until it is due to them, so they operate with no safety net for a few years and learn fiscal responsibility.

effigy98

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Re: How would you live if you hit a 100 mill lottery?
« Reply #146 on: July 12, 2018, 06:48:18 PM »
Huge chunk of land, build a compound with a fancy house, create a school on part of it for underprivileged kids (free for them) that teach real world trade skills like coding and FI of course so they can get (and stay) out of poverty.

Lmoot

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Re: How would you live if you hit a 100 mill lottery?
« Reply #147 on: July 13, 2018, 02:22:10 AM »
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.

This post belongs more in the Antimustachian wall of shame than anywhere else.

Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.

agreed this post is dumb and belongs on the antimustachian wall of shame and comedy.  seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.

I'm interested in the part that I bolded.  I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.

On the flip side, there is this YouTube video where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue.  Especially starting at this point in the clip...

I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.

Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy...  Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.

Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.

Being able to live as you please is certainly enjoyable, but spending more isn't necessarily more enjoyable.

This is anecdotal, but the most miserable people I've ever met are also the most wealthy. Extreme wealth seems to really fuck people up on average.

First, every increment of luxury costs radically and disproportionately more than the added level of experience it provides. It leaves a lot of luxury experiences feeling mediocre and crappy. Not a lot of it lives up to the hype compared to more reasonably priced alternatives, and people with money tend to hate wasting money. I often say that I'm not cheap, I'm just a snob about spending, and after having experienced a lot of luxuries, most are disappointing relative to the cost. I remember my first experiences with first class travel, private clubs, designer shopping and thinking "WTF? This is it??? THIS is what costs 10 times as much?"
I remember buying a $1000 pair of shoes and being so unimpressed that they came in a typical, boring cardboard box like a normal pair of shoes. I expected the experience of buying them to be glamorous and it was just a slightly fancier experience than buying any other shoes.

Second, hedonic adaptation makes it all just feel standard fare and boring. It also exaggerates when things are more mediocre and shitty. It's very hard to tolerate standard diner service when you are used to white glove, private club service. Having access to luxury makes the grind of existence feel that much more grating. Having to stand in line at a government office where there is no prestige line for preferred clients can feel unbearable to those who are used to their wealth providing them a separate standard of service.
Back when I drove a Jaguar, the staff at the dealership used to tell me all about the ridiculous Jaguar owners who would lose it when they had to drive a rental entry-level car whenever their Jag needed work (which was always). Put a Jag owner in a Ford Fiesta and watch what happens. It's pretty funny.

Third, they get stuck circulating with mostly other super wealthy, miserable assholes because non-wealthy people get so weird around them. Their wealth is then even more normalized and doesn't feel at all special. There's always someone richer and makes them say things like "well, we're not really rich, I mean, we don't even have a private plane."
Yes, I've known people worth 50-100M who felt poor and were treated like the poor friend.

Fourth, they fuck up their kids. So so many kids of very wealthy people are royally fucked up. It's unreal. It is so incredibly hard to raise a child with normal mental health in an environment of extreme privilege. Even if they aren't spoiled at all, even if they are made to work for everything they have, they are still raised with society treating them like they are special because of who their parents are. It messes them up. Plus, the chances of them being as successful is next to nothing unless they take over for their parent(s), so parents are stuck with facing that either their kid will have a drastically reduced quality of life from living by their own means, or they will be handed a business/trust fund/inheritance, which is problematic in and of itself. No matter what, all of the options are serious compromises.

Fifth, extended family resent them, use them, manipulate them, etc. They are often not seen as even people who have real feelings.

Sixth, there is SO MUCH responsibility in having that much wealth. Their decisions can make or break lives, communities, businesses, etc. The stress can be utterly crushing and so few people are able to understand it. When people depend on you for their livelihood, your decisions are no longer your own. You can't just do what you want, you need to account for the impact on others.

Overall, as I said in my previous post, whenever I start spending to entertain myself, my life starts feeling more empty and vacuous. It starts feeling pointless and I get existential angst about it. It's when I live frugally that I start challenging myself to live my life fuller, richer, and with more meaning. It's when I look for the fulfillment that can't be simply bought that I find the most satisfying experiences.

Pete lives a way richer life with far more adventure than most spendy people I know.
Ask Spartana what her life is actually like before you judge that what she aspires to isn't enough. You might be surprised.
The people saying that they wouldn't want that much money aren't saying it for lack of imagination or lack of ambition. Most are saying it because they know themselves and hold their lives to a higher standard and know that enormous wealth would erode that.

I've had the privilege of meeting so many amazing, interesting, and extreme people in my life, and I have never once envied the life of anyone ultra wealthy. I have mostly admired and envied the lives of people who have incredible skills, flexible lives full of adventure and who take on challenges that enrich their lives and give them purpose. Yes, a certain amount of wealth is necessary to live this way, but not a lot, just enough to be secure in that they don't need any given job and aren't tied to any given circumstance.

It's the freedom of wealth that helps people live their best lives, beyond that, wealth actually starts stripping life of freedom and placing more restrictions on your decisions.

Wow, that was fascinating to read. I am not wealthy, but I have family overseas in a poor nation, and sometimes I can relate to the feeling of feeling/knowing that a family member is being resentful or manipulative, or wondering if they really like me and want to know how my day is going...or if they're just winding up to asking me to wire money; there are only a few like that, and they were people I was close with as kids, so I still have good enough memories and thoughts of them to deal with it...but in the back of my mind, I know, and it changes some of our interactions.

I've never wanted absurd wealth, for most of the reasons you listed. When I think about the type of house I would live in if I had more wealth, I realize it's very similar to what I can afford now. I like living around a certain mix of people, and I feel you just don't find that in high-income habitats. When I visit my birth country, it's common to have a live-in or nearby maid and cook (for the upper middle class), and while sometimes it's nice I prefer to do things myself as I take pleasure in being involved in the daily "drudgeries", especially in slow village living where there isn't much else to do if you don't have to farm for your own food or cobble out a living.

I live far below my means now, initially because I wanted to save more than 50% of my income so that I could have more options for my future, but even when I allow myself money to spend, there just isn't anything I want to spend it on. I can't imagine why I wouldn't also live far below my needs, with more money. I realize it's time I want. And options, and to help others. Not downing others for whom things bring them pleasure, but unless they are things directly related to my passions NOW, I'm not suddenly going to get a hankering for luxury cars, swimming pools, mansions, 1st class (which would be a waste for me since I get knocked out on meds anyway), and tech toys. I've spent my life moving towards a simpler life, and I'd imagine (hope) I'd continue that trajectory no matter my financial situation.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #148 on: July 15, 2018, 06:02:24 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #149 on: July 15, 2018, 06:26:37 AM »
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.

Of course rich people have things they dream of/wish for.  How about friends who genuinely like you for reasons not related to the money?  How about a partner who is willing to stand by your side through thick and thin?  How about children who make you proud?  How about the satisfaction of completing something difficult all by yourself?  Can you buy those things?

The beauty of it is, the things that are really valuable, we can all have.  Money doesn't make it easier.