I do not have an update on that last post and want to move it down the page a little, so here's a light-hearted post!
Most people know that the Mega Millions is up to some ridiculous amount like $500 Million. That's a crap ton of money. There's a pool at work that I got into and we've been talking all day about how we're going to win! and what will we do?!
So, anytime I pretend I'm winning the lottery, I automatically take 40% off the total for taxes. I'd rather pay the taxes upfront then have to worry about it later. Now I divide that by 20 people in the pool and I figured out that we each get $15 million.
Jeez, I'm not even sure I would know how to spend $15 million.
OBVIOUSLY, the first thing you do is blow a ton in Vegas on hookers & coke.
Kidding! The first thing you do is find yourself an awesome CPA to handle your business for you. Then you figure out the best way to dump 1/2 of it into savings of some kind. At least half, if not more. C & I need to be taken care of when we're old yet.
Then you go about setting up various trusts for the kids so that college is taken care of and they have money when they turn 25 and are automatically responsible. Seeing as how we're still talking about like $7 million, I'd probably set up trusts for my nieces & nephews with maybe just $100,000 in them for school/life.
Here is where things get hard. I'd buy a new house, but nothing too crazy. A lake house with 4-6 bedrooms and bathrooms. I'd stay here in MN. Then we'd buy new cars. Again, nothing crazy, just nice cars. A vacation home somewhere nice (Bahamas or Coasta Rica or something?) and a trip to Europe because we've never been. Hire maid service and trainers to keep us in shape and clean. Buy new clothes.
At this point, I might have blown through half of the $7 mil I gave myself to treat myself.
Of course there are charitible donations to give and we'd pick 1-5 charities to support.
Then comes the decision about working. See, my theory is this: if I don't work at least part time, then I will become bored and want to spend money. And I can't spend all the money! So I think I'd continue to work around 3 days/week at a job where they wouldn't mind so much if I just picked up and ran off to Hawaii for 2 weeks. Or perhaps volunteer a lot. Animal shelters, nursing homes, etc. But something has to fill that time.
Honestly, C & I would probably spend a year traveling before deciding about working. Just seeing the world and what it has to offer.
It's nice to dream, isn't it?