If I Had a Million Dollars
I've got a ticket for tonight's Mega Millions drawing, so naturally, I'm thinking about what I would do with my winnings. The jackpot is something like $51 million, with a cash payout of $32 million. I would certainly take the cash payout, because why would I want the state to hold onto my money and pay me over 20 years? I can't even be certain at this point that the state will be solvent long enough to pay out the pension I earned from them, so I am for sure taking the cash.
$32 million. Half of that, let's say, goes to taxes.
$16 million. Now, if I won, say, $50 thousand in the lottery, I would keep it all and use it. But by prior agreement, a big lottery prize gets split with my sister, right down the middle.
$8 million. At this point, I get some really good money manager who understands how to deal with this magnitude of money. I arrange for $2 million to be put in accounts for each of my kids. (Lucky me, I have two kids. My sister has four to split hers up for.) Leaving me with
$4 million. Dollars. American.
I think if I put aside $1 million into whatever banking mechanism the financial advisor tells us to, that should generate enough income for us to live nicely for the next 20 to 30 years, assuming that we even live that long. Not that I understand finances in any way, shape, or form, but I think that should do it.
$1 million for a new house and whatever goes into it. Maybe toss in some more if we want to put in solar power and all kinds of other green technology. And I would really, really like some way to heat the sidewalks and driveway so that the Hubs never has to shovel snow again as long as he lives. If that technology doesn't exist -- and I'm pretty sure it does -- we'll invent it or figure it out. I really want that. And the new house will also have a well-designed and fenced yard so I can get a DOG.
$2 million left. Or let's even say $1.5 million.
$1 million to give away. I have two local charities in particular in mind, one an excellent children's cancer hospital and the other a soup kitchen/homeless shelter/training center. That leaves
$.5 million. For incidentals. You know, pay off current outstanding stuff, get a couple of new cars, take a trip or two, have a really big party for anyone I've ever known. Hire someone to clean out my basement.
*sigh*
I love your idea of the heated sidewalk! I would also be very keen to know what your eco-friendly house would be like. I'm hoping you could spare a few dollars to come visit! Well, wherever I am (no I'm not stressing about the move in a week and a half NO I AM NOT! *dies*).
ReplyDeleteIf it ever happens, call me first. Before you tell anyone. Seriously. I've been through something similar, and I've got loads of good advice, and I wouldn't even charge you a penny, I'd do it because I care about you.
ReplyDeleteHonestly, I wouldn't wish it on anyone. For real. A small jackpot like $100K is grand, but the big bucks just screw up your life. Been there, done that, got the T-shirt, and they took it back when I couldn't pay for maintaining it.
It's interesting how some of us can be perfectly happy with the smaller amounts. I ask any high-paid CEO, how is, say, $9-million really worse than $10-million? Couldn't you use part of it to improve the world and still be comfortable?
ReplyDeleteThere's a flaw in people's thinking, and I can't fix it!