The thought of winning the lottery always brings a smile to my face. I love to dream of winning the big one, and how I would live life and spend all the $. And this gives me something to write about to keep forums active.
Be honest and share how you would spend your big winnings.
The hardest question is how much to give away to friends and family, you have to budget it so you aren't giving away too much, but you want to give enough away to really make their lives easier.
So for $ sake, lets say the lottery is $10 MILLION after taxes. I would say 2 million could be given away and that would be sufficient, but it also depends on how many friends/family you have to give away to. I figure an estimate of 30 people to give money to. So that is only a bit over $65,000.00 each person which isn't much at all, but at least it would be a huge help t waht they want to spend it towards. My parents, I think I would give $500k to, so 2.5 million given away I guess.
Now for the other 7.5 million, I would say 3 million towards a house, and another 1.5 million towards vacation homes.
That leaves 3 million, another million to all the entertainment. This includes automobiles, which would include a kick ass camper, a pimped out SUV, an original Hummer for offroading, 3 sports cars for daily driving, and a luxury car. A boat or two for the waterfront house. Build a LAN center with all high tech video games, golf simulations, and 10 computers maybe for LANing. A movie theater, bowling alley, arcades, pool tables, ping pong tables all for the house. So yea, maybe like 2 million to that lol.
Now that just leaves $1 million for investing... hmm. I am not a big fan of stocks. I would probably buy a golf course, maybe cut spending elsewhere, and build a golf course. Not sure the costs there, I am thinking 2.5 million. But that would be a decent source of income, and a fun job for me to have to keep me busy.
Never really know what I would do until I actually won, but I think the above would be a base start. Would probably be a lot more wise on saving thought if it came down to it. Plus there are all the extras of going out, gas, insurance, taxes, advisors, etc that would need an extra side million to cover.
I would definitely just take a few years off though and explore the world, probably most trips with you guys, all expenses paid.
In the end, $10 million doesnt go as far as you'd expect. Could be easy to spend all that in 5 years lol. WOuld definitely have to be smart about it. With my office pool, we would only really end up with 3 million after a $270 million jackpot. so that would go even less. Mostly just towards a home, a few cars and entertainment, and a home-business of choice.