What would you do? (Some Mind Gum Chewing)

Discussion in 'Countryside Families' started by MawKettle, Jan 4, 2007.

  1. MawKettle

    MawKettle What can I screw up 2day?

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    Someone posted earlier today (I think it was SpecialLady) about their son's response to the question "What if you won the lottery?"

    I think it was here in CF.....

    The answers from the boy were sweet and heartfelt (a finely raised boy I might add)...but the question started me thinking....

    WHAT would I do?

    Yikes!!!

    So let's suppose you hit the lotto (not the Powerball - that's just too much to contemplate spending)....let's say you hit for $1,000,000.

    Question #1 - Would you take the lump sum? About $320K after taxes...or would you take the annuity?

    Question #2 - What would you really do with it?

    Well, here are my answers:

    #1 - I would take the lump sum (hey - who knows what the value of $$ will be in 20 years)
    #1 - Eliminate all our debt
    #2 - Find my nirvana property in Idaho and buy it cash money. Build my house, add my livestock and buy plenty of seed for spring.
    #3 - Ensure that my parents were comfortable for the rest of their days
    #4 - Take a walk down to the seediest part of town, stand on the corner and hand out $100 bills to the coldest, hungriest people I could find.

    I know that #4 sounds like a bit of a self serving charity - but my dad always said that this is what he would do if he could...just hand out cash to whoever he felt needed it most - and I've always liked the idea of being an anon benefactor.....

    Don't want any recog for it - just want to do it......and yes, I'm the silly woman who gives the guy at the on ramp to the interstate $1.00 NOT to wash my windows....

    So what would you do?
     
  2. donsgal

    donsgal Nohoa Homestead

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    I have thought about his more than I would care to admit. In fact, spending my Lottery Winnings is my number ONE mental fantasy sport.

    I too would take the lump sum and immediately stick it in the bank so that I could begin drawing interest (even at 4% that is 40,000 a year).

    I would pay off all my debts and get my homestead up and running.

    I would give some of it to a couple of family members who have recently had some bad luck and are stuggling financially to make ends meet.

    I would make some charity donations to Heifer.org, eyefoundationofamerica.com, my local senior center, Meals on Wheels, Best Friends.org, my local animal shelter and Planned Parenthood. All of which are my favorite charities.

    I would take a vacation to coastal Texas.

    I would buy four low mileage 1995 Cadillac Sedan DeVilles (one in blue, black, burgundy and green!) (my favorite car in the whole world if you couldn't tell). I would also buy an old pick up truck and an old tractor for the homestead.

    That would be about it.

    donsgal
     

  3. Beltane

    Beltane Enjoying Four Seasons

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    I would take the lump sum and pay my house off and then help my parents out with their bills. After that, I would probably invest the rest of it in a high return fund and donate the money to adoption groups finding rescued greyhounds homes. If the money I won was for a couple of million ~ I'd buy as many greyhound race tracks as I could and turn them into beautiful parks for everyone to enjoy. :)
     
  4. MorrisonCorner

    MorrisonCorner Mansfield, VT for 200 yrs

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    Isn't that awful... I looked at the figure $320,000 and thought "no way... not enough."

    Let's say I win the 5 million dollar pot.. or $1,600,000 after taxes. The first thing we'd do is upgrade our house. Things like wiring which is vintage very long time ago. My husband wants a Real Barn and a garage with a slab that isn't cracked in dozens of places.

    And then I'd set up a trust which has the sole purpose of funnelling funds to people who need them quietly and annoymously. Imagine how you'd feel if you got a check in the mail for $10,000, no strings attached. How cool would that be?
     
  5. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    I think the math above is wrong if you take the lump sum. :shrug:

    $320,000 invested at 4% per year interest is only $12,800 over the course of a year.

    That's $1,066 per month.

    I'd take the long term pay out and invest as much each year as possible.

    Just my two cents.
     
  6. sullen

    sullen Question Answerer

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    So how many warlords will you be making rich? And for the latter org, do they tell you exactly whom you would be helping get elected? Obama or Hillary?
    (with the exception of Heifer and the local animal shelter thats all you would be doing)
     
  7. Queen Bee

    Queen Bee Well-Known Member Supporter

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    I,too have thought of this --many times. But I always think of the PowerBall--I was taught "IF you are gonna dream, you might as well dream BIG"!!

    --First, I would take the lump sum.
    --Second, write checks for all our bills
    --Third--build a drive into our perfect spot at the farm, build my dream house on that spot--it's not a big or fancy house but our dream house. Build dh a shop/gagarge for all his farm equipement.
    --Fourth--build the perfect barn and chicken coop (not only functioning but pretty ) and hire a trucker to bring in the best livestock I could find: a few of each --Cal Red Sheep, Nubian Goats, Belted Galloway cattle. Chickens--several different breeds.
    --send a check to several Dachshund Rescues in the country.
    --help several local people that we know that are struggling.
    -- and maybe purchase a 1940 (something) candy apple red, Ford pickup--the one w/ the round front--little bed...
    --anything left---I would invest......
     
  8. donsgal

    donsgal Nohoa Homestead

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    Warlords? What am I missing here? I never thought of meals on wheels as helping warlords.

    As for Obama or Hillary - none of that matters to me. Politics is politics and who you vote for (or who is in office) makes precious little difference in the grand scheme of things. I will tell you that personally, I was better of when Mr. Clinton was president than I have been with a Republican in office, so I'm ready for a chance of party in 2008.

    donsgal
     
  9. MarleneS

    MarleneS Well-Known Member

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    I've always said that if I won the lottery, the first thing I would do would be to change our phone number :) Have a sit down with husband and hope he would agree to put pay off any debts, then put the rest of the money into the highest paying interest account we could find, and wait one year before we spend another dime. Also, during that year, I would do some research and find the best investment person we could to help with where to best put the money to get the best return.

    After that was all set up, with husbands approval, I'd turn our 45 acres into a small animal farm/meditation sanctuary/biotanical garden center :)

    I already know that once the new wore off, I could not be any happier then I already am.

    Hugs
    marlene
     
  10. donsgal

    donsgal Nohoa Homestead

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    That is what financial advisors would probably advise you to do. But I have looked into investing and I would not consider a fund that was not an SRI (socially responsible investing) fund and those types of investment funds do not have a very high return, unlike funds that rape the environment. LOL.

    As long as your return is higher than the interest you are paying on your debt you're ahead of the game.

    donsgal
     
  11. Wendy

    Wendy Well-Known Member

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    I would buy more land & build a house right in the middle of it. Get more goats & some cows.

    I would love to set up a fund to help people that are not insured get the medical treatment they need. I'd love to be able to go in & pay someone's hospital bill for them.
     
  12. tinetine'sgoat

    tinetine'sgoat Luvin' my family in MO

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    I would pay off our debt, buy the land we want, build the house we want with just a few little extra's. I wouldn't want to get to extravagant because then I wouldn't be able to afford the taxes on it. My dh would get the barn of his dreams, and I might have a well dug. 10% to God, and I have no idea what with the rest, cause 320,000 isn't that much when you are talking about all that stuff.
     
  13. dirtundernails

    dirtundernails Well-Known Member

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    I guess we would just keep farmin till it's gone...
     
  14. the mama

    the mama loves all critters Supporter

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    1) 10% to God
    2)pay off all debt
    3) buy property
    4) entrench, fortify property
    5) become independant in food supply
    6)help family in such a way that they could not waste ie; life estates, trust funds.
    7)help others who want to help themselves.








    .
     
  15. Dente deLion

    Dente deLion Well-Known Member

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    I'd take the lump sum (if I went with the annuity I'd surely drop dead the first year) and I'd give it all to ... Barack Obama.

    Just kidding - only said that to get a rise out of sullen. ;)

    $320K sure doesn't sound like all that much once you start adding things up.... but I'd pay off the mortgage, do all I could to set up my mother, and if there's anything left, I'd split it up among my family, friends, co-workers, and some charitable surprises (that's a lot of people ... they'd have to be small gifts, which is kind of sad).
     
  16. jessin

    jessin Well-Known Member

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    I would take the lump sum then, I would give 50,000 to my parents who are struggling and still have little kids in the house,I would give 10,000 to our local ester house and then put the rest into a high return investment and wait until I found the perfect house and land. Now if I were to win the powerball I'd do a heck of alot more.
     
  17. Bret

    Bret Well-Known Member Supporter

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    I would take the lump sum. I would spend some on women, cigars and whiskey.
    Then I would blow the rest. :)
     
  18. AR Cattails

    AR Cattails Well-Known Member Supporter

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    I dream about this all the time and I agree with the other poster who said if you are going to dream, dream big. So I've won millions of dollars and took the lump sum payoff. I would first give 10% to God. I then would pay off all my debts and feel totally free for the first time in my life. I would buy a farm out in the middle of nowhere and buy a couple of vehicles. I would give my parents and each of my brothers and sisters a million each. I would set up an account to give each of my sons a certain amount of money to live off of each month and also set up an account of maybe $10 million each that they can get into when they both reach their 35th birthday. I would then give to my favorite charities and anonymously give to people in need.