Both the Powerball and Mega Millions are at ridiculously high jackpots right now. High enough that when I was out picking up books and DVDs from the library yesterday I bought one of each. I’ve written before about what I would do if I won the lottery. I decided to once again revisit my list to see what has changed. I will skip the dumb first steps I had listed before and assume it is obvious that I would sign the ticket and have my wife, the CPA, manage the money.
Claim the money quick because I would be afraid I would lose the ticket – this is still the same. I would be filled with anxiety until I actually claimed the money. Even if the ticket was in a safe place I would still constantly go to the worst case scenario. I don’t know how people wait so long to clam the money.
Remain Anonymous – My state is one of the state where you an remain anonymous. I would definitely do this. I would not want to deal with what comes with everyone knowing you have won millions of dollars. I’m sure family and “friends” would all find a reason to “reconnect” after the announcement.
Never Have a Job Again – This one was “quit my job”. I’ve already done that. The money would mean I wouldn’t have to worry about eventually finding a new job. I could instead focus on finding volunteer opportunities and places to do good. This also helps with #2 as I would not suspiciously quit my job after someone won the lottery.
Trust Funds for the Kids – I would want to set it up in a way that encourages them to still be productive members of society. I don’t think my kids would become lazy rich people if they had a lot of money. That’s my job. I just wouldn’t want to encourage any thoughts of quitting school or jobs because of the money.
Help Family – I would probably want to give my siblings enough that they would never have to worry about money again. I’m such a nice person.
Car? – I had a better car on the list before, but now I’m not sure I would buy one. My car is fine and gets me where I need to be. I would buy my daughter a better car. The rest of us have relatively new ones. I would be tempted to hire a car to take me places. I don’t really enjoy driving.
House Stuff – I don’t feel the need to have a mansion. I would just fix some things I don’t like about the current house. I would make the basement a much more pleasant place. Add a bar. Buy a giant TV and nice furniture. Make it the place we would use whenever we can have guests again.
Second House – On new addition to the list is a second house somewhere warm. This January in isolation would be a lot easier if I was doing it at a house with a private beach area.
Eventually Travel in Style – I really miss travel. I can’t wait until I can do it again. With millions I would upgrade to first class on long flights. I would take a train trip across the country. No reason to buy a mansion if I want to be on the go a lot.
Splurge Responsibly – Fancy dinners. Spontaneous nights at fancy hotels. Last minute trips. The freedom and means to buy or do something just for fun.
Charity – I would donate to charities once I made sure the money was being used properly.
It’s nice to dream about this. In a couple of days I will be a loser and will go back to the real world.
A couple of years ago when lottery fever was high, I wrote a post about what I would do with the money if I won. Today, I revisit the list below.
Sign the ticket – still a good first step.
Hire my accountant/wife as my financial advisor(although she is sometimes surprisingly bad at math) – I guess I would still use her, but I would also find a good lawyer as well.
Claim the money quick because I would be afraid I would lose the ticket. – Same. I wouldn’t want to wait to long because who knows what could happen.
Remain anonymous – I’m pretty sure this is still an option in Maryland. If so, I would still remain anonymous. I don’t need everyone to know I’m wealthy.
Quit my job – I would do this, but not right away so people wouldn’t realize I won. I would work for a little while longer and then find a time when it was particularly annoying and quit in a spectacular fashion.
Set up trust funds for the kids – Same, but would make it so they didn’t get it until they graduated college
Pay off the debts of my family members – I guess I would still be nice to my family
Buy my mom a house – Unfortunately, no longer an option.
Buy a better car, but not an extravagant car – I like the car I have now, but I would probably still upgrade.
Remodel my basement to make it nicer for social events/man cave – Now that the kids are away at college, I would probably lobby for a new house away from the suburbs. Maybe move in to the Obama’s neighborhood in DC.
Enjoy life – As much as a grumpy old man can.
Travel a lot and in first class – Same. I love to travel and the money would make it easier and more comfortable.
Splurge responsibly – Maybe not so responsibly.
I don’t know why I didn’t add charities to that list. I would give money to my church and other worthy charities. I was very greedy when I wrote this list. I also mentioned at the end the possibility of hiring a driver. That is still on the table. I hate to drive.
There has been a lot of talk at work today about the lottery and what we would do with the money. I told people I was going to buy the Playboy Mansion and live with Hugh for a while, but I wouldn’t really do that. Here is what I say I would actually do if I won the lottery:
Sign the ticket
Hire my accountant/wife as my financial advisor(although she is sometimes surprisingly bad at math)
Claim the money quick because I would be afraid I would lose the ticket.
Quit my job
Set up trust funds for the kids
Pay off the debts of my family members
Buy my mom a house
Buy a better car, but not an extravagant car
Remodel my basement to make it nicer for social events/man cave
Travel a lot and in first class
I would like to think I would stick to this and not make ridiculous purchases, but who knows how crazy millions of dollars might make me. There is still a part of me that would want to use the money to buy a stake in a professional sports team. Someone would need to talk me down from that. I would also be tempted to hire a car service to drive me everywhere because I hate driving. I guess I could just Uber.
Of course, I will be lucky if I win $4. If I won $4, I would go blow it all at Krispy Kreme. I’m a wild man.