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AlbertJayNock

Writer's Block: Jackpot

If you won the lottery, what would you do with your newfound riches?
As I write this, the powerball jackpot is $125M. I estimate that after taking the lump sum reduction and paying taxes it would probably be around $40M. That's what I am assuming here.


I would give my brother and sister and Elle $1M each and pay the gift taxes on that (about 55%).

I would put $5 million dollars into income investments and take out 4-5% a year forever. I'd put  $1M into more speculative investments.

I'd give a lot of money to honor the memory of Ira Yarmolenko (something to the fund already established, and maybe set up a scholarship)
and also a ton of  money to the Ludwig Von Mises Institute.

I'd pay off my car.

I'd buy everything on my amazon wish list.

After that, I'd probably live just like I do now, except I wouldn't worry as much about money. I'll make small silly purchases without feeling guilty about wasting money. (One day I was in Office Max and was sorely tempted  to buy a huge pack of bubble wrap and take it home to pop. I would have given in if I were a lottery millionaire)



Comments

These are good answers. :)

First prize in the non-Powerball lotto in NZ is normally a million dollars or so, so if I won that, I'll buy a house, pay my student loan, give a couple of hundred thousand to my parents...and put the rest in investments and the bank and stuff, because I can't decide what to do. :D

If I won something like a billion dollars I'd still do the same thing, and also give a couple of hundred-million to my parents. I'd also buy loads of investment housing, start a bunch of charities giving school and hospital funds to poor children or so forth, and maybe my own business in something I like (chocolate, for instance. :))