Give the maximum tax free cash gift to my brother, my sister, and my parents, ideally without them discovering I won the lottery. Also start a secret college fund for each niece/nephew.
I'd also do random small things like if I had a wedding I'd pay for everyone's plane tickets instead of expecting them to pay. I also think it'd be fun to drop five figures randomly and anonymously on my favorite bloggers and web comics etc.
I'd invest the other 99% of it while I travel for the next few years. When I get back, spend 20% of it on 1) primary residence and 2) summer house near family.
I think I would travel the same way I'm traveling now, so the main difference if I won the lottery would be to the people close to me, and having a nicer house later.
My final dream is to own a business that can at least break even from each warm bodied employee, whether they're educated or not. Then go around giving homeless people jobs, or whoever needs one.
If you won the lottery, what would you do?
Re: If you won the lottery, what would you do?
I enjoyed this little story on NPR this morning...
http://www.npr.org/2013/08/11/211019737 ... on-jackpot
http://www.npr.org/2013/08/11/211019737 ... on-jackpot
Re: If you won the lottery, what would you do?
$500K: Give my parents enough cash for them to retire (Mum is really keen to, Dad not so much but he is late 60s and should have the option to...)
$300K: Pay off the mortgage on my aunt's house and set up a trust to pay them a regular income (they are YOLO types who owe more on their house than they paid for it 20 years ago, so I wouldn't want to give them a big lump sum...).
$50K: Pay off my mortgage.
$50K: Splurge on some luxury items for myself and friends.
$3M: Buy rental properties (10 - 15 properties)
$3M: Diverse portfolio of shares
$1M: Donate to charities
$2M: Buy modest properties in decent areas of my favourite three cities as primary residences.
$100K: Spend on travel/ gifts to friends.
The rental properties would probably generate at least $150K/ year after expenses, void periods and taxes, and the portfolio around $100K in dividends. I would just reinvest the dividends, live on about $40 - 50K then probably give away the surplus rental income.
$300K: Pay off the mortgage on my aunt's house and set up a trust to pay them a regular income (they are YOLO types who owe more on their house than they paid for it 20 years ago, so I wouldn't want to give them a big lump sum...).
$50K: Pay off my mortgage.
$50K: Splurge on some luxury items for myself and friends.
$3M: Buy rental properties (10 - 15 properties)
$3M: Diverse portfolio of shares
$1M: Donate to charities
$2M: Buy modest properties in decent areas of my favourite three cities as primary residences.
$100K: Spend on travel/ gifts to friends.
The rental properties would probably generate at least $150K/ year after expenses, void periods and taxes, and the portfolio around $100K in dividends. I would just reinvest the dividends, live on about $40 - 50K then probably give away the surplus rental income.