What would you do with it? Can you even comprehend about how much money that is? Let me put it into better terms you can understand, that is 45,000,000 McChicken sandwiches from McDonald's (Or WackArnold's).
Honestly, that is enough money that you might not have any idea of what to do with it! It is a good thing that you are friend's with me because I have been planning out this day ever since I started working back in July 2006. Pretty much every Wednesday morning driving into work, I totally phase out into my world of where I hit the Powerball, but don't worry I can daydream, text message, and drive my car all at the same time! So here is a little list of things I would do if I hit the lottery, feel free to give me a few top things that you have in mind when that magical day comes for you!
- Paying off all of my student loans to all my providers and then somehow sending a picture text message to the President of Drexel University in which he receives a .jpg file of my middle finger. Total cost: 100k + standard text messaging charges may apply
- Paying off the mortgage to my parents house and then buying them another house wherever my mom wants it with whatever she needs inside it. I want the old house for myself forever! Total cost: 500k
- I made a few promises to about 5 of my friends that I would pay off their student loans so is also a priority as well. Total cost: 300k (I am not the only one with some serious student loan debt)
- Donating money to charity, I have a few organizations in mind, some run by friends and some that have special causes to me but I would definitely give significant money to them. Specifically to the Hindu temple near my home, Boys and Girls Clubs of Philadelphia, Autism Groups in my area, and a few organizations for children back in India. Total cost: 5 million
- With about 35 or more million dollars left in this lump sum, I would set up some accounts to ensure that my parents are taken care of for the rest of their life. Next up would be my brother and sister and getting them a nice condo each. I def would look for some conservative investment engines to ensure that money is there for them for their lives.
- I would find some investment opportunities to let the large chunk of change just sit there and grow every year. If you put 1 million dollars into an account with a very conservative 6% annual return, you could live off the 60k you make in interest. I only make 60k a year and I am doing OK considering all my debt and my partying habits.
- My main goal would to ensure that the large sum of money will somehow make me money continually for the rest of my life. Living off the annual interest of conservative investments such as government bonds that could potentially grow tax free (I could be way off with this idea so please correct me).
- Probably should have mentioned this first, but you are damn sure I am quitting my job the morning after I hit those numbers!
Wow! After writing all that stuff I feel absolutely amazing. Just thinking about what I would do with that cash makes me feel like I am on top of the world, even though I have the same amount of money to my name when I started writing this post 30 minutes ago. Regardless, I want to know what you plan on doing when you hit all them numbers, you know you have something your gonna do so lets hear it! If you need some motivation watch the video below, appropriately it is titled "Day Dreaming" by Lupe Fiasco featuring Philly's own, Jill Scott. Be easy people, I will talk to you tomorrow after I hit Powerball!
Get At Me on TWITTER!
8 comments:
The problem you have is that if you aren't careful with your spending habits, $46 million could turn into bankruptcy very quickly. Many jackpot winners do end up going bankrupt within 5 years of winning the jackpot.
If I were to win (assuming I actually played), I would pay off all of my debt, buy a 4 or 5 bedroom house, and a whole lot of rental property. Maybe a few apartment complexes. I would pay someone to manage the rental properties, but it would ensure a passive income for the rest of my life. It would also help my urge to blow through $46 million instantly.
I came here through digital forum and your blog is impressive.
Looking forward for more quality content.
@wisemoneymatters - You are totally right, many of them do go bankrupt. My thinking is if I invest most of it in conservative investment engines I will be planning for the rest of my life. My commodities friend aka the farmer has reccomended me to look at dviersifying via commodities.
@suresh - Thanks for the kind thoughts, spread the word!
ah, Dr S, I thought you were one of my people. :)
and that is a crapload of money. i could solve world hunger and maybe have some left over for a trip to the moon.... or invade north korea! heck, maybe we can buy wall street a lottery ticket...
I hate the be "THAT guy" but a few terms have to be altered...
You can't/shouldn't just gift whatever amount to any person (and yes paying the debt of another is a gift). Each year you are allowed to gift $12,000/yr (moving to $13,000 next year) per person. Anything above that eats into your life time gift exemption (which by your cals you are way over lol).
Just some thoughts!
You are not "That Guy" do not worry, actually Hate is appreciated on this site, I would love to hear more of it b/c I know I am not doing everything right!
This time 2yrs ago I was carless, homeless & childless. I have my darling children back, renting a home & no car. My buys first vehicle, all my bill collectors, buy current home, donate Salvation Army and the like who helped me.
Buy & run other homes for emergency housing for struggling parents. My friend who supported me even when I didnt deserve it. Close family, My children! children! children! Keeping them humble & taking their laptops off them if outa-line.
I hate the lottery. Well, let me rephrase that. I dislike being on this side of the lottery. I think that it is a total waste of money. The whole concept is total manipulation, feeding on the problems and dreams of the masses. Most people that when really don't know what to do with the money, and therefore end up in a worse financial situation than where they began. At least you have a plan, if (and that's a big IF) you were to win.
Caleb
www.mefinanciallyfree.blogspot.com
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