Let's Dream about Winning the Lottery!

Crystal Bruce

Now that the megamillions in the US is up to 1.55 billion, let's answer this question from All-Star, @Faith Murray. what would YOU do if you won the lottery?

Faith Murray

@Crystal Bruce, I have to pass the credit for this question to @Dawn Alonso!

I confess to having bought a few lottery tickets these past weeks. If I lucked out, I think I would set up a trust to receive the money so I can remain incognito, funneling some from the trust into a DAF, and then anonymously sending money to my relatives and favorite charities. (I work in major gifts, and I don't want to be hounded by other major gift officers, lol!) I've thought I would set up an endowment to fund staff salaries at various worthy nonprofits, because staff salaries are “the gift that keeps on giving” … especially development staff, am I right? ? On a personal level, I really wouldn't want to “live rich” – so I would keep the same house and lifestyle. But quit the 40-hour workweek and spend more time with family, pay off all my loans, set some aside for retirement and the kids, and take a few really nice vacations! As for the rest – it's imagining how to give the money away secretly that's the most fun.

Susan Mathew

@Crystal Bruce
I too have bought a few lottery tickets in the past 2 weeks - for games up and down the $$ spectrum. As my parents' daughter, I'd take the lump sum (as @Faith Murray - anonymously) put a good bit into savings. However, my daughter has always wanted to go on a Disney cruise so that would be our splurge. ? I would also help her with a down payment on a house because real estate in our area has skyrocketed. ?

Dawn Alonso

@Faith Murray Thanks!

@Crystal Bruce

So a few of us went in on a bigger purchase of lottery tickets for the Friday drawing and then rolled the winnings into purchasing for the Monday drawing. So of course, there was the typical discussion of what would be done if winning. Everyone had suggestions, and then I dropped the “ Well, first we form a corporation that would collect the winnings, we all are executive officers of the corporation, the corporation collects the winnings and pays the taxes, and provides us all with paychecks from the investment income of the remaining winnings. Once we have everyone situated with any emergent needs, we can focus on the good we would like to do with the capital as well." After a few jaw drops they all decided I was the CFO, lol. But reality is that yes, I would quit my 9-5, wander the world, take photos and explore this wonderful planet. Home base would be the Eastern Shore of Virginia, in my current second property, which would get a major renovation. But no big mansions, not flashy cars, just a newer model of a car that I like and live without limits to my experiences, my enjoyment and my travels.

Tineke Hage

@Crystal Bruce I have thought of this often. I would definitely talk with a financial advisor and protect the money. I would donate to my favorite charities and help my children. Then my husband and I would start traveling to see all the places we have been dreaming of without any worries about the cost.

La Donna Borth

@Crystal Bruce
The practical things would be first - contact my financial guy and get a lawyer. Pay off the house and the student loan, maybe upgrade my car to something more energy efficient. Definitely put the money to work for us. I'd get that patio/dream backyard I've been wanting. And, I've been dreaming of upgrading the heating/cooling/water systems in my house to greatly reduce our usage of fossil fuels and water. Maybe invest in some of those companies/nonprofits working on reducing our climate impact. Plan out my strategic giving. Treat my daughter and her family. Once the local things are handled, I think I'll take my husband traveling now and then - maybe through some of those PBS hosted tours, maybe on our own.

Faith Murray

@Dawn Alonso, good thinking! A trust works well for an individual or family, but for a group of coworkers, a corporation is a smart route. You would want a limited liability corporation (LLC) rather than a standard corp, so that your taxes, earnings, and officers would be more private. That's what a lot of the Silicon Valley affluent do, or so I've read.

Angela Finley Hunter

@Crystal Bruce @Faith Murray - After I realize it's truly real, Thank God and contact a financial advisor. Put some in a savings that continues to grow. I love my home, pay it off and do some upgrades, student loans off, help my church, give to my favorite nonprofits, take my family on our dream vacation, pay for my niece and nephews college, and continue to enjoy life without wondering how I can pay for things.

Carrie Powell

@Crystal Bruce, besides having college handled for our daughter, we'd buy a summer home! (My husband did buy me a lottery ticket for my birthday earlier this week, but alas, we didn't win so we're still dreaming.)

Coco Parham

@Crystal Bruce give it away as a job! but first have a big family trip ?

Emalee Seiger

Id pay for the surgery my daughter desperately needs to keep her alive. @Crystal Bruce