So if you won the lottery...

[SoonerTexan]

Well we didn't, but I find the subject fascinating. DH and I have actually talked about this extensively before...I've come to the conclusion I'm not sure I would actually want to win a large sum.

My reasoning? Is there any way to truly keep your windfall private? I've heard of people claiming it through trusts, but can really nosy people get around that? I'd worry about being hit up forever by randos, predatory lawsuits, and the safety of my family.

And even if it stays private, if you quit your job and buy even a moderately nice home, aren't people going to wonder?

And what about family? I have so many family members I'd like to help (like my grandparents), but how do you help them without risking your relationship or your anonymity? I have a few that I know have extremely poor money planning skills and would hit me up to no end if they knew I was willing to give them a penny. Do you keep it from your kids? I can't imagine that knowledge would be good for them.

And finally...I like knowing I worked hard for what I have. I'm not sure winning a huge sum of money would be a good thing for my personal self esteem, my marriage, etc. I've also come to the conclusion that money really really doesn't increase your level of happiness and you can easily "adjust" to any level of income in a negative way.

So while I still spent $3 on tickets today, I sort of feel happy about losing. Now don't you feel better if you played and lost too?

Still...post what you would do if you won. It's fun to read.

Mine:

Buy my dream car of a 1-2 year old crossover or small SUV, buy a moderately priced home (~250k and 2000 square feet) and add a few upgrades like granite countertops, quit my job or work part time, and go on my dream vacation to Europe.

[GrayMatterWife]

You cannot keep it private, in general. A trust cannot purchase a lottery ticket. It must be purchased by a qualified individual. And only the purchaser can claim the winnings.

I don't play the lottery, but if I won, I do not think I would have a problem handling the onslaught of freeloaders and panhandlers that would be headed my way. Not in the least. But, I spend a lot of my professional day dealing with people who are very down on their luck or otherwise financially strained and not giving them what they want.

I would take the lump sum, then (1) 10% to church, (2) 30% set up a charitable foundation, (3) payoff my brother's higher education debt, (4) set up trusts for my children's education and my nephew's, and (5) put the rest aside for one year. Change nothing about my lifestyle--nothing. Same house, same car, same financial headaches. Then, after a year, I'd figure it out. Once I have a bit of perspective.

I have kind of been through this before--in a very minor way. I went from being a piss-poor law student to an associate at a large law firm overnight. I had a ton of disposable income. I used it to pay off my school loan, which took two years. That distance in time gave me a lot of perspective, and helped to shield me from stupid, "WOW! I AM RICH!" kind of expenditures.

[v-girl]

A large donation to church, help relatives in Panama, pay off mortgages for my mom and siblings, pay off cars (buy mom that Hummer she wants), buy a house big enough for the family we want to have, save the rest. I would use some to help others -- buying Christmas presents for a needy family every year, maybe pay Catholic school tuition for a family who can't afford it, buy curriculum for a homeschooling family in need, etc.

[TigerLily]

DH and I actually talked about this yesterday! I came to the same conclusion as you did, I don't think I would really like to have 640 million dollars. haha Wouldn't it be kind of weird to not have anything to work for anymore?

I decided that if I won that much money I would pay off DH student loans, and all of my IMSN friend's husbands med school loans, and his med school friends med school loans and then we would be totally broke. lol

[Vanquisher]

DH would retire immediately. In fact, he'd be forced to. It would be too large of a financial risk to stay in practice. All medical work would be for charities out of the country.

I'd go off the grid. Shut down all social media. Turn off phones. Hire an attorney before claiming the money. Give my close family enough to pay off their debts and a moderate amount of fun money, but no more. None for extended family. None for anyone else. Sell and close the business and give our employees severance packages. I'd take the yearly payouts, just for the security in it. I'd pay off all debt, travel, and spend a lot of time abroad for a while and give my kids this kind of "school" experience. We'd likely stay put in our house and buy new cars. I'd even let DH get a Ferrarri, but the other cars would not be extravagant. We'd live very well, but a lot the same.

[Cinderella]

Three winning tickets were sold. Maryland, Kansas and Illinois.

I didn't win either. If I had I'd pay off my debts and travel the world.

[TulipsAndSunscreen]

We discussed this as well. DH would still do residency but I would quit to raise D. We'd help out family but the majority of the money would be used to open a mission hospital in Mombasa in Kenya. When he finishes, we would split time between the US and Kenya.

[ladymoreta]

I can't really fathom that amount... Definitely would give 10% to the church, then pay off our debts, then make sure our parents had enough to completely retire comfortably. There are a few other family members I'd like to help (BIL with law school debt, my sister to do some really cool stuff to her 100 year old house she is restoring). DH would probably retire, or maybe just do a very small number of charity cases if that's possible. We'd do some traveling and buy DH a new car. After that... No clue. Probably try to save the rest and use it as we come across great charities an organizations that need help. I also love the idea of being able to help out some iMSN people.

But I guess I'd have to buy a ticket first, and I just can't convince myself to give up that dollar!!!

[Michele]

I'd pay off all my debts, buy a decent boat and outfit it with an organic garden and wind/solar power and live with the kids on the boat.

[Ladybug]

Definitely an amazing personal chef. I enjoy cooking, but never have the time anymore. I would love to have healthy, fresh meals for our family that I didn't have to worry about. Now that would feel luxurious.

[GreyhoundsRUs]

We discussed this as well. DH would still do residency but I would quit to raise D.

DH said this as well...before he started residency! He had his quitting speech all ready for when we won yesterday

We would actually do much the same as Heidi - except we wouldn't live in our current house - we would buy a place in Chicago and one by her I would also give a chunk to the school that I worked at in Chicago.

[L.Jane]

Definitely an amazing personal chef. I enjoy cooking, but never have the time anymore. I would love to have healthy, fresh meals for our family that I didn't have to worry about. Now that would feel luxurious.

This. After all the responsible things I would do like take care of family (especially my grandmother), donate and what not, I would hire a personal chef and a personal trainer to feel better about my health and wellness. No use having a lot of money if you can't take care of others and be healthy enough to enjoy it. I agree with others, I wouldn't be upgrading my living that much. I don't like change that much. My car is in good shape and I don't want to get used to a new one. I guess it would be just nice to know, if my car broke down I could get whatever I wanted. But knowing me I would probably get a new version of my car. I am weird like that. I would probably buy the same type of house I was going to buy prelottery because really I don't want a huge ass house I could get lost in and hear noises that just aren't there when I am home alone... and I would probably just travel more. Annual trips to Disney World and a visit new country every year.

[spotty_dog]

So if there were three winners, that puts the lump sum payout at around $110M? That's a little easier to wrap one's head around. I'd take enough to live comfortably off the interest and put it in a conservative interest bearing account. Let's say $16M in an investment paying 3% to give us a steady $500K income. I'd give myself another $1M for "OMG we won the lottery" splurges. I'm thinking DH would want a $16K bicycle, I'd want a $4K spinning wheel, we *might* look at a place with more land and some sheep, and we'd put a nice hefty chunk aside for the kids' college. Since we'd be able to keep drawing that same income right into retirement we wouldn't have to save, so we could enjoy a little bump in lifestyle. I'd go on a 100-mile diet and support my local farming community, and we might replace the 1993 Camry with a 2010 Prius or even something ridiculous and sporty since that car hardly gets driven anyway. Might hire an interior decorator and actually have coordinating furniture and painted walls for the first time, OMG. I'd take some online classes, and I might eventually open a business without having to worry about ROI. I suspect DH would want to work about 4-5 times a month.

OK, so $93M left. I would put half in a nonprofit foundation. I've been studying up on nonprofit administration for the sake of our little preschool, and I think it would be pretty neat to give hefty endowments to some well-run well-deserving organizations. The other half I'd save for future generations. I'd have to hope that I could instill my kids with enough financial common sense not to drain the principal and just to skim off the interest as needed for special expenses, travel, that sort of thing, and just keep passing the money on like some "old money" European family, ensuring that none of our progeny have to go into debt for something like medical school. I guess estate tax would eventually deplete the money, but I'll just pretend my little fantasy could work, LOL.

I don't think that I'd have family coming out of the woodwork to ask for handouts, but maybe I'm naive. I'd definitely make it possible for my brother to move closer to us and go back to school, and I'd make sure my parents were comfortable in case they outlive their retirement savings.

[Deebs]

DH and I decided ahead of time we would do very little for at least a year. We would eventually open a free standing ED and take no government funding. We'd just let the docs there practice good medicine. Sad, huh? I would also launch a social club he with pools for multiple age groups, a family friendly restaurant, workout center, and childcare that will change diapers.

[MrsK]

I don't know but I'm anxious just thinking of it. After all the last 5 years, you'd think I would have conquered my aversion to change.