Q&A Friday #11: What Would You Do If You Won The Lottery?

Question: “What would you do with the money if you won the lottery tomorrow?” — karensp9

Answer: I don’t play the lottery so I haven’t thought about this in too much detail. However, here are my initial thoughts about what I’d do if I won a cool, tax-free $50 million in the lottery.

1) I’d give $10,000 to every half-way decent friend I had in high school, college, and since then. Let’s just set aside — oh, $500,000 to a mil for this.

2) I’d take a million and split it among my relatives.

3) 10% of the money total, 5 million (including #1 & #2) would be set-aside for charity. That money, I’d go ahead and give away. (I might decide to give away more than that, but this is all I’d contribute right off the bat).

4) I’d quit my job and buy a nice, but not too ostentatious of a house at the beach. Maybe something in the 500,000 – mil range.

5) Then I’d set aside some money for furnishings, a new car (maybe something in the $20,000 range).

6) The rest of the money goes in investments.

7) I’d add an assistant to do work on RWN and work full time on the blog and doing a book (I enjoy working on RWN so much that I’d do it even if I didn’t need the money).

That’s it. Nothing too splashy or exciting, no grand plans to change the world, just the basics. From there on out, I’d just play it by ear…

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