In Australia, we recently had a lotto draw worth a record and whopping $106 million (and some change) for the first division prize. Two winners each became instant multi-millionaires and because we don’t get taxed on prize winnings here, they took home $53 million (and some change) a piece. One was a 40 year old man from South Australia and the other was a middle aged couple from the Gold Coast, Queensland.
We had a ticket in the draw and because we were convinced we’d win, we had already decided what we’d do with the cash. According to a mathematician that was interviewed in the lead up to the draw, we had more chance of winning a gold medal in the Olympics. Hey, it’s possible! If they had touch football for over 30′s who’ve had knee reconstructions or Flashdancing as Olympic sports, I’d be a shoe in for the gold!
Anyway, the potential to win a share in $106 million got us all talking about what we’d do if we won and is the inspiration behind this week’s Friday question;
If you were told you’d just won $53 million, what would be your immediate reaction and then what would you do with the money?
Well, first up, I’d squeal, do an impromptu Flashdance routine and then pass out. When I came back around, I wouldn’t tell anyone except my immediate family. I don’t need any extra “cousins”. I’m quite happy with the ones I have! Then, being a Type A personality, I’d set up a spreadsheet outlining what I’d do with the money. Here’s a rough outline;
- A big portion would go to family and a few close and dear friends (I can’t think of anything more fun than seeing their faces as I hand over a massive cheque).
- I’d set up a “random acts of aid” foundation and put a big chunk towards that.
- I’d buy a couple of businesses and continue with the Blaze Australia vision.
- We’d go travelling, including visiting various friends around Australia and OS.
- I’d buy a bit of land and build our dream, fully self-sustainable house.
- Keep getting things ticked off my Daisy List including visiting Oprah!
- Invest the rest.
Interestingly, the middle aged couple who won didn’t quit their jobs. I thought about it, and while Chris would quit his job, I don’t think how I live my life would change drastically with financial freedom. I think it would just involve more travel and more ability to help others.
How about you? How would you react and what would you do with the moolah?
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Well Sami…if I won the Australian lotto:
1. I’d make a trip to Australia right away. And…being the cheapskate that I am, my family and I would probably “attempt” to crash at your place. We’d treat you guys to the finest dinner though…on a beach…let’s see, you know a good beach, I believe…
2. The analytical side of me would kick in – and I’d have everything in a spreadsheet too.
3. Travel – definitely.
4. Take care of close family and friends.
5. Look to really get that book written…the one floating around in my head. (whatever that takes)
6. Give a bunch away to some great organizations we’re involved with.
7. Do mission trips
Have a great weekend Sami! And don’t worry…we’re not going to show up tomorrow…
My immediate reaction would probably be disbelief and then OMG-I-can-quit-my-job, followed by what-can-I-buy-everyone-I-know. I think I’d first get something fabulous for my parents since they’e done so much from me and then…wow…I don’t even know! Great question!
Coincidentally Max and I were just talking about this the other day too! I don’t think that I would believe it initially until I had the ticket checked… but then I would probably scream and cry! I am the same that I don’t know if I would tell anyone, at least not initially, but having said that, don’t think I would be the best at keeping that kind of news to myself:) I would spreadsheet it for sure, I already get teased – a lot – about my spreadsheets I have for EVERYTHING. Sharing it around it high on the list, as is investing so I can live off the interest (but with that much, would I need to?). Travel is an absolute must and I would probably take a big looong trip and go to all the places I have got to visit this time around. Would like to volunteer abroad (and back home). Then we’d find/buy/build our dream home and start our little family…hehe.
Unfortunately, I am really, really good at spending money. So this would be embarrasingly easy for me…
I’d cry. I might pee a little. I’d make sure it wasn’t one of those damn foreign scams. Keep it really quiet.
1) Pay off all debt; credit, school loans, cars – everything. Pay off all debt of my parents, brother, and closest friends. Throw in some spending cash in there for them too.
2) Donate big chunks to the community theatre I work with in my home town, the ASPCA, the Humane Society, a YMCA camp I went to as a kid and worked at, and several more, I’m sure.
3) Buy a vacation flat in some awesome country. Spain? Portugal?
4) Buy a gorgeous old farm in the States. Stock it with all sorts of animals. Especially horses. Make said farm as green as possible.
5) Get two new cars, both environmentally savvy, yet hot hot hot!
6) TRAVEL. Everywhere. Anywhere.
7) Invest. Probably meaning put my money under my mattress! Create college funds for those hypothetical children of mine.
I think that’d do it!
Veronica
http://www.drrussbuss.com
I think everyone enjoys thinking about this possibility – that’s why lotto companies don’t go broke – they make way more in tickets sales than they give away. If I was someone who bought lotto tickets and happened to win, I guess out of fun I would.
1) Be amazed at my luck – and see how far it would go by cutting the 53 in half (rounded down) and telling myself i’m willing to loose 26mill. Head to the casino – put 1 million on 26 different numbers in roulette and keep doing this (only ever using 26mill each spin) until I lost 1 round (i.e., my lucky streak has officially ended). NOTE: casino gamblings are tax free too.
2) with the 27million I had not gambled I’d buys some land that would appreciate without me having to spend much time managing the financial side of things – but I could escape to on occasions with friends to get way from it all.
3) With any winnings from the gambling I’d probably look to create a philanthropic group who identified worthy causes. I often feel animals and nature are worthier causes than humans – so may be something along that track. I could hopefully spend most of my time on this and continue studying and learning in my spare time – of course still helping my mum out with her computer questions when they arise.
4) after that I’d probably have to register at Depoll for a name change to get away from all the scam artists who come after anyone who wins lotto.
Thanks again for making us think about the possibillities Sam.
I would be in a state of disbelief. I think it would take me quite a while to actually believe I’d won!! Off the top of my head…
1. DH would most definitely quit his job.
2. We’d hire someone to finish ALL the odd jobs around the house.
3. We’d plan a tropical vacation to happen soon.
4. We would invest, and there would definitely be some type A spreadsheets going on!
5. DH and I would probably agree on a certain amount to gift all our loved ones.
6. Choose favorite charities to receive donations.
7. Buy a vacation home somewhere tropical.
8. ???
I actually think it would be very stressful to win so much.
@Lance
Hey Lance,
If you come to Aus, you know there’s always a bed here for you guys even if you do turn up tomorrow! One condition though; you’ll have to try my damper (ie Aussie bread) on a stick! And yes, I know several good beaches (and not all of them nudie beaches either). Will totally hold you to that!
LOVE your list. Thanks for sharing.
@Positively Present
Hi PP,
I love the “what-can-I-buy-everyone-I-know”. That would be too much fun. Here, here on the buying something for your parents. I’d give Mum a pamper filled trip away and I’d get Dad his dream car.
@Valeska
Hey Vee,
Great ideas. I’m with you on the travel. Would involve a visit to you me thinks!
@Veronica
Hi Veronica,
LOL at the “might pee a little”! Spain, very nice choice. I am yet to visit but definitely plan to. Everyone I know who’s been raves about Spain. Love number 4 too – sounds like exactly my kinda place. Your list rocks!
@Symo
Hey Symo,
Interesting take on what you’d do with the cash. You’d definitely be in the high rollers bar that’s for sure. Love number 3. I’d be happy to help you run an animal shelter!!
@Kirwin
Hi Kirwin,
I forgot to include number 2 in my list. I’d hire someone to finish all the odd jobs around our place too. Man, would that be cool!
Yeah, they say it can be stressful to win a huge amount of money like that. Apparently most people who weren’t previously rich and win the lotto end up losing it all in a couple of years. I’d like to think we wouldn’t be one of them!