Monday, February 27, 2006

If I had a million dollars

Recent lotteries (including the $360 million dollar powerball) have caused me to ponder how my life would change if I won. You hear the stories, that people are unhappy or broke after winning the lottery (which I question, here's some research that doesn't necessarily prove this, it's probably a toss up).

I imagine I would be just as happy as I am now, although I wouldn't worry about money as often. Things I would do (in no particular order):
  • Pay off my house
  • Pay off my car
  • Pay off my mom's and sibling's houses
  • Take a vacation somewhere that I haven't been before like Italy, Germany, Sweden or Switzerland.
  • Invest most of my money in safe investments like bonds and invest a smaller percentage in high-growth sector like small caps or foreign caps.
  • Give a decent amount of money to charity
  • Hire a personal trainer
Things I wouldn't do:
  • Quit my job
  • Change my personality
  • Let people take advantage of my newfound wealth
  • Buy any huge extravagant item... mansion, exotic car, etc
If I ever won the lottery (which, by the way is extermely doubtful because I rarely play, and even if I did play every week, the odds are stacked against me, you and everbody else -- they don't call it idiot insurance for nothing), I think I would try to keep my life as similar to it is now as possible. What would you do?
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1 comment:

Anonymous said...

Here along the border of GA and TN I get to play both Mega Millions and Powerball. I am one of those "play when it gets big" kind of people, but I only buy one ticket. The odds are so against me that its only fun when the jackpot is huge--as if two million isn't enough. :)

Anyway, I think I would do almost everything the way you have laid it out, except that I might quit my job and go to graduate school...for something that I wanted to do rather than felt like I had to do because of the requirement to support my family.

And while I would not immediately go out and build an extravagant house, buy exotic cars, etc., it does not mean that one day I would not...but I would wait until I got used to having weatlth (you don't stay rich by spending all your money). I'd also focus on quality over quantity. A nice custom craftsman style house with lots of built ins...a gently used Acura NSX...all the single malts produced in Scotland, etc.

Oh, and it'd also be fun to build up a business and become a huge megalomaniac like Donald Trump, Bill Gates, Martha Stewart or Steve Jobs...j/k ;)

11:07 PM

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