If you won the lottery, what would you do with the money?

[Jstpssng]

I’m with you on this Larry. Sure, you could spend the $1,000,000 principle pretty quick, or donate it, or help your kids, but then it’s gone forever.

If you invest it wisely, you can get a modest stream of income that will last your entire life to supplement your other retirement savings and SS, or, reinvest the interest and historically double it in 7-8 years to $2,000,000. And then double that again in 7 more years.

So if I got it today, I’d probably put it in with our other investments and sit on it for 14 more years and leave my kids $4,000,000 more than they’re gonna get if we both croak at age 75.

Yeah, it’s life changing a bit. But not that much. It’s a safety net for our kids until they get in the same position financially as we are now. Then they’ll be able to continue it for someone else.

I think that most people here understand that. My previous comments about timberland are something I've thought about for a while.
When my mother is done with the family homestead it will be sold, and split amongst her heirs... all told it will probably be close to that amount. Yet it isn't my money. Investing in timberland is something I am familiar with and would enjoy, the closest I could come to having my cake and eating it too. Unlike financial investments you can generate income from selling off the timber at the rate which it's growing; yet it also will appreciate in value at least at the rate of inflation.

Fortunately she is in good health for her age and takes care of herself. Hopefully she's still around and living in that house for many years to come.

 

[Yander]

Also...never assume you know all things with blanket statements.

I would agree with this and your previous post. However, I'm counting multiple blanket statements folks have made (i.e. $1m dollars isn't life changing, isn't a lot of money etc. ). I can tell that, that blanket statement is simply not true. Depending on who you are and where you are, even $100k would be life changing and would be a LOT of money.

It is all relative to your situation as to whether or not $1m is a lot of money

 

[Hay Dude]

Is “Bitcoin is an excellent investment” a blanket statement?
Asking for a friend.

 

[Snobdds]

Is “Bitcoin is an excellent investment” a blanket statement?
Asking for a friend.

When I have more time, I'm going to start a thread on bitcoin. What it is, and it's pluses and minuses.

It took me over a year of studying to understand it. It's a very complex space...

I will also say, my exposure to bitcoin is modest.

 

[Snobdds]

It is all relative to your situation as to whether or not $1m is a lot of money

There you go...you figured it out.

 

[ray66v]

A helicopter, that's it. I have everything else I want.

Oh, and fuel, lots of fuel.

A helicopter, and lots of fuel, that's it.

Oh, and a hangar to keep it in.

A helicopter, lots of fuel, and a hangar, that's it.

Some spare parts to keep it flying, would be nice too. They are really expensive.

A helicopter, lots of fuel, a hangar, and spare parts, but that's it.

 

[MossRoad]

Several years ago at my old job someone was lamenting about how much they could do with a million dollars. I pointed out to them that they already had the chance. HUH? WHAT?

Well, you’ve worked here 30 years, right?
Yes.
You averaged well over $18 an hour over those 30 years, right?
Yes.
That’s $37,444 per year, right?
Yes.
$37,444 times 30 years is $1,123,200. The company has paid you over a million dollars. What did you do with it?
Mouth hangs open. Eyes go glassy. UUhhhh…..

So I tell them:
You ate it.
You drank it.
You drove it.
You slept in it.
You wore it.
You bathed in it.
You put clothes on it.
You sent it to school.
You took it on vacation.
Hopefully you saved some of it.

Most of us have made well over a million dollars in our working careers once we hit 65. If we’re married to a spouse that also works, we’ve likely made over two million by that point.

What did you do with it?

 

[MossRoad]

A helicopter, that's it. I have everything else I want.

Oh, and fuel, lots of fuel.

A helicopter, and lots of fuel, that's it.

Oh, and a hangar to keep it in.

A helicopter, lots of fuel, and a hangar, that's it.

Some spare parts to keep it flying, would be nice too. They are really expensive.

A helicopter, lots of fuel, a hangar, and spare parts, but that's it.

How about some flying lessons, too?

 

[Raul-02]

If you won the lottery, what would you do with the money?

I'm not talking about the huge 300-400 million dollar ones. But a smaller payout of one million cash in the bank after taxes.

So you mean to say "If you had a million dollar after-tax windfall [...]"

Well let's see; With a million aggressively invested with a good money manager you can draw off the income over a hundred grand a year maybe $120,000 and that's without digging into the Res or you might call it principal.
So that's what I'd do with it.

 

[Raul-02]

What did you do with it?

I have 2.8 million annuitized, another million and a half in an investment portfolio and about 10 million in assets