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If you won the lottery...what would you spend it on?

Posted by IngridO 
If you won the lottery...what would you spend it on?
June 16, 2017 05:40AM
Having a conversation with some friends the other day and we discussed what each of us would do if we won the lottery (lets say at least 5 million). It was interesting what the different perspectives were

some would keep working, some would quit the next day.
some would share, others weren't as keen to tell other people
one wanted to share, but would control what they spent the money on

What would you do if you won the lottery?
Re: If you won the lottery...what would you spend it on?
June 16, 2017 06:06AM
I don't buy tickets so can't win but every so often I day dream on what I would do with something like $20 million. So I have jumped to a large win Ingrid. smiling smiley
I wouldn't tell people at all although we would make anonymous donations to charities and people that we would like to make a difference to.
I would always fly business class when travelling for more than 3 hours and yes I would cut back a bit on work and enjoy the kids more.
There would be more international family holidays as I love travelling and like it when we are all together.
I would love to spruce up mum and dads house too.



Edited 1 time(s). Last edit at 06/16/2017 06:07AM by helen.
J1
Re: If you won the lottery...what would you spend it on?
June 16, 2017 09:16AM
I'd put it in the bank. Acknowledging that interest rates are paltry right now, I'd compound half the yearly net nterest amount and give away (to family, community projects, etc) the other half of the net interest earned. This helps alleviate somewhat the erosion of capital value (eg against inflation, plus no actual capital expenditure).

If I was happy to put in more time, effort and risk acceptance and wanted to pursue faster, bigger returns, I'd invest the winnings in property in markets (towns/cities) with increasing values.

Really, it's about growing the money rather than losing it. This then gives continual, long term benefit to yourself, family and community. A good example of this and one I admire as my ideal is the Thomas G Macarthy Trust which gives community funding to the Wellington Provincial District. Mr Macarthy was a brewer and died in 1912, leaving an estate of 500,000 pounds. Since then, his Trust has distributed total income of over $68.49 million to the community. [www.publictrust.co.nz]



Edited 3 time(s). Last edit at 06/16/2017 10:00AM by J1.
Re: If you won the lottery...what would you spend it on?
June 16, 2017 07:45PM
At some point you have to stop worrying about growing and investing and rather deplete your cash and lotto would be one of those triggers. I would not want to win lotto, then have the stress of property portfolio or which shares to invest in.

Donating etc, sure if you really believe in what they are doing, a lotto win would even make that easy.

Leaving substatial inheritances - pros and cons - just gifting large amounts of money to people who have never worked hard themselves can create monsters and a sense of entitlement - all that can be managed however.

Travel 1st class everywhere, eat the best food, spend a lot of time at the beach.
Re: If you won the lottery...what would you spend it on?
June 17, 2017 12:10AM
Oh I love dreaming...now retired I would only tell my children and no-one else. Pay off the kids mortgage, give money to the smaller charities each year that seem to miss out a lot. Then enjoy overseas travel, going first class and staying at lovely hotels rather than flying economy and staying at middle of the road hotels. Each year I would pay for the children and grandies and us to go on a family holiday. I guess I would never use all the money up but would certainly enjoy it.
Re: If you won the lottery...what would you spend it on?
June 17, 2017 04:15PM
I never expect to win Lotto.I do buy tickets but not every draw.I do often wonder when people do win how they share it with their families as I thought you could only gift $27000 per year.If that is the case you wouldn't be able to divide the winning amount equally.
Re: If you won the lottery...what would you spend it on?
June 17, 2017 07:00PM
Marylew, re gifting, you were perfectly entitled to gift amounts over $27,000 per annum but any amount in excess of that used to attract gift duty. However in 2011 the Estate and Gift Duties Act was amended and since 1 October 2011 that rule has no longer applied.

Regards,

Barbara Anne
Re: If you won the lottery...what would you spend it on?
June 17, 2017 10:13PM
Thanks Barbara Anne I am well out of touch with reality.Now I can understand how people can easily split or give money out.
J1
Re: If you won the lottery...what would you spend it on?
June 23, 2017 04:25PM
For entertainment I calculated that if you did put $5,000,000.00 on bank term deposit @ 3.6% (with 33% RWT ) and you reinvested half the net interest and spent the other half, after 10 years you'd have capital of $5,703,969.50 and have had $638,391.05 spending money.  Not too shabby!
Re: If you won the lottery...what would you spend it on?
June 29, 2017 05:19AM
J1 - Not too shabby at all!

I wonder how many people who have actually won, are as sensible? and I wonder how many just go on a massive spending spree?
Re: If you won the lottery...what would you spend it on?
June 30, 2017 05:39AM
I'd love to be able to put several bright high school students from poor families through university with all expenses covered. I'd do this anonymously and would hope that if they turn out to be successful that they might give someone else a helping hand.
Re: If you won the lottery...what would you spend it on?
July 01, 2017 02:33AM
I'd like to do something to support families coming to terms with their child's special needs. Was easily the most traumatic time in my life. I also really feel for people with autistic kids stuck in situations like the Christchurch quakes, so perhaps create a fund to help families in that kind of situation.
I'd also like to buy a house for my son, so he could live in a flatting situation with others who have similar levels of needs.
Oh and a beach house for me and hubby!
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