If you were a Lotto Max Winner

[Inferno]

The first three things I would do:

- Pay off all of my debt
- Share it with my parents and sister's family.
- Move back to North Vancouver and buy a condo by the shore.

As far as traveling goes two places I'd like to go with my dad(and mom if she wanted to) is Scotland(I'm a McLeod and would like to see Dunvegan Castle) and I'd like to tour Normandy to see all of the WW2 sites.

[Mean Mr. Mustard]

Originally Posted by Inferno

- Move back to North Vancouver and buy a condo by the shore.

What would you do with the other 8 dollars?

[OMG!WTF!]

I think "investing" is probably one of the top ways people lose their lotto money. At 60 million you just need bank interest to be flush but there is a weird urge to make more. People see dollar signs but have no idea at all what risk is.

I ended up owning a farm this summer 115 years after the family bought it, and 5 years after they won a 10 million dollar jackpot. There was a trail of crazy business ideas all over the place. All they had to do was not win the lottery.

My own financial screw up would be buying a way too big ranch and not knowing the cost of maintaining it. I think however I've dealt with enough shady people to not get suckered into anything stupider than buying cows for my big stupid ranch and never selling them because they're all pets.

[calf]

Absolute first things I would do are delete all social media, change my email address and phone number.

Upgrade my house, buy vacation property in Maui and Ontario near the family I like including cars, boats and all the toys.

Set up an endowment at my favorite charities.

Never work for someone else again.

[spuzzum]

-Absolutely relocate to a new city and move into a hotel to start with to figure things out

-Lock a huge portion away into an investment bond - something like 40 mil or more

-Purchase a condo overlooking Dubrovnik old town on the Med

-Travel, travel, travel

-For career, although I thoroughly love my job, I would quit to spend time figuring out a business to purchase to keeping me busy

-Give a mil to each sibling and my mother.

-One extreme night in Vegas but X amount to blow. Cap it

[Inferno]

Originally Posted by Mean Mr. Mustard

What would you do with the other 8 dollars?

Domino's Pizza on 3rd street.

[CliffFletcher]

I doubt there's any appreciable difference in life satisfaction between people who win $2 mil and people who win $20 mil+. Once your needs are met, the biggest factor in happiness is your social network - having close friends and family who you can share your life with. Winning a massive lottery puts more strain on those relations than you might think, and often leads to isolation.

I saw a doc on lottery winners, and the saddest of the bunch were the middle-class family from Ohio who moved to Florida and bought a mansion. They no longer had anything in common with their old friends, who couldn't afford to go on the high-end vacations or do the stuff rich people can do. The rich people where they moved didn't accept them. They had nice stuff, but it was pretty clear they were more socially isolated than they were before.

Then there's the massive headache of every person you've ever known, every distant relative, every charity, relentlessly hounding you for money. It's easy to say you'd just ignore it, but after the 50th or 100th or 200th instance of people trying to get a share the wealth, it gets to be more than a nuisance. A lot of these winners have to almost take on a new identity.

[Barnet Flame]

I’d max out Moneyguy’s grandkid’s RESP’s as a random act of kindness.

[Barnet Flame]

Originally Posted by CliffFletcher

I doubt there's any appreciable difference in life satisfaction between people who win $2 mil and people who win $20 mil+. Once your needs are met, the biggest factor in happiness is your social network - having close friends and family who you can share your life with. Winning a massive lottery puts more strain on those relations than you might think, and often leads to isolation.

I saw a doc on lottery winners, and the saddest of the bunch were the middle-class family from Ohio who moved to Florida and bought a mansion. They no longer had anything in common with their old friends, who couldn't afford to go on the high-end vacations or do the stuff rich people can do. The rich people where they moved didn't accept them. They had nice stuff, but it was pretty clear they were more socially isolated than they were before.

Then there's the massive headache of every person you've ever known, every distant relative, every charity, relentlessly hounding you for money. It's easy to say you'd just ignore it, but after the 50th or 100th or 200th instance of people trying to get a share the wealth, it gets to be more than a nuisance. A lot of these winners have to almost take on a new identity.

I’ve heard that as well. Whenever I participate in a big draw, I do as part of a syndicate. I don’t honestly think I’d like to be winning all that money on my own.

[shogged]

My solution to that is to conceal my identity if I won. You have a year to claim, so I’d start by growing my beard and legally changing my name. Then when my beard is well beyond anything it’s been in the past, I’d dye it and my hair. I’d also hire a professional movie makeup artist to change the way my face looks for the whole photo op you have to do. Then and only then would I claim the ticket.

Then when all is said and done, I’d change my name back, and settle into my old lifestyle.

[metallicat]

I'm 36 and would choose to keep working if I won, but I'd buy a massive treed acreage somewhere and build a nice house on it, and I'd drive brand new vehicles all the time and go on a nice vacation each year, but I don't need much more than that. My wife, whose health isn't the best, would be able to quit work and that would be the best part of it all.

[jayswin]

Originally Posted by metallicat

I'm 36 and would choose to keep working if I won, but I'd buy a massive treed acreage somewhere and build a nice house on it, and I'd drive brand new vehicles all the time and go on a nice vacation each year, but I don't need much more than that. My wife, whose health isn't the best, would be able to quit work and that would be the best part of it all.

Not trying to suggest you wouldn't stay true to your word, but I do wonder how many people who say they would keep working actually keep working.

I totally understand the reasoning, but I feel the allure of having money to buy anything you want and go anywhere you want would be too time consuming and powerful to be occupied at a job.

At least at first, but then once you go for a few months/years without working I couldn't see most people being able to get back into it.

[metallicat]

Well it totally depends what job I have. The one I have now? A solutely not. The one I want? I think I'd enjoy it enough to stick around.

[jayswin]

Originally Posted by metallicat

Well it totally depends what job I have. The one I have now? A solutely not. The one I want? I think I'd enjoy it enough to stick around.

Oh for sure, I've been quietly cheering for you to get that job for years! It's been a long dream, keep beating down the door.

[CroFlames]

I would buy/build an insane villa on the Adriatic coast and live there. I'd buy one vanity car like a Ferrari, then a Range Rover and an S Class as daily drivers. Travel Europe, Russia and middle east extensively.



I'd buy a nice fishing boat, maybe $200,000 max, and become a fisherman. Set up tours for CP members who want to go fishing in the Adriatic (free of charge, of course). I think being a fisherman without the pressure of having to make a living off it would be the best job in the world.



I would never work for someone else ever again.

[Mazrim]

This twitter thread was pretty good with some advice for how to handle winning the big one:

https://twitter.com/user/status/1053992079184011264