In recent news, a elderly couple gave away almost their entire 11 million dollars of their lottery winning, which equaled to almost all of it, as they won 11.3 million. According them, they said the money was more trouble than it was worth, since people kept asking them for money out of the blue, and they were afraid of getting swindled. therefore, they didn't think keeping that money was worth it. would YOU do the same thing? here's the link to the article if you want to know more of the details
http://news.yahoo.com/s/yblog_upshot/20 … y-winnings
what would you do though with the money? would you agree with them and give it away? or what? please discuss.
That is pretty awesome of them. They are smart, they are living just how they want to now for the rest of their lives. All their families probably have a good chunk of that. What else would they do with it anyway? They saved an even bigger headache for when after they died. You know how families always fight over the money, so they're even so smart they paid them ahead of time so there was no problems.
But there is a method to the way in which it is given and retained. Money doesn't buy happiness, ever. It doesn't even buy security or safety. What it does buy is the possibility that you might, just might be able to do the things you love to do. So here is what I would do.
I have two sons, one married with one child. One still single and struggling a bit.
Homes for each son fully paid off. (Security)
Trust funds established for grandchild that is here and for one additional that I will assume will come eventually. (Security)
Home for myself fully paid off. (Security)
All debt paid for all immediate family. (Security)
Charity giving, trust established.
Retirement, trust established.
Education (Ph.D) myself, fully paid and the time to focus.
Investment, into my current business for growth and hiring
That is what I would do. There is likely remaining monies. They would be filtered into Charity trust and retirement trust. The Ph.D is so when I grow tired of actively working I can teach and write, next career. Charity trust I want to make certain is doing good things on an ongoing basis rather than one time single gifts, so funding it and managing as a trust for growth makes more sense.
Hard to know until it happens. Not likely that I'd give it all to charity. I might pay off the mortgage, set up college funds for my grandchildren, set a bit aside for worthy charitable causes and put the rest in Vanguard mutual funds for my old age.
thanks you guys for such honest answers. i do appreciate it.
Yep! 11 million is pocket change. I can spend that on my family and friends in a couple of days, so I doubt there would be any left over to give to charity. My family give to charities, always have, but 11 mill? Nah too handy at home. Charity begins at home for me on this one.
that's true. family and loved ones should always come first in anyone's life. as far as 11 million being pocket change, are you serious? wow, you must be rich then. all i can say earnest, i wish i could say that. lol.
I have a big family, and some poor friends!
I have been rich and poor in my life too, so I do have some idea of the value of money.
I have never thought of money as more than a commodity.
That allowed me to make some of it. I learned early in life that thinking about money instead of just doing what you love to do and having money as a by-product is a mistake.
I also believe that if you have money, share it. That way it has much more effect on how we live
that's a very good outlook on life earnest. one that's very admirable. I never thought of it that way, as i always viewed money as a necessary evil in life. however, you do bring up a lot of good points. I'll definitely try to adopt your philosophy then on life, as it seems like you've already discovered the key to true happiness. thanks earnest.
Steven I am a happy person. I have another tip about money which you may find useful.
A psychologist friend of mine noticed that when I had a good day in my workshop supply business and made 20k for the day, (not too unusual, as the items were high ticket) I just thought of it matter of factly, knowing I had expenses to meet and all.
He found my attitude to having money was not only different to his, but to most of his clients as well.
I am not afraid of big money, and treat it with the disdain it deserves! Somehow this allows me to be comfortable with any amount of it big or small.
He said "Your attitude to money is basically if you don't have it, you just go and get it!" Somehow I have always been able to do that by maintaining a healthy disregard for it's perceived worth.
I see people with much more money than me who get no joy from it at all, as they behave as if it is in such short supply they will never see it again. I behave as if I can replace it whenever I like.
I hope this is helpful.
Straight answer? No. Saving for retirement will come in first then it's on to investments. Although we'll set aside funds for our parents / siblings / nephews / nieces. As for charity, we'll give a part of the proceeds but we'll give it to the institutions that we think make the most impact in our society.
no i wont...i would invest in my business...i can set up system which can give jobs and make me earn money as well..i would prefer to do that than giving away...
I would make sure I had enough to support myself during my retirement, then I guess I would have to give my family something , then I would give to charity. OK, I also would want to be able to quit my job and write full time, so I would make sure I had enough to support me for the next decade or so.
This couple are amazing. They obviously already have all they needed.
I love seeing the good side of humanity. What amazing people! I'm not in the situation and not crazed with money power ( lol ) but from here, this is what I would see my spending looking like:
-pay off everything
-set aside enough money to pay for my kid's education
-dump enough into my RRSPs that I won't lost a wink of sleep over my future
-buy my mom a house equipped with everything she needs, and a home care worker, live in
-buy myself a reliable car and build a small house
-I think the rest would be spent on traveling, exploring the world, funding community things like turkey drives and Christmas things for the less fortunate, build the best playground known to man, go back to school for something I actually love, and set something up for military kids to communicate and relate.
Yep, sweet dreams tonight, I tell you. lol
This is a upsetting topic because it's hard to say.
Technically thinking of it now, though I could change my mind,
I would give some to people I know, spend the rest on myself and some to charity.......my main ideas
My spending would prob include
and finacnical security for rest of my life.
my uncle gave thousands to charites in his will. I think that's cool.
Yes, most of it. We live simply and don't need much. I would keep a little "just in case", but I'd use the rest to really tick off my conservative friends
"I'd use the rest to really tick off my conservative friends"
Lol. Awesome response.
Seriously, every time I buy a lottery ticket, I think about it.
ACLU, Americans United and NPR would be getting some big checks.
But so would Disabled American Veterans and some others like it that are not conservative or liberal.
And certainly I have relatives and friends who could use a little boost, though those would be small amounts because, like me, most of them know that money isn't all that important.
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How would you use the money?
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