Off Topic: Winning The Lotto

Today I'm going to ask the age-old question: what would you do if you won the lottery? Let's put a real cash figure on it. What would you do if you won 50 million Australian dollars?

This going to sound crazy, but I'm not really sure how much it would change my life. There's no way I would quit my job, that's for sure. I would miss it too much. Maybe I would only work three days a week. I'd buy a bigger house for sure, and I'd definitely build a massive rock climbing wall inside that house. That would be awesome. Actually I would probably just buy the above house.

I'd travel more, maybe even buy a nice car? Man, I'm so boring...

This is why I'm asking all you guys and girls -- I know you'll come up with something more creative!


Comments

    Put it in the bank and live off the interest it earned. I'd never have to work for another day in my life (I'd probably buy a house outright first, though)

      This. At a crappy 5% per year that's about 2.5 million a year.

        You won't get 2.5 million, because you'll never find a bank that'll offer you 5% interest on a standard bank account. Then after that you're going to pay income tax on that amount.

        Still with that said, the several hundred thousand dollars you're going to get a year without working , is still a life style above and beyond our imaginations.

          It doesn't necessarily need to be a standard bank account though. My bank has a savings account that offers 3.60-4.65% p.a. and I am sure there are others out there that are possibly better (S&Ls come to mind).

          Not quite 5% but still a very tidy income.

          $50 mill @ 3% = $1.5 million. Take about 50% in tax, leaves $750K per year - or about $65,000 per month. If you get more than 3%, or pay less than 50% tax, treat that as growth.
          Now, what do you DO with the money? You reinforce the Triangle of Self:

          1. Do things that make YOU more rich [buy shares etc],
          2. Support charities or causes YOU think are worthy [red cross, greenpeace],
          3. Support artists whose work YOU enjoy [concerts, trips to vegas, beer]

          Don't invest in a standard bank account. Get a term deposit with interest that's accessible - they're at about 4.5% now and when the economy's not in the shitter interest is usually well above 5%.

      Precisely this. 50 mil will set you and your kids up for life. Don't waste it too much on the frivolous!

      (Of course you can and SHOULD indulge yourself, just don't go doing shit you'll regret :P)

      This. I've heard about a lot of people who won lotto, blew it all, and then were worse off when compared to before winning. At least if some (a good amount) was put in the bank they'd still have interest.

        Yup heard it often enough. usually within weeks.
        They win, go to vegas, try to double their money. end up with nothing.

          How dumb could people be to want to double their millions? (using that method)

          Last edited 05/03/13 12:15 pm

      How BORING!!! "Oh what fun, enough interest to live comfortably, woo! Let's not take any risks, buy anything extravagant, have any adventures, lets just be perfectly comfortable". You can sit there in your rocking chair and watch other people go to work and think "I never have to work another day in my life and that is all I ever wanted from my existence."

      I love working and spending money and LIVING personally. You don't need to go crazy with the money. You'd have 50 million! Put half in the bank and enjoy 1+ million in interest per year and you'd still have 25 million to spend! I can personally buy all the cool things I want with < 5 million, so I would go on an indulgent shopping spree and still have a lot to invest.

      Slightly more serious answer: I'm sure you're just saying the first sensible thing you'd do, especially in the light of a lot of lotto winners wasting their money, and you really do have a list of things you'd like to acquire and goals you'd like to accomplish. Investing money is a good option definitely, though putting it completely in the bank isn't very sensible when in reality you should be getting a financial planner to create a diversified portfolio that includes shares and real estate. Personally I would set up my family, travel a bit and then design/build a nice house and studio, I would then spend my time and money making indie games, or at least have fun trying.

      Last edited 05/03/13 11:50 am

        If you can't live (do anything that catches your whim) on $2.5 million a year, you don't lead a life worth living.

          Absolutely. I'm just saying that in the fantasy land of winning 50 million, investing wisely and retiring young aren't exactly the most exciting answers.

          Also, not having any goals or challenges in your life is a direct path to boredom and stagnation. Sure you'd enjoy 'not working' for a while, but you have to find something to apply yourself to even when you don't have any financial burdens. Many super rich people apply themselves to getting richer, which is okay I guess, though I prefer those that dedicate themselves to charity and helping others once they've made their fortunes.

          So that's why I don't think "not working" is as satisfying an answer as actually doing something. And in my opinion if you can't think of anything to actually do when you have the freedom to do anything, you don't lead a life worth living. :)

          Last edited 05/03/13 1:37 pm

            When I say "not working", I mean "not working for someone else". I'd work on my own projects, be they music, gaming, design, writing, whatever. I've got plenty to occupy my time.

              Awesome, that's more like it. Though I'm sure there are people who want nothing more than to just "not work" as if they think that will make them happy - I think it's those type of people who are more likely to blow the winnings as well, as they have to fill their lives with purchases to make up for their lack of self direction.

                Blow their dough, and then blow their brains out!

                I'd be climbing the walls (not just the climbing wall) if I tried to do nothing with my life. I have no doubt that I would be, just like I am now, trying to fit in everything that I want to do. I just wouldn't be fitting in working for someone else...

      Pretty much.
      I'd buy a house, buy some more video games, upgrade my PC...put aside some for a trip, put aside some in a family trust for my parents and siblings; and then leave the bulk of it in a variety of investments so I no longer have to work.

      Then I might decide to either go back to Uni and study for a Masters in a topic I actually enjoy (rather than one that simply makes money); spend more time learning Mandarin and Japanese and overall do the same things I usually do minus work (replace work with a bit more fun-times, but also study).

      I'd also spend time making and selling my own collection of t-shirts with game references/etc.

      I've thought about it many times when I buy that lottery ticket to some big lotto. And I've concluded that you'll eventually get bored of so much if you have too much fun with no work/study/etc. So if I do win the lottery all I'll do is make my list of goals/things-I-want-to-do a little bit earlier than usual, but not by a whole lot.

    "2 chicks at the same time."

      This. Will happen anyway, if you r single and have 50 million. ;)
      No need to pay for it

      http://nogreaterjoy.org/wordpress/f/bossy-flossy1200x800.jpg

      You're welcome! :D

    First thing on the list of things to do is buy an F-Zero AX machine. Preferably Monster Ride edition, but I'd be happy with a Deluxe edition too. Actually make that a pair of them, because it's more fun to play together.

    Though I guess I'd have to buy a bigger place so that I actually had somewhere to store them.

    Then it'd be a Pac Man Battle Royale table, because that thing is the absolute most best fun.

    After that I'd just start fleshing out my game collection, filling in the gaps that are currently too cost-prohibitive to fill like the last couple of Virtual Boy and 64DD titles.

    Pay off house
    Make improvements to house (I like my house enough to not want to move)
    Buy a handful of investment properties in the same suburb and rent them out, live off the rent.

    Quit current job and get any simple part time job somewhere close to home

    Buy massive amounts of games and LEGO!

    Share with family.

    Finally, become a life member with the Central Coast Bears, we'll be back one day!

    A friend of mine once told me a story from his trip to Cambodia. He offered a man $10US to take his thong, and slap his friend in the face with it. The Cambodian man took the bill, and without hesitation took my friends thong and slapped another man in the face with it, hard, then walked away into a crowd before anyone could react.

    I'd probably do that few thousand times.

      You'd run out of friends pretty damn quickly.

      wow, that's horrible story. And you want to recreate it? Exploiting people poorer than you? Nice... I hope you never come into money.

    I'll set myself up for life with savings, a house, car, etc, then spend the rest of my days drawing & painting.

    Change it into $1 coins and Scrooge McDuck it.

      Or change it all into chocolate coins.

        Just keep this in mind!

        http://www.youtube.com/watch?v=cCELe_cNnfI

        That would probably hurt a bit less than regular coins.

      Technically, you would break your neck on the first dive.

      "Aaaaagghh! It's not a liquid! It's a great many pieces of solid matter that form a hard floor-like surface! Aaaaaaagh!"

    Quit my stupid job and make art/illustrations/music all day.
    Buy a decent house.
    Buy a big old factory somewhere in the city and turn it into an art/performance space (rent out studio spaces, gallery for shows, stage for bands).
    Maybe buy a car.
    Give a chunk to some worthy charities.
    Put the rest in the bank.
    Party.

      Give a chunk to some worthy charities.

      A bit of a worry that the first post to mention philanthropy is this far down the page.

        More worrying is that it is 2013 and charities still need to exist.

          While there's beggars, there'll be charities.

    Pay off house. Buy a bigger house, gifts for th wife, attempt to just live off it.
    I hate work.

    I'm really bad at these sorts of things as my imagination is as creative as a.. a... not creative thing. With $50 million though, I'd buy a house, probably make an effort and get a license and car, quit my job and start doing indie game development for reals, leaving the rest in my account for a heck of a rainy day. Oh, I'd probably also build a second house just for all my games, manga, anime, movies, books and figurines... I imagine it would be twice the size of the house I end up living in.

    Metal Gear... metal gear.... and more METAL GEAR!

      you'd play metal gear? or you'd commission someone to make a real one?

        Buy Hideo Kojima and make him produce Metal Gear games until he is dies.

        Oh wait Konami did that already.

    Start passion businesses that can be relatively unprofitable but I can personally enjoy anyway and will support – like a glitzy Jazz club.

    I'd divide it into different groups, each with approximately the same amount because I'm weird like that; Save, Invest, Charity, House, and Spend.
    - I'd save some money so I could live off the interest in case things go wrong or I blow all the money. It's better to be safe than sorry.
    - For investing, I'd probably choose a mixture of stock markets, local business, and buying property.
    - I think it's only right to give back when someone gets such a large windfall, so I'd definitely be giving to charities. Mostly animal ones though because I'm less a people person and more an animal person. :P
    - I'd be renovating my house. I already know what I'd be doing because I've been dreaming of it for ages, but haven't got the funds. At least with such a big lotto win I'd be able to do what I want and more. I'd probably also buy the surrounding properties and rent them out, or knock them down and have an extra large garden. It would be my own little private paradise. ^_^ (note to self; buy a gardener)
    - And last but not least; Spending. :D This includes heaps of shopping sprees for clothes, games, anything, as well as a new car (or two), and holidays.

    Having said all that, I would also still work. Life would get pretty boring otherwise, and I'd probably end up just blowing all my money. I'd probably look into starting my own business though.

    lamborghini, House, second house, 30m in the bank, set my friends and family up, Charity of some sort (most likely Autism australia), low orbit Space flight, Travel for a couple years, see everything.

    Last edited 05/03/13 11:44 am

    Create a center of innovation; use the money to fund new an exciting products and inventions and help better the world by funding anti-zombie infestation vaccines, create self sustainable energy and basically live on an island with a select amount of people in a natural paradise and connect myself to a fibre connection of satellites to watch over the planet. Also I'd just live on an island so I dont become a pretentious jerk and try to impress fake models with overpriced brands and Lamborghini's... After all the inventions take off my net worth should be in the Billions if all goes to plan. Think Big. Dont be sheep.

    Bank and invest at least half of it.
    Buy the house next door, kick out the people who live there because they are assholes and because I can.
    Buy the dream house (which is just a single storey house on a large bit of land).
    Retire and spend my life travelling and scuba diving.
    Work on charitable goals such as saving Lions and Sharks and other endangered species.
    Advertise the fact I won 50 million and see how many "friends" suddenly come back into my life.

    Last edited 05/03/13 11:49 am

    Quit work, buy a slightly larger house in a nicer area, and give most of the money to deserving charities so my kids don't turn into entitled assholes.

    Write and parent full-time, maybe even start a publishing business or a bookstore with my wife. My wife will probably want to travel, so I'll indulge her in that.

    Token amounts to important people in my life.

    The only crazy thing I would do is take a trip into space. It's about the only extravagant thing on my bucket list.

    Man, it would be nice to never worry about money again.

    Last edited 05/03/13 11:49 am

    I'd put most of it in an account that yields the highest amount of interest, but I'd also investigate safe stock options that pay about the same, maybe give a small amount to a broker to play with on my behalf.

    I'd definitely buy or build my perfect house and set it up with nice things. I'd have a couple of nice cars. I'd travel on and off for a year or so and see the world.

    Then once all that was done and I got sick of living by my own schedule and playing video games, I'd start a small business, some kind of retail business that isn't in the process of being absorbed by e-shopping. I have some friends with a shaky employment track record so I'd get them to take business management courses at TAFE and give them a shot at running the place. Because I'd be completely financially secure (even running at a loss there's no way it would eat into the interest I'm living on), so I'd experiment with the retail model for my amusement, see what works and what doesn't.

    I also like to think I'd go for "second chance" employment practices, maybe try to hire kids who'd been in trouble at some point and were having problems finding jobs elsewhere. See if being treated well and being given an opportunity to change can rehabilitate them, that kind of thing. If it worked I might try to encourage it in other business owners, start some kind of foundation for exactly that purpose.

    Last edited 05/03/13 11:56 am

    50 Mil huh. Well, first it would be taking care of current expenses, which would probably not even be a million. I'd have 49.5 left. Buy land build 2 houses. 47 Mil left. (I'm not too fussed, about living space). Set up my old apartment for rent. Maybe one of the houses. 2 cars,
    46 mil left. Put 2 million and watch it grow in savings for retirement. 44 left.
    Put another 2 million in savings for kids education and starting money when they turn 18.
    42 left. Make sure the family is sorted, mum, dad, bro. each can have 2 million. 36 Mil left.
    Allow myself 10 million spending money (providing I spend it wisely over the next few years)
    26 Million left.

    Hmm what would be next. 26 million is still a lot. Now I'd have to get creative.
    I'd buy a Tall Ship / Yacht. They go for about 1.5 million. Put 5 million in expenses for crew salaries, refits and perms. Then start a sailing business in the Whitsundays, or Malaysia in Langkawi somewhere. Get money off of business. 19.5 million left.

    What to do with the remaining 19.5.. Do I do one more crazy thing or do I just keep it in
    a bank somewhere? I am already living off of rent from the 2 houses, and my business is taking care of itself. By now the 10 million I put aside might have already been depleted.
    So I guess another 10 million spending money, for the years to come.
    (cars, tech, charities (no asshole of course I'll donate some to charity) etc,)

    9.5 Million left. Still a millionaire. ;). What can 9.5 mil buy me?
    I could put it into research, or in kick starters? ..

    Screw that. Im'a buy me a chopper!

    Oh, I would also build this:

    http://technabob.com/blog/wp-content/uploads/2012/08/batman-movie-theater.jpg

    First thing I would do is not tell anyone.

    Second thing is that if I want to give any of it away to family/friends then I include them in the original win as part of a syndicate - that avoids the tax issues for them.

    Third , I quit my job, buy a modest house in Sydney, live of the investments/interest I make on everything else and volunteer 3 days a week at animal shelters or something similar.

      Good point that first thing. People will be harassing you for money all the time.
      Sometimes even through the courts if they don't get what they want. Ppl.

    For me at least, when I buy a lotto ticket the pleasure comes from thinking about spending it, it's just really buying the permission to fantasise.

    The most enjoyment I imagine I would have is just giving a large portion of the money away to my family. Nothing would give me as much pleasure as helping to ease their financial burdens.

    Also a solid gold house and a rocket car.

    become a millionaire playboy speedracer and drive a red car that has lots of spoilers and pipes.

    I would only keep 20 mil for myself and the other 30 would get spread out between my sisters, brothers, nephews and mum.

    as ive said many a time, setup a games site, hire you and Laura Parker and give you all the resources you need.

    Aside from that buy a nice car, sweet house, quit my job and live off the interest. :)

    would seriously consider a startup as well (Aside from the site)

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