If you won the lottery, what would change?
I was working through my backlog of How to Money podcasts while walking the other day, and the topic of the lottery came up. Joel and Matt were talking about how suddenly coming into a lot of money can actual make people's lives worse.
They mentioned that they think it's wise to build a meaningful life that you love, one that's not dependent on some pipe dream of winning an enormous cash prize.
So that got me thinking: what would change in my life if I won a huge Powerball prize?
(note: I have never actually played the lottery, so this is entirely theoretical!)
Things that wouldn't change
I would still blog
I would keep writing here because I love blogging and because in small ways, my blog helps people.
But I would remove all the ads, since an income would no longer be necessary.
I would still get my R.N.
Me getting my R.N. was never about earning money. So, even if I was filthy rich, I would still go to school and get my R.N. because I really, really want to go make a difference in patients' lives.
But maybe once I got my R.N. and some experience, I would use my degree to do volunteer work instead of paid work since I wouldn't need to earn money.
I would love, love, love to go help out on trips where medical professionals give free care to people who need things like cleft palate repairs.
I would still drive a sensible car
You all know how my dream car is a Honda Civic, right? My plan is to buy one for myself when I finish nursing school. 😉
But if I won the lottery, I think I miiiiiight upgrade my dream car to a Subaru BRZ. I'm not much of a car girl, but man, every time I see a BRZ on the road, I swoon a little.
My hesitation in buying one is that they use premium fuel. But if I won the lottery, maybe I'd be willing to splurge on premium fuel for my BRZ.
I would still maintain most of my frugal practices
A lot of my frugal practices have benefits aside from frugality. For instance, cooking at home is healthier than eating out. And homemade food tastes really good!
(Is there anything tastier than homemade bread, hot from the oven? No.)
Also, so many money-saving practices are better for the environment; for instance, reusable products save money but also produce less trash.
Secondhand purchases are cheaper but they're also much better for the environment.
And the same goes for repairing something instead of replacing it.
Things that would change
I would buy a smallish dream house
I wouldn't want a mansion, but I would most definitely find a small/medium house and pay for it in cash.
My dream house has a big front porch, a garage, and lots of natural light!
I would hire out all of the yard work
My dream house would have a yard, but...I hate mowing and most all types of yard work. So if I had unlimited money, I would hire all of that out in a heartbeat.
I would spend lots of money on relationship-building
Obviously, you cannot buy relationships!
But sometimes money can facilitate time together with people you love; I'd pay for meals out with people, time away with people, travel to go visit people, and so on.
I could see my Texas friend more often than once every few years, for example. 😉
I would buy some homes to rent for cheap (or free) to newly single moms
When I was struggling so hard this year to find a rental, I thought that maybe down the road, once I'm on my feet, I'd love to buy a duplex or a house with an in-law suite so that I could have something to offer to someone else in need.
Finding a place to live is a big hurdle that you have to get over in order to leave a bad situation, and I'd love to make that easier for someone else.
So, if I won the lottery, I could do that on a much larger scale!
___________________
I'd quit my job.
I'd get my mother out of the nursing home.
I'd blow $100 million on art. If we are talking $1 billion PowerBall.
I'd buy my kids nice apartments in NYC.
I'd fully fund all local soup kitchens.
I'd hire a big band--not sure who--to play at my 60th birthday blowout party.
I'd have a live in housecleaner and cook.
I'd buy some truly incredible cars.
I'd finish my damn memoir because I'd have the time and energy.
I'd go to a Swiss health spa for a month.
I'd buy a horse.
Sorry, folks, I'm pretty standard when it comes to lottery dreams! I have never bought a ticket though as the odds are the same whether I buy them or not.
Oh right, I forgot hiring Gerald Scarfe to paint my portrait. I did ask about but so far I don't have the money, probably about $10,000.
@Rose,
How about having your clothes and shoes custom made?
I should really like that - choose the colour and the fit and the fabric and have someone make me something wonderful!
However they might come up with something I cannot wear on the bike, in the rain.
@Rose, Ok, so someone my own age can read mine and think I'm pathetic, LOL!! I want to be Rose when I grow up!!
@J NL, Ooooh, nice! I've had custom shoes made--and I think actually I read about the company here! Bali Elf? They had to make GIANT straps for my giant peasant ankles. Ha! And I used to make my clothes myself. I would make all these crazy Issey Miyake patterns and feel like the cat's meow going to work in Manhattan.
I have very large ankles too. Ankle straps are almost never big enough for me!
I'd also hire the ballroom of the Waldorf Astoria hotel for the Frugal Girl Non-frug-athon, and have a cheesy tiara and sash made for Kristen. And then put everyone up in the Waldorf.
People, I can literally not stop thinking of ways to spend money. I'm good at it!
@J NL, That would be fantastic. I would love some custom made, comfortable, fit like a glove shoes and clothes. 🙂
@Rose,
I like the way you think! So many wonderful ways to spend the lottery windfall!
I would create a fund for single mom's to help out with holiday expenses for their kids. I would also have a designated table at a diner where the owner can offer food to a person in need. My luxury would be to buy a tiny house near the beach with a beautiful jeep. And of course, I would pay off my mom's place and my siblings so they would have more money available
I would pay off my house but wouldn’t move…. I wouldn’t retire but I would maybe work a little less…. I would travel more but I wouldn’t go bananas on expenses …. I would hire a chef to make super healthy meals and someone to help around the house. And I think I’d just feel more comfortable - have less worry about the future.
@Jessica, And I think I'd just feel more comfortable - have less worry about the future.
This is a simple, yet powerful phrase.
@Jessica, We have similar views!
The below assumes a very large lottery. If it were only a smaller lottery - such as when I asked Kristen what she'd do with $10 million, maybe 10 years ago - some of the items would drop off the list
I'd buy a lot of services, which is in essence buying time:
- I'd hire someone to do the double-blasted insurance paperwork for me.
- I'd hire a manager to oversee all the tedious life chores such as getting things fixed, picking up medication, and running errands.
- I'd hire someone to clean up in the kitchen every day.
- I'd buy more pre-prepped food cuz right now I'm so utterly burnt out over cooking.
- I'd hire a driver for my roommate, who is now partly handicapped and will become more so over time.
- I'd join a gym and hire a personal trainer.
With the extra time, I'd go to lectures and take classes: history, travel, maybe language, sociology, hobby. I'd not only go to more hobby events, I'd travel to do so. More class-type tours, such as the fascinating curated weekend at Gettyburg it was my pleasure to have, some time ago.
I'd become an election worker.
I'd look into actuating my idea of teaching poor people how to cook healthy food, quickly and cheaply. Contrary to popular opinion it can be done but it takes knowledge and experience. I'd also buy each of my students an instant pot or whatever appliance would help them most.
I'd donate a lot more, mostly to the same places I donate now: good governance, civil rights and civil liberties, health care/family support, support for current and former military personnel, and more.
I'd travel more and more conveniently. Business class rather than coach; more drivers/rickshaw carts/etc, fewer rental cars; more buying my way out of lines[1]; more special tours. More travel in general, of course. I'd still go to the hard and inconvenient places that I love to visit, but it'd be easier to do.
I'd sponsor more friends to visit me, my argument being that I'd spend as much visiting them.
[1] One memorable example: it was killer hot and killer sunny, my mother was already vulnerable to these things, and the line at the Parthenon was 2+ hours long. My father, noticing that the group line was practically non-existent, paid the full group rate for our not-full group.
I forgot one: an amazing yard.
I want a colorful, low invasive, pollinator-friendly, organic yard that's stunning to look at. I have no interest in maintaining it and no skills to create it. I'd hire a company to design, implement, and maintain it for me.
@WilliamB, I'm in my 70s and my husband just turned 80. We are still as frugal as all get out but there are a few areas at which we are throwing money to make life easier. We used to travel a lot but have quit most of that except for a yearly family trip to Hawaii. This year we cut down a huge amount of standing and waiting by using a smaller airport instead of LAX, and to my husband's amazement, I insisted we spend the funds for first class. The trip turned into an absolute disaster concerning family relations and there were long term repercussions. I cried on the plane all the way home, but at least I cried in first class. It was at least more private.
@Anne, I'm so sorry that your trip turned out badly. That's never easy.
I love this thought experiment! Since money is one of the things that really reveals values, it makes me wonder if that’s why often people who get an enormous windfall can wind up so miserable. If you’re miserable or discontent with what you have now, getting a bunch of money probably won’t change that. I guess it’s the whole idea of proving wise with what you’ve been given, and to continue to be wise if you’re given increase. I also love that you said money can’t be a sure foundation in relationships, but it can really be leveraged in building them well! I think the same principle can be applied to any of our other resources (time, giftings/abilities, etc). Such a fun post, thank you!
@Kyndra, A lot of money can tear people apart and cause a lot of bitterness. Parents and children, more distant relatives, and strangers asking for handouts.
I mean, if my kids said to me, OK, now you won a billion, Mom, I don't have to work. I would say nope. Then they might well get angry. etc. (I can't picture my own kids doing this but lots of other kids, yep.) Or my cousin who I barely know wants me to pay for x, y or z because reasons and I say no, sorry, and then that side of the family is annoyed with me.
It's harder for lottery winners because they mostly aren't wealthy or gradually became wealthy etc. Just a windfall.
@Kyndra, another reason is that a substantial portion of the big winners don't have the knowledge to use the money wisely or to avoid being taken advantage of. It's rather like young professional athletes in that way.
We already know what we would do with the money as we have this discussion a lot. We play, but not a lot of money.
Buy houses to share with family: 1 in Key West, 1 on the Outer Banks, NC, 1 in the Adirondacks, and 1 in Ireland. And our large family could have their pick of vacations rent free. Just 1 rule, keep it as you found it.
Share some money with family. My older sister could use cash, my brother could use a garage, and my other sisters could use cash. Some of my in-laws could use cash, others could just use a good vacation - hence the houses above.
And I would give some to veteran's groups for assistance with PTSD and funds for women who need assistance from domestic violence. Just read an article today about a group of men who assist women moving out of their domestic situations at no cost. Sometimes people just don't know how abusive their relationships are and how to get out of them.
Oh and I definitely would have a housekeeper for all the houses and lawn care for all the houses. Like Kristen, I dislike yard work. I love the look of beautiful gardens, but hate planting and maintaining gardens.
Such a great topic!
I love what's on your list!
-I'd increase our travel budget, but mostly to help pay for our family to join us on more trips (and, for my parents to be able to go to Hawaii, etc).
-I'd pay for my nephews college tuition/room & board
-I'd quit my job (although, already planned) & do something in non-profit
-I've heard about restaurants/bakeries that employ special needs/down syndrome staff. I'd research the options here, because I'd love an option like this
-I'd also do research about helping kids afford activities and sports that they otherwise couldn't participate in. I'm a big fan of having kids participate in sports with their peers, but the cost is a blocker to many.
-I'd hire out all of the cleaning of my house, because I really, really don't find it to spark joy.
-And, in a truly hedonistic splurge, I'd join any and all gyms I feel like (Orange Theory, yoga studios, other fancy pants gyms) & go as often as I'd like. I sometimes go now, one at a time, using a punch card. I'd really live it up, and do unlimited class passes.
I’d buy a home on lots of land so I could have a big garden and my husband a big workshop. Buy a couple of reliable cars. Probably a boat or jet ski for the lake, pay off my sister in laws debt (we promised each other when we met 30 years ago that we’d do this if either ever got a large sum of money). Go on trips to places I’ve never been, and help out as many people as I could.
One of the many reasons I love reading your blog is how your kind hearted shines through! I enjoyed reading your lotto money ideas- and I agree that it seems that money often begets more unhappiness than it brings, though there are definitely ways it makes life a little easier. Thanks for the great post!
I'd quit worrying about having to put DH on NY State long-term care Medicaid if he's still living after his LTCI money runs out (which it will in another couple of years).
I'd stop worrying about my own future care needs.
I'd buy a new vehicle for cash (but not until the Element definitely kicks the bucket).
I'd quit prioritizing maintenance projects on my house according to urgent need.
If I become physically incapable of living in my present home, I'd buy a nice smaller house on one level in the neighborhood.
I'd come up with a personal "doing good" project as imaginative as some of the ones Kristen and others have already mentioned--although, having lived through DH's years of struggle as a landlord and heard some of Rose's stories, I don't think I'd invest in any rental properties!
BUT: Like Kristen, I would continue to pursue most of my present frugal activities. Not only are they good for me and good for the environment, they're actually my main forms of recreation!
@A. Marie, why the worry about NYS Medicaid? Does his current place not accept it?
@Rose, yes, it does (I made sure of that before I placed him). But for various reasons, I wish it wouldn't be necessary.
Change:
1) My house is at the age where everything is nearing the end of its lifespan. I’d replace/update everything that’s about worn out. I’d also love a screened porch and solar panels. My husband and kids really want to finish the basement, so we’d probably do that, too.
2) I would put aside money for my kids’ education, plus enough savings to help me never have to worry about having enough for food, shelter, medical care, etc.
3) I’d give a lot to charities. Honestly, I hope these lottery winnings would be huge, because when I see someone suffering I always wish I could help them. I’d burn through that money quickly!
4) I’d like to explore some of my passions for learning more (historic restoration, building with my hands) without having to worry about the expense.
Not Change:
1) I want to stay in my small house in my friendly neighborhood. I built my garden myself and am proud of all the work I did, so I wouldn’t want to leave it.
2) My kids would stay in their public schools. They both love where they are. I wouldn’t change anything unless we had serious concerns.
3) I’d still be my normal non-flashy self. Material things like designer clothes, expensive cars, and home movie theaters don’t impress me.
4) I love growing my heirloom fruits and veggies! I would keep gardening, as long as, I was physically able … though I might hire someone to weed.
What a fun topic!
-buy a lake house in NH
- purchase fancy private health insurance and get ALL THE SCANS. We are mostly retired (have rental properties), but we have terrible insurance that is basically catastrophe insurance. I admit that I've put off some basic health stuff because of this, but with a lot of money, I would get some fancy scans done and every health screening I could think of.
Hi Kristen,
Sometimes it is nice to dream, even if it is just hypothesis.
How a lottery win would impact you, would obviously depend on the amount.
I would not mind winning an amount that would pay off our last remaining mortgage, and help our children buy a first house. Also I would not mind retiring a few years early, as my husband is a few years older. We would have more time together in that case (he might not be too enthousiastic - ha! no doubt he is looking forward to some time just for himself!). I can think of dozens of worthwhile charities where I would like to increase my financial support. I should like to travel a bit to see if my (free, online) foreign language practise has been any good!
I would dread however to win an amount that might prove a barrier between our household and members of our family, or friends, who are less well off. You might argue that it would be possible to support them financially but that might well sour the relationship; as the saying goes, it is better to give than to receive. With family and friends it is easier I think when there are no daunting differences in disposable income (might be an interesting topic for a blog?).
@J NL, It's hard. When I was working writing the hedge funder's memoir for him, he was justly proud of his daughters for going into helping professions. I did once or twice say something like, "Well, it's certainly much easier if money isn't a concern!" and things like that because you guys know me, I always let my mouth run. Or my other hedge fund neighbor who I still owe $30,000 to. Or my billionaire acquaintance (the one I asked to help my son). Or my second BFF who just sold a million dollars' worth of artwork. To him I'll say things like "Life's easy when you're loaded!" but then he'll snark back with something like, "Work....huh, that is a dim memory for me."
We would buy a small house - 3 bed, 1500 sq ft max. We would upgrade a couch and a mattress or two. Buy a new car - a Nissan Murano if I choose and a Honda Odyssey if dh chooses and keep the 2001 Tahoe.
I would probably want to buy a condo at Myrtle Beach since its so special to our family, but it would have to rent out enough to cover all expenses. I would also offer 3 night stays during the year to friends and to Make a Wish candidates. It would be handicap accessible already because of dh. Other than this, we probably wouldn't travel much beyond the occasional short driving trip.
As for us, we wouldn't change much. We would still eat the same things, with maybe more beef for dh, lol and we would probably eat out a little more, but that is as much for the socialization as the food. We would still buy most of our clothes at WM. After the initial shock, I'm sure we would be back to pretty much the same. We quit "stuff" A long time ago.
I'm sure if someone in their 20s or 30s read this, they would think I was pathetic, but I'm good with it.
Because of a lifetime of frugality, we have a fairly comfortable retirement with a small paid-off house. There is so little that we need or even want, as we have already been through our post-retirement travel phase. Ah, but helping people and animals...what an emotional lift. We are only allowed two pets here by our HOA, and so we are already at our max for rescues, but I would buy a big house somewhere else and fill it with rescues. We're kind of old, so I would hire people to exercise the mutts and clean the cat boxes, and I would build elaborate structures for the cats to climb on and snuggle in.
We already support two rescues but I would really up the donations as one is a rescue for blind cats.
I love helping people on an individual basis when I find out there is a need, so I would secretly find deserving families and give them a boost. I would make sure kids had decent clothes to wear to school, so they wouldn't be ashamed. There are specific charities that work on this.
We live in inland California, and boy is it hot. 112 degrees this week. So I think we might buy a house over on the coast to get out of the summer heat.
Can you tell I have given all of this a great deal of thought?
@Anne, Cayucos!! Or Morro Bay. . .Sigh. It is 113 degrees today in Central California, so perhaps we are neighbors?
@Jana, actually I live in Riverside county, which has actually forecast rain for tomorrow. I'm thinking of dancing naked in it.
Wow! Let's dream.....
Right now I am on my yearly 4 weeks vacation in "my" village in the Lower Engadin/Switzerland.
I have done so at least once a year for the last 22 years.
So if I won the lottery I would move altogether to this village. Not buy a place but rent it. I like to use things - not to own them actually. Too much of a hassle, responsibility and all those possession - specially flats and houses - tie you down and keep you from moving freely. At least that's how I feel about it.
Once a year I would arrange (and pay) for all those of my family who are interested for a vacation in Switzerland. My sons and grandchildren, sister, brother-in-law and sister-in-law, my cousins, all the cousins of my sons etc.....
That would save me a lot of travelling every year in order to see them. My family is spread all over Europe.
Every so often I would travel to my hometown to meet my friends. Or/and have them visit me in Switzerland.
I would help my family. My 90 year old mother would love to have some help with cleaning - but she doesn't accept any help from my sister and me. But if I was a millionaire she would accept some help and luxury I think.
I would donate money for underprivileged kids to help them get a good education.
I would like to have a personal fitness coach several times a week to help me maintain or even improve my health.
I wouldn't abandon my frugal ways because they are good for the environment.
I would continue to do my own cooking and cleaning etc.
I would like to have somebody help me learn the local idiom (Vallader) of the village here.
Now I just need to play the lottery......
Well first thing I'd do is tell no one. I'd speak with a lawyer to see if I could collect anonymously. If so I'd go that route. Everything would go in a trust fund where I would receive a set amount per year.
But all that aside (since this will never happen and I never play) I would:
Buy Smuckers peanut butter without guilt. I got Teddie recently and it's good but I like the Smuckers a tiny bit better. It's just expensive compared to Peter Pan or store brand.
I'd work to see if I couldn't get a couple of shows I've wanted to see subtitled and restored for an official Blu-ray release.
@Battra92,
Your first thing sounds like common sense!
@Battra92, absolute AMEN to your first one.
@J NL, I'm all about just removing the stress of things. I don't have a great need for wanting anything but I'd love to just not have to worry about the money and remove that stress but also set it up in such a way that it doesn't become a controlling power.
Usually you can't stay anonymous. That's part of the deal when you buy a ticket. Lotteries want winners to be seen.
@Rose, This varies by state, at least for the Powerball. Some states allow anonymity.
-I would buy a second home close to where my family lives and split my time in the U.S. and there.
-I would give my mother the money she needs to fix up her childhood home that is in disrepair and pay for the eldercare for her and my MIL.
-I would give my children down payments for their future homes and pay for their studies but not living costs (unless there is some circumstance requiring aid).
-I would finish off all the improvements in our current home.
-I would pay for some therapy that has not been covered by insurance for me and my children, and would pay for other quality-of-life improving courses/activities for me and family members.
-I would get a personal shopper to buy me a nice capsule wardrobe that I don't have to think about, get a house cleaner and yard person. Cooking at home we would still do, but the other things I don't want to think about.
-I would invest the rest, but designate a charity fund for some of the profits supporting mental health access for young, marginalized people.
I don't think money would do me any good.
Things i want...old people can't run anything. Once you are 50 you have to retire and go play. I'm so tired of really old people telling everyone what to do.
I want people who have kittens to let me come and play with them for a bit.
I want an invisibility cloak so I can walk about anywhere unfettered and unaccosted.
I want to cancel the internet and get rid of electronic devices.
But thats just today, tomorrow who knows.
I would buy a BMW, invest the rest and take a % of the funds earning and donate to smaller animal rescues. I would also pay for grands college tuition.
After taking care of my extensive family, I'd allot a huge portion for local animal shelters.
The only thing I would change for me is to hire someone to help me move dirt or turn over my garden a couple of times a year.
I would set up money for each grand-baby for education, trade school sort of a launch fund into adulthood.
I would give each of our kid's money so they could do more things with their children.
Pay off any of our debt.
I'd buy property in places I don't want to see developed and lose its beauty.
Travel with my hubby and family.
I would buy a cute little farmhouse with a good amount of land. Then I would expand my garden and get some pigs and chickens…maybe even some cows for beef. My husband could quit working and we could run the hypothetical homestead together.
This seems silly but I would buy my son (and eventually my daughter) their first cars. My son is 17 and is working so hard to save up money to buy a vehicle. I wish I had a chunk of money to help him out. I bought my own car too when I was almost 18 and I remember how hard it was and what a piece of garbage I could afford lol. There is certainly value in working hard for something you want but I would like to lessen the burden.
I would want to start or help a charity that feeds families..but especially kids. The idea of kids being hungry pulls at my heart.
I should probably add I would buy myself a new sensible vehicle to replace my almost 12 year old van and it’s comedy of ridiculous things that are going wrong with it. The list gets longer by the week.
@KimN, I would love to be able to pay for all kids lunches at school. Kids should not be going hungry or with out food during school in this country!
I already strive for a life of quiet generosity—I’m happier leaving an anonymous gift card or bag of groceries than I am having someone feel they need to thank me. The lottery would make that infinitely easier! My honest goal is for us to be solvent enough that, when the chance to help someone comes up, I don’t have to do mental math to see whether I can help them without shorting us—I can just do what needs done, with any good deeds kept between me and the powers than be.
That is my attitude to giving too--I prefer to stay anonymous. But someone else pointed out that it can be powerful to see the names of people you know giving. I am still not sure about it. I much prefer never to tell anyone.
@N, I love this philosophy!
Having just turned 50 and being debt free including my home I am pretty comfortable. I think winning would stress me out too much so that is why I do not play. Like many here I am just a plain Jane girl that lives frugally. If I did win I would love to travel the world and maybe own some different Condos throughout the US. I would also hire a private pilot with a nice plane to jet around in. A personal chef and grocery shopper. I already have my lawn done weekly. Not much else.
Such thought provocation so early in the morning.
I have watched my brother go thru this with the sale of his business and early retirement. I love where I live, so I would go wild and hire a contractor to complete my honey do list. I would buy a new truck for the farm.
Remodel the barns and corrals.
Buy a new tractor, increase the size of my garden and orchard so that I could supply all of the food pantries in my small community.
Pay for all family trips to include everyone as our family keeps getting smaller.
Set up full ride scholarships in engineering and health fields in both my former schools and my parent's.
I would fully fund my cousin's boat as he is so generous with his community.
I would fund a wheel chair accessible van taxi for my community that is free for those in need.
@Blue Gate Farmgirl,
Ooh! I love your last one!! Those vans are so expensive. I have friends I'd love to buy one for. Having one available to anyone in the community would also be amazing.
I didn't realize how lucky we are in our county. We have one that costs $4 per ride wherever you want to go in the county, which is great.
Hmm, I suspect my response now is going to be very different from the response I would have given twenty, thirty or forty years ago. My stage of life is going to have a lot of influence on what I would do with a windfall.
I don't play the lottery, but if I did and I won:
Definitely, I would collect my winnings anonymously.
If it were a really big win, I would pay off my two kids' mortgages and put a modest chunk of money in trust accounts for their kids for later.
If it were a really big win, I would also find people to care for my husband 24/7 so he could be home again. This, even with a lottery win, is probably a wish that can't happen - no one in my hometown area provides this kind of service.
I would get my house re-roofed, which it is going to need in about five years, replace all the flooring because it's time for that, too, and build a shelter over the parking area for my car.
I would buy a whole house back up generator and get it installed, along with the propane tank I would need, since natural gas doesn't run out in the countryside where I live.
I would go ahead and retire. I like my job, but retirement is getting pretty close anyway.
I would donate much more to my church's outreach programs. I would donate lots to the local shelters that are for sex-trafficking victims, abuse victims, and people in crisis situations.
I would read more.
My house is small and paid off, and I would probably stay in it as long as possible. I would get more yard help than I have now, and would hire some landscaping design help to get my yard turned more into a mini-homestead. If I did decide to get a different home, it would be very small and designed for me to age in place.
I would live a lot the same - I would still buy used and cook at home a lot. I'd just feel freer to do more, give more, and have more time.
@JD, Your comment about wanting to get help to be able to bring your husband home but no one around your area offers those services...I have a wealthy friend who had the money to hire those traveling nurses to come live in the mother-in-law apartment on the back of their property (which he had reconfigured so it had three small bedrooms) and care for his mother in law. He could afford people to cover 3 shifts a day, for contracts that were three months long. Several of them stayed an entire year, to be able to experience all the seasons in Alaska. (HA! We have winter and summer so they were disappointed if they were looking for 4 seasons) He paid for their travel, provided a car they all shared, free housing, and some huge salary. Plus, they were free to work as they wanted, as long as there was 24 hour coverage.
That meant sometimes two of them worked 12 hour shifts so the third one could take time off to travel around the state on vacation. It cost somewhere around a half a million a year, but he could afford it. SO, if you win the lottery, you could do the same thing and bring the husband home!
I probably bought five lottery tickets in the course of my lifetime. I always knew the odds of winning were essentially zero and after a while I realized I would not want to win that much money (I only bought tickets when the jackpots were so large that they garnered a lot of press).
I would be similar to Kristen in mostly staying the course. I would probably spend a bit on our daughter and SIL, buying them perpetual homeowners insurance for their house and funding some Roth IRAs. I would give more towards our grandnephew and grandnieces 529 accounts. Mostly I would donate to charity. There is so much need locally, nationally, and globally.
Maybe we would buy a little nicer and larger house that would be better for aging in place.
Everyone else's is nice and modest and giving and mine is WHERE ARE MY SOLID GOLD SHOES? Size 12, so you know that's gonna require a lot of ingots.
@Rose, I think it’s often easier to help/give to others than it is to treat yourself. Self-care isn’t selfish, but that doesn’t mean it doesn’t sometimes feel that way! As someone who struggles with self reward, even ones I’ve earned and anticipated, I applaud you treating yourself, especially after all the rental woes you’ve detailed. Get those gold shoes and strut!
@Rose, what N said. And I especially like the idea you mentioned earlier of having our FG community's non-frugal meetup at the Waldorf Astoria and giving Kristen a tiara and sash. I can see it now!
I love this question and in answering it, I realize how content I am with my life. My husband and I have posed this question to each other many times.
If I won the lottery I would:
1. Buy the house next door to us and knock it down (it's in terrible shape). In it's place I would put a big vegetable garden and a pool/hot tub. The maintenance/ cleaning of the pool I would hire out.
2. Have a housekeeper come once per week and do our laundry.
3. Pay for someone to do all of my yard work.
4. Quit my job, but I would like to build a business teaching foraging to others.
Other than that, I would not buy a different car, different house, or any other "things". I just want more time with my family and friends.
@Corrine Wilson, re: your #4: You don't live far from me, as I recall. If you do mushrooms and are up for a one-person tutorial on fall mushrooms, ask Kristen to give you my email address.
And your #1 has made me think back on the time--over 20 years ago now--when DH and I actually did buy the house next door and knock it down (after the crazy cat lady almost but not quite succeeded in burning it down). As long as I can remember the past for us both, I will be grateful to him for taking the initiative on this. How glad I am that this was a dream we didn't defer.
If I won the lottery the first thing I would do is to pay off my parents house and buy my mom a brand new car. Then I would move out into the country and fix up my new farm house to be exactly what I want it to be. I would also hire out the yard work! I would pay off my nieces and nephews student loans and help them finish paying for school. I would continue to travel but stay longer on my trips and it would be nice to not have to worry about every penny while on the trip. I would continue to work but probably not full time and I would like to do something different. I would also buy a new fun car. I've always wanted a convertible but in WI it's so infrequent you can actually enjoy it that it would be a splurge for sure. There are a couple of charities that are important to me that I would be able to give more to and I would set up a scholarship in the name of my niece that passed away. I would still cook at home, garden to grow my own veg and I would probably sleep better knowing all my bills were paid and I was debt free. I think it would also be nice to be able to facilitate spending more time with my family and taking them to dinner, on vacations etc. I think a weight would be lifted but maybe a different weight would be added. I wouldn't mind finding out. Guess I should start playing the lottery.
This is one of those topics I bat around in my mind, knowing full well I never play the Lottery. But here goes:
First off, I would hire an attorney/CPA who would help protect my financial interests. I don't want to lose what I have already worked for, in addition to huge sums of money due to poor lottery spending or whatever. I don't think my kids need to know right away, nor 100% of my extended family. I want to be able to have a reasonable home in a safe neighborhood with room to entertain my family at holidays (oh wait - I already have that). I want to take vacations and pay for a friend or one of my kids to come along. (Let's go learn something about the world and each other!) I want to retire and spend my days doing things that stimulate my mind and spirit. I want a newer version of my car and I would pass my current one on to my son and daughter-in-law (Subaru Forester). Maybe I would get a dog. Maybe I would sign up for some courses and learn some things. Maybe I would eat out more often, since its not that fun to cook ALL of the time - I could take one of my peeps or a friend. Maybe I would offer to pay for my kids to go back to college if they have now figured out they don't want to be a mechanic, a baker, a CPA, or an electrical engineer... Maybe I would find a way to give most of it away.
The thing I would fear most about winning is losing the peace and comfort I have in this life right now. A lot of lotto winners wish they had their old life back.
I'm not much of dreamer so this kind of question requires some thought on my part. The quickest things that pop to mind:
1. I'd get someone to clean the house regularly
2. I'd get someone to decorate the house
3. I'd buy a place that could accommodate my parents living with us comfortably-bedroom on the bottom floor. Preferably with an ocean view to fulfill my husband's dream. Doesn't have to be big or grand...I just want somewhere comfortable and safe.
4. I'd quit this dumb job and work on some of the woes of society that make me worry about our future
5. I'd get a trainer. Maybe I'd train for an ironman.
6. I'd get someone to help me figure out what to wear that is flattering on me
7. I'd figure out a wine storage solution so that my husband could pursue his interest
8. The big frivolous splurge: I saw a blush pink electric porsche that turned my head in a way that doesn't usually happen. I might just go get one of those.
I love this question. It is something I think about often (not that I, also, have ever actually bought a ticket). But I think it is a good gut check--if I really want to do X, maybe I need to think about it as a life goal and start working toward it.
I wouldn't change the big things. I love my career and our home. I would work down our goals list: "finish" the kids' 529 accounts, start maxing all retirement accounts, put money aside to pay off the house, etc.
I would put significant amounts of money aside to provide retirement nest eggs for folks in my life who don't have them.
Then I think I would sit on it a while and ramp up our spending slowly. Maybe we go ahead and renovate the downstairs bathroom instead of waiting until we save it out of our monthly income. We will keep traveling via home exchange, but maybe we work less and take two trips each summer. I will still buy clothes at Goodwill and Thredup, but maybe I raise my standards on when an item of clothing is ready to be replaced.
I don't play the lottery because it's a tax on people who are bad at math, but it's nice to dream, so here goes:
I also would tell no one and would collect anonymously, with a bag over my head if necessary. We'd do something we've long thought about and buy a nice duplex, move our DS, who is on the autistic spectrum, into one side of it and hire a good management company to handle renting out the other side, with the aim of providing some additional income for DS.
We'd do some work on our house, which is structurally perfectly sound, but needs the bathroom floors redone and a couple of rooms painted. Then we'd hire someone to cut the grass, trim the shrubs, clean the gutters and wash the windows, along with a twice a month housekeeping service. We'd give some money to a couple of charities we like a lot.
I'd retire early and do some volunteering. DH likes his job and may not. We'd probably travel some. We'd sock away a lot of money for the dreadful vagaries of old age. Other than that, I don't think we'd change our lives much from how they are now. We are pretty contented people.
My husband LOVES to play the "What if we won the big prize" game, and I HATE it. I do not want the stress and responsibility of lots of money and I would get rid of it as soon as possible.
This is an excellent question for determining values. I learned about his preferences from the charities he would pick, and people he would give money to, and vice versa. I also learned his minimal savings for future security is about ten times what mine is, which was an important conversation to have.
We worked to set our life up to cover what is needed, including for our special needs son's future. Beyond that, I would anonymously get rid of the money.
When my husband and I were newly married we almost had a big fight about what we would do if we won the lottery. At the time we were low income and he said he would pay off his parents mortgage. Just as I was about to indignantly question that he would do WHAT!? with "our money," I remembered that we don't play the lottery and it didn't matter and I held my tongue.
I don't think I'd move to a different house, even though ours is nowhere near amazing. I like where we live and I like my garden. But I would make some upgrades - remodel the tiny kitchen, plant a bunch of fruit trees... and buy the pink house next to us. While we love the neighbors on the other side, we are awfully tired of the marijuana smell that frequently wafts over from the pink house. Whatever their price was, I'd buy it. Then I'd consult with my friends who specialize in universal design to make it a place my parents or in-laws could move into and age in place.
I'd pay off my brother's student loans and pay for him to vacation with us more often. We left college with the same amount of debt as I did, but it's been far more difficult for him to pay his off. His road post-graduation has not been easy.
I'd still make most all of our meals at home, but I would buy groceries based on what I wanted to feed my family, not based on trying to keep my costs as low as possible. Oh my stars, this would be amazing.
We would still tent camp!
I'd get a Toyota Tundra for my husband... his dream car. I'm happy with my Toyota Sienna minivan that's not ancient but is old enough to still have a CD player!
There are lots of places and organizations that I would love to donate to, but I think those are the main things in my life that would change or stay the same.
@Ruth T, I drive a new Toyota suv and it came with a CD player as well!
Yes! A Frugal Girl conference would be so fun. We don't need to have sessions or anything...just a social gathering.
@Kristen, but you do need a tiara and sash. I think that Rose and I would insist on this.
This. ^^^ Very much this.
1) i would hire a cleaning lady! I’m ok with the yard work, but i would love to have someone keep the cleaning under control.
2) I would buy 2 vehicles: A small (sprinter size) RV for us, and 4WD Mini Cooper for my husband. It’s his dream car and it would be fun for him to have it!
3) I would buy a smaller house in our nearby town for when we are older and need to move to somewhere not involving so much snow removal, and with a garage. Meanwhile, I would rent it out at a reasonable price to a small family. Short-term rentals are totally wrecking the real estate market here.
4) I would retire. Tons of volunteer things I’d love to do but i am wearing pretty thin on the day job and a few more years is starting to seems like a bigger and bigger hill to climb.I’d also like to do some traveling before we get too much older.
5) I would invest in my community- i love it here and there are some projects coming up that need some significant capital.
6) I would worry less about my future as a woman with an older husband and no children.
If I won the lottery I would
1) Buy a house with yard large enough to have a pool, pool house, and room for the dog to run
2) Sell our current house that is paid off and use the money to pay off our kids mortgages
3) Retire early so I can start volunteering to tutor and do story hour at the library
4) Travel, travel, travel
5) Replace my 12 year old car
6) Pay for someone to do all yard work and to clean the house
7) Donate to local pet rescue organizations
If I won the lottery I would still
1) cook at home because I love to cook and food at home is tastier than eating out
2) continue my usual frugal practices because they are just a part of life to me at this point
I don't know if I would continue working, but if I did, I wouldn't have to worry about money all the time (which is ridiculous that I even have to, since I actually make a decent bit of money). But I'm an architect, and I would be able to take on much more enjoyable projects and not worry so much about getting sued.
I would probably move somewhere that isn't so dependent on my job. Somewhere with more trees!
I would definitely work LESS and spend more time on my hobbies. I have almost no time right now. I would take classes in all the things I want to learn, play my instruments more, create more things, spend more time reading and exercising. And try to see friends and family more.
I would buy a new mattress!
I would travel a LOT more.
I would have more time to do things that I enjoy that are frugal, like baking, cooking from scratch, canning, sewing, gardening, etc. But I would also hire more help - have the housecleaners come more often, hire a gardener, hire someone to take care of the pool (we live in California, it was 116 degrees yesterday, I don't feel at all bad about having a pool), hire someone to manage my finances (maybe).
I would spend less time working and more time living!
My husband would retire (he's 60)
We fix up the house we live in.
I don't think we'd change much else. I like you're idea of buying some rental houses to rent out, especially to help others...but my husband has poor health & we wouldn't be able to maintain a rental well....it's something to think about!
We would keep driving used cars. I can't really see much else changing for us.
I would also do the housing thing. I have a tiny (2BR,1BA, no garage) home, so no room for an ADU (accessory dwelling unit, in California-speak).
Rentals are insane right now (like, $4500 a month if I wanted to rent out my house). Many friends and friends of friends are getting priced out of renting, nevermind buying a $1.5-$3M home.
I would LOVE to buy a few homes with ADUs...
I would possibly still work on a part time basis. After taking a break to ...
- Pay off and update my home to make it single floor living with the basement strictly for storage, add on a suite for my Mama that is handicap friendly, add a master bath with an amazing soaking tub and walk in shower (oooohhhh the decadence!) and add a garage. I've never had a garage and that would be so exciting to me!
- Hire a daytime nurse to care for my Mama (Kristen, I'm looking at you! How do you feel about a commute? LOL)
- Hire a financial advisor to plan for my retirement.
- Purchase my dream bungalow on the beach for my retirement. I would then rent (low or free rent) my current (remodeled!) home to a someone in need. A family that has lost a home to fire, or a single mom (or dad!) in need.
- Hire a maintenance man to handle all things lawn and um...maintenance related to keep both homes in tip-top shape.
- Upgrade my vehicle. But I'm not sure to what. I am not partial to all the electronic/computer bells and whistles it seems all cars have these days. I much prefer the old=school basics. I can drive my own car thankyouverymuch. Not need for it to drive itself (that just scares the bejezzers out of me!)
- Indulge in a completely restored 1973 Plum Crazy Dodge Challenger with a black interior. It has been my dream car for as long as I can remember.
- Hire a personal trainer. I'm not opposed to exercise. But I, admittedly, have little self-discipline when it comes to actually doing it. I need someone to stand over me and crack the whip!
- Attend the non-frug-athon Rose is throwing for Kristen at the Waldorf Astoria. =D
@sfeather, So I'm thinking groaning with champagne, passed apps, massage stations, palm readers (for fun), maybe some kind of dorky craft, everyone gets a ridiculous flower crown, delicious dinner, and then, hm, hm, a friend of mine who's a professional pianist and another who's a cabaret singer to entertain, and then we all get custom pajamas for SLUMBER PARTY! And maybe each one of those Tiffany silver heart bracelets as a favor. Oh and puppies and kittens to cuddle from the local shelter and a contest to see whose favorite charity gets the grand prize. Each person gets to pick a charity and they will get a donation, but the grand prize winner's charity gets $100,000.
Well there's a million bucks disposed of right there.
@Rose, you got me at puppies and kittens, but you won't see me as ill be wearing my climate controlled invisibility cloak.
@Tiana, hysterical
We live in a parsonage, so I would buy a home for us to live in when my husband retires.
Ditto for my in-laws (in the same situation as us).
I would tithe.
I would set up a trust fun for my nephew who is a quadriplegic.
I would save money for retirement.
I would buy a really big Lego set for each of my children (because they don't get Legos from us that cost more than $40-- if even that).
I would find ways to give away the rest.
@Jody S., (in the same situation as we are). I try not to publicly correct my own grammar, but sometimes I just can't help it.
@Jody S., Lego has come down in price. Used to be you'd pay $.10/piece in a typical set, now it's about $.075. That can make quite the difference.
For frugality in Lego, have you tried a kids' resale shop? My local one does a wonderful thing: any Lego set they can't confirm is complete, they sell at a deep discount. A shoebox bull for $10, for example.
If my husband and I won the lottery, we would:
a) Fund the rest of the pipe organs at our church (his dream)
b) Tear down our home, ensure that the soil was actually stable and rebuild including amazing built-in bookshelves
c) Contribute in a much more significant way to four charities in my community which works with Latino lower-income kids to get them ready for pre-school & summer school programs for the older kids; provides emergency assistance to prevent homelessness, runs a food bank and other programs such as English and Finance classes, holiday gift for kids; provides food and clothing for hungry kids
d) Build up libraries in poor communities
e) Support programs that help kids aging out of foster care to get them through college or technical school and a self-supporting job
f) Sponsor multiple Habitat for Humanity homes
g) Buy our son a home
h) I could go on and on. There are so many things that I'd love to do to help people
These are so, so, so good ideas. I agree with you 100%. Buying a smallish dream home and relationship building would be on the top of my list and my lifestyle would be the same as yours.
The odds of winning the lottery are about the same whether you buy a ticket or not.
HaHa
I was a single parent of a 1 year old when I went to nursing school. A long time ago. Quality child care was always an issue, and still was until she was old enough not to need supervision. I have always dreamed of winning the lottery and providing free high quality childcare to single parents trying to further their education. It was tough then and I know it’s still an issue for so many.
I love your ideas! In my case, I think I would quit my job, and then I'd like to start a blog and do more writing. That would also give me more time to cook at home more and hunt for cool secondhand stuff. I think I'd keep my current house, but probably have a lot of projects done on it. I'd love to have our yard xeriscaped with native plants, and I don't really enjoy gardening, so I'd pay someone to do that for sure. My husband and I have also said previously that if we won the lotto we'd buy a house with land out in the country for him and a condo in Dallas for me, so we'd potentially be splitting our time between three homes!
First i would get my 4 kids a nice safe new car! Take a nice family vacation. Pay off my house. Help others! For fun go out to lunch with family and friends weekly!
- Pay off the house.
- Hire a landscape designer to redo the backyard and front yard.
- Put in my notice at work and plan to be done in 4-6 weeks.
- Do all the projects to our house we'd like to but can't afford to do right now.
- INVEST.
- Take my immediate family on a super fun trip!
- Pay for my husband to go on a hunt in New Zealand.
- Randomly pay for someone's groceries, every day.
- Hike, every day.
- Take naps whenever I want to because I don't have to work.
What a fun question! I don't buy lottery tickets either but it's fun to think about.
I would replace my crappy piano with a fine instrument in a walnut cabinet. It would not have sticky keys or wonky pedals.
I would hire a good builder to remodel our rotten deck and relandscape the yard to keep the basement dryer. I would hire a horticulturist to planet a new garden and teach me how to care for it, integrating ornamental and edible plants.
I would fix our roof or replace it, and add solar panels, to stop the leaking onto the old plaster ceilings upstairs.
Sounds so wonderful! I would plan a lot of visits, traveling first class, to see old friends and family. Like one of you above, I would not advertise my windfall but listen to friends and family to plan gifts for them, and for social justice programs: victims of war, trafficking, racism, displacement, famine, floods, fires, and earthquakes. I would especially try to invest in education for girls and women. I would like to see better quality food in our schools, maybe fund a farm-to-school cooking program or two.
And more personally, buy custom shoes for my short, wide feet, and custom bras. I would give my DH flying lessons and his own plane, and money of his own to play with. Spend a few months in Italy getting custom tailored clothes for both of us. Engage my church family to build basic homes to fight homelessness locally.
And an endowment for our public library to help protect it from the awful losses of the past few years. It is one of our finest community resources.
@Kristina, re: your first item: If you're a fan of Little Women, go back and read the chapter "Beth Finds the Palace Beautiful," in which old Mr. Laurence eventually replaces the Marches' broken-down piano with a lovely one matching your description.
I have said for years that should I win the lottery, and I do occasionally play one ticket when the winnings are record levels, that I will pay off my bills qnd then give each member of my immediate family a million dollars. With the remaining funds I would like to set up scholarships at each of the high schools I have attended/worked in/daughter and husband attended. I have advised Key Club, with this being year 24. I'd like to give back that way. At least one scholarships to a member and another with the criteria on that scholarship being a kid in need, who preferably doesn't play sports, isn't in 15 different activities, and "flies under the radar".
After that, I'd take a sabbatical from work, buy a month long train ticket to travel the US, buy or rent a RV, and travel for the rest of the year. I'd probably still work afterwards. I love my job and kids, but would it be nice to not have to worry and just teach!
Now have that Bare Naked Ladies song in my head: "If I had a million dollars..."
Lottery money would change the whole trajectory of my in-laws's world. They have always struggled with finances and would be forever changed by such a windfall. I would help them first. I'd pay off our house (bliss!) and pump more cash into our children's savings. Like Kristen, I don't think I'd change much of my day-to-day ways.
I would pay someone to repaint every room in my house and to install new carpets.
I would give a ton of money to the local soup kitchen and the food bank.
I would give the server a $1000 tip everytime we ate out.
I would replace my greenhouse and put in an automatic watering system.
My brothers and sisters all have made less money than my husband and I have, so I would pay off their mortgages and car loans.
I would buy a van with an automatic loader for my wheelchair. Right now the husband has to put down two ramps, run the wheelchair into the back of the van, take up the two ramps and find a way to shove them into the back around the wheelchair.
I would take a completely indulgent round the world trip with my husband, and I would take my teeneged nephew to carry all our luggage.
I would put at least half in a trust for my children and their education. I would also set aside some money to help my mom when she’s not able to live independently anymore. I know we would travel more but I don’t think we would stop working or buy a bigger house. I enjoy thought experiments like this 🙂
Great post!! I do not play the lottery either but if I won I would invest half. Buy a small cottage in the UPPER PENINSULA of MI right on Lake Superior and pour money into the EJI. ( equal justice institute). I might splurge on a restored VW van or smaller Airstream.
It is fun to think about it tho!! I have been to Vegas three times without ever gambling even a quarter. LOL
At age 75, I already have everything I need so if I won the lottery I would give most of it away but only to our daughter, my brother, and charities I already support. I would ignore all those gimmes that come out of the woodwork when you win.
Our current home has a lot of stairs. We know that at some point we will need to move to one floor living. With my lotto money we could build something of our dreams-not big but a place designed to age in place - maybe with a spot for a a big swing on front porch. Other than that, I would make sure the kids have the opportunity to go to college without the burden of debt. I also see some kind of behind the scene giving- I don't need my name plastered on some building or sponsorship.
I would pay off our debt (we have a mortgage) and my kids' school debt. (My eldest has half a million dollars in medical school debt!!!) . I would offer the same to nieces and nephews with school debt, and start college/trade school savings programs for the next generation of kids in the family. I would give each of my kids a down payment on home purchases they could afford.
I'd buy my youngest a new car since she's still driving the 21 year old Toyota Corolla I bought when I was pregnant with her. Nothing fancy, but safe, reliable, probably a hybrid or EV.
Then I would make my house beautiful and do all the things that need to be done before selling it at a reasonable price to a young family who will love this neighborhood as much as we did, and trade DOWN to a smaller and efficient home. We don't need a bigger or fancier home as we age.
I have a passion for a particular part of my professional practice that I always feel terrible I have to charge clients for (my family has to eat, too). So I would start a sustainable non-profit to provide that service without charge to people who need it.
I'd invest enough to be comfortable for the rest of our lives, which includes care as we age, and then find worthy charities to donate the rest.
I would -
1- Create a bigger financial buffer. I think that's true at any stage of life.
2 - Pay down my mortgage. Not to zero, but somewhere between zero and what it is now is what makes the most sense from a tax perspective.
3 - Be willing to spend more on hotels when we travel. As a large family we're getting pretty cramped. Slightly higher end hotels with more space would be a meaningful positive improvement.
4 - Increase the clothing budget. I feel like I hold onto some things longer than I should. Not talking about repairs, but wear that just can't be repaired.
5 - Hire someone to regularly clean the house. I like doing yardwork, but offloading interior cleaning would be wonderful.
6 - Hire a handyman to clear the "to do" list. I'm sure I'd start another one, but just banging out everything currently on it would be wonderful.
On the fence -
1 - Buy another car. We currently have more drivers than cars and we are soon to have more than twice as many drivers as cars. We rarely need to be more places than we have cars. But, if I had unlimited funds another car would make those occurrences, which tend to come in bursts, easier.
I would not -
1 - Move.
2 - Upgrade cars.
3 - Switch the kids from public to private school.
These are fun. I’m sorry to be late to the party. I already feel that I have been blessed but like many. I think about winning the lottery from time to time.
If I won the lottery, I would travel everywhere and anywhere with great frequency.
I would make the dreams of some of my friends and family come true.
I would renovate my home.
I would pay for my children’s graduate school tuition and living expenses. As well as the tuition for others in need.
I would never spend summer in Florida again!
I would own a small farm where I could rehabilitate dogs. Preferably some place cool. See above.
Wishing everyone pleasant dreams and hoping that all will come true.
In many ways, I've already won the lottery. I've always been good at saving. I was well on my way when I discovered the FIRE movement and that got me over the line. Then I married my prince very late in life. (Our tenth anniversary is next month, woot!) When we combined finances, we had plenty for me to retire, so I did. We then took care of his mom and her pal Al Z. Heimer for 6-7 years. Now that she's at peace, there is a large inheritance in the works. DH just retired this year and will have a nice pension. All of this combined means we are pretty set for life. Given that we were never huge wage earners, I still can hardly believe it.
But I have a dream... I have friends from my single days who were not as frugal as I was, and I know they're going to struggle. I have two single female cousins that have disabilities and don't have a lot put by for retirement. I often think, "There but for the grace of God go I." My dream is to buy a modest 8-plex with a central courtyard in a walkable neighborhood. I'd fix up the units to be cute and cozy, leaving one to be a central gathering place. I actually have my eye on a place that would be awesome, but it's not for sale. If I won the lottery, I'd buy it or something like it. I'd invite my friends and family to become tenants, with each paying what they were able. I have other friends that are okay financially, but they don't have a lot of family. They'd be welcome to join too.
I live in a HCOLA. I expect a building like this would cost about $5M, plus the cost of renovations/upkeep. Though we're comfortable, we don't have money like that to throw at one property. If I won a big lottery, that's the thing I'd do. Giving security to people I love in their old age would thrill me to pieces.
I am fortunate enough to have been brought up in a family that valued philanthropy of time, talent and money. I'd keep doing the same things I do now, albeit on a grander scale.
I think I would build truly affordable housing in my city. That would probably take most of the jackpot. Actually I’m sure it would take more than all of it, but I could probably find further investment for it.
I would want to immediately employ this money bc I absolutely know that a whole lot of family would be coming and asking for handouts. On the one hand, I love to help people. On the other hand, I have watched my dad hand out money for years. It hasn’t helped. It’s just created this crippling dependence. It seems like that’s ok with him (“helping” is the sunny side of control) but it’s hard to watch people who could be productive and independent just sit around bc they know he will bankroll them.
I would set aside enough for the retirement we are currently planning plus college savings for my kids. And some so we could do some extra traveling. But not super fancy traveling, just middle class fancy. My husband would buy art and nice furniture and probably a truck. But we would buy those things eventually anyhow. And I wouldn’t want us to stop working, which is a big part of why I would spend most of it on affordable housing.
I'd eat seafood for every meal would have a pool put in my backyard.
Hmmm. Not likely since I don't buy lottery tickets, but if I did and won:
A new car that's more accessible to my disabilities.
A pair of Scottie puppies.
A house on the beach with an elevator, a deck, and a 3 season room overlooking the ocean so I could enjoy it all year round. It would also have to have space for a veggie garden, and a fenced in area for my newly acquired pups.
A full-time housekeeper/caretaker/dog walker to help me with the stuff I can't do myself.
Really good watercolor paper.
Hmm..... Am I winning big, like 10 000 000$? If so, I`m doing the following:
- I`m buying a better house and a new car for my mom, with people to help her (she`s 70. In good health, but still.)
- I`m quitting my job to focus solely on school
- I`m hiring specialists to help my daughter with her ASD/ADD challenges
- I`m buying a second car for the family
- I`m putting money away for my nieces schooling
- I`m putting money away for my daughters schooling/future car/future house (while having them work part-time, to get the value of money)
- We a doing a big travel (hubby+kids+me)
- I am buying a new wardrobe (not thrifted)
- I'm hiring people to make our life easier, especially a cook and a cleaning person,
- I get weekly massages
- I get what my family needs/wants
My husband and I always said we'd buy 1000 acres in Montana and rescue animals. We would have plenty of money to hire help, build barns and build us a small house.
We've actually had this discussion. We'd continue to live in our current home (a doublewide but it's all ours). We'd hire out yard work and probably have some pretty landscaping done. I'd like a pool and we'd travel to our favorite beach town twice a year. Mostly we'd like to help others. And that's all we'd change of our current lifestyle, except perhaps worry a wee bit less.