Lottery Logistics

by Ginger on September 22, 2011

in I'm a Disaster

Do you guys ever play the “if I/we won the lottery” game? You know, where you see some major lottery amount and start to do the daydream about what you’d do with all that money?

I do. It’s not uncommon to see jackpots over $50 million, and when you’re pulling into Circle K on fumes the day before payday on your way to work where you’re going to sit in 6 hours of meetings, sometimes you can’t help but let your mind wander.

The daydreams always start out awesome. “We’ll be debt free!” “We’ll buy an awesome house on the beach!” “We’ll travel the world!” “We’ll set up a trust for Jackson!” “I’ll quit my job!” (clearly, if you win multimillions like that, you quit your job).

Yeah, it’s all well and good and daydreamy for about 10 minutes.

But here’s the sad part. After that? Things go south pretty quick.

“First thing I”d do would be quit! Well, how exactly would I quit my job? Would I quit right away or give 2 weeks? If it was right away, would I go into the office and get my stuff before hand?” etc.

“Actually, before I did that, we should probably pay off the bills first, huh? I mean, we don’t want to be late on bills when we’re about to come into millions.” etc.

“Well, before we really did anything, we’d probably want to find an accountant and a lawyer, right? I mean, that probably should be first. But hiring someone for that, how do you find someone you trust?” etc.

“We’d probably want to get a few bank accounts. And we would probably want to talk to a financial planner. I mean, those millions can go fast if you don’t prepare. So maybe we take a couple million for fun, and just invest the rest. Maybe I wouldn’t be able to quit my job, just in case.” etc.

“Well, and how would we tell our families? I mean, in person probably, right? So who would we visit first? I mean, we’d want to do that before we did any globe-trotting right?” etc.

You guys, even in my daydreams and fantasies about winning MILLIONS OF DOLLARS,I worry about the logistics. I never get to the point of what cities we’ll visit when we travel. I never get to  where we’ll go shopping, or what we’ll buy, or how we’ll splurge because I’m TOO BUSY WITH THE LOGISTICS OF GETTING AN ACCOUNTANT.

I think there’s something seriously wrong with me.

Chris September 23, 2011 at 9:12 am

We actually have a pretty solid plan for a multi-million dollar windfall.

1. Pay off all debts.
2. Put half or more immediately into low-risk savings.
3. Get a low-stress, part-time job. Enough to cover regular expenses (which is a lot easier w/ no mortgage).
4. Do whatever else we want (travel, hobbies, etc.).

Depending on exact figures, we might invest some of it (I like the idea of a multi-year CD ladder, even if CDs are returning ridiculously low rates), but we’re not terribly interested in using money to make money. If we have $20mil in the bank, we don’t need any more money.

Look at it this way … $20,000,000 / 85 years = $235k per year. If you can’t find a way to make that work, something wrong. Heh.

KT September 23, 2011 at 12:53 pm

Yep, you are crazy.

CP and I have talked about it. We would pay off our mortgages and take a fantastic trip down to the Galapagos. We would obviously put a lot of the money into the bank, including a large chunk into a retirement fund. We would buy a ski condo…probably somewhere in NH. I would quit my job that I hate and work for a non profit.

The End.

Now we just have to start playing the lottery… 🙂

Elizabeth September 24, 2011 at 9:40 pm

Maybe just a tiny bit crazy!

We’re nutty enough that I can see us winding down the same path. I know we’d move, but then the discussion would center around the merits of all the places we’d consider, and we’d never make our minds solidly enough to actually make the move. So, yeah.

[another] ginger September 26, 2011 at 8:34 am

I have the same convo w/ my hubs. We also discuss how large the winnings would have to be to quit. We decided that an amount like $7 million wouldn’t cut it. It would make life comfortable for sure, but not enough to up and quit.

Like it’s really going to be a problem we have!

Erin September 26, 2011 at 2:35 pm

We play the lottery every now and then and get really wrapped up in our fantasies of what we’d do with the money. We never quite get to the logistics… 🙂 In my mind I’d be on the sand in Tahiti within 24 hours of winning.

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