I know the lottery is called “A poor mans tax” but I will fully admit that I partake in that tax periodically. Not often and usually only when it hits the big pots but I tend to be lucky (so lucky to get an extremely rare cancer AND level of amputation). We all think about what we would do if we won the lottery and I think I have a pretty good plan laid out.
First thing would be to take a sick day at work and get in touch with a lawyer, tax accountant, and a financial expert. Now after that meeting everything might change but here is what I would like to do. Immediate family would get something like a trip or paying off mortgage/new house, paying student loans, etc. Beyond that, and I know it sounds cold, but I wouldn’t plan on giving money to everyone (that is one way a lot of winners go broke). Beyond that, we would of course get some toys like an Audi S7, Chevy High Country, lake cabin, new house, etc. Then set up a trust for my daughter with some stipulations that she can’t just get it and coast through life. After that, the rest of the money would go into an account where I could get around 3-5% interest back on the money every year and live off of the interest. It would give us the ability to help people in ways that we would never be able to otherwise while still living a comfortable life.
I mean, we can all dream right!?!?