"I Won The Lottery" - Woodworking Talk

cabinetman · 10-12-2009, 11:08 AM

I've been playing the lottery since 1988 every week. The very first week I had 5 of 6 numbers. Nobody knew what the payout would be. The amount would be based on how many winners for each set of numbers there were.

That first week on a Sunday morning when having breakfast at my favorite place (great looking waitresses), and finding out I had 5 of 6, I thought the payout would be huge. I left a big tip and grinned all the way out just waiting for the noon payout announcement. Well, it was disappointing. A mere $286.

But, If I win 6 of 6, I would be shouting "I won the lottery". It would be somewhere around $6M or more (if I didn't have to share it). So, I'm preparing to win, kinda getting ready for the shock if it happens.

LOML and I have had a few discussions on how our lives would change. You know, the ideas about where we would move, or the type of house, cars, and shop stuff.

So, imagine yourself getting a big win. How would your life change?

ACP · 10-12-2009, 11:37 AM

Wow, who hasn't thought of this. Depending on the amount, but say 5 mil or over (after taxes) I would retire immediately. I would retire my folks and in-laws. I would invest 1 million in an ongoing CD ladder. I would then pay off my house and car, then sell the house and buy a few acres of land and build a nice little ranch home. I would also want to build a large shop outfitted with some nice new tools, and also some milling equipment so I can try my hand at that. I would then enjoy many days of woodworking with no bottom line and no worries of profit and no @$$holes at work like I deal with daily now. That, of course is what I would do. The wife on the other hand....well I don't know.

Gene Howe · 10-12-2009, 01:05 PM

Well, I can't quit work. Already done that. I really like where I live so I wouldn't move. Might tear down the shop and build a bigger one attached to the 6 car garage I'd need for some new toys.
But, my sons and their families would never have to worry.
Gene

**Daren** · 10-12-2009, 01:56 PM

I would keep sawmilling until I burned through it all

No heirs anyway.

**joasis** · 10-12-2009, 02:17 PM

The reason so many people fail after winning the lottery is this: It is simply too much.

I don't know the person who dreamed this up, but he is in Oklahoma, won 30 million or more, put all the money in a trust to keep the names secret, and basically gave everyone in the family a retirement fund and get out of debt plan, but not enough to quit working and buy themselves stupid.

I know it sounds ludicrous, but I would keep right on doing construction, except, build what I like, ICF super energy efficient homes, and charity work.

frankp · 10-12-2009, 02:26 PM

I have this conversation with my mom fairly routinely, especially when Lotto numbers start to get "big". I'd need a fairly large bucket of cash to do all the things I'd really like, but for simplicity's sake let's say $20 mil. That's about $10 mil after taxes, right? Invest 8 of that and live off the ~$500 k in interest at the measly 6% I'd aim for as my return. The other 2 mil? I'd buy a private plane to fly my family around. My daughter lives in Spain, my mother-in-law lives in Hong Kong, and my mom and siblings live in various states across the US. I'd see my daughter at least two weekends a month and my in-laws at least 6 times a year, probably more. With the remaining 1 mil I'd buy a couple of modest condos and/or houses in various locations. 1 in San Diego (gotta surf), 1 in HK (we'd sell my mother in laws and get one big enough for all of us to live in comfortably) and probably one in Madrid.

I'd also splurge and pay for all my nieces/nephews college funds and probably pay off my mom's house. But that I could do out of the $500k annual salary.

If I won less than 10 mil I'd probably still do most of that, but wouldn't realistically be able to afford the plane, so I'd just have to fly commercially.

For fun I'd continue my current hobbies, surfing, kayaking, climbing, woodworking, etc. And I'd spend a lot of time with my kids... even more than I do now.

johnep · 10-12-2009, 02:29 PM

I agree after a few months of indolence I would be bored out of my mind. I would then be looking at ways of turning the 30million into 30billion. At that point woud be come a philanthropist and enjoy finding people who need a small leg up. We have popular TV prog in UK called 'Secret Millionaire', where bored millionaires are given opportunity to help people or small organisations with their own money and, of course, an appearance on TV.
johnep

frankp · 10-12-2009, 02:31 PM

johnep, I'd have to agree with that. Helping people is part of what I'd do as my "day job" but it would be hands on as much as anything else. I like the idea of micro-loans and have been toying with that at my current financial level, so the lottery would be a really good way to make the final jump into doing it.

My business partner and I have also committed to building a school (or multiple) if our company ever makes us independently wealthy. The state of education in the US is abysmal and we both have ideas we'd like to see. Hopefully some other smarter people would agree with our ideas, take them and make them even better. I think I could drop a fair chunk of money into a school.

phinds · 10-12-2009, 02:42 PM

Quote:

Originally Posted by Daren

I would keep sawmilling until I burned through it all

No heirs anyway.

Spoken like a man who loves what he does. That's a lot more valuable than money in my book. Kudos to you, Daren.

Paul

woodnthings · 10-12-2009, 03:09 PM

I would keep sawmilling until I burned through it all

No heirs anyway.
No heirs...... just lots of hairs!

bill

rrich · 10-12-2009, 03:35 PM

Funny... LOML asked me about that recently.

My answer, "Three houses. One for each kid and one for us in a desert climate. (Probably Clark County) And then some property near Wiakoloa above any possible flood level."

As for the rest? I don't know. It's difficult to think of "things" when you have everything, so probably give it away to worthy causes.

BHOFM · 10-12-2009, 05:30 PM

My daughter won the PowerBall about ten years ago.
She had to split is five way and the her step sister
got half of that.

She ended up after taxes with 17.5 million.

My best shot was $6400 in the Missouri lottery scratch
and sniffs. That was in '90.

woodman42 · 10-12-2009, 09:13 PM

Payoff everything, buy a tractor trailer and driver and feed folks in America.

mwhafner · 10-12-2009, 11:51 PM

My first call would be to my attorney to keep my name as secret as possible. Second call would be to set up an education trust for my nieces, nephews, and godchildren.

cabinetman · 10-13-2009, 05:31 AM

Quote:

Originally Posted by BHOFM

My daughter won the PowerBall about ten years ago.
She had to split is five way and the her step sister
got half of that.

She ended up after taxes with 17.5 million.

And how did your loving daughter thank you for your chemical contribution bringing her into this life, and your dedication as a father?

Julian the woodnut · 10-13-2009, 10:10 AM

I'd keep working with my hands, but it would be in a very nicely setup shop, or two! My close family wouldn't have to work again, and I'd set out to take plenty of woodworking classes around the world!

BHOFM · 10-13-2009, 11:24 AM

Quote:

Originally Posted by cabinetman

And how did your loving daughter thank you for your chemical contribution bringing her into this life, and your dedication as a father?

She provided me with three grand children. Kayla,
nine, David and Jason, twelve.
She was able to adopt three and keep a family to-
gether.

I am a twin, and my brother and I were adopted
by different families.

As far as financial standing, I am still just a bit
ahead of her. The grand kids are trying to level
the playing field...

Charle's only big spending other than the house,
was her car. She drives, weather permitting a
Porsche 911.

She still works, VP national fitness center. Her
husband still works, computer tech, Department
of Navy.

Her Mom lives in the guest house on the back of
the property. We all get along fine, in fact when
we go to see the grand kids, my wife and I stay
with her.

There are some things money can't buy.

The grand kids are rotten BTW!

garryswf · 10-13-2009, 01:30 PM

If i won a $10,000,000 (man i like that number, ain't it purdy) lottery i would probably pay off my master card that i have almost melted from using it so much buying power hand tools that i just had to have. The money i would have left, which wouldn't be much i'd take the family out to eat --------- Burger King).

joesdad · 10-13-2009, 08:04 PM

Buy at least a hundred acres of wooded property, build a jaw dropping timberframe home with a kick butt recording studio, seperate shop within decent walking distance of the house. Spend my days making furniture I want to make. Teach the boy about self sufficiency, nature, respect and why Bruce Springsteen is the greatest songwriter of all time...heh. Oh yes! and buy the wife a new Harley.

Nate1778 · 10-14-2009, 12:28 PM

I would buy some property out in the country. I would buy a couple new vehicles. I would take a vacation with the family for a couple weeks, wherever they wanted to go. Give the rest to my uncle to invest and live off dividends the rest of my natural life. I would keep it as hush as possible as well.