I’d buy you a green dress
But not a real green dress
OK, inside joke.
But what would you do if you won a million dollars in the lottery tomorrow? What about 10 million?
If I won one million I would:
- Pay off all my late husband’s taxes so I wouldn’t have to put his estate in bankruptcy. Probably $200,000 would do it.
- Quit my job.
- Give my kids $10,000 each. Enough so they have the start of a retirement nest egg, but not enough so they don’t have to work and make their own way in the world.
- Pay off my heloc, currently at about $62,000
- That would leave me with about $718,000 which I would invest in index funds, roughly following the Couch potato strategy. If you add in the money I currently have, following the 4% SWR, that should give me about $32,000 per year to live on.
- Then I would pursue photography. Maybe take some courses. Hopefully make a little bit of income eventually. I would do family portraits and weddings for cheap for people that can’t afford expensive photographers because I think memories are important for everyone.
If I won 10 million:
- Do pretty much all of the above, except I would probably give the kids a little more. Maybe $50,000 each.
- Give my Dad and my brothers and sisters some money, maybe $10,000 each.
- Give about $100,000 per year to charity.
- Travel. I would like to spend some extended time living in Europe. Not just visiting, but living there; maybe for a year.
- Take all my extended family on a cruise. Whoever wanted to come would be invited.
- Go on a nice vacation to Hawaii for a month every winter. Rent a little house on the ocean.
- Obviously I wouldn’t have to live on $32,000 a year any more, but I would still live frugally. Maybe up my spending to $50,000, plus the vacations.
This is all just daydreaming because I don’t even buy lottery tickets. I figure every time I don’t buy a ticket I have already won.