What I would do with US$ 365 Million
Filed under: Development/Milestones: Babies
On Wednesday, in Lincoln, Nebraska, eight meat processing workers came forward to claim a US$ 365 million Powerball
jackpot. According to CNN.com,
this was the largest lottery jackpot in U.S. history.Three hundred sixty-five million dollars.
While being wealthy has certainly never been as important to me as, say, the happiness and health of my family, I'm pretty sure I could come up with something to do with three hundred sixty five MILLION dollars:
- I'd give a substantial portion of it to charity. Probably to an organization like the Elizabeth Glaser Pediatric AIDS Foundation.
- I'd own a couple of homes -- nothing lavish, but located in at least two places: one in the Caribbean, where I'm from, and one in England, where my husband Marcus is from. It might be possible to talk me into having a third in the United States -- you know, since a good number of my family members live there as well.
- Once the homes were purchased and furnished (modestly), I'd put part of the remainder in trust for our family to live on (modestly) -- allowing for some (but not too much) travel -- after all, Alex has to have consistency in her school. I'd wager we'd spend a majority of our time in the country where we felt the best school system existed, for Alex to have the best possible education.
- The remainder of the money I would leave in trust for Alex -- to be accessed only upon completion of her education, and after she'd supported herself for a whie. I'm all about Alex becoming self-sufficient.
What about you? What would you spend the money on?












ReaderComments (Page 1 of 2)
2-23-2006 @ 7:56AM
thordora said...I've always wanted to find a couple of strangers, regardless of circumstance, and just randomly pay off all their debts. I wouldn't give them money-I'd just pay their mortgage, school debts, etc, etc.
I'd send my Dad to all the places he wanted to go. I'd build a new library here that follows the Dewey system. I'd insitute bursaries for children who lost a parent(s) as children.
I'd do alot. AND I'd get ROARING drunk. :)
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2-23-2006 @ 7:58AM
Kim said...It's "only" $124 million after taxes, or about 15 million each.
Still enough to do a lot of good things.
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2-23-2006 @ 8:06AM
Vanessa said...First on my list would be going to a fat farm (AKA Health Spa) and I would not leave until I was fit and slim. Then I'd go to NY and shop for a new wardrobe. THEN I'd actually start thinking about how to put my remaining money to good use.
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2-23-2006 @ 8:14AM
Ms Sisyphus said...1) Build and decorate a modest dream home. Put enough money in trust to ensure that property taxes etc are taken care of.
2) Fill The Ladies RESP so as to ensure that they have access to as much post-secondary education as they desire.
3) Take the entire immediate Sisyphus clan (21 members) on a cruise.
4) Take the Ladies to Disney
5) Create a travel trust that will allow us to travel during school vacations.
6) pay off my student loans. And those of my best friend.
7) Gift my parents, brothers, nieces and nephews with substantial sums.
8) Set up a charity: Mission: promote literacy by putting 100 great books in the hands of every North American child over the course of their first 18 years. Include funds to promote literacy through teaching programs, storytelling, and other activities.
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2-23-2006 @ 8:23AM
momma2mingbu said...If we hit the jackpot (not very likely since we don't play!) then there are so many things I would do with the money. If it was that insanely huge, I would:
First, I'd pay off our house. (Or more likely, buy/build a newer, bigger one!)
Then I'd buy us newer cars.
Then I'd set up college funds for our kids and for all of our nieces and nephews.
I'd probably pay off the homes of several of our family members.
I'd donate money to Operation Christmas Child, Ryan's Well Foundation, La Leche League and Attachment Parenting International.
I'd donate money to local arts organizations. (The civic theatre, the professional theatre I used to work at, dance companies, the Children's Museum, etc.)
I'd set up a technical theatre scholarship at Ball State University, where my hubby and I both went to college.
I'd buy handheld computers for Keithen's school.
I'd donate money to Keithen's soccer league to help fund costs for kids who can't afford to play.
My husband would probably want to set up his own scene shop with some of the money, so it's likely we'd end up starting our own business.
We'd travel on school breaks - probably Scotland and England first.
And of course we'd probably set up trusts for the kids that would be available to them around age 25 or so. And invest some of the money!
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2-23-2006 @ 9:12AM
Meredith said...Kim,
Let me know if you come into any amount of money that you deem "not enough" and I will gladly take it off your hands.
I always tell my husband that first we would give away half. He fights me every time. But I beleive that if you get money out of the blue, you better have done/do something to really deserve it, lest your life turn into a sad parody of bad luck.
Next, we would pay off all debts and buy a new car (must keep mortgage for tax deduction).
After that, each immediate family member would be given an amount as a gift, as well as a few close friends.
Then, hopefully, back to life as normal. Too much money scares the beegeezes out of me.
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2-23-2006 @ 9:15AM
Rachel May said...Well, we're taking Financial Peace University, from Dave Ramsey. We did it last year, and it totally changed the way we view money -- did wonders for our marriage, too. We're leading a group through it now, and learning more from it this time. We'd still follow his guidelines, even with all of that money... it makes sense to us!
Tithe to our church, probably 20%.
Pay off all of our debts and those of our immediate family (including homes).
Set up trusts for every family member under the age of 20 (and a few friends' kids, too) to pay for their bachelor's and master's degrees and living expenses, providing they maintain a good GPA. Then I'd put together trusts for those same kids that they can access after proving that they can take care of themselves for a few years after they graduate.
Fully fund retirement for every family member over 40.
Buy/build ourselves a home.
Invest a large percentage in some moderately-aggressive mutual funds so we can live off the interest.
I'd go back to college and be a full-time student, taking classes that I want to take and learning what I want to learn. The world is SOOOOOOOOO big, and there's so much to know out there!!!
We'd definitely do some serious traveling during school vacations.
Talk about changing our family tree!!!
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2-23-2006 @ 9:15AM
Kate said...I would move back to California (that practically requires a jackpot!) and my husband would start a business. I would buy my parents a new house and let my mom retire. I'd give to charity and make sure that Morgan (and potential future children) could go to college wherever she wants.
And a new pair of shoes.
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2-23-2006 @ 9:15AM
Kate said...I would move back to California (that practically requires a jackpot!) and my husband would start a business. I would buy my parents a new house and let my mom retire. I'd give to charity and make sure that Morgan (and potential future children) could go to college wherever she wants.
And a new pair of shoes.
Of course, you gotta play to win so ...not going to happen.
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2-23-2006 @ 9:36AM
Anna V. said...This is my husband's favorite game! We play the MegaMillions every week... and we dream of the usual debt payoffs/retirement funds/investment/nice stuff... My husband, although he'd get booted out of the Navy, would still work, and I'd go back to work, because we'd hire a nanny. If we gave anything to a charity, it'd be to the Navy Marine Corp Relief Society, but we'd take care of our family first. I guess we're not nearly as altruistic as other people, but we like investing, not to mention a nicer lifestyle.
I'll tell ya, planning lottery winnings is a fun way to pass away some dead time at a restaurant. : )
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2-23-2006 @ 11:06AM
Lauren said...I think I have acutally spent an unhealthy amount of time thinking about this the last few months. When the largest Powerball jackpot in history went to one family in Oregon, they were almost *neighbors* and bought the ticket five miles from our house. So, after I got over being really pissed off that we didn't pick that ticket, I decided on this order for the money....
1. Buy pet Louis for best friend and I (Yes, we call the Louis Vuitton Purses "pet Louis")
2. Pay all our bills, My parents bills, Brothers bills, etc.
3. Build a fantastic house that will suit our family for several years.
4. Give enough money to my very small, perfect hometown to build a new school system, from Kindergarten to High School.
5. OPRAH!! I think her Angel Network is the most amazing charity, and she would get a huge chunk.
6. What ever else I want, when I want, with who I want, and how I want. And maybe get a helicopter. Heeee!
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2-23-2006 @ 11:11AM
V said...I WOULD DONATE TO ALOT OF CHILDRENS CHARITIES ESPECIALLY THE ONES THAT ARE FOR THE SICK. I WOULD LIKE TO HELP "SOME" OF MY FAMILY MEMBERS REDUCE SOME OF THEIR DEBTS.
I WOULD PAY MY DEBTS AND HOUSE OFF, AND POSSIBLY BUY ANOTHER HOUSE IN THE CARRIBEAN SOMEWHERE.
MAKE TRUSTFUNDS FOR MY KIDS, AND TRY TO NOT SPLURGE ON UNNECESSARY ITEMS.
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2-23-2006 @ 11:14AM
Kim said...Meredith: Where did I say it wasn't enough? I believe I said quite the opposite.
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2-23-2006 @ 12:11PM
Laura said...I am with thordora and would get roaring drunk.
then....
1. pay off debt for us and our families.
2. travel - and not in cattle class
3. buy a house near my husbands parents
4. quit my job and volunteer for a not for profit, maybe teach part time.
5. have my husband open a PT business for us to live off of.
6. watch over my kids like a hawk so they realize how fortunate we are and not everyone is as blessed as we are. (i plan on doing that anyway, because I feel very blessed)
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2-23-2006 @ 6:39PM
Becca said...I've also thought of this often over the years. First I'd pay off all our bills, buy a house, furnish it, buy a car and a pick-up, get a new wardrobe for the three of us, and a trust that we could live off of comfortably for the rest of our lives. Then I'd put money into turst accounts for my nieces and nephews, my three sons, my grandson, and a few other children who mean a lot to me, either for their education or their first home/business/life expences. There are adult family members I'd give money to, each depending on their needs. My parents would never have to worry again. I'd take the family on a Disney cruise. And set something up so that my sister-friends (choosen sisters, I don't have blood sisiters)amd a few special friends could get togther every year someplace, just to be together. Anything left would go to a big drunken party as wild and lavish as any I've ever dreamed of.
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2-23-2006 @ 9:03PM
Irving said...Actually, i would buy myself an island away from the US so the government stops taking my money. Why do you say they won 365 million when the government gets to keep 245 million.
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2-23-2006 @ 9:59PM
Kathy Howard said...1st I would Thank God & then give it back to Him. Next I would give a very generous amount to Freedom Counseling Service, just opened in my area (they need a computer & copier desperately). It is a non-profit, we all need each others help.FCS is a place to help people hooked on alcohol/substance, meth to find their way out. Of course I would love to take care of my family & then share the joy!
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2-24-2006 @ 12:25AM
Jason said...1) First, and foremost, I'd establish a hot line to Vegas. The reason being that as soon as the whole world knows about it, every goddess within a 1000 mile radius and beyond is going to come to your locale and hang around until your cerebral functions suffer a meltdown, and then Mr. Happy takes over and at that point it's all over for you as far as enjoying your winnings is concerned.
If I'm gonna lose my money on a one nighter, I'll go with a 1 grand loss in Vegas rather than a 5 million+ loss with someone who hunted you down for the express purpose of taking as much of your winnings as they possibly can.
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2-24-2006 @ 2:24AM
paula johansen said...i really am glad 8 people won instead of 1.
i was really trying to win and my reason,
i have a daughter in ocala,florida with 6 children with very little money and are in need.we gave them are car and have helped for years, now my husband and i are both on social security and we can't even drive down to help them,my social security is only under 700 a month and my husband around 1000 a month and we owe 45,000 on our house. we have another daughter in fort lauderale,florida and she a had a new baby jan 23. i am a grandma again.wish i could drive down to see her too. i have another daughter with 3 children she is without a job and on the verge of losing the house. we have so much but hardly any money.i could have done so much good even a little money on just a million.
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2-24-2006 @ 7:02AM
Kazu said...If such money exist, I would take my wife & four children for a longest relaxing (not luxurious) vacation all over the world & take photos of the most beautiful sites, and create a wonderful memories of fun & cultural learning/education.
The rest of the money would be divided into percentage, such as investing it in creating/build a business corporation, use it for the community & peace projects my wife started, etc.
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