If Dreams Came True…

The more I read in various places today, the more I’m seeing people opining about what they were planning to do with the $640 million lottery jackpot if they’d won it last night.

Although we are not lottery players, generally, we do go out and buy a ticket or 10 when the jackpot is really big. Like it was this week. In fact, it was the biggest ever in the history of the world. So they say.

So I, like most everyone else, apparently, was mentally spending that money on various and sundry dream-items.

I knew I wanted to buy a new house but where, that was the problem. With that much moolah, I suppose it could be anywhere. But I did hear one financial planning expert tell us that it would be wiser to take the yearly installments of winnings rather than the one-lump-sum amount – mainly so you would be paying less taxes – on the smaller amount you’d be taking each year. OK. I suppose a cool $20 million a year, or whatever the figure comes out to be, could make me almost as happy as the approximately $365 million that I’d be taking as a lump sum payout. But gee, that is forfeiting half of the total winning amount almost. The yearly payout is a definite consideration.

Still, let’s say it’s $20 million per annum. I could find a nice house for that much. Sure I could.

I want it to be out in the country, near the ocean. In Maine. Or in England. One or the other.

Yorkshire would, of course, be my first choice, but with the dogs, I have already resolved to never put them in the luggage compartment of a big old airplane, so since they can’t come to England, neither can we go. Right now anyway. Once we are a dogless couple (oh, God, that is scary to even think about!!!!!), we could move to England then.

So it should be Maine for now. Somewhere way the heck down the long coast of Maine. Way, way down. Almost to Canada. Or Nova Scotia. Prince Edward Island might be nice.

I hadn’t really decided how to spend any more of the money. Except I read today somewhere that you should not give away any chunks of it to family/friends. But c’mon. If my brother or sister had just won $640 million, wouldn’t I possibly be expecting a nice little bundle under my Christmas tree this year? Maybe? So, I made up my mind that I would ignore the experts, and I would give to my brother, my sister, and to Paul’s sister each $10 milion. One lump sum. They can throw it all away any way they want. I’m not responsible. I know they wouldn’t but that’s just what I would do. I think getting a gift of $10 million, apart from the taxes you’d need to pay right off the bat, would be a welcome gift. No?

I really don’t need anything else. My 1999 Honda CR-V still runs pretty darn well. Paul does need a new truck – his current one doesn’t have a rear gate-thingy and sometimes things fall off the back. Yes, he needs a new truck. But that’s about it really. Shoot, I have all the spices I could use up in a hundred years in my kitchen now.

So what would YOU have spent your winnings on? Or would you have given it all away to people/things more needy than you?

I just want to live way out there, alone with nature and my immediate family, with enough of an income to keep us in food and board for life. That’s all I want.

Kip on Emma

But alas, we didn’t pick those magic numbers. Nope. Apparently there are at least 3 winners somewhere, in 3 different states. Lucky them. Hope it won’t ruin their lives like it has done to so many other big winners.

Cheers,

Bex

~ ~ ~ ~ ~ ~ ~ ~

“Until one has loved an animal, a part of one’s soul remains unawakened.”

[Anatole France]

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6 Responses to If Dreams Came True…

  1. crochetlady says:

    If you give a gift over a certain amount (US) YOU pay taxes on it. It is called a “gift tax”. I don’t remember the dollar amount-it is around 12k.

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  2. Bex says:

    Speaking of Pr. Edw. Island, there is a blog that I recently discovered that you may like. It is listed on my links list.

    It’s called Canoe Corner.

    The owners moved from the west coast of Canada to Pr. Edw. Island in the last few years and has a lovely journal about their experiences in the move and renovating a beautiful old Victorian home at “Canoe Corner” in a town called Canoe Cove.

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  3. TopsyTurvy says:

    In Canada they don’t pay taxes on lottery winnings. And, Bex, if you gave $10 million as a gift there’s no tax on it either (unless you make them pay back the taxes that you paid). There’s no tax on gifts, if I’m not mistaken.

    I really don’t understand that recommendation not to share the money. Especially if it was a HUGE amount that you won. Sounds like selfishness to me. If we won something like that there’s no doubt that DH and I would give some outright to the SS’s and then probably put some in trust for them, maybe letting them draw out interest on it for several years. And we’d put some aside for SD, too. But I can also definitely see our giving some also to DH’s dad and to his brother. Not completely sure if we’d give some to the nieces and nephews…

    But it doesn’t much matter as DH and I don’t buy lottery tickets. Oh, once in a while I get a scratch and win ticket as a present because I enjoy the gambler’s thrill of seeing what I could win, but other than that we don’t buy them.

    BTW, Maine, PEI and that area are places that DH and I have half thought of moving to, at times. DH’s family is from around there: Cape Breton Island, Nova Scotia.

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  4. Rhubarb says:

    I have a couple of charities/causes that I support right now, that I’d like to support in a major way. and pay off my church’s mortgage (we had to rebuild after the 94 earthquake). pay off my own current mortgage. set up a trust fund so that I can be cared for in my old age and never have to worry about money again.

    the rest of it would go to a fund for college scholarships. I’d have to think about the criteria for the recipients. But since it’s never going to happen, the only reason to think about what you’d do with all that money is to enunciate where your values lie.

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  5. l'empress says:

    Talking about what I’d do with B-I-I-G winnings is probably the best fiction I can write. I will tell you this, however, at my age I might as well take the lump sum.

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  6. WendyNC says:

    You can’t win if you don’t play, so I’m not ever going to win. But if I did, I’d like a middling kind of win. My idea of middling is one which lets me buy presents for folks if I see something that suits them, give extra to my charities when they need it, and see my orthopedist anytime I want to.

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