$7.00 Winner |
First I would have paid off all my debt (CC's, Mortgage, Etc) for myself and everyone in my family. Surprisingly this wouldn't have totalled very much since no of us carry any significant debt and we are well on our way to paying off our real estate mortgages.I wouldn't have just given my family cash at least not up front but I would have made sure that they didn't have to worry about their homes. I would then have taken everyone on a once-in-a-lifetime trip all expenses paid. I figure all that would cost less then $1m
Next I would have set up a trust for each person in my family. I wouldn't want the money to affect the way we live our lives but rather to just make it a little more comfortable.
$7.00 Winner |
Next I would have done the same for my parents by taking an additional portion and setting up a trust for them however I wouldn't have set any restrictions on how they chose to spend their share. My parents are more then capable of managing the money as they have deminstrated their financial savvy by raising both my brother and I to respect and understand the hard work it takes to earn it. They are also both now retired and I would want them to enjoy the money by doing things that they wouldn't otherwise have done. I would expect them to spend it all and encourage them to treat it as fun money since they are comfortable today.
$4.00 Winner |
That would leave me with roughly half of my winnings. I would take roughly $6m and buy to apartments. One in NYC and another in San Franciso. Nothing crazy. Just something modest but comfortable. I would set up a small trust for each with enough money to support the costs during my life time. I don't ever want to worry about where I would live or if I would have enough money to support those homes.
After all of that I would be left with more then enough to support a comfortable life style which would allow me to travel the world and see as many countries as I could for as long as I can. I would take traveling as my full time profession.
When I died I would deiide the remaining principle between my family and charities that we feel strongly about. I would want my legacy not to die with me but to provide for many others for generations.
Sadly the $18.00 from the office pool isn't enough to do any of that and those dreams for now will remain just that Dreams. Again it is all hypothical and I would of course seek the advice of a finacial advisor and lawyers to tell me if what I would want to do would make sense.
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