What if you won the lottery?

[Teeki]

What would you do?

I get in this weirdstate of mind where I decide I am going to win the lotto. Not if, I'll just do it. Like I can control it

So I've put thought in to it, and I always think I'd not tell anyone except family. But then I think I, people would know something is going on. If they didn't suspect a lotto win they'd think I'd started dealing drugs lol.

Because I wouldn't go back to work, when everyone knows our finances say I need to. And after we'd given some to our to our parents, grandparents, siblings and charity, then pay off some debt, we'd start and finish both front and back yards, do up the shed, decorate the house a little, maybe upgrade the cars. People would have to wonder lol!

So what would you do? Would you tell people why you're suddenly richie rich?

[Bloom]

I have thought about this too. DH and I wouldn't tell anyone I don't think. Not at least for a year. We'd pay off the mortgages, but no one would know that. I think I'd love to finally pay some tradespeople to finish off some home reno jobs that DH started 4 years ago. And I'd increase my cleaners to weekly (from fortnightly). But I don't think people would notice! LOL (I'm a SAHM).

[Jaycee]

I think about this a lot too.

It would firstly allow me to be the mother I want to be - the one that stays at home, is there to drop off and pick up their children every day from school, instead of having to drag them out of bed at 6:30am to get to work, the one who has time to read a million books to their kids each day, and spend time doing craft etc, the one who bakes a lot and feeds their children loads of healthy food, the one who isn't so time poor!!

Aside from that, we'd finish off the house, put a pool in, upgrade the car and go on a big holiday!! My family don't really need much of a helping hand with money, but I'd definitely be buying some awesome gifts for them!

Oh to dream!

[Teeki]

It would firstly allow me to be the mother I want to be - the one that stays at home, is there to drop off and pick up their children every day from school, instead of having to drag them out of bed at 6:30am to get to work, the one who has time to read a million books to their kids each day, and spend time doing craft etc, the one who bakes a lot and feeds their children loads of healthy food, the one who isn't so time poor!!

Exactly that Jaycee! I feel like I'm a better wife and mum when I'm not working. I feel like this is who I'm supposed to be, I'm not supposed to be rushing to and from work, rushing and forgetting things, only seeing the kids for a few hours each day. Makes me think maybe I didn't plan things so well to need to go back to work and not want to so much.

[Jaycee]

I hear ya Teeki! Unfortunately these days, most couples need two incomes to be able to provide some sort of life for their children... I'll continue to dream of winning the lotto!

[Jellyfish]

I'd start my own school. It would be flexible on attendance, democratic and community minded. There would be a lot of frustrating red tape I imagine, it might need to be a space where homeschooling families would be welcome rather than a school. I'd also begin a community garden and kitchen providing fresh produce and meals to low income people and families for low to no cost. They'd probably be linked. We would buy a small house with an art studio, the perfect kitchen and a vibrant and growing yard, maybe even a pond inviting to frogs! We would continue a similar sort of lifestyle so DP could leave paid work and we could live off of the winnings and any income from the school. We have discussed this often lol.

We might have another baby or two or more. We might anyway though... maybe...

ETA we wouldn't hide it but we wouldn't actively tell people outside of close family and friends.

[Ca Plane Pour Moi]

Easy.

Buy a second house outright and rent it out. The income from that would be about the same as I was earning last year working pt. I would then quit my full-time job or rather, drop down to 2 days a week in my job. That way I could enjoy being a mummy again, but still stay in the loop education-wise. We would look at paying off the mortgage we have on our house, but the penalties atm are huge, so we'd probably just start to overpay. We'd also use the money to extend the house this year rather than saving up to do that.

Then any money left over would go to charity, including our local church.

Before, I would have given money to family. But not at the moment (I'm selfish when it comes to people who have annoyed me). I suppose it depends how much we win. I certainly wouldn't be telling people unless it was millions - which would change those plans. But I'm thinking half a million would do all the above. And if I still worked, no-one need know what was going on.

[TwoDarlingGirls]

I am sooooo glad I am not the only one day dreaming about winning the lotto lol so I already know what I would do!

All the sensible things first:
I would pay my mortgage and then buy an investment property (or two) so I could rent them out so that DH wouldn't have to work as much - maybe part time so I could go to Uni and finish my degrees and the kids wouldn't need to go into care for me to finish.

Set up trust funds for the children to access at a much later date & separate education funds.

Then I would invest into my business plans so I could have something keeping the family sustained financially in the long term & just so I could finally create my dream business!!

Those items above could be done without revealing where the funds came from because no one would know that level of personal info.

And you know, all those indulgent things lol
Buy my dream car/a
Holidays! Clothes! Etc

[peanutter]

Pay off the mortgage for ourselves and immediate family.

Pay for my parents to have an incredible overseas trip (because they've lived very modestly to pay off their mortgage already!)

But a big beautiful house near the lake in a particular area we really like.

I would still work, but I would be more selective with my hours, and the cases I do. DH could decide whether he wants to work out of the home, in the home, or stay as a full time parent.

Two trusts with interest bearing accounts to accrue interest, which we'd use for living expenses - and then the principal would be distributed to the DSs as their inheritance.

Money to some organisations we're passionate about, related to social justice, human trafficking, leprosy eradication, clean sustainable drinking water, etc.

[Teeki]

Pay off the mortgage for ourselves and immediate family.

Pay for my parents to have an incredible overseas trip (because they've lived very modestly to pay off their mortgage already!)

See I always wonder about how much to give too. My parents have a mortgage but the in laws and my grandparents don't. Neither does SIL, but my brother and his DF are buying a house. So do we give whatever the mortgage is, and then equal that to everyone else, or do we buy something specific for them? And then how do we decide how much everyone gets? Because if someone needs a car repaid that's a lot less than a house.

So yeah I've thought about it probably too much lol. We decided we'd give an equal amount to everyone depending on what we'd won. And they can spend it on what they like. Mum and Dad don't have to pay off their mortgage if they'd prefer to spend it on a holiday. Now, let's just win this $30mil tomorrow!

[danita]

I don't play lotto but always have the money spent lol..

If I won mega mega bucks
We would give each sibling the same amount. Our parents the same amount. We would buy my nan a house that she could live in rent free but would remain in our names.

Pay off both of our houses and maybe buy one here in dArwin and a holiday unit on the Gold Coast. Pay off all debt and do some renos to the current investment properties. Finally buy DH a jeep.

Trust accounts for the children and put some money aside for their education.

I would also buy a massive amount of land and build a huge house so I could room more foster children.

I would bank a large chunk of money and would take the family on holiday.

I am talking mega bucks here like 30million plus

[Ca Plane Pour Moi]

See I always wonder about how much to give too. My parents have a mortgage but the in laws and my grandparents don't. Neither does SIL, but my brother and his DF are buying a house. So do we give whatever the mortgage is, and then equal that to everyone else, or do we buy something specific for them? And then how do we decide how much everyone gets? Because if someone needs a car repaid that's a lot less than a house.

So yeah I've thought about it probably too much lol. We decided we'd give an equal amount to everyone depending on what we'd won. And they can spend it on what they like. Mum and Dad don't have to pay off their mortgage if they'd prefer to spend it on a holiday. Now, let's just win this $30mil tomorrow!

When we were saying "give to family" (before they all really annoyed me) - yeah, DH and I have this conversation too, despite not playing - we said about paying off mortgages and stuff. But then how much do you give to them, how much have you won, what about our children who are more important than siblings who have financial help from their in-laws... so we ended up saying if we won millions, 10% of our winnings to each sibling, 5% to parents (no mortgage and don't need it, but could spend it) and maybe if it were super millions, some money (like maybe 1%) to cousins. Cos 1% of 50 million is half a million, and that can change your life. But then that's like half our winnings gone! (And it would have to be supermillions, as there are some cousins I like more than others and don't want to play favourites.) Then again, who needs more than 25 million? And if that money paid off the mortgage for one person and not another, well, you chose the expensive house. We're just being equally nice to everyone.

A small win, under £1 mil, would mean we don't involve siblings. Because whatever I do, I won't give enough to my sister according to my mother. So we just wouldn't tell people and give to charity instead of family. Over £1 mil means we'd give siblings more than £100k, and that's a lot of money.

But then, we have to win before I decide if I actually like people enough to be that nice to them just cos we share genetics.

[AnyDream]

No, I wouldn't tell. I have thought about this - in detail - and I don't think it would need to get out.

Thing 1 - there's a gap (of time) between when you win and when you actually get the money. We're not likely to run straight out and start spending lavishly on gold-plated yachts. Maybe modest things like paying debts & getting a new lounge suite, etc, but I think we would have a cooling off period before we made any life-altering decisions.

Thing 2 - if you're inclined to give some of it away, you can do it anonymously, or parcel it out in smaller, but consistent amounts. No one would need to know you'd won millions, maybe you're just generous and won lots of thousands.

Thing 3 - I'm of the opinion that people assume we have more wealth than we do. This is because a) people have a glamorised & unrealistic view of my DH's job and how much they must be paying him and b) our life journey has thrown up a number of $ drains that are not typical. So we could show up with a new car or whatever and people would just assume we'd finally saved up enough money/taken out a loan or whatever.

So, we would pay out the mortgage, get some repairs/small improvements around the house, maybe a new vehicle or two, definitely some family holidays, maybe have a spending spree at Ikea (haha). Maybe over the longer term we would think about moving to a house in a better location. But the real difference for us would be having money not to buy stuff, but to do stuff. There are so many things we don't do because we can't afford the entry tickets or the sundry expenses.

But here's the tricky bit - I don't think DH would know what to do with himself if he didn't have his job to go to (!). So I'm banking on winning enough to pay out debts and build our wealth a bit, but not enough for both of us to leave the workforce. LOL.