(Cue up the Barenaked Ladies song!)
Ever daydream of winning the Lottery? Of course you have. We all have dreamt of sudden lavish wealth making all our desires possible and changing our lives. I saw today that the Powerball is up over $200M again. I’ll admit to occasionally playing the lottery. I even had 3 numbers hit back in college and won about $100.
I actually view playing the lottery as a form of entertainment. On the occasion that I play I’ll drop $2-$10 on a ticket that goes in my pocket, and for a few hours I’ll daydream about what I’d do with the winnings. Since I have a ticket I actually have a chance! I figure that I don’t even need to hit the Powerball jackpot to impact my life, just a five-number hit paying $1,000,000 would seriously change things by wiping out my debts and setting my daughters up with nest eggs to start their lives.
So, being a bit playful, here’s how I would use my winnings and why ;
1. Lawyer and accountant – I just want to get all the money things right, especially if the winnings are a jackpot worth over $1M. I’ll pay any taxes due, but I only want to pay what I have to. Gifting money has IRS limits too, so I want to get the rest of the stuff I want to do (listed below) correct with the help of professionals.
2. Charity – Starting w at least 10% of the gross winnings, I’d make gifts to the Cedar Rapids Parks Foundation which is a nonprofit I helped start, the Minneapolis and Brainerd YMCAs that were wildly influential in the early part of my career, and to the church I occasionally attend. I’d also let my daughters pick a charity of their own to contribute to.
3. Debts – Just a practical use. I have consumer debts, student loans and a mortgage to wipe out.
4. Retirement & savings plans maxed out – Here is where I’ve made some sacrifices and taken some hits in my divorce. I’d like to do what I can to restore those fund vehicles.
5. Celebratory vacation – Here’s the main luxury I’d choose if the prize money goes far enough. Top of my list: Mexico. I want to see Mexico City, San Miguel de Allende and the Yucatan. Museums and historic architecture, food and culture, even a soccer game at Estadio Azteca. Next on my list is Spain and then Oz, Bali & Tahiti.
6. Nest eggs for my kids – I’d like to help my daughters afford college and have a small fund to get their adult lives off the ground – say for a down payment on a house. They have promising careers ahead of them, so I don’t need to set a lot aside.
7. New-to-me used car – Has anyone noticed how expensive cars have become, even used ones?! This one is part play and part practical. I really like my old truck, but something with lower mileage would be nice. I’m really curious about the hybrid and electric trucks coming onto the market soon, too.
8. Invest – There are a couple of places I’d like to buy real estate as both an investment and vacation destinations. There are a couple of businesses that some friends have that I’d like to support too, not because they’re friends but because I really like what they’re doing.
9. Set up a charitable foundation – If I actually hit the jackpot I’d love to establish a foundation that helps build parks and playgrounds in towns that can use some redevelopment or revitalization.
In the hilarious comedy Office Space (1999), the lead character is unfulfilled at his job in a cubical and has a conversation with a neighbor about his calling in life, basically saying, “If you had a million dollars, meaning money was not an object in your life, what would you do for a career?”
I don’t think I would leave my job. I love what I do and who I do it with. Even if it is a $600M Powerball jackpot, at least initially I would keep serving in my current role. In time I would probably reduce my hours and change my role to something in direct service again, like being a park ranger. Running a foundation would take some work from me too.
A lot of people don’t like their jobs and dream of telling their bosses and employer to shove it! Their dreams of a big payout from the lottery, an inheritance or lawsuit reveal their dissatisfaction. I am thankful I’m not in that camp. (See: Damn, I’m Lucky!). If you do feel that way about your job, there’s still time to make changes. Few people are ever really trapped in their work, and that’s usually only found in criminal pursuits.
For me, I choose to work hard to lead an organization, live according to a budget that makes progress towards my goals, improve my craft of teaching, speaking and writing, and have fun with family and friends. My lifestyle is far from luxurious, but I’m blessed and happy.
Daydreaming can be fun. Laying out how I’d use a lottery jackpot actually helps me clarify my values and affirm I’m living according to my priorities. I feel good about only needing so much money before I want to share it and give it away. Who is on my list of friends or family that get to go on the vacation with me is another fun exercise that I’ll save for another day…
Cheers!
View From The Tailgate 