Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktFor the last couple days, I had been planning retirement and trying to figure out just how I was going to spend my share of the winnings from the MegaMillions lottery (I do it with my company pool and my share would be a paltry 11 mil). Then I see this article on why I don’t want to win it. So naturally I read it. Here are the 5 reasons why they say I don’t want to win it (go to the article for more details about each):
1) Your friends will take advantage
2) Your relationship could fail
3) You’ll have an increased risk of bankruptcy
4) You’ll have to fight off a host of long-lost family members
5) You’ll be a target for a litany of lawsuits and scams
My thoughts on this are:
1) People I know will take advantage – my friends won’t. If ‘friends’ do, then really, how good a friend are they?
2) According to the example they gave (emotionally unprepared for the enormous responsibility and pressure of winning the lottery, took to gambling and womanizing to deal with the troubles adjusting to his new lifestyle), I have a hard time thinking that either my wife or I would not be able to handle it. It could happen I guess but given the chronic savers we are and the money sense we have, I’m willing to risk this one.
3) The theory is that winners have more credit available to them, use it, and overextend themselves. We are not credit people. Other than mortgage, we have lived debt free, paying off credit cards each month, not spending money we don’t have. I don’t think this is really in our DNA.
4) And? If they were long lost, it’s not like I am going to miss them when they come, are denied and leave.
5) Target of scams? Having been fortunate enough to have my Barrister and Libyian email friends already contact me to send over the fortunes that they have gotten for safe keeping, I feel safe in saying that while I am sure people will try and try more often, I think I am ok with the scam part. The lawsuit part I could see as problematic. Will need to up my liability insurance and probably install security cameras around my house. I should be able to afford those measures however.
To sum it up, I am still ready to win my 11 million this evening and begin retirement. One may have problems when you are rich but they are a better set of problems than if one is poor. I will be sure to let you all know if, er, when I win. The first (and only) round is on me. Cheers!
Filed under: Bits and Pieces, fun stuff |
All Things in Moderation 
The key point is to invest it all to get to the billionaire club. Then the real fun begins.
We need investment recommendations from Brent, Scott & John.
LikeLike
I’m available for adoption, Dave! 🙂
LikeLike
Sure glad to hear your “voice” again, ‘Goose.
LikeLike
If Rosanne and I win the net $300M after taxes we would be like Dave! Our worry would be that the grandchildren would become kidnapping targets. We would not move to Mexico. We would not live ostentatiously.
We would pay for all the moderations to come to Austin for a party, in March or October, when we have San Diego type non-weather.
Rosanne would probably keep only her ten best clients and not work very hard. I might get a Honda Ridgeline. Brian, a friend of mine has one and it is better than the Frontier and the Tacoma among the small trucks, as far as I can tell.
We would travel more. I would work even less and garden more.
The kidnapping targeting is the only thing that worries me. I don’t want to sleep with the Remington.
LikeLike
Hi, Mark!
Just been terribly busy–two weeks before the trip to MA I found a mutation in a gene that had potential to be contributory to a disease I’m studying (didn’t pan out, but other candidates have popped up in the meantime), then teaching all last week at the MBL (which was a blast). This week trying to catch up with the genetic sequencing that came through while I was out of town and getting new screens set up.
If I won the lottery I’d buy the house that I walked past just now coming home from dinner with a friend–love the neighborhood and the location, plus the house is just the right size–and a Mini Cooper S, then invest the rest while I decided what scholarships to endow, what buildings on campus to invest in (facilities and maintenance support, since that always gets short shrift),what NPR programs to underwrite, and what charities to invest in. Plus I’d take an actual two-week vacation every year for a change.
I’d also get a ginormous timeshare in Park City so that we could have a winter ATiM conclave in between the Austin outings.
LikeLike
I might be inclined to go with the annual payments over the lump sum. That way if I really screw it up, I’m only screwing up one year. As for charity, I think I’d go with how I do it now. Budget X% per year and set it up. Also, get a terrific financial planner.
As for blowing money, it would be great fun to endow two physics chairs with the proviso that I get one of them (providing the dept. agrees). I could put together a really nice lab for $1M.
BB
LikeLike