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Originally Posted by Kdsgone2dogs
What would you do with only $512 Million dollars...before taxes?? Fun to think about. Would you buy a new RV? Would you still RV? Would you go and hide somewhere?
Met a woman once who won 13 million...said the first thing she did was close all the blinds/curtains in her house ... interesting....
Sounds like too much of a hassle.....hahahaha...who am I joking....
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Oh my gosh...I think about this WAY TOO MUCH! And as a result, I HAVE a plan!
What’s my plan? Glad you asked.
Obviously the 1st thing you have to do is get a good lawyer (already have one in mind), a good financial person, one you can trust and who knows how to invest (already have someone in mind).
Then the basics:
Pay off the house or sell it. For us, we’d sell it as we are done living in Spokane.
Buy a moderately sized house on the water, preferably a river (We do like the Coeur d’Alene area). This would be our summer house.
Buy a moderately sized house on the ocean, preferable in Florida (where I’m from).
Although I am very grateful for our 1997 RexAir rig, and have enjoyed the heck out of it for the last four years, I probably would ‘move up’ a bit and look at an older Foretravel modestly adorned rig. I don’t like gaudy, so the Prevost rigs are out, as well as the higher level Foretravels. Just want something that is well built and solid, but not flashy…oh, and with SLIDES!
Then the kids would need to be taken care of, but here’s where it starts to get difficult to know what to do.
I don’t think it’s wise to hand over a bunch of money to the kids (all in their 30’s) and say, “HAVE FUN!” I think we’d have to take each one separately and consider carefully the best route. I know a trust fund would probably be a wise thing, and perhaps even have some ‘strings’ attached to it so that there is a way to keep things in check. Moderation in all things has been something I’ve said and lived by my entire life, so I don’t see changing that for any reason.
One of our kids has a brain injury and needs around the clock supervision so of course we’d FINALLY get that going and of course the BEST medical help that all that money could buy!
Then investments and ways to help other groups and people would be the next level.
One of the things I always dream about is going to family and friends and working with them to find out what they want to do with their lives to see if we can help. Basically, I would pay off all their debts; house, cars, school, medical, whatever is causing them pain. BUT, if it’s clear that they are not capable of managing their money wisely, I would put strings attached to the help by saying they MUST complete a class or two with a money manager, one that I know and trust.
The thinking is, if you were to pay off someone’s debt rather than just giving them a bunch of money, then they aren’t automatically “rich”, they just are able to take the monkey off their backs and now could have some freedom to at least ‘think’ about doing something outside of the box..so to speak. If they’ve always wanted to start a small business but could never come up with the cash, they now would have the breathing room to do that. And if they came back to me with a good business plan, I would even consider helping get the business off the ground, with a modest “loan”, not gift.
And if they just needed room to start saving for their future, retirement, vacation??, then they would have the ability to actually do that with all their debts paid.
I remember I was down in Florida last year during hurricane Irma (I was dealing with the death of my 91 yo father during the hurricane). Well the power was out EVERYWHERE and finally Denny’s was the 1st restaurant that was open on a limited basis. I happen to overhear two waitresses talking and one of them said, “Man, it was so hot in our house last night since we had no electricity to run the AC, we actually went into the car and slept!” Wow..I thought, if I had had the money then, I would have given her a few hundred dollars and said to go buy a good generator (which you couldn’t find at that time as ALL the stores had sold out) or if possible, get a hotel/motel room so they at least could survive.
So yeah, I would do those kinds of things as much as possible, prayerfully considering each situation and doing it in a way that is respectful to them and finding a way to do it as anonymously as possible.
Have you ever paid for someone’s restaurant bill anonymously? It’s so fun to hear the different responses from people. “What? Someone paid for our meal? Who? Why?”…LOL! SO FUN!
I remember one time with my Dad before he passed, we were eating at Cracker Barrel and when it came time to pay at the register the lady said, “Hmm..can’t seem to find your bill…I think someone paid the bill for you” My Dad was actually MAD! LOL! I said, “Dad, why are you mad? Someone was kind enough to pay our bill, that’s a blessing!” (It wasn’t me by the way) But he was of the old school and wanted to know who so he could thank them.
Anyway, you asked and I probably provided WAY TOO MUCH INFO!
So that’s my plan….I’m just having trouble getting started….LOL!
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