Friday, March 30, 2012

Who Wants To Be a Multi-Millionaire?

That's the big question of the day since today's Mega Millions jackpot is likely to exceed $540 million ($389 cash option). Even after federal and state taxes, you're talking about serious coin. You'd still be looking at around $230 million or so.

So, what would you do with it?

I know what I'd do.

I'd first make sure that Mrs. Lawhawk retires from work. That's a no brainer. I'd retire soon after that.

After paying off the usual assorted expenses, I think we'd first go and split the money into several portions. One portion would be annuitized to allow us to live comfortably for the rest of our lives ($50 million sounds about right). This way, even if we spend $1 million a year, which I think is crazy, we'd still have millions in reserve down the line if we invest cautiously).

I'm not sure that I would consider moving from our current residence, though we might move to a neighboring town where we've had our eye on due to the school district's performance. We would definitely take care of various home improvements we had been looking to do over a period of years except we'd be able to do them all in one shot.

Another $30-50 million would go to investing in real estate, businesses, etc., and the largest chunk would go to create a charitable foundation. That last chunk would be $100+ million, and I could see spending it over a period of years on the issues and opportunities we hold dear.

Seeing one of our alma mater's schools get a building with our name on it - or a significant scholarship foundation seems about right. We could make giving away that money our job. It would be fun. We'd be able to go where we want, spend it on the things we appreciate, and still end up with enough money for family and friends to enjoy and savor (and they know who they are - so if you have to ask, you're not on that very short list).

Anyways, it's fun to dream about hitting the lottery. Winning it and knowing how to handle all that money is another story. I hope that whoever does takes the time to deal with it prudently and makes a lasting impression on their community.

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