What Would I Do?
By Jim Bauer
@porwest (90118)
United States
February 27, 2023 6:17am CST
Maybe I am a bit anal retentive? But of course, I am always more interested in the future value of money than the present value of money.
Right now, our state's smaller lottery, the Lucky Day one, is up to $700,000. It starts back off at $100,000 if someone wins, draws twice a day, and increases by $50,000 any time someone does not win.
Each ticket costs $1 and is good for 1 draw. I only tend to play it when the prize gets to about half a million, for whatever reason.
If I won the current jackpot of $700,000, after taxes the prize would be worth about $420,000.
But I have long said that if I did win it, I would not take any of the prize money upfront for any expenses or fun. I'd just bank it—or more precisely, invest it. On average, at a minimum, I would earn a little more than $25,000 a year on it.
Based on the way that most dividends work that would mean each quarter I would receive roughly $6,250.
My thought would be to simply pull half of that, $3,125 each quarter for fun and whatever else and ride the other half to continue to build on the principal.
If you won a big pot, what would you do with it?
8 people like this
8 responses
@LindaOHio (178131)
• United States
27 Feb 23
A bit anal retentive? I have to think about that for a while.
If we won about $2 million before taxes, we would buy a house in the Keys on a canal and a small boat for my husband.
2 people like this
@moffittjc (121548)
• Gainesville, Florida
28 Feb 23
I’d take a very similar strategy as you. Definitely invest the majority of it. Might keep a little out for play money. I do like to travel. But for the most part I would not touch it and invest it instead and put it to work for me.
1 person likes this
@moffittjc (121548)
• Gainesville, Florida
18 Jan
@porwest Well, there does come a time in our lives when we have to (or should) enjoy the fruits of our labor. I, too, am starting to indulge a lot more these days.
1 person likes this
@porwest (90118)
• United States
18 Jan
@moffittjc There has to be a reward eventually. I am happy to MOSTLY live off the dividends. But there's plenty of principal when I want it too and I am more inclined to enjoy it now that I was before.
It's like building a house. You have to manage the drafts until it's finished. Then you can fully enjoy it. But not before.
1 person likes this
. But now the question is HOW do I win 
?
@FourWalls (67775)
• United States
27 Feb 23
What would I do? Give some to God, give some to charity, give some to my family, give some to my friends, and rent a driver to take me on a cross-country trip.
1 person likes this
@FourWalls (67775)
• United States
3 Mar 23
@porwest — oh, I’d save a dollar. Can’t buy a White Castle for 50c anymore. 
1 person likes this
@porwest (90118)
• United States
6 Mar 23
@FourWalls No. You most certainly can't. Gosh, those were the days when you could go and get a box of 20 sliders for $10.
1 person likes this
@JamesHxstatic (29413)
• Eugene, Oregon
28 Feb 23
Yours sounds like a pretty good formula.
1 person likes this
@JamesHxstatic (29413)
• Eugene, Oregon
2 Mar 23
@porwest Retirement is such a good thing.
1 person likes this
@porwest (90118)
• United States
2 Mar 23
To me, the best way to keep money is to spend the proceeds rather than the principal, that way it is money that never simply goes away—it is available, but if I can grow it and make money from it, why spend what makes more?
I know you can't take it with you. But at the same time, I also don't want to work forever. lol
1 person likes this
@porwest (90118)
• United States
6 Mar 23
@JamesHxstatic I am hoping to learn all about that very soon. lol
@Beestring (14530)
• Hong Kong
27 Feb 23
I would buy a bigger apartment. Donate some to charity. Give some to family members. Give some to close friends.
1 person likes this
@Beestring (14530)
• Hong Kong
7 Mar 23
.@porwest Of course, I'll leave some money for myself.
1 person likes this
@porwest (90118)
• United States
10 Mar 23
@Beestring Sounded like you didn't leave much. lol
1 person likes this
