Go here to see J Money's blog post, 5 For Friday: What If You Won The Lottery? He posts interesting questions every Friday and people respond in the comments, on their own blogs, or both. This week's topic is so much fun to think about. Money literally falling into your lap... oh the possibilities.
Here are my answers, if I won the lottery....
1) Would you still work?
Of course. I'm a SAHM and don't get paid anyway. I don't have much choice but to continue to work. :)
2) Would you care what people think?
No way! Who cares what people think? Everyone makes some personal finance decisions that are contradictory (like being frugal and buying lotto tickets).
3) Would you share with your family?
Yes, but I wouldn't just pass out money. I would offer when truly needed and only if the person was actively trying to improve his/her own situation, trying to avoid sticky family/money issues. I would also like to take everyone on a nice family vacation (Disney for Thanksgiving?), and/or have a big party for everyone (maybe a vow renewal for me and J-bird since we had 2 witnesses and a judge present when we got married).
4) Would you still live on a budget?
Yes, but it would be a little different. We would have more money to assign to our long-term goals, like retirement, kids' 529 plans, etc. Bigger pie.
5) Would you splurge?
I'd have to splurge on something. We'd discuss what amount would be acceptable to spend, and then go for it. That would be fun. What would I buy? Some "fancy" jeans, a nice piece of jewelry to enjoy and then pass on to Goose, a new fence for the backyard... there are so many options!
6) Bonus Question: Would you take it over time, or in one lump sum? Let’s say either $200 Mil over 30 years, or $100 Mil (taxes out and everything) all at once in one lump sum?
Lump sum. I'd rather have the money now than over time. You never know what is going to happen. It would also enable us to accomplish some of our savings goals now to focus on others over time, providing a tremendous feeling of security.
What would you do? Check out J Money's post and respond accordingly. It's fun to think about, and even more fun to read the responses of others.