If I Won the Lotto Tomorrow...

I was walking out of the grocery store today and as I saw the lottery machine, I wondered, what would I do with that money?

In the musical, In The Heights, the lottery sum is $96,000, which is "not enough to retire." In real life (because as we all know, people don't randomly break out in song and dance...), the sum is $1.25 billion.

So, if I won the lotto tomorrow, I'd have a choice: $1.25 billion over 30 years or $625.3 million as a lump sum, according to Forbes Magazine. I'm partial to the first option. While both would offer lifetime financial stability, an annual sum would be like receiving a gift every January and would provide a hefty yearly budget.

Accounting for the 24% federal lottery tax and the 4.8% state lottery tax, I'd have more than "a knapsack full of jack after taxes." I'd receive around $39.5 million every year for 30 years. 

And what would I do with the money? "Esa pregunta es tricky."

Of course I wouldn't complain if someone gave me $39.5 million every year for 30 years. On the other hand, it would totally change my world. Money takes time to manage, especially deciding how much to give away and to whom. 

Before I get too far into other hypotheticals, let me share one of the things I would do first. I'd help fulfill my grandpa's hypothetical. If he won the lotto tomorrow, he has said he'd build/buy a cul-de-sac with a big community center in the middle. He would invite all his family to live there, having holiday and birthday gatherings in the community center, and I think that's super cool. 

With the rest of the money, who knows? There's spending, saving/investing, donating, and gifting. I don't have an accountant brain (which is why I'd definitely want to spend some of this money to hire someone to help me manage the rest of it), but here are just some of my thoughts.

SPENDING:

In my head, I wouldn't want my way of life to change much. While I wouldn't need to have a career, I would definitely still want to pursue my interests in writing and music making. I didn't grow up in a big house and while I could get a nice house, I wouldn't necessarily want a mansion.

I would travel to see people (friends and family) more. I would spend money on my hobbies (anything from a music studio space to a racquetball court). I would eat more expensive food, though still falling back on some simple homemade tacos now and again.

Finally, I'd buy my dream car--a truck. I don't know which one, but this one looks pretty sweet (Ford Maverick XLT Hybrid Truck).

SAVING/INVESTING:

I'm (hopefully) going to live for more than 30 years after tomorrow, so... yup, gotta do this.

DONATING:

This is also a priority. I'd want to support organizations that I've been a part of (schools and churches) and I'd want to seek out and support organizations whose mission I believe in. The amount of money I'd receive if I won the lotto tomorrow would definitely change my life--I'd want to change other people's lives too, especially those people who need the money more than I do.

GIFTING:

In a similar vein, I'd want to gift money to my friends and family. Not only will my birthday and Christmas game be stepped up, I could help my favorite people in the world accomplish their goals and fulfill their dreams. That's cool.

But how do I decide how much money and to whom it goes? Well, tell me what you need and I'll consider it! It's kind of like a scholarship application, except I'm not a college, I don't require essays and I know who all of the people applying are... so, not much like a scholarship application.

Suffice it to say, if I won the lotto tomorrow, a lot would change. But, in the great state of Arizona, I'm not old enough to buy a ticket, so I didn't. Maybe one year I'll give it a shot. I'll revisit this blog if I win.