Since one of RG’s own is now a new “millionaire” (I put it in quotes because unfortunately he’ll owe about 400k in taxes), I figured I’d ask the question to the rest of the RG community, what would you do with the money if it had been you that won? I’m going to use the post-tax value of $600,000 as my starting point.
1) Buy a Gibson Les Paul guitar and a Fender Hot Rod Deluxe Amp. I love guitar but can’t really justify paying $4,000+ for my dream guitar and amp.
2) Put some $ aside for the following upcoming tech purchases within the next year (New iPad whenever it comes out, 4k TV or Projector, build a new desktop).
3) Take my family and friends to a nice dinner to celebrate. It’s fun to be successful, but means nothing if you aren’t sharing it with the ones you care about.
4) I’d leave about $25,000 or so in the site that I won it on (or spread it out across the few that I play on). I don’t think I would want to be an extremely high volume, high $ player, but I would definitely up the stakes more with a higher bankroll. That’s it for the “irresponsible” choices. Not on the logical ones.
5) Pay off my wife’s remaining student loans and say screw you forever.
6) Pay off our house (noticing a trend?) and hopefully avoid taking on any debt for a while.
7) Take my wife on a trip for a few weeks, possibly to Europe. She puts up with my crap daily, she probably deserves a trip.
8) Start a 529 plan or two for my unborn children. Don’t want them to have the burden of student loans if possible.
9) Put the rest in various savings and investment accounts. Figure there’d probably be about $200,000 or the initial $600,000 at this point.
So what would you do? Be logical? Blow it all on worthless crap?