Write paragraph on ---What would you do if you win a lottery *
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Let’s say, after taxes, I personally won $20 million in the lottery.
Firstly, I would not tell anybody about my winnings, not even my closest friends. This is just a recipe for future disasters.
Immediately, I would set aside $500,000 to put myself through a great undergraduate program and then medical school. Why wouldn’t I take the money and just retire? Because I want a normal life, a normal family, and guaranteed financial security. Plus, medicine has always been my passion, so why not?
While I’m still in high school, I would certainly take money and buy things to make my life easier and more fun. I’d take my friends out to dinner. I’d buy myself a nicer car, perhaps a new Acura or Mercedes SUV. A nice set of golf clubs. Perhaps a Rolex or something similar. I’d also set aside some money to take beautiful vacations with my family during the summers throughout high school and college. Let’s say all of this, combined with the $500,000 for education, is about $1 million.
I now have $19 million left, and a medical degree. I’d love to open up my own private practice someday. Let’s set aside $500,000 for that.
I also do not want to pay any money if I don’t have to. I don’t want to pay a mortgage with interest; instead, I’ll drop $1.5 million on a nice house on one of the Great Lakes. Let’s also buy a $200,000 family boat for use on the weekends if we’re dreaming.
I’d love my living expenses, travel, and car(s) to be covered by the salary from my job. We have $16.8 million left. I’ll throw about $2 million toward an untouched emergency savings account.
I have an interesting idea for the remaining $15 million. You can buy nice homes for about $250,000 each in suburban Houston, Dallas, Oklahoma City, St. Louis, and various spots in the Midwest. With this $15 million, I could purchase 55 houses after taxes and expenses.
Why would I spend the rest of my money on 55 suburban houses? Well, in these areas, rental homes are in high demand! A nice house of this price would rent for $2,300 per month, easily. Let’s consider a 10% management fee, so that’s a total of $2,070 per house, per month. This comes out to be about $115,000 per month total, which is about $900,000 per year after income and property taxes. Within 20 years of my initial purchase, the homes will have paid for themselves, and I will have a steady income of $900,000 when I’m retired. This could set up my family for their entire lives. It makes good
Well, everyone talks about giving to friends and family, then spending on themselves. While that sounds noble, I definitely would not do that.
If I won, the lottery lets say 500million, I would use it as capital in order to set myself up for a good future. First, I would invest about 20million in my indexed account. Assuming the market grows at 7% per annum, I would earn over a million dollars per year. I would open up another brokerage account, invest 20 million and watch it grow.
Second, I would invest in peer to peer lending and crowdfunding. I would put a million each in about 20 different platforms throughout the globe and watch it grow.
Buy to let properties. I definitely would not buy any high end mansions. The world's richest people, those who can afford to rent these high end mansions only make up about 5% of the world's population, and any rich person in their right mind would definitely not rent. So I would buy modest 1 to 2 bedroom family sized apartments in areas near a school and shopping complex. Rent out these apartments and voila, another income stream created. I would dedicate 20 million to this project and each apartment will be costing 500 000 or less.
I would also buy a block of flats or houses near colleges and universities, renovate them to provide a capsule room that college students require. I would dedicate about 20 million to this project. Returns would probably be lower/slower but the gain from being able to provide affordable and quality student housing would be priceless.
100million done, 400 million more to go
My one dream has always been to fight pollution so I would definitely buy or start a recycling company. It would cover everything from plastics, paper, chemical and electronic recycling. I would also invest in adding updated educational material on the benefits of recycling for our planet to the exsisting school curriculum. I would also set up clean market spaces for farmers when they sell their produce, a state of the art facility with dedicated workforce in order to keep the place, clean and sanitary. 100million for my recycling business and 50 million for the farmer's