Sounds like a lot, huh.
Australia’s Powerball is jackpotting to $100 million dollars this week. Not long ago I wrote about being a little bit jelly of a Canberra man who won $50 million all to himself. Last night at the dinner table the kids and us talked about what we might do if we won $100 million dollars.
It was an interesting discussion because as some of them noted, it’s so much, you wouldn’t need more than $1million to really do things like pay the mortgage (none of them have a mortgage yet). We talked about who you might tell – pretty much no one, as the false friends and party people will help you spend it then disappear. We talked about those big winners of lotto in the past, and how many of them are now back to where they started as they’ve spent it all (or had it spent for them) and sometimes worse off because they’ve lost friends or relationships.
So what would I do with $100 million, when half a million would clear all our debts?
1. Give it away.
Straight up $50 million would be given away. Here’s who’d get it:
- Animal rescue organisations
- Environmental organisations
- Organisations who research mental illness, Alzheimer’s and dementia
- Organisations that research childhood illnesses
- Cancer research organisations
- Organisations that support people through illness
- Organisations lobbying for the legalisation of euthanasia
- LGBTQI support organisations
- Indigenous support organisations
- Our children’s local state schools
- Domestic violence support services
- Drug and alcohol support services
- Homeless people support services
- Organisations that support people overseas either medically or with basic supplies
- Zero dollars to political parties!
Right, that took a bit of thought. Now I’ve still got $50 million! (Please note that the government of the day – whatever flavour – should be supporting most of these services. The fact that I feel like I need to give them more money is an indication of how at the moment, I don’t feel like they’re being supported enough.
2. Give away some more
I’ve always wanted to do some sort of ongoing scholarships for education, since I worked in education for quite some time. Education gives people opportunities they don’t otherwise have in this life, and it’s tough enough getting jobs with education at the moment, let alone without any!
So I would have specific scholarships to assist:
- Students studying in Vocation Education and Training (VET) – any course
- Students studying art – VET and university
- Students doing research for changing the world (pretty broad, probably have to narrow that down!) at university
- Students doing research for the advancement of technology
- Students working in aged care – whether they’re studying it or not
- Students working in child care – whether they’re studying it or not
- Indigenous scholarships – VET or university
- Refugee scholarships – VET or university
- Travel scholarship – highly motivated, high achieving students who want to take a gap year to travel and get some life experience
- Scholarships to support autistic and or kids with learning disabilities through high school and college
- Scholarships to support young people with carer roles through college
- Scholarships to assist young women with children through college or VET education
- Scholarships to assist young people with mental health issues to stay in school
- Scholarships to assist people over 40 retraining after job loss.
These would be fully endowed scholarships (retaining the principle money).
OK, let’s say we’re now down another $25 million. That’s still $25 million to go!
3. Spend some
Ok, the lovely and I have a few things we might want to do. Right now we could use some cash to:
- pay off our mortgage
- get another car for the kids
- take everyone on a grand adventure holiday!
Then what? Like I said, half a million and we’re done with what we ‘need’. Let’s round it to a million for this exercise.
But what do we want? I’d want the lovely to give up working in such a stressful job. I think I would continue to work for now because I’m really enjoying it.
Of course I’d be consulting with the lovely on all of the things we might do with the money because it would be ours, not just mine but so far I’m pretty confident she’d be supportive but I can’t say specifically what she might do so let’s say $5 million for whatever it is that she has in mind.
Now we still have $19 million left!
- Give some money to our brothers – we have one each
- Give some money to our parents
- Buy a holiday house somewhere where we can have everyone come and stay (that’s a big house, we have six kids between us!)
- Invest to earn a yearly income (currently you can put money away and get 3.95 per cent interest for 12 months) to live on
- Invest to have a holiday each year
- Buy the kids each a house to one million dollars (that could be a big one or small one depending on where they want to buy!)
Ok, so we’re finally down to the last $3 million! Phew! Well maybe we’ll just put that away for some new ideas that arrive later. Maybe we’ll buy some art for Australia. Or pay for someone’s IVF cycle or cancer treatment. Who knows, let’s just bank it for now and earn an income off it.
And of course pay tax to support the Australian economy, although I suspect that there is quite a bit of offset with the scholarships, depending on how they are set up. Tax minimisation is not the reason for their being though.
Well, this has been fun – and hard! – spending $100 million! Better go and buy a ticket now just in case!
How would you spend it?
Wishing you all the happiness the Universe can bring,
P.S. I played Monopoly with my 12 year old daughter yesterday and she beat me by $2000! Maybe I should let her decide what to spend it all on!