Rhode Island Nesties
AmyRI
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
WWYD with lottery winnings?
Since it's on at least 3 people's minds... let's chat about a windfall 
What would you do with:
$50k
$500k
$50m
Re: WWYD with lottery winnings?
$50k: Enough to make our lives more comfortable, but not enough to change them per se.
- I'd use it to pay off my car, my higher rate student loan, the outstanding balance on our boiler replacement.
- Then probably put the rest to our mortgage to refinance into a lower rate loan with a different bank.
- From the outside, our lives would not change. But our monthly budget would be much cushier, especially in the next year.
$500k: Enough to change our lives.
- Pay off my car, both of my student loans, the boiler and the mortgage with half of it.
- Then, probably spend $50k to add on a master suite to the house and a fabulous deck of our dreams.
- $100k would be put into savings for various things - future move (to a better school district at least), DC's college funds, larger emergency fund. Also a vacation to Ireland, bringing with us a babysitter.
- The other $100k would be for charity and helping out our family members and friends with their particular goals (school for 1, wedding for another, downpayment money, etc).
- I would quit my current job and look for something I enjoy doing, and only do that part time. (DH doesn't want to SAH and we can easily afford to live on his salary alone with no mortgage and no/less daycare cost)
- Have 1 more kid.
$50m: Enough to change our, our families, our friends, and a few strangers' lives.
- Pay off all debt.
- I would quit my job immediately, not sure if DH would outright quit or just look for something he likes better (which would mean relocating).
- Sell our house and buy a few modestly sized houses - one in Alaska, one in a different part of New England, and one someplace warm.
- Pay off all debts held by our parents, as well as large sums to help siblings.
- Friends would probably also get a significant amount of help.
- Lots of money to charity.
- Big trips to Ireland, Alaska, Australia, and somewhere in Africa (which would complete my life goal of standing on all 7 continents).
- Have 1 or 2 more kids.
- Hire a financial planner to invest the other $45 million I think would be left so we have no need to work for the rest of our lives.
What a fun question!
$50k:
I would pay of student loans but I have those down, and think I can pay them off in about 10 years and they don't stress me as much as CC.
$500K:
Wouldn't that be great?
$50 million
What a different life we'd lead
Do you ever think back to what you would have thought of buying/spending money on when you were 10, 16 or even 18 years old and isn't it crazy to see how you develop overtime? Obvisously now people have families and are more mature..but I sitll want to go to thailand!!
$50K ... We'd probably end up trading in DH's vehicle... extra $ into savings/investment
$500K ... Adding onto the above... redo the kitchen, look into closing in our deck to make it a three-season room, charity... extra $ into savings/investment
$50M ... Adding onto the above... pay off our mortgage, travel, possibly a vacation home (where is the big question!), charity... and investing for our children's as well as nieces & nephews' future.
Ooo, a boat! That's a good one. That would probably happen at anything $500k+ in our house.
If you asked me when I was pre-20s, I would have said I'd open a horse farm and buy a few really nice cars. Still might be an option with a large sum of money, but my preferences to spend on family (and growing said family) are definitely different!
Oh, we'd probably end up with a boat (sailboat) too... But, would be waiting until I can help my husband with the upkeep, and my kids can help out too. And, we'd probably end up getting a maid/cleaning person for the house. Oh gosh, how that would help!
Is it bad that I can't even imagine what I would have said when I was in my teens or early twenties? Travel is a definite. But, other than that? Not a clue.
$50k - pay down debt.
$500k - pay off debt.
$50m - pay off debt; we both need a new car (could finally get my minivan!); and then it would be nice to buy a house again somewhere and settle down. Maybe a second space somewhere too but nothing fancy. Put away tuition for kids, pay off parents' mortgage/cars, donate a bunch and save the rest for retirement / kids' futures.
"It's not a sprint, it's a marathon." - Alex & Ani bracelet
My blog: Dodging Acorns
My mom said she read a thing about orpah and how people were constantly coming to her daily asking for money...and she finally had a big meeting with lawyers and investors and wealth management and said "i am giving everyone in the room 500,000, do as you please, but you can not continue to harash me for money all the time... i am willing to help out those that are ill, college tuition, etc but tis sum should help out most people financially"
I started thinking, how far does the giving go? My dad mentioned he would give money obvi to our immediate family but then also give extended family money and friends... I can imagine this is a really difficult situation. I don't think I would necessarily give friends money( we were talking about if we won the 550 million).. I think I might do things like pay off their mortgages, put moeny aside for their childrens college tuition, etc. How many people/family do you think you would gift money too? Would you give money to a coworker you know could use it? Extended extended family? Friends?