My pal, who’s over 70 years old, asked me today what I’d do if I won in tonight’s Toto draw. It’s a staggering sum of $8million. I couldn’t give him a good answer as I haven’t really thought about it. Yes, I know I should buy a ticket at $1. Why not? But what exactly would I do with the money if I actually win? I think most people buy lottery tickets hoping to win. But no one really EXPECTS to win. So in the unlikely event that they do win, they’ll then think really hard (or not at all) about how to spend the money. First, I’ve just done a quick check online about taxes on lottery winnings and apparently, IRAS categorizes them as “windfalls” and not earned income and therefore winners won’t get taxed based on their winnings. Sweet.
First things first, I’d keep $1m safe and locked away. Maybe in a fixed deposit account. So even if I foolishly squander away the rest of the money, I’ll still be a millionaire. 😀
Then half of the remainder would be saved / invested while the other half would be given away.
Come to think of it, giving away money can also cause quite a headache. Who do you give to? Which charities will make the best use of the money? How to give without wanting to hound them for details on how every dollar is used? Instead of giving say 1 million dollars to 1 charity, I’d probably give $50,000 each to 70 different entities. Exactly which ones, I haven’t decided, obviously. But I know the Cat Welfare Society will be one. And the Handicaps Welfare Association another. As for the rest, I’ll decide after I win. 😀
And I’d be happy to help settle the medical bills for friends, of course. 😉 Mr L, you shouldn’t even have to ask.
As for the saving and investing bit, please don’t think it weird when I say I want to purchase a car. 😀 I’ve never owned a car personally but I think a vehicle is an asset if you pick the right one. A small and reliable Toyota or Honda car will do. ‘Small’ is better ‘cos it makes parking in tight spaces on our tiny island a breeze. I’d probably even be a GrabHitch driver just for the fun of it. 🙂 Plus I’ll get a few other things for work, which I won’t share right now.
And I know someone who’ll help me make great investment decisions so I think the money would be in safe hands, and would ‘grow’. With the returns from the investments, I’d like to book a First Class seat on a Singapore Airlines flight. It’ll be my first. And I don’t even care where it’s going! 😀 And I’ll treat my pals to a meal or two at Waku Ghin (since Steven highly recommends it). Mom and Dad and Sis and everyone else I call ‘family’ are welcome to state items on their bucket lists and I’ll do my best to help them accomplish each one. 😀
Come to think of it, I don’t think $8M would truly be life-changing. Just about everyone I know has a roof over their heads, three meals or more a day, money to catch a movie or indulge in bubble tea. And no one is really struggling to put food on the table, or send kids to school or be in so severe a debt situation as to consider selling organs. In fact, most of the people I hang out with are really satisfied with their jobs or businesses.
I may want to set up a tuition agency as I have a pal who is a fantastic English tutor and I’d like to also provide free lessons for students from underprivileged families. I may also set up a school or centre of sorts for young adults with autism, and it may even have boarding facilities so if parents need to go overseas for a business trip, for instance, their children will be in good hands and be able to continue to learn, work and grow in confidence. Now I think $8M really isn’t enough. There is so much that can / should be done, and when people find out you have that money, you’ll be inundated with offers / unsolicited opinions on how to spend said money.
So I have to conclude that should I win, I’ll have to keep it a secret. If there are medical bills to help pay for, they’ll be done anonymously. And if I have no choice but to let some people know then I’ll require them to take an oath of secrecy. Haha! Yup! I think the best advice for anyone who has just won the lottery is to not tell a soul. You don’t want relatives to suddenly show up on your doorstep, “friends” to be hounding you day and night and you certainly won’t want people to be upset because you haven’t planned to give them any money. Wasn’t there a female hawker who landed a windfall at a casino and publicly announced she was giving every cent away to charity? I’m guessing winners end up with a lot of stress because once people know you have that windfall, they’ll all come wanting a slice of the pie. Good grief.
After writing all the above, I’m glad I’ve decided that before doing anything with any windfall sum, a portion is to be locked up. No matter what happens, there’ll still be $1M in the bank. 😀
What would YOU do with $8M? 🙂