Winning PowerBall

Posted by Susan

I don't make it a habit to buy lottery tickets. If I think of it when I'm filling the tank, I may get a couple. I never win. Not even a lousy few bucks for matching the PowerBall.

I did win three whole dollars once a long time ago. The clerk was totally baffled because I wanted my three dollars instead of three tickets. Nope. I not only took the cash, I made my friends look at it and admire it.

I figure I have two dollars worth of fun trying to figure out what I'd do if I ever actually won.

Of course, the first thing you do is GET THE THING VERIFIED! Don't tell anyone just in case you really didn't win.

Once you decide on an annuity or cash payment, get a good financial planner and tax accountant. I want to have a pile of money big enough that I can live off the interest and never have to need a paycheck again. Always plan for the unexpected ~ like a recession. What if the interest rate goes down to 1%? 1% of $1 million is only $10 thousand. Keep in mind that's before taxes.

I'm thinking a cash payout of about $30 million so in "hard times" you'd still have $300,000 annually, probably $150,000 after taxes. Yeah. I could be pretty darned happy with that.

OK. Let's say I win the next jackpot.

After the government takes their cut off the top, that leaves $43.65 million. At 1% annually, that's $436,500. Yup, taxable. Cut it in half again to be $218,250 to spend.

I'm good with that. I would go into my office over the weekend, take the pictures out of my cube and leave my pass under my manager's phone with a short note.

Then I'd pay off my bills and my house so I'm free and clear. So the first year will be a little thinner than I'd like, but that's OK. I could "make do" for awhile.

My luxury spending would be to replace my 1992 Lumina. Nothing fancy, but something new and totally reliable. (Don't forget that taxes and insurance rates will go up accordingly!)

I would have the time to volunteer at UNICORN THEATRE because I've been working so much the past couple of years, I haven't been able to spend the time I really want to helping out.

Year two: I'd hire an assistant. Someone to do all those little things like grocery shopping, picking up dry cleaning and loading up on cat food. Maybe even scooping litter boxes.

I'd have extra to share with UNICORN THEATRE and NO MORE HOMELESS PETS IN KANSAS CITY and BEST FRIENDS ANIMAL SANCTUARY and AIDS WALK KANSAS CITY.

There might even be time to sit and start working on the stack of books piling up in my library. I'd have time to give my critters the attention they deserve.

All this planning is a lot of work and I suspect this would be just the tip of the iceberg.

Maybe it's a good thing I won't win after all. I just don't have time to deal with all this!