There is a very large sum of money up for grabs in the lottery. I think it’s always fun to think about what I would do if I won the lottery, even if I never play.
If I won the lottery, I think I would take it all in one lump sum. I would hire a lawyer to figure out how much I would owe in taxes that year and to help me start a nonprofit. I would donate what’s left after taxes and lawyer/accountant fees to a new nonprofit fund. That fund would then pay out all but 20% of its earnings in interest each year to help other people. Of the 20% of the interest that I’m keeping, I would want no more than half (10% of interest earnings) to go to administrative overhead and expenses. The remaining 10% of the interest would go back into the fund to ensure that the principal keeps growing. I think it would be fun to manage something like that. I would try to find nonprofits that I really believe in, but are struggling. I would love to help infuse some cash into their operations. Perhaps I could also pool a group of people together to help solve a lot of nonprofits’ issues, including management, technology, and other administrative costs and help them run more efficiently.
I would want to keep my main job for as long as possible to not be a drain on the fund. However, if it got so large that it would be unwieldy to try to run it and keep my job, I would rather take it over full time myself versus hiring someone else to run it.
That was actually kind of fun to think about. I have a bit of a smile right now while I sit thinking about all the fun I would have if I won the lottery!