If I were Filthy Rich
By DrTriage+25 Two Plans, and somewhere in between.
I think of what my mother would do; put it all in Stocks and Bonds, except enough for a nice house, a nice Mercedes, a luxury cruise around the world, oh, and a Manhattan shopping trip. Call that the Alice Plan.
Then there is what my daughter, Tracy, would do; cash it all in (each million would be 21 pounds of $100 bills -- one bookbag per), live at a five-star motel like a Hyatt or Marriott, eat room service meals, Uber everywhere, have friends over to party, no car, no house, no investments, live large.
I would do something closer to the Alice Plan.
Recent responses
+13 @blonktime How I spend the money is going to depend on how much I win. If I win something like $1-2 million, most of it is getting invested to grow for an early retirement. If I win something like $100 million, I'm quitting today, buying a nicer house, getting a better car, going on a very nice trip (first class tickets, 5 star hotel, private driver and tour guides, etc.), but most of the money is still getting invested. I'd set up a trust so my kids will never have to work a job they don't want to. They would have the financial security to pursue the career they want with no worry about money. They can be a school teacher, they can just volunteer if they want, they can start their own business, whatever. I'd also give out a few million to my sister, and my brothers-in-law. All of their kids' educations would be funded as well. Then, I'd finally have the freedom to do whatever I want. I'd probably stop working for a bit. I'd pick up some hobbies and just have fun learning. If I get bored, I can start a business. As long as it's not bleeding money, I don't care, I have more money than I really need. Eventually, if I get bored or tired of running it, I'd pass it to my kids (if they want it), or I'd sell it, or maybe I'd just close the doors and retire again.