Powerball coming to Oklahoma!
I have just learned that Oklahoma, which recently started a lottery, will be joining Powerball in January 2006. Am I excited? Well yes and no. I am excited at the prospect of having the chance of winning millions in Powerball, but I am not so excited that my sense of reality is skewed. Nevertheless, the chance does exist. So to prepare I Googled the term "lottery winner financial advisor" and got the site http://www.note.com/note/pp/jackpot.html. Very common sense information on how to prepare for winning a major lottery prize, and stay grounded in the fact that your chances of winning are a bit better than getting hit by Haley's Comet.
Now being from a state steeped in Southern Baptist culture, I constantly hear the call of the lottery detractors. Poor people will waste money on the lottery. The money could be better used for investing, or consuming real products. It's just a band aid for financing education and not a real fix. All of these are valid arguments against the lottery, but until the Southern Baptist population in Oklahoma can get the lottery repealed, I'm a playa baby.
Why should I throw good money after bad, as some would say? Well, someone has to win, and I stand as good a chance as any. So let's get down to the nitty gritty and decide what to do with the money.
First of all I would definitely take the lump sum prize. I would take a couple weeks leave of absence from my job and begin to assemble my advisory team. I mean every respectable multimillionaire must have an advisory team right? I would then go to Bill Clinton and offer him $100,000 for that cigar; I'm kidding he can keep it. With the assistance of my new financial advisor, I would begin to invest the money to ensure a minimum return equal to what I currently earn. That way I know my current lifestyle will be covered. The rest of the money will then be used, abused, and perused for further investment opportunities that will focus on aggressive growth. Since I am now a multimillionaire, and have secured my current lifestyle, I can do this. I will only make decisions on new purchases, vacations, etc. on the return on investments made with my "seed" capital. Yes, this should be substantial (I would hope).
So, after the first full year of investment returns, after paying my crack team of advisors, taxes, and other expenses (such as strippers, rock and roll bands for parties, and liquor bill) I will splurge with the best of them. A six month vacation to Europe, Africa, and Asia in my own private jet sounds nice. How about a vacation home on every continent? I have my eye on a Bugatti Veyron (1.25 million dollar automobile that tops out at 253 mph). I will buy a very large house somewhere in the Midwest or Mountain states area, maybe both. I am a lover of good wine and good cuisine, so I will make it a point to hit a five star restaurant each week. My new personal chef will have a very nice budget with which we will be entertaining many friends and family on a nightly basis. I will take up golf. I will buy a yacht. Much of my investing will involve real estate in many different parts of the world. These different residences can be used as time shares for the less rich than I will be; yet you will still need to be quite well off to afford a week at one of them. Of course, depending on the size of my prize, I may not be able to do all of this.
In addition to an aggressive investing regimen for my money, I will personally visit each of my relatives and discuss there current and future needs. As I will be generous with my family, I will not be extravagant. If my cousin needs a couple grand to fix his car, he will get a couple grand to fix his car, not a new car. A house for my mom and brothers, with a new car for each. That's it, no more. They wouldn't expect more, I am sure. My nephew would not have to pay for college. My relatives will have the opportunity to travel with me at their convenience. I will not do anything to disrupt their lives with my good fortune, and I will try hard not to flaunt my new found fortune. Of course, depending on how young I am upon winning Powerball, I will focus on financial growth. When I feel comfortable that my investments have matured, I may then go into filthy rich mode. Hit the World series, Super Bowl, Oscars, Olympics. Become a globetrotter, jetsetter, or world traveler. But above all this be philanthropic. I know you've been waiting for this.
How much should I set aside for philanthropy? Well, that really depends on several factors. First and foremost being what my financial advisor says will reduce my burden to Uncle Sam the most. Then I will begin to interview and assess the many organizations in need. I would like to give to as many as possible, but I would also like to make as much of a difference for my fellow planetary and local citizen as possible. At least 50% of philanthropic finances will stay within my community. The Other fifty will be divided depending on my preferences between local, state, national, and international organizations. I guess you could say I have left the best for last, because that would be my endowments. Depending on how well my investments have performed, I would like to leave 50% to my children. Of the other 50%, half will be split among my living relatives outside of my immediate family, and the other half will be put into a trust to be used to continue my philanthropic efforts.
I know this was very involved, but the site said have a plan. So this is it. Let's go Powerball!!