What Would You Do With It?

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 A man in Peabody, Florida won $4M on a scratch off lottery ticket.  He took the lump sum of $2.6M and decided to pay off his house and buy his wife a car.  He is donating a big chunk of it to the Animal Rescue League.  I read the story and as an animal lover myself was touched by his generosity.  But I began to wonder what I'd do with it.  Then I decided to just ask the question in my subject this morning.  

I think a lot of older people have had dreams of being philanthropists in their old age.  I have.  But then in our own way my wife and I have given away quite a bit when we could afford to.  And we've spent some on ourselves.  We've donated to charitable causes, but not enough for anyone to take notice.  But I wondered what I'd do with a large sum of money.  

I've decided I would probably donate a lot of it if not all.  But I decided to ask the question just to throw it out there.  I think a large part of thinking about is more about age.  A younger person will find a financial advisor and maybe consult with an attorney.  Maybe an older person would do what he did.  Just give the bulk of it away.  And maybe an attorney can help with that.  But family always comes first and then others.  

He owned a house he wanted to pay off.  Property ownership has a lot of expenses, which he was paying anyway.  Buying homes involves expenses.  So, it might depend.  But sure, like him, I'd give the bulk away.  He already decided where that bulk would go.  And maybe he already had the people in place to do this.  But that is always the first thing.  A younger person might not take a lump sum as he did.  

But always before claiming a huge prize like that, one needs accountants, lawyers, and financial consultants.  One needs to keep it quiet until the claim becomes public.  Then it becomes a matter of money management.  Wealthy people have these people and the working class does not.  It's why for many large sum winners often spend the money foolishly until it's gone.  

But I thought I'd just be a philanthropist as he was.  Often the question is about how.  But what would you do with a large sum of money?  I think I've answered that question for myself.  I think a lot depends on age and one's situation.  But since my wife and I don't play the lottery, we haven't got much to worry about.  I'm mostly sitting here smoking my pipe and trying to live in the moment.  My pipe this morning is my Dunhill pipe with my Special Blend and my coffee this morning is Stumptown Holler Mountain coffee.  Thank you for your time and Peace to each one of you.

Dave

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