You won 100 million dollars, now what?

We often read stories about people who either win enormous sums of money or those who inherit it or are given it in some way. The story usually ends with the fact that they blew it all on travel, cars, and more. Oftentimes, they don't even have a record of where it all went.

Pretend for a moment that you came into this kind of money, what steps would you take to ensure that you would not make the same mistakes?

Here are the things I would do, in this order.

1. Pray
2. Hire lawyer or a team of lawyers as I'm certain there are people from my past who would love to sue me.
3. Hire an accountant.
4. Pay off all current debts.
5. Immediately set up a trust fund for each of my children to be fully theirs once they reach adulthood.
6. Pray about it and discuss with my wife which churches, charities and friends we needed to bless.
7. I would most likely continue working in some fashion as laziness could set in easily. This is done so as to work with the curse that we are under, not against it. Plus, I would want to grow my money and not let it sit there.
8. I would buy a new house, or fix up the existing one, but enormous mansions are out of the question unless I was serving someone other people with lodging needs.

What steps I would take? I don't know, but I would make sure to save money for my son education outside my country because the one he might get here it's of none quality at all! I would purchase all the medicines my father needs that are not found in my country, I will also buy a house for my wife, we currently live with her mother and 10 sisters + nephews and nieces, EVERYDAY we have to move a bed out of one of the rooms to the living room where we sleep with our 2 years and 10 month old son then every morning we carry the bed back to one of the crowded rooms. In total there are 25 people living in this house, we used to rent a house since we got married but after I lost my job about a month or so ago we had to moved with her mother, I would also make sure to prepare a honey moon for me and my wife, since we married we never had one. I will purchase a car, will start my own company and save the rest to live confortably.

KaramKaram wrote:What steps I would take? I don't know, but I would make sure to save money for my son education outside my country because the one he might get here it's of none quality at all! I would purchase all the medicines my father needs that are not found in my country, I will also buy a house for my wife, we currently live with her mother and 10 sisters + nephews and nieces, EVERYDAY we have to move a bed out of one of the rooms to the living room where we sleep with our 2 years and 10 month old son then every morning we carry the bed back to one of the crowded rooms. In total there are 25 people living in this house, we used to rent a house since we got married but after I lost my job about a month or so ago we had to moved with her mother, I would also make sure to prepare a honey moon for me and my wife, since we married we never had one. I will purchase a car, will start my own company and save the rest to live confortably.

Any options for you to go to another country with a better economy?

1. At least 10% to my church. Probably closer to 15%. (that leaves 85 million)
2. 5 million to my parents and my wife's parents. (that leaves 75m)
3. 50 million in various investments with limited access to cash out (leaves 25m) This money would be emergency funds, college funds for my kiddo and his inheritance (likely with trust funds) and giving allowances
4. pay off some debt
5. buy a house
6. buy two new cars
7. go back to college for a degree that will actually help me so if I were to squander the money, I'd have a career to fall back on
8. empty my wish lists at Amazon.com and Guitarcenter.com
9. Buy my wife and son something nice

d@v!d wrote:

KaramKaram wrote:What steps I would take? I don't know, but I would make sure to save money for my son education outside my country because the one he might get here it's of none quality at all! I would purchase all the medicines my father needs that are not found in my country, I will also buy a house for my wife, we currently live with her mother and 10 sisters + nephews and nieces, EVERYDAY we have to move a bed out of one of the rooms to the living room where we sleep with our 2 years and 10 month old son then every morning we carry the bed back to one of the crowded rooms. In total there are 25 people living in this house, we used to rent a house since we got married but after I lost my job about a month or so ago we had to moved with her mother, I would also make sure to prepare a honey moon for me and my wife, since we married we never had one. I will purchase a car, will start my own company and save the rest to live confortably.

Any options for you to go to another country with a better economy?

I would love to David, but my economy now doesn't allow me to, I make $34,00 (thirty four) monthly. And a plane ticket to Colombia is like $454 each. And that's the closest country I could go, to that I have to sum the visas to enter Colombia to be able to work that is like $200 for the 3 of us. And then a place to rent and other expenses. 

Going to the USA? We don't have US visas! I have considered also going alone to Panama where I could make like $650,00 monthly and then get my wife and son with me. Going to Panama I don't need a VISA, because they can give me a permit to enter the country for 6 month then I can go to the boarder with Costa Rica and re enter Panama for another 6 months, but cheapest plane ticket is $697 now

I pray that the whole situation of Venezuela gets better in the next months or that I can find a way to leave this country with my family

KaramKaram wrote:I would love to David, but my economy now doesn't allow me to, I make $34,00 (thirty four) monthly. And a plane ticket to Colombia is like $454 each. And that's the closest country I could go, to that I have to sum the visas to enter Colombia to be able to work that is like $200 for the 3 of us. And then a place to rent and other expenses. 

Going to the USA? We don't have US visas! I have considered also going alone to Panama where I could make like $650,00 monthly and then get my wife and son with me. Going to Panama I don't need a VISA, because they can give me a permit to enter the country for 6 month then I can go to the boarder with Costa Rica and re enter Panama for another 6 months, but cheapest plane ticket is $697 now

I pray that the whole situation of Venezuela gets better in the next months or that I can find a way to leave this country with my family

I kind of guessed that you were in a situation like that. I'll keep praying for you. I hate to say this, but I think things are going to get worse as the price of oil keeps dropping.

1. Pay off my church's debts.
2. Pay off my debts.
3. Buy as much good quality rental property as I could with the rest.
4. Help out friends in need.

Yes, and sadly our economy depends 97% of oil sales. 
For next year the economists are talking of default and our goverment is not seeing it ans they are acting poorly to fix the situation

Give half of it to the government (taxes).  With the remaining 50 million, I would change my identity and escape.

While I have never had 100 million dollars this is a topic I can talk about because I have had a million dollars...so I will share some aspects of that experience...
First let me make it clear that regardless of what anyone thinks money can't buy life long happiness..sure, it can bring about temporary moments of happiness but the key word there is temporary... I will share some of what we have done with this much money and  I will reflect on the mistakes we made and what I wish we had done different...Everything here has transpired over the last 12 years...
First off we paid off all our debt...Today we only have our day to day living expenses and thats it. We pay cash for everything. We dont go into debt...ever, period. If we cant afford it we dont want it...(if a person can get to the point of debt free that is the way to live. Credit Cards are a poison and a scam and they rob you of your money and make you a slave to the bank. Put as much down a car as you can and pay it off fast or better yet pay cash because again as long as you are paying on it you are a slave to the bank...) Housing..We rent a beautiful 3 bedroom luxury apartment with a garage. We are not interested in owning a house (dont want to worry about upkeep, paying taxes, lawn work, etc.) Apartment living isn't what it used to be at all. Our apartment is nicer than most peoples houses and its huge. But if you are going to own a house dont buy more than you can really afford and try to get as many payments ahead as you can..
The only money we gave to a physical ministry/church was to a Methodist friend we have who is an evangelist who was raising money to cloth and feed the poor in our city. All the rest of the money we have given to others is personal..us giving to the individuals to bless that particular individual. We have also given away alot of clothes, cd's/DVD, kitchenware's, Books, furniture (we buy new furniture every other year although we will be keeping the sofa we have because we had it special made), etc... (I am not bragging here..All the glory goes to God...just sharing our experiences)..my wife has also given to dog rescues and senior programs and Gardening clubs..
We have lots of investments..Here is where the mistakes really start. Investments are tricky...the stuff you see in movies and on tv isn't true. Very few people actually make any real money off of the stock market...in fact most people lose. Playing the stock market reminds me of going to the casino and playing the slot machines...money in, money won, money lost, learn when to walk away. We have lost plenty in the market and that is a lesson I will take with me to the grave..just in the last few months we have lost over $10,000... Our broker made some bad calls and it happens because no one knows what the market will do from day to day...we were invested in oil and it has tanked in the markets... We are in the process of pulling out (at a loss) and sinking the money into other areas like interest bearing cd's and money market savings accounts. While these areas dont earn as much and take time to earn they are safe and they are things we can handle ourselves..brokers are expensive and hard to keep track of. At this point I dont really trust brokers or accountants. (take a simple college accounting course to learn how to manage your own money..best course you'll take)...
I haven't worked in over 10 years. Sometimes thats cool but as Adam pointed out above it does bring laziness and a general losing of ones way..at least it did for me...I look back now and realize how much of the last ten years of life I have wasted...As for family, hmm... I have helped out my mom when she lets me..This year we got her a brand new washer and dryer set of her choice for Christmas..that seems to have blessed her and that is where the lifelong happiness comes from. As for my kids and grandkids, I helped each of them out ...the story here gets pretty sad... I set each of them up in a nice apartment and helped each of them get a car and furnish their apartments. I also spoiled my grandkids with clothes and toys.. In the end however they each lost their apartments, quit college, sold their cars and now they all live on public assist and are all involved in shady lifestyles and drug abuse... They lie to us constantly and for those who still live in the city they live in its even worse..being almost 8 hours away I dont have to worry about them trying to rob me..So they have been cut off and will receive no more money ever..We have decided to leave a certain amount to a college fund for my grandkids and the rest thats left when we are dead goes to several rescues my wife supports and a music fund we support... Where does that leave us now...
First the mistakes..I trusted people I shouldn't have (brokers, accountants, family)...I gave away money to some who I wish I wouldn't have, We invested in the stock market, We didn't follow what God had told us to do a few times (he told us not to invest in the market)... I way underestimated our medical needs...It cost us thousands to go to the dentist. I sure didn't expect to develop a skin disorder and that has been very expensive (the special shampoo and cream I have to use cost $200 a month) plus the other meds I take... My wife is bipolar and even with insurance t cost plenty for meds and therapist but her stabiity makes it worth it to me..   Retirement, that was a huge mistake on my part. I wish I had done more than just sit around spending money, watching tv and posting on the theology realm on the cmr (   )... They key I think is to take the money and do something you really enjoy...go to school if you have to learn a new trade to do what interest you, find hobbies to keep you busy...the best idea with this much money is while you are going back to school or studying to do whatever you want is you dont have to work and can put your whole self into your schooling..and then when school is over you can go back to work doing whatever you enjoy..and doing what you enjoy for a living isn't work at all... So what is our future plan with what we have left (in the 6 figures still)...Do exactly as I suggested...we cashed out all our stocks and bonds (about 60% of our money) and put that into an interest bearing savings account to live on over the next year..the rest is in cd's and safe bonds..I am going back to school to study things I enjoy over the next year to help me get a job doing the things i enjoy. I am in the midst of putting together a band and writing music as well..My wife is in a garden club and works with a dog rescue. We have desinated date days where we go out and have fun going to places like the Zoo, museums, Festivals, antique shops, flea markets and cool restaurants off the chain restaurant path...I recently read that if a person wants to retire they need a million dollars for each decade of retirement (who knows what  it will be in the future)..I believe it.. I hope my rambling here actually taught some things and gave some advice..I dont want others to experience the mistakes we made.. Please feel free to ask me anything on this subject and our experiences...

^^Staybrite has a real point, $100 million equals $50 million.

Honestly, a huge windfall sounds like a nightmare to me.  I know that's weird, but I know it seriously ruins a lot of people's lives, and I think it would be hard on mine, too.  It's worth noting that I'm a grown man, and living a generally comfortable middle-class life, so while there are plenty of awesome things I'd enjoy money hasn't been a real problem.  I know it's a different perspective from people who live in a daily struggle to have enough.  And also, I'm not saying I'd turn it down if it was offered -- that would be awfully difficult!  But I'm suspicious it wouldn't solve a lot of problems for me.

For what it's worth -- a couple years ago I was having a "feel sorry for myself" day and didn't really want to be at work.  My mind wandered to. . . if money was no object at all in life and I could do whatever I wanted to, what would I WANT to do with my life?  And almost immediately the answer came, I'd want to somehow be involved in a ministry that's outwardly focused and working to point people who are far away from Jesus to him.  And then, of course, I realized, that it's exactly what I'm doing (I'm a pastor).  So if money was no object there are, absolutely, some phone calls that I wouldn't return, some meetings that I wouldn't attend, etc. etc.  But in the big picture, I'm getting paid (not a lot, my wife's the real breadwinner, but still) to do basically what I would do for free if I didn't need money.  And I stopped feeling sorry for myself right away.

So that didn't actually answer the question, but there's one person's perspective anyway.

Grindboy wrote:^^Staybrite has a real point, $100 million equals $50 million.

Honestly, a huge windfall sounds like a nightmare to me.  I know that's weird, but I know it seriously ruins a lot of people's lives, and I think it would be hard on mine, too.  It's worth noting that I'm a grown man, and living a generally comfortable middle-class life, so while there are plenty of awesome things I'd enjoy money hasn't been a real problem.  I know it's a different perspective from people who live in a daily struggle to have enough.  And also, I'm not saying I'd turn it down if it was offered -- that would be awfully difficult!  But I'm suspicious it wouldn't solve a lot of problems for me.

For what it's worth -- a couple years ago I was having a "feel sorry for myself" day and didn't really want to be at work.  My mind wandered to. . . if money was no object at all in life and I could do whatever I wanted to, what would I WANT to do with my life?  And almost immediately the answer came, I'd want to somehow be involved in a ministry that's outwardly focused and working to point people who are far away from Jesus to him.  And then, of course, I realized, that it's exactly what I'm doing (I'm a pastor).  So if money was no object there are, absolutely, some phone calls that I wouldn't return, some meetings that I wouldn't attend, etc. etc.  But in the big picture, I'm getting paid (not a lot, my wife's the real breadwinner, but still) to do basically what I would do for free if I didn't need money.  And I stopped feeling sorry for myself right away.

So that didn't actually answer the question, but there's one person's perspective anyway.

Nice meditation!

Savage Amusement wrote:...just in the last few months we have lost over $10,000...

That's a LOT! I mean, I make $34,00 monthly. 10k are what I will receive in 294 months!!! That's about 24 years without expending a dime for me to earn what you just lost!

That's a LOT! I mean, I make $34,00 monthly. 10k are what I will receive in 294 months!!! That's about 24 years without expending a dime for me to earn what you just lost!

and I would have much rather given it to you than see it flushed down the drain..I lost and some big corporate billionaire got it.

I make $34,00 (thirty four) monthly

how much is this in American money?

Savage Amusement wrote:

I make $34,00 (thirty four) monthly

how much is this in American money?

In Spanish they use the comma for a period and vice versa .

d@v!d wrote:

Savage Amusement wrote:

I make $34,00 (thirty four) monthly

how much is this in American money?

In Spanish they use the comma for a period and vice versa .

Yes, that's why later I used . instead of , so you can understand

Savage Amusement wrote:While I have never had 100 million dollars this is a topic I can talk about because I have had a million dollars...so I will share some aspects of that experience...

I didn't see this earlier. Very interesting. Thanks for sharing! It largely confirms many things I've thought about money and especially the stock market.

KaramKaram wrote:That's american money $34.00 dollars montly...I make 6200.00 Bolivares (Bolivares is Venezuelan currency), currently each dolar is worth 182 bolivares.




$34.00 X 182.00 = 6200.00 Bolivares

If I may ask, how much were you making at your company before it went bankrupt? Was it a low, high or average income?

How much does a US visa cost?

KaramKaram wrote:Yes, that's why later I used . instead of , so you can understand

I was just trying to help people understand the why of it. I wasn't trying to be critical. Your English is great.

If I won $100 million?  I'd be doing ministry for free for the rest of my days.  I wouldn't need to take a salary for working in the church.

I would also record the dream album of my life and take an extended tour of the holy lands.

d@v!d wrote:

KaramKaram wrote:That's american money $34.00 dollars montly...I make 6200.00 Bolivares (Bolivares is Venezuelan currency), currently each dolar is worth 182 bolivares.




$34.00 X 182.00 = 6200.00 Bolivares

If I may ask, how much were you making at your company before it went bankrupt? Was it a low, high or average income?

How much does a US visa cost?

I was making 4 times what I am doing now.

d@v!d wrote:

KaramKaram wrote:Yes, that's why later I used . instead of , so you can understand

I was just trying to help people understand the why of it. I wasn't trying to be critical. Your English is great.

I didn't take it as a criticism, with my comment I was just reinforcing the info you provided