The jackpot shrinks to $341.2m if you take the lump sum. Assuming a federal income tax of nearly 40% and Illinois state income tax of 5%, that leaves $187.66m in cash.
This is how I would spend the money:
- $27m (15%) Church and Charity – distributed over 10-20 years for tax purposes.
- $10m to medical research and/or children’s hospitals
- $100,000 savings funds for our 7 nieces and nephews. Payable at $10,000/year over 10 years after they turn 21.
- $200,000 savings funds for each of our kids. Payable at $20,000/year over 10 years after they turn 21.
- $750,000 to pay off the mortgages of immediate family members (grandparents, parents, siblings) – this is probably an over estimation of the real amount.
- $1m land and property in IA and FL
- $800,000+ for a large chunk of land and a new house in FL
- $200,000 for a “vacation home” in IA
- $500,000 RV to travel the country
That leaves a paltry $147,310,000 for general living expenses (food, gas, utilities, health insurance, property tax, house maintenance, new cars, etc) for the rest of our lives. That is $150,000/year over the next 982 years. Or, $2,104,428.57/year for the next 70 years.
Naturally Melissa and I would probably quit both of our jobs. Melissa would work at developing a photography business and I would find a nice local church and/or performing arts center in FL to volunteer at. We’d probably spend most of the summer up north in IL and IA with family. But most importantly, I’d want to keep the girls “grounded” and never live an overly lavish life. We’re just normal people.