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Jim Meade / Iowa City
Senior Advisor

If you won $10,000,000

Do you know what you'd do if you one a big prize, let's say $10,000,000 after taxes?  Would you be like the one who said, "I'd keep on farming till it's all gone"?

 

Many would say that playing the lottery is foolish.  I'm not looking for a moral or philosophical discussion.  If you prefer, let's say an unknown aunt left you the money.  Do you have any idea how you'd spend it?

 

First, I'd pay off all loans.  Then,I'd buy my wife any car she wanted.  (Or she could buy it herself.)  After that, I'd buy a new airplane.  No more land or buildings for me.  No new equipment.  If I got that kind of money, I'd very likely quit farming. 

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32 Replies
k-289
Senior Advisor

Re: If you won $10,000,000

Beechcraft or Cessna or Mooney---or over the top Gulfstream---lots of things to ponderSmiley Very Happy

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sonoma72
Veteran Contributor

Re: If you won $10,000,000

jim,

 

I would quit farming.  Help at least two young guys that actually need help get going , and move back to the city and open a restaurant.   Finally, I would spend christmas in maine, on a sled, with hot cocoa 🙂

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Kay/NC
Honored Advisor

Re: If you won $10,000,000

Since you chose ten million, I would say i'd save it, simply as possible, and let the interest support us in the style to which we've become accustomed.  At today's interest rates, it would take that much. 

 

I would probably take out enough (it would require only a very minor portion) to pay off the kids' homes, and set up education savings  plan, and fund it annually,  for the new grandson (he arrived about six this morning, so puts a whole new spin on life around here!) 

 

Given that our daughter wants to continue this farm, we would probably do that, too, unless her objectives changed drastically.  I think we migh turn over more of the management to her, and hire her a second man to do more of the physical stuff that she does, and more of the repairs that Mike keeps up right now. 

 

I would love to build a cabin to "get away" to on my smallest farm in VA, but we really dont' need that, just could empty out one of Mike's rentals on his place up there, and be as well off for next to nothing.  I'd love to be able to enjoy fishing the ponds and creeks up there, have a regular get-together wiht the kids that live up there...if it is just supper one night per week. 

 

Mike puts in a lot of hours here in NC, during haying season, cutting wood and such, but he is hte first to admit that eh ebjoys almost every minute fo it.    I would like to buy him a coiuple of newer tractors, with more comfortable cabs, but nothing big or fancy.  We do that every so often at auctions anyway. 

 

Wehn I look at this above, I see that there is very little different from what we already do,. or have realistic goals to do, regardless of any huge influx of money.  We pretty much have built the life we wanted anyway...kind of like your Christmas list, nothing fancy, but exactly what we desire.   

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NCSteve
Veteran Reader

Re: If you won $10,000,000

If I won 10 million I know what I would do, since my passion is haymaking I would update equiptment and have a tractor for each piece of equipment and replace a few buildings that have seen there better days.

 

The farm is paid for and I really don't want to get any more land, but I would love to build a swiss style challette on the back of the property totally tucked away.

 

Then form trust funds for the three boys so they wouldn't have to worry about paying for college.  After that kick back and relax with the wife and enjoy watching the boys grow up.

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tree fmr
Advisor

Re: If you won $10,000,000

I would retire from my current job, Navy, and buy more farm land. Then I would let my brothers run the farm so I can travel and see all the places I missed during my career. I would charge a competitive rent but would be very gracious during the holidays. Can't take it with us so I would do my best to spend every penny!!!
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nwobcw
Advisor

Re: If you won $10,000,000

   Put my kids and the church on sound footing.  Not so much they wouldn't need to work though.  Build a community park/playground in conjunction with the local township.  Buy more land and new equipment.  Except for attending auto races I have no other interests.   Oh yes, definitely a new car for the wife but I'd keep my old Impala.  For one thing it would be fun to have people ask me why I keep driving the old car when I'm filthy rich.  Ha

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idalivered
Advisor

Re: If you won $10,000,000

I occasionally buy a power ball ticket, and have thought about this alot. In many ways, it would be the "kiss of death" to win. If you enjoy your life as it is now, it would never be the same. I've also said I would always take the annuity. that way the most I could pi$$ away is 1/20th of the pot. That all said...I'd pay down loans, pay off children's college loans, give each of my wife and my siblings $25,000, donate a portion to our local parish and give to lutheran social services in iowa, set up a scholarship fund at the high school my children attended, and maybe put a cardtrol gas station in our local community. We gotta drive out of our way to fill up and there really isn't another place on this route to I-90 for maybe 25-30 miles.

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Whitesand_Farms
Veteran Contributor

Re: If you won $10,000,000

I have always dreamed of winning the lottery but it's amazing how one changes over the years. Years ago I would have had one heck of a party, flown the world over had extravagant cars and homes. Now it's a different story lol, short term I'd pay off loans put up more storage, a new shop and try buy out the neighbors land i've been renting. Long term I'd set the kids up with a savings account, buy a nice vacation property for me and the wife so we can spend winters somewhere warm instead of me going out to work in the north all winter to make payments. The farm has turned me a workaholic and it would be nice to have leisure time again.

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giolucas
Veteran Advisor

Re: If you won $10,000,000

$10,000,000 is a lot of money but you can spend it very quickly.  I have seen shows like "The Lottery Changed My Life" and winning the lottery has not been that positive.  People have gone crazy from winning the lottery, divorced, committed crimes and have not had the self control to do good things from the winnings.

 

I would take 75% of the winnings and invest it in short term investments (CD's, Commercial Paper, Tax Preferreds, Auctions)

I would take $500,000 and trade the Grain Futures Market.

I would take $1 Million and buy a nice retail location or at least put a downpayment for space in a good location.

The last $1,000,000 splurge on the family. I mean pay everyone's bills off and take trips to see the world.

 

The way I see it,  your initial investments should produce more returns so that you can leave your kids, charitable avenues and anything you desire future monthly returns.   

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