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Kay/NC
Honored Advisor

Re: If you won $10,000,000

When i first replied to Jim's post below, I had flashes of what we would have done with a windfall earlier in life, too. My next thought is that we all sit on several million's worth of property every day, so could liquidate and live what most people would probably dream of doing with that kind of money. Getting off the land seems to be the last thng any of us would consider, though.... While i probably could have been transplanted from the farm right outnof high school or college, and put down at least shallow roots in a big city. I do adore museums and experiences like concerts and plays, which require a half- day's travel to access from our location. The thought of looking out a windoe and into the one of the house next door, or limiting my life to the confines of an apartment, makes me cringe now, though. Mike would buy some land in the Blue Ridge, and we have talked about doing that...but realize we are better off to just rent somehwere when we want to go there, which we rarely get to do now. The honest fact is that he knows I don't want to go but so far from the kids, and now the grandson. We met him in the hospital yesterday afternoon, and the kids started talking about all the things his PaPa will have to teach him to do. It was a long string of activities that included a lot of life skills, except for shaving. Mike's beard is sort of a family institution...none of the kids remember seeing him without it. When you hear the young people you raised makng a long list of the things they want thwir newborn child to know, it makes you mindful of what is really important. I didn't hear them say a thing about teaching him to sit on a pile of money and worry about what was goiing to happen to it...so maybe that isn't as important as some people seem to think.
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Nebrfarmr
Veteran Advisor

Re: If you won $10,000,000

1) 10% to charity

 

2) pay off all my debts

 

3) set up a trust fund for my disabled brother, so if some new medical breakthrough were to come along, he could hopefully get out of that wheelchair, and be with his kids, (his youngest just turned 5, oldest just hit Jr, high).  In fact, if I knew they could cure him, I would be willing to put the whole amount up, if need be.

 

4) set up some sort of home, or network of homes, or support group, for unwed mothers, with emphasis on helping minorities, as a way of saying 'thank you'.

 

5) The first 4 I guess I would spend up to 1/3 or 1/2 of it.  With the rest I would shop for land.  Even if it was a ways away & I rented it out, owning land debt free never seems to be a bad thing.

 

6) a new, heated shop.  Mine has only a part-concrete floor, no heat, and is used for machinery storage.  I'd like something heated, paved, and more or less just for shop work.  I'm thinking instead of farming bigger, do shop work for friends & neighbors.

 

7)Update some equipment, but not go crazy, I get a certain amount of pride keeping my old 1440 running.  It is a good feeling to go through harvest with less than 2 hours of repair time, and being able to say I was the one that got it into that good of shape, for such an old girl.  However I WOULD like to feed cows in a tractor with a cab, and have working air conditioners on everything in the summer.

 

😎 See if the wife wants a new car, or house, or whatever.  As for me, I'll replace the old picup when it wears out.  Since it is a 1986 model, it will probably take a while yet.  (only been to the shop once in the last 10-15 years, everything else, I fixed myself).

 

9)The rest in safe investments, for my grandkids, and my kids in case of emergency.  I want my kids to earn their way, but when the grandkids come, I would want to be able to pay off their house, or get them a car, or something.

 

10) as for pampering myself, I figure if I keep my wife happy, she'll continue to do that for me.  In fact, I smell fresh cinniman rolls right now, and money can't replace things like that.

 

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k-289
Senior Advisor

Re: If you won $10,000,000

I haven't heard Jim mention the plane thing yet---come on give us a hint---

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smokeyjay
Advisor

Re: If you won $10,000,000

This is not a moral or philosophical argument, but a fiscally prudent one.  I would like to think a bunch of farmers like those of us responding to this question would fare better than the average bear, after winning the stakes or receiving an unexpected inheritance.  Several acquaintences in my community and their experiences suggests it is difficult to maintain the discipline to stay away from financial ruin. 

 

From what I've read, most people tend to lose it all, either through bad management, poor investment decisions, too many "friends" coming along for a piece of the pie, trying to become irreplaceable assets but rather becoming a heavy weight around the neck as the ship struggles to stay afloat. etc..

 

It seems most people lose their brains when they strike it rich like that. Suddenly, all bets are good bets, nothing needs to be carefully managed and no decision scrutinized.  Brains sink into the pants of some fellas, thinking they are the best thing that ever happened to anyone that comes along and does their bidding.

 

Few millionare professional athletes ever keep their estates very well.  Barry Sanders is one exception, at least from the last time I've heard about him. 

 

For all of you, I hope your fantasy winnings turns out like you hope it would, even if the money came from an old aunt.  One cannot argue with statistics, however, that most of these plans would never make it.  But I still say, prove them wrong!

 

 

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kraft-t
Senior Advisor

Re: Probably not a whole lot different than now

We would probably set up a trust fund for the kids and grandkids or finance a startup plan for their own businesses. We are curently doing most of what we want to do and I'm not sure that i want to do much more.

 

We just got back from a carribean cruise this evening and it didn't awe me as much as the last four. We don't have as many wants as we used to and get the most satisfaction out of quality time with family.

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Kay/NC
Honored Advisor

Re: If you won $10,000,000

The first time I encountered the " windfall as curse" idea was a LNG tike ago, iI think it was a topic on Phil Donahue, and that has been awhile. It did really impress me that many were far happier before than after the money I have fnally decided that being happy is mostly a choice. Money, past a certain point, has very little to do with it.
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Canuck_2
Senior Contributor

Re: If you won $10,000,000

Interesting question Jim and a lot of good suggestions.

Good thing you said it was an unexpected inheritance because i never waste money on lotteries so would know a lottery win could not happen for me.

 

So I am older than some and that changes what I/we would do now.

Years ago we would have a list of things to buy after paying off our loans.

Not much we need or want that we can not get if we chose now.

 

I think I would take $1M and invest it just to help out with any desires going forward, perhaps little assistance packages for deserving/needy people.

I/we would then give each of our children $1M and although most of them still have a mortgage to pay off that would leave them lots for other things. We would not put it in trust as we feel we can trust them to use it wisely.

Grandchildren are young enough that they will be looked after nicely by their parents share or our estate.

 

Now that leaves $5M to 'invest' in charities that are dear to us.

Probably is not enough to start our own charity so would not waste admin$$ on that but would take our time in deciding just which ones could use the $$ the most efficiently.

 

Oh and that $1M we keep for us, would probably use a little of it and buy a new 4WD 70-80 horse tractor with loader instead of the used one I am looking for.

No cab, but will be easier hauling wood for the fire than the 2 WD that spins all the time on the ice.

 

Ahhh dreams.

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Kay/NC
Honored Advisor

Re: If you won $10,000,000

It is funny that you would keep hauling wood...we quit that many years ago, then started back, mostly for comfort, three years ago this November. Seems the more we save and pay off, the less we feel we need, and the more we return to the stuff we did to make it when we were a young married couple. It really does get down to very basic comforts and small luxuries, doesn't it?
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smokeyjay
Advisor

Re: If you won $10,000,000

You may not have said it with this intention, Kay, but your last sentence reflects a biblical statement about contentment and how we live our lives.  It's a state of mind, whether one has abundant resources or whether one lacks them.  Money comes and goes, but our lives reflects the good or bad in how we relate to others.  When one is content, they lack nothing that money cannot buy and yet, they are able to share resources with others that are even less fortunate..

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tomtoolbag
Senior Contributor

Re: If you won $10,000,000

  When I discussed this with the other half, it wasn't long before we came to a consensus that we'd give it all away. We have given in the past or recent money to different causes/charities and they continually come back for more. We don't have $10,000,000 now and we're annoyed and frustrated by people/organizations coming to us because they got our info from somebody/thing that we did give to, and I can only imagine that group and the annoyance increasing by a multiple of 100 with people knowing that we won that amount of money.

  Life is just fine without that amount of money now and neither of us see any benefit coming from having any of it. A new car or tv, trip or clothes isn't going to make our life's "experience" any greater. Moving the chair closer to the tv, yes but a bigger tv, no. Material things are just that. Just now I heard on the news that 80% of people will use(give) a gift card for Christmas this year. Our society is addicted to buying needless crap, unfortunately mostly on debt too, so we see no need to encourage or continue that.

  Would we set some aside for our kids and their future endeavors? Nope, because we feel that doing that would create complacency or quash any initiative that they have now and create dependency on that money. There are numerous stories and shows about people that are dead-broke within a couple of years of winning a large amount of money. Why would we want to do that to our kids?

  So, who or what would we give it to? I had thought about poor or homeless programs or shelters but there is plenty of sustenance places or programs that aren't fully utilized now and others that are over-used or fraud perpetuated on. There are numerous programs such as food stamps, subsided or wholly paid housing, health care and such, so where could it be applied that would have the biggest effect on the biggest amount of people?

  I thought that using the power of the pulpit so to speak when that oversized check and photo-op was underway to publicly announce that I would hand over the check to the state of IL on the conditions that the exact same amount in spending was cut, along with the exact same amount in taxes cut(or raised from the non-paying entities like Sears), along with some shared sacrifice by all the state's citizens of $1.00 per taxpayer.

  The state or the situation for all the citizens of it just improved by at least $30,000,000 at the very minimum and more determining on how much the $1.00 per taxpayer brought in. Just a thought.

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