What I'd do with a $20 million lottery win

Note: I will be starting college again March 1st.  I will be attending Western Governors University.  I originally wrote this for a scholarship from Yakezie.com to help pay for college. but was about 3 hours late turning it in.  I think I did a pretty good job so I figured I’d post it here.

I believe that if I would to win a $20 million dollar lottery, while portions of my life would change, overall, my life wouldn’t change very much.  Upon winning the lottery, I would immediately call my dear sweet wife.  She is a stay at home mom to our three beautiful children.  My wife and I would go out to dinner so we could discuss our financial plan.  The next day, I would write a check and pay off the mortgage.    I would also write a check to my Church for 10% of the winnings.  Of course, the government would also take 30-40% in taxes.  This would leave me with about $10 million dollars. I would take the money and divide it up into various bank accounts so that no one bank was above the FDIC coverage limit (I have had several banks that I have dealt with fail).   I would tell my family, but I don’t think I would tell many, if any, other people.  There just isn’t a smart reason to tell non-family members.  They would either think I’m bragging, or want to borrow money from me.   I do think I would take a weeks’ vacation from work and go on a nice trip with my family.  When we got back (or perhaps before we go), I would setup trust accounts for each of my 3 children for college, fully funding, with some extra, their anticipated college expenses.  I would then purchase some real estate and rent out the properties, to help bring long term income into my family.  I would talk to my parents and my wife’s parents about paying off their home mortgages, thus bringing some financial peace to them.  I would keep $5 million dollars in good growth mutual funds to allow this money to keep growing.  By having this money grow at 6%-10% annually, I would bring in at least $300,000.00 annually that we can live on without touching the remaining $5 million.

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