Today’s humongous $540 million jackpot for the Mega Millions lottery could really mess with someone’s or a group of someones’ finances. The odds are slightly better that several people will split the winning rather than one solitary person; even though it’s statistically impossible to win, someone does.
And what if I were to win the lottery and a large chunk of change? Here’s what I’d do (and by blogging it I’m going on the record, so that means you could call me on it if I deviate off plan) —
- Set aside half for tax purposes
- Set aside 10% for as my faith expression of obedience of giving to God’s kingdom. It would go into a charitable fund and I wouldn’t give it all at once
- Do the math with a financial advisor to set me and family on a course of financial independence based on the standard of living we currently have (debt payoff implied)
- Set aside a world travel fund to go to 20 world-class cities around the world
- Set aside a hospitality fund for local & regional gatherings of all sorts – conversations change the world
- Launch a web-based webcast/netcast network for next generation voices– Asian, Latino, African American, Middle Eastern, multi-racial — to delve into real-life issues of family, race relations, mental health, vulnerability/shame, vocational empowerment, think pieces, social commentaries, globalization (not entertainment, not fashion, not celebrity gossip, not tech, not gaming, not politics)
- Launch a R&D “skunk works” lab for non-profit innovation with a bias for long-term impact over short-term results
- Start a publishing digital imprint for next gen leaders that need to be heard, not (only) those who can sell books
- Establish a giving circle / community fund for the dreams of next gen Asian Americans
- Host annual summits for gathering thought leaders that can advance needed change in: faith & race issues for evangelicals; next gen faith for minorities; minority philanthropy
Am I idealistic? You betcha!
Here’s the thing. You gotta play to win. I didn’t buy a lottery ticket. So this blog post is entirely hypothetical. What would you do if you won a large amount of money, hypothetically?