January 2018
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I’m Nice, But…

I’m not this nice.  According to this article, a retired Canadian couple gave away 98% of their $11,255,272 lottery winnings!

To summarize, they won the lottery while the wife was getting cancer treatments.  They are just so happy to have each other that they didn’t want to deal with the headache of having all that cash.  So they donated all but 2% of it to family and 2 pages of organizations and charities.

My husband and I have dreamt out loud about winning more than $10 million after taxes.  I even knew that I’d donate a bunch…but not 98%. 

So far my favorite scenario is that we would each get a third to invest and use as we’d like and we’d live off the interest of the other third (or invest it in an annuity and live off the payments).  I’d use at least half of the returns on my own third for whatever charities or groups that strike my fancy. 

So I would indeed be giving away at least $100,000 a year based on 6% returns on $3.3 million, but that isn’t the same as the $11 million this couple gave away!  That is impressive!   And just a little nuts in the opinion of my money-loving mind, but more power to them.  :-)

Would you give away 98% of your winnings if they were around $11 million?

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5 comments to I’m Nice, But…

  • MikeS

    Sorry, I’m not giving away 98%. More power to them. I’d give some money to family and charities, but not 98%. Don’t think I’m winning anytime soon though, have to buy a ticket in order to win. :-)

  • I’m like you: Nice, but not THAT nice that I’d give away 98% of $11 million.

    I’d take care of my financial future, kids colleges.I might spend on helping my parents buy a new home close to me.

    From that point, sure, I’d donate some of it. I could see chunks of it going to help people in dire straits. Ideally, I would spend some TIME on helping others, as that can often be more valuable anyway. A life of A) financial security, and B)dedication to helping others, sounds great.
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  • @MikeS, yes…the fact that I haven’t bought a ticket in months is probably not helping me win…

    @Squirrelers, that’s what I want to do with all my free time when I retire! I love volunteering and just run out of time right now. I can only fit a little in every week, but when we are financially independent, I could volunteer almost every day of the week and still have time for family and friends! Woot!

  • I would not be giving all that away. I would put enough away to make sure my immediate family was taken care of. I would probably invest a bit of it and donate the proceeds as I wouldn’t want to give it all away at once. I would basically make donating part of my ‘job’ and decide who needed the money and when. I would also give money to people randomly that seemed down and out. It would be fantastic.
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  • Lisa

    Come on who would seriously give away 98% of their I mean sure I have a few charities I would give a decent amount to not to mention quite a bit of family to help out. But no way would I be giving up that large of a % when I and family/friends are in need.
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