Oh, the things I would do if I hit the jackpot. First of all, I would make sure I have the best living conditions and necessities for all of my family. I do not just mean my immediate family, but all extended family too. I would make sure everyone is living happily and comfortably. Next, I would buy a bigger house (if needed) so that I could have one room per child and one spare bedroom for guests. I would also want the house to have a decent amount of land.
Before I do anything else, I would put away a large amount of the money from that jackpot and save it so that I do not become one of those people who loses all of the money within the first few months. I would save enough for all of my children’s college funds and a little extra to give them a boost for weddings, houses, etc. when they are older. I would also save for my retirement and enough to help my parents and siblings in their futures, in case they have any financial difficulties. I have always been a big saver so this is all really important to me. The large majority would definitely go into savings.
With the little bit that I would probably have left after saving it all, I would definitely want to travel. I would set aside a vacation fund and have enough for one great, 2 week long family vacation per year. I would want a new car, but not one that is overpriced just because of the name. Last, I would go shopping-not just for me but for my family and friends too because I love buying people gifts, especially when I do not have to for birthdays and holidays. I like buying gifts “just because” so that is exactly what I would do.
It is so very thoughtful of you to want to spend so much of your money on others. I also think you are very wise to save. I, too, do my best to save. I’m such a nerd in the sense that I think it’s fun to create budgets and challenge myself to stick to them.