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Let's say you won the lottery one day, and you were awarded something $25 million in cash. Don't worry about the details like, "I don't play the lottery" or "What about taxes?" or "I don't actually read those Nigerian Lottery emails." Just imagine waking up one day with $25 million in your bank account, and its all yours; with one catch...the money you spend can't be on yourself or for your own benefit.
What would you do with your money?
My answer will follow shortly, but try to think about your response before reading on. I think it will be interesting to see how other people would respond.
A little background before I begin. I grew up in a household that wasn't exactly charitable. My family is generous, but I never knew my relatives to give to organizations needing help. We donated clothes to Goodwill that we outgrew and we dropped change in the Salvation Army pot, but I don't remember anybody making significant cash donations.
Further, we weren't what you would consider religious. I remember attending church services infrequently when I was about 7 or 8 years old, but I think this was a biproduct of living next door on an Air Force base to neighbors who were very Christian. After they moved away, not much happened on the God front. (Keep reading I'll be getting to that point someday.)
In fact, I grew to despise religion in high school and junior college. I was a total atheist and would gladly debate any person who felt they had a smidgen of faith in a higher being, specifically my brother who had recently become Christian after moving to California. It wasn't until I was 25 that I began opening myself up to my previouly fledgling religious roots again. This led me to attend a couple of churches in Sacramento. Both were in desperate need of money, and both couldn't be more deserving of that money.
Answer #1)
If given $25 million the first thing I would do is give money to both churches. I would give money to First Baptist Church of Sacramento because of their positive influence on the downtown community. I would want them to make some needed repairs and upgrades to the church. Plus I think they would know of a few families that could use a pick me up. I would also by the land and building for the Touchstone Christian Fellowship. I think that would cover about a cool $7 million.
So next up, I would purchase homes for my family. I know my Grandmother and Aunt could use their own space. I'd also like to give my brother and sister-in-law a home so they could be near family. My father could also use an upgrade to his living situation.
Speaking of my father I would love to let him retire. That guy gave so much to my brother and me growing up, and he sacrificed a lot. He deserves to take it easy. Plus I might buy him a liposuction (Dad if you ever read this, I'm just kidding. I would much rather hire you an attractive personal trainer).
My mother-in-law would get a new home too, and I'd put some money in a fund for her to travel once my sister-in-law graduates from high school.
My friends deserve a lot too. They've stuck by me during the good times and the bad times. You all get new homes in a master-planned community that allows you to go to party it up with each other all the time. I'd also pay for my friends to finish school and take time away from work to do so.
That's a lot of money for homes and such, so I think I'm up to like another $6 million. Now only $12 million more to spend.
I would give all the remaining money to Parkinsons research. Seeing the impact that Parkinsons has on my grandfather, I feel like this money would be well spent giving people with this disease a second-chance. I would do so, even if I developed Parkinsons and could not benefit from the cure.
So you can see where my life has influenced my answer to the question that was asked. Did your answer follow the same methodology?
I'm really interested to read your response, as I'm sure other people are, to see what you would spend your money on. The more detailed you are the better.
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Since this has been my career plan since about 6th grade or so, I have thought of exactly how this would work.
First - I'd take a week vacation, by myself. Then I'd have my closest friends and family join me for an additional week. This would be for brainstorming, I'd want to know what their dreams were, and how we could work on making them come true. The only requirement would be that if it is a business venture, the business would have to donate a percentage to local charities. Essentially it would be like a dividend paid regularly to the community, rather than to the shareholders.
I'd buy houses for my friends in a nice neighborhood in the great city of San Diego, and an extra house in the middle that would serve as the party house.
I'd buy a collection of cars, similar of that to of Jay Leno, and create a museum. Then create educational automotive programs for students to come visit the museum, from around the world. Another part of the museum would be traveling crew, that would take a small collection of cars across the country on a regular basis. Showing the cars at events on the weekend, while going to local high school automotive shops during the week, spreading knowledge and passion for the history of our automotive culture like a virus.
I'd open a number of Tuning Garage shops across the US, giving my friends and family opportunity to be a part of it in anyway they choose. Again making education the focal point of the business, giving opportunities for high school age kids an opportunity to learn about cars, racing, customizing, and the culture that goes along with it. Partnering with local police departments to give kids an opportunity to learn about the laws around vehicle modification from the authorities, and create safe places for them to race, without having to do it on the streets
I'd open a number of sneaker shops/clothing boutiques, and give discounts for turning in old clothes and sneakers, so we could turn it around and pass them along to the local homeless and underprivileged. A big part of it would be a basketball program for youth, that would include both inner city youth, and suburban youth being introduced to each other at a young age in an effort to create less racial separation, and show that skin color, sex, race, and upbringing means nothing, it's all about the love of the game.
I have a million other things, but since this is your blog and not mine, I'll end with my music store, a Tower Records/Guitar Center mixture. The programs would include a lot of after school programs for youth. They could bring in their report cards, and for good grades they could essentially trade for time with an employee showing them how to play instruments, production, download music and all of the above.
Of course on the family side, I'd force my parents to take vacations, and retire.
I'd donate a couple million to breast cancer research. I'd donate a million or two to the Tupac Center for the Arts (http://www.tasf.org/). I'd buy land and donate money to have a new Spiritual Life Center somewhere in downtown Sacramento.
Then after all that was done, I'd buy some cigars and go smoke them on the beach with my friends, and plan how to do it all again with the money we'd make from the businesses we created.
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