okoshun actually plays the lottery, so we muse about this every so often. There are a number of layers of it, depending on how much money we won.
The first layer is to buy a house, as in, outright buy-and-own. Our mortgage is our only debt right now, but furthermore, one of our major short-term life goals is to move from our condo into a house. The thing is, we want this house to be able to accomodate not just the current occupancy of okoshun, myself and our cats. but also to be able to accomodate elwoodontario, clawfoot and eeyorerin if she chose to come live with us. So.. a large house. At the same time, we don't want to leave Toronto. The combination of "large house" and "in Toronto" automatically puts you into the "ridiculously expensive" price bracket, and some of our other needs for the place push that further. We're currently hoping to find something in the $750K range, but a lot of the places we've found that most struck us as ideal were between $1 million and $2.5 million. So, if we won enough to buy a house outright, then that would be step one.
If we won more, then step two would be to help our friends and family pay off any of their outstanding mortgages that we could.
But I realize that I've forgotten part of the plan. The steps above were actually for if we won *LOTS* of money. If we won a small amount, say half a million or a million or whatever, we'd peel off a *small* amount for fun spending right away, say $5K each, and then take the rest and invest it in something to provide a continual income such that we could work part-time or not work as we wanted and pursue other things. I wouldn't mind dropping for a three-day work week, for example. If I could afford to not work at all at my current job, I'd totally be up for throwing myself at music full-time. I'm not sure that okoshun would be happy with dropping her career, as she's very invested in it, but I think she'd change how she worked substantially.
But yeah, the buying of houses and such comes if we win enough that we can cover that kind of income boosting project and still have enough to buy a house above that.
I think if we won some surreal amount of money such that we could make ourselves very work-flexible, could buy our house, could pay off our friends' mortgages and still had a lot left over, I'd want to launch some sort of charity foundation.
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Date: 2010-04-17 04:53 pm (UTC)The first layer is to buy a house, as in, outright buy-and-own. Our mortgage is our only debt right now, but furthermore, one of our major short-term life goals is to move from our condo into a house. The thing is, we want this house to be able to accomodate not just the current occupancy of
If we won more, then step two would be to help our friends and family pay off any of their outstanding mortgages that we could.
But I realize that I've forgotten part of the plan. The steps above were actually for if we won *LOTS* of money. If we won a small amount, say half a million or a million or whatever, we'd peel off a *small* amount for fun spending right away, say $5K each, and then take the rest and invest it in something to provide a continual income such that we could work part-time or not work as we wanted and pursue other things. I wouldn't mind dropping for a three-day work week, for example. If I could afford to not work at all at my current job, I'd totally be up for throwing myself at music full-time. I'm not sure that
But yeah, the buying of houses and such comes if we win enough that we can cover that kind of income boosting project and still have enough to buy a house above that.
I think if we won some surreal amount of money such that we could make ourselves very work-flexible, could buy our house, could pay off our friends' mortgages and still had a lot left over, I'd want to launch some sort of charity foundation.