My wife and I did some great planning for retirement. We spent 20 years researching and traveling the western US for Location....did I say Location! Picked our spot and bought 6 acres of bare land. Designed and built our home and retired at age 58 and never looked back. I have a great retirement package and that along with some good investments we made, don't have any financial worries. Been retired almost 21 years now and it has been wonderful. One thing I might do with lottery $$$ is buy a summer place in Alaska. After visiting there in 2019, I love it. Just don't thing I could handle the winters. I would also give a bunch to my son (who is 55 now) so he can retire , so we could hunt & fish together for the rest of my days!At my age (79), I'd do some traveling and donate a lot to my favorite charities and leave a bunch for my son. I love the place I live, so I wouldn't be moving that's for sure. I have 2 pretty new vehicles and a new rv all paid for, so no new vehicles. Of course, uncle sam is going to take a bunch too.
Cause I want my kids to know what it’s like to have to buy their first home. I think that’s one of those things that’s kind of a right of passage that can make or break a lot of people.yup. worst thing you can do for them is to give it to the kids with no strings attached.
I would maybe give them a hand up by buying them a house and a car but I would not give them cash to blow.
IF they want toys that is fine but with no home or car payments one should be able to invest a large portion of income to retirement which is what I would advise them to do.
if they blew that gift I figure it is up to them to live or die of their own efforts
I woodn't tern down an edecashun.One day I was doing next to nothing and figured that if it was invested properly then most of your family would never have to work a day in their life.
Since I am single I have often wondered just what to do with my investments once I am gone. I am looking real hard at setting up a education fund for others in my family. While it isn't going to be a lot of money when you look at it compared to the lottery it would be enough to put a lot of kids through college without having to touch the principal investment.
The problem with most is that they just go on a spending spree and a year after they get it they are broke again with no prospects of gaining any of it back.