I'd help others help themselves
It depends on how big the prize struck was. If it was half a million or so, I would probably stick it in the bank and tell no one, not even family.After all, that's not such a lot of money these days.
We would probably buy a new car but nothing flash. We have been talking about doing that for a while anyway. We have no debt now and live a fairly simple lifestyle and I don't think that would change much.
It would be very easy to splurge 500k and lose the lot so I certainly wouldn't spend it - straight away at least.
However, if I won tens of millions, that's a different story. Again, it would go straight in the bank, no debt to pay off anyway, and I would live off the interest for a while before deciding what to do.
I wouldn't give any of it away but would go to my lawyer and form a few trusts, both for younger members of the family and charities. They would not be able to get their hands on the capital but would have use of the interest forever.
I would pick lesser-known charities rather than the big in-your-face high profile ones, as I believe there are many people in New Zealand trying to help those less fortunate who really struggle to raise money and who do just as good a job as the big charities. I think of the Mad Butcher, Sir Peter Leitch, when he paid for 600 South Auckland kids to have grommets in their ears so they could hear the teacher, that sort of thing.
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