Many people dream about winning the lottery. Even if you do not play regularly you have most likely pondered how you might spend a major lottery windfall. People often dream about buying luxury cars or mansions. Thoughts of travel to exotic lands or even not so exotic lands. Some folks dream about helping family or friends. Many wish for the day that they will be able to help out complete strangers, or donate vast sums to charity.

The problem is, a lot of people just have no sense of what all of this will cost. A million dollars just does not go that far anymore. If you are fortunate enough to win a huge jackpot, you might find that it is not enough to fulfill everything you have dreamed about doing.

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Put A Price On Your Dreams

Be it just for fun, or as a metaphysical way of drawing a major lottery win to you, make an honest list of everything you dream about doing with a huge lottery windfall. The key here is to be completely honest about your dreams and also to find out the actual prices of things you dream about having or doing. A good place to start finding out prices of luxury items are magazines like The Robb Report, trade and home shows, and of course Internet searches. Take a high and low price on the items you dream of having and begin your lottery dream list.

Buy That Man a Cadillac!

If you plan on pretending you are Elvis and buying everyone you know a Cadillac, or giving them away as tips, after a million dollar lottery win, think again. A million dollars will not buy that many Cadillacs anymore. Figure out the laws of gift taxes for your country, which in some cases both the giver and the receiver must pay. There is also the issue of auto insurance for luxury or exotic sports cars. It is more expensive. This should also be reflected in your list.

Starting One’s Own Country On An Island

Although it is possible to buy your own private island, they are very pricey. If you look in the real estate section of luxury magazines you will find that most lottery jackpots would not cover the cost of many of these private islands. There is a matter of property tax that comes along with many of these pieces of real estate and trying to start your own country to avoid these taxes is not very realistic. Keep your list real. Remember that any real estate you buy will have long term annual costs such property taxes, maintenance, and insurance, and these costs should be factored into your list.

Nix The Private Island And Settle For A Luxury Yacht

A luxury yacht at times can cost as much as a private island, many have price tags bigger than most lottery jackpots. Maybe you should decide to go for something a little smaller. You will need to include the price of the boat, and the cost of such things as insurance, mooring fees, and crew. If you have dreams of sailing around on a huge yacht, not all is lost, as you can rent one. Adding a hundred grand on you list for regular yacht rentals. A private Lear Jet is another item I often hear when people are listing off their lottery fantasies, and it is one that a person can rent for a lot less than buying. However, it is your lottery list, so if you want to include the purchase, upkeep, insurance, and pilots salary, on your list find out what the that will cost and add it to your list.

I’ll Fly Everyone First Class To Bali

Take a look at first class prices. Now that you have regained consciousness you will see how much all of these high end trips are going to cost you. Remember that if you stay in a $12,000 a night suite for 10 days it will cost $120,000 plus taxes and tariffs. Start your web searches and start pricing these trips and calculate the cost of bringing guests. Include this all on your list.

But, I Enjoy Helping Others

One of the biggest factors in the downfall of lottery winners is their inability to say “no” when people ask for money. You might be tempted to give out thousand dollar tips each and every time you dine out. Do the math. 100 x 1000 = 100,000. There are 365 days in most years and people eat 2 to 3 meals a day. If you are eating at posh places the bill will be higher. A 20% tip is more than enough. Then there are all those people who will come asking you to give them $50,000. Give 20 people $50,000 and you have given away a million dollars. Include on your list how much money you are willing to give to strangers and charity. A lottery win does mean that it is mandatory for you to become a philanthropist. As a matter a fact, if you have to win the lottery to become a person who help others out, then that is pretty pathetic.

I’ll Buy The Company and Give Everyone A Raise

Do you really want that headache? Yeah, I thought not. Do not even bother putting that noise on your list.

What About Your Family’s Dreams

It is a good idea to have your spouse, or partner, complete their own lottery dream list. Have your children do lists as well. This way everyone can share in each others dreams and fantasies and see how they all relate together. It may even teach your children the value of money or a way for families to find out more about each other. On your list be detailed about just how much you would give to parents, siblings, and possibly extended family members. I have actually heard a person with a large family say they would give each one of their six siblings a million dollars if they won a lottery jackpot, which was at the time, worth about five million dollars after taxes. I am no math whiz, but how that would work is beyond me.

Add It All Up

Now that you have all your lottery dreams listed on paper, and what each will cost individually, add it up to see how much of a lottery win you need to fulfill these dreams, then play accordingly. If your dreams come to Sixteen Million Dollars, then play when the lottery reaches that point. Try putting what you once spent on smaller jackpots, towards the bigger jackpots, or better yet in the bank for investments instead. Good luck, and I really do hope all your positive dreams do come true.