What would you do with $100 Million?

By Admin

23 Jan 2017

0

A look at how 2000 Americans would spend their big winnings!

Imagine you’ve won $100 million. Maybe it came from playing the lottery or visiting a casino. All of a sudden, your bank account statement has far more zeroes on it than ever before.

Now, almost nothing is out of your grasp. That expensive sports car? Done. A big house on the ocean? Done. Houses for all of your family members, too? Sure, why not? Finally getting to tell your boss how you really feel on your way out the door? Done, done, and done.

We wanted to know what people would do if they won $100 million, so we polled over 2,000 Americans to find out. Who would they tell, how much would they share, and where in the world would they go if money were no issue? Continue reading to see what we found.

LOTTERY WINNERS WILL NEVER TELL...

There’s no question – winning $100 million would change a lot of things in your life. If you suddenly bought a Tesla or started traveling across the globe, would other people start to notice? Still, some of our survey respondents would keep their lottery winnings a secret.

In the South, over 42 percent of participants told us $100 million would be theirs and only theirs to know about. Likewise, nearly 42 percent of people in the Northeast agreed they would keep their financial fortune a secret. Those in the West and Midwest were less likely to keep their money hush-hush, however.

Ultimately, only people living in Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina can remain legally anonymous after winning the lotto. If your good fortune came from a lucky Powerball ticket, you’d be required to identify yourself – like it or not.

MONEY DON’T MEAN A THING

So, you’re a multimillionaire now. What do you do?

It turns out, 42 percent of millennials would keep their winnings a secret, compared to 36 percent of Gen Xers and 32 percent of baby boomers.

Interestingly, millennials were also the most likely to continue working. It takes a certain level of passion for your craft to be willing to stay employed after winning $100 million, but 33 percent of millennials insisted they wouldn’t quit after raking the cash (compared to only 20 percent of Gen Xers and baby boomers).

Millennials’ quest for knowledge wasn’t dampened by their new financial status either. Thirty-five percent would go back to school after winning $100 million.

SHARE THE WEALTH

If you had $100 million to spend, how much would you give to family and friends?

When it comes to family, survey respondents were more willing to consider parting with their recent winnings. Almost 37 percent would give their family between $200,000 and $500,000. Considering that your family probably helped raise you – and gave you almost everything you wanted on your birthday and during holidays – giving them less than 1 percent of your new net worth certainly won’t break the bank.

Over 9 percent were a little more generous, however. Of $100 million, some participants would give their family $5 million or more – at least enough to buy mom some oceanfront property and a new car or two to get around. That’s the least you could do for the woman who brought you into the world, right?

For their friends, survey participants didn’t feel the giving spirit as much. Over 28 percent wouldn’t give their friends any money, but just over 15 percent said they’d be willing to give them between $200,000 and $500,000. Only 1 percent would consider parting with $5 million or more.

FAMILY MONEY MATTERS

When it came to spreading the wealth around to family members, not everyone agreed on how much money they’d be willing to part with.

Survey respondents who were only children were the biggest penny pinchers. Almost 12 percent said they wouldn’t give any of their $100 million to relatives. However, participants with siblings were more interested in passing on their good luck in the form of dollars and cents.

THE PHILANTHROPIC SPIRIT

If you’ve ever thought about what it would be like to win the lottery, it’s nice to imagine being able to give some of that money to causes or organizations that matter most to you. Whether it’s your local animal shelter or food bank – how much of your $100 million would you consider donating to charity?

According to our survey, millennials were the least giving of any generation. In fact, 20 percent (compared to less than 8 percent of baby boomers and 12 percent of Gen Xers) said they wouldn’t give any money to charity.

Men, as well, were less in the giving spirit than women. More than 23 percent said they wouldn’t donate any money to charity, compared to only 12 percent of women. When it comes to politics, however, Libertarians were the stingiest of all. Twenty-two percent wouldn’t consider parting with any of their winnings for a charitable organization. While Democrats and Republicans don’t agree on much, they did agree on their willingness to donate part of their new cash reserves.

Where religion is concerned, those who identified as atheist or agnostic were the least interested in donating, while Catholics and Christian groups, like Protestants and Baptists, gave the most.

TREAT YOURSELF

One of the most exciting luxury purchases you can make after winning $100 million is a new car.

A symbol of taste and wealth – you know that feeling you get when you pull up next to someone driving a decked-out BMW or a G-Class Mercedes. It’s the ultimate envy, and one of the hardest things to justify spending money on with a traditional budget. But if money were truly no problem, what kind of ride would you splurge on?

Respondents’ top pick was a Tesla. With an innovative, luxurious take on an eco-friendly ride, Tesla is the closest thing to the future you’re likely to find on the interstate today. Others opted for a set of classic American wheels. Fords, especially the Fords were another popular pick. Especially for those making less than $100,000 a year before coming into their millions.

MILLION-DOLLAR GLOBETROTTERS

With $100 million, it’s hard to imagine travel wouldn’t be at the top of everyone's to-do list.

Men were most interested in visiting Japan with their new financial status. From Tokyo to Mount Fuji, Japan offers a range of Zen activities to nightlife and everything in between. Even pop culture references, like life-size mechs and an actual Pokémon Center, would give them something to consider spending all that money on. Other popular spots included Italy and Australia. The thrill of outdoor exploration helps make Australia a popular choice, but with over 2,000 species of spiders crawling around, you might want to consider visiting France or England instead.

For women, Italy was at the top of their bucket list. Classic Roman aniquities, priceless art, and views to match help make Europe's coastal country a top choice for newly minted millionaires. Money can buy you a lot of things, but there’s no price on the kinds of history and culture you can find in Italy. Japan and France were also top destinations for women.

MILLIONS ON THE MIND

Daydreaming about what you’d do with $100 million can be fun. Imagining how you’d pursue your dreams differently, what you’d buy, where you’d go, or even whom you’d tell can have endless possibilities.

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METHODOLOGY

We surveyed over 2,000 people to find out what they would do if they won $100 million.

FAIR USE

Want to share the wealth of information found on this page? Go for it, as long as it’s for noncommercial use. We just ask you link back to this page to give the authors the credit they deserve.

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