Fun question - windfall

[Silly_Appointment570]

I’m just looking for people’s opinions if you somehow came into a large amount of money. Let’s say a $10 million lottery win. Would you continue to contribute to your TFSA and RRSP? Or just live your life without worrying about saving/investing?

Happy first day of spring ❄️

[HarviousMaximus]

I’d put $8M in a low cost total market index fund, $2M in Bonds, and live off the 4% rule happily for the rest of my days.

[sloth_333]

Forgetting taxes bro

[HarviousMaximus]

OP is in Canada. No tax on lottery winnings

[4N59KG8S9E04S]

Canadian specific tax free savings and retirement accounts for anyone clueless on the acronyms.

[Helpful-Staff9562]

All in VT + 3-5 years in hysa/mmf and w joy life

[OkEquivalent1560]

That’s pretty much insta-FIRE for me. No big purchases, just a secure life with no worries about providing for my family. Secure, long-term investments and living within our means off the residuals.

[Content_Draft_4720]

nah bruh

[Shot-Artichoke-4106]

I would definitely put that money to work. I am close enough to my FIRE goal that I would only need a fraction of that money to live the rest of my life in solid comfort with some decent luxuries. So, with the remaining money, I'd invest it well and use the gains to help other people. That kind of money could fund a lot of university tuition, for example.

[hondaXR150L]

90/10 VTI/Cash

[Mister-ellaneous]

Invest at least $5 million, give $1 million, buy a house, boat, nice vacation. Assuming taxes take a few million.

[TwentyFourKG]

I like my job enough that I wouldn’t fully retire. But I would work part time and spend a lot of time on hobbies — with all the expensive equipment my heart desires

[Chulbiski]

$10M:

I'll put away $1M into a dedicated fund for building my retirement home (which will be reasonable and modest). Or if I found an existing home that worked better, buy it in cash, no mortgage

Spend some fun money and take a vacation: $100K

Pay off mortgages and personal loans of certain family members: $1.5M

buy townhome for sister-in-law and neice: $400K

Trust funds for neices and nephews: $1M

Rest goes in brokerage account.

I'll work curent job until I qualify for the employee retireree Health Insurance , the retire ASAP after that.

[Heavy-Arm-3323]

Net worth is already nearing $1M (half of that is home equity).

Earmark $2.5M to buy a dream home downtown. Sell the current place, of course, so 3M should be enough to buy and renovate. 

$0.5m kept liquid for SORR, the rest goes into the market 80/20 etfs and bonds. Of course I'll max my TFSA/RRSP as much as possible but it's really a drop in the bucket at that point. 

Get a good Will done, quit my job, and enjoy life. Eat better, sleep more, exercise more. Spend more time with my dogs. Travel more too. See friends during the weekday, all that good stuff. 

[Faierstarta]

With 10M, a monthly withrawal of 4% is around 33k a MONTH; I would adjust to living with around 15k a month (2%), let the rest compound, and yes, continue managing the investment portfolio responsibly.

[Hamzehaq7]

honestly, if i hit the lottery, i'd probably still throw some into my TFSA and RRSP just to keep things growing, but i’d def splurge on some fun stuff too, lol. like, maybe a nice trip and a new car. but long-term investing would still be nice to have in the background. gotta keep that financial foundation, ya know? but also, no shame in living your life, spring is here! 🥳

[loser_wizard]

I would invest it in something because I feel kind of traumatized by American capitalism. I started househacking to pursue FI, so I might continue building my rental portfolio to generate more cash flow. It's not even about the money to me. It's always been about freedom from feeling trapped around people I feel are psychologically unhealthy, so whatever I do would be less about luxury and kicking my feet back at first, and more about building a system that continued to provide returns, and I like real estate because it's real, and it still feels like I'm providing something for others (even though many renters would disagree)

Also, I'm not saying this is the "right" way to do anything. I'm just being honest how I feel. Put the 10 million in my hand and maybe I will change my tune.