Redditor asks fellow Singaporeans how they would spend a S$2.5 million TOTO win
A Redditor has shared how she and her husband would spend a hypothetical S$2.5 million TOTO jackpot, saying they would invest the bulk of their winnings and use the rest to enjoy greater financial freedom.
OP shares plan for S$2.5 million TOTO win
In a post on r/askSingapore on 19 Oct, the Original Poster (OP) asked fellow Singaporeans what they would do if they won the lottery.
The OP admitted that she often daydreams about winning the lottery despite knowing that the odds of winning are slim.
“Don’t judge,” she said, explaining that the “dream” of winning the jackpot was something that kept her going.
Source: Reddit
The OP said she and her husband would share the winnings and allocate most of the money towards long-term financial security, family support and personal enjoyment.
Their biggest allocation would be S$2 million, which they planned to invest and leave to grow over time.
The couple hoped this would allow them to achieve a form of “Coast FIRE”.
This is a financial independence concept where existing investments are left to compound, potentially reducing the need to save aggressively for retirement.
OP will continue to work despite winning the lottery
They would also set aside S$125,000 for both their parents, giving both sides of the family a share of their good fortune.
The couple also planned to spend S$50,000 on a new car down payment, and S$70,000 on on a six-month sabbatical.
Another S$100,000 would go into a high-yield savings account to serve as an emergency fund.
The remaining S$30,000 would be split equally between them, with each receiving S$15,000 for personal spending.
Even with the hypothetical windfall, the OP acknowledged that the couple would probably still need to work to maintain their current standard of living.
However, she said the winnings would fundamentally change how they approached their jobs and finances. The couple could work at a more relaxed pace without constantly worrying about putting money aside.
Being able to improve their lifestyle while staying within their means would also become easier, she added.
Netizens share their plans for jackpot win
A netizen said they would wait six months before doing anything to allow the “euphoria” to pass first.
Source: Reddit
Another Redditor shared how their relative invested all their winnings and bought a Honda Civic.
Source: Reddit
Meanwhile, one netizen felt that what they do with the winnings depends on how old they are when they win the lottery.
Winning the lottery in their older age would mean giving most of the winnings to their children.
Source: Reddit
OP bought TOTO for recent draw
Speaking to MS News, the OP, who wished to remain anonymous, said she started the post because she had bought a lottery ticket for the recent TOTO draw on 19 Oct.
“Every now and then, whenever I buy TOTO, I find myself daydreaming about what I’d do if I actually won,” said the 27-year-old working in tech sales.
She also feels that it’s a nice little escape from the mundanity of everyday life.
“For a brief moment, you get to live in this imaginary world where money isn’t really a concern and anything feels possible,” she explained.
The OP has thought about this hypothetical scenario enough to know what she’d do with the money, so she was genuinely curious about what other Singaporeans would do differently.
OP sees lottery win as a chance to build financial security
The OP said that she values both financial stability and being able to enjoy life without constantly worrying about money.
As such, she chooses to continue working despite the windfall so she can fund her day-to-day lifestyle.
By doing so, she can also pay off her housing, continue contributing to CPF and eventually receive CPF LIFE pay-outs in retirement.
Source: thesmartinvestor.com.sg
“Ultimately, I don’t see the S$2.5 million as money to spend. I see it as an opportunity to build lasting financial security for myself and my family,” she said.
When asked if her plan would change if she actually won, the OP said: “I genuinely don’t think so!”
“In fact, I think planning for a hypothetical windfall while I haven’t actually won anything gives me a much clearer headspace to think rationally,” she added.
Also read: 2 winners share S$12.8M TOTO jackpot on 13 July, 1 huat outlet in Bedok Reservoir
2 winners share S$12.8M TOTO jackpot on 13 July, 1 huat outlet in Bedok Reservoir
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