The big PowerBall jackpot dropped last week, and someone walked away with $700 million in cash. Not sure what they will spend it on, though one news reporter came across someone who said if they won it they would buy a supercharged Mustang and 15 kilos of cocaine – the reporter noted in a viral video that "Oh, he likes cars." Not a bad save. But we wondered how farmers might spend a big lottery jackpot, so we asked.
The question? With all this lottery talk again, what would you do if you won the PowerBall? When you're talking nine-figure sums, it can truly be life changing. But then again?
We'll work our way through the stats from least to most popular. At 6%, "remodel the farm home" was not a priority, though there are some that might consider the idea.
At 10% buying new equipment was somewhat popular, given that you can always use something new to help around the farm. And perhaps not like the crazy guy aiming for the Mustang, a new tractor or combine might be a nice addition to the farm.
Interestingly about one-fifth of respondents say they would sell out and retire. For the right money you could retire well. Which opens up some opportunities for the greatest number of respondents.
More than 60% say they would add more land. This is the investment for the long term and a great place to park a lot of cash. Farmers have long known the value of the land they stand on, and a big lottery win could make bidding a lot easier.
Perhaps we shouldn't be surprised, two of the choices are a little more short-term, and farmers are always looking to the future. Adding more land even if prices are rising brings an opportunity to aim for the future.
Thanks to everyone who responded to these PANEL questions.
Be a part of the PANEL
The Farm Progress PANEL is your chance to share your thoughts on key issues. To take part, start by signing up for our daily mobile text service Farm Progress NOW, we noted above. Later in one of our daily texts we'll provide information about how to sign up for the PANEL. And thanks to the respondents for helping us out.