The curse of the lottery- What would you do if you won?

[Mermaid02]

Has anyone seen this show? I'm not sure if it was on A&E or Discovery channel or what.... but it was pretty interesting. I was surprised by the "normal" people who squandered it all away within a few years. There was a young couple who actually seem to have done everything right... the guy made a comment that when he sees a really nice expensive car he thinks to himself, "I could buy one of those if I wanted to- but I don't want to"

If I won the lottery, I would tell noone but my husband (of course) then I would call a good financial planner and a lawyer. I would stay out of the limelight if at all possible (no claiming a 4 foot long check on tv). After things seemed settled, I would quit my job. I doubt my husband would quit his job- he's just like that. We might move into a bigger home, but I really like this house and neighborhood so I don't know. I would get a NEW car (never had one of those). Oh, and we'd be going to WDW to celebrate just as soon as I could get it arranged!

 

[mickeyfan2]

I would invest it and depending on the value, help my nieces and nephews with college. I might move, if too many people bothered me at my present residence. If they left me alone, I would stay, since I love my home.

If there was enough money, I would buy enough points to have a DVC available to me all year long. Then I could come and go as I pleased.

DH and I would quit our jobs and do volunteer work.

 

[Cindy B]

My DH watched the same special. Wasn't it interesting?

I certainly would remain anonymous as well. I would also do my best not to make it obvious either.. meaning I would stay in my tiny Cape Cod house and still drive my 8 year old Jeep. ( I like my car, what can I say?)

As for what I would do if I won, I would pay off my student loans and make sure my kids and DH didn't have to worry about thier own college expenses.

I would also continue to work as though nothing else had happened. I've worked too hard in school to earn my degree.

DH disagrees with me on the working point.. He'd be walking in singing "Take this Job and Shove it".

 

[Fitswimmer]

I've always said I would do whatever I could to make sure that as few people knew about it as possible. I've got more than one family member that would be at my door with their hands out. (the idea of getting a job and actually WORKING to make their own money is completely foreign to them) I would want to help my parents, my DN and a couple of my cousins but I don't want to become a provider for people who have spent their whole lives avoiding responsibility.

I've always kind of liked the idea of doing the best I could to help people anonymously. Pay off my cousin's mortgage on his house. He's got 5 kids, works like a dog and would just go crazy with joy. Pay off DN's college loans and set up an account for her to get started in life-money for a down payment on a house and a new car. Pay my parent's association fees, gym fees and all those other expenses that they have, plus set up an account for them to pay for any in home care that they might need in the future.

For me-I'd pay off all my debts-mortgage, car, cards and then just sit back for a bit and think about where I really want to live and what I really want to do with the rest of my life. I've also always wanted to do the Disney World Tour-all the Disney parks starting in Anaheim, then to Tokyo and Hong Kong, over to Paris and back to Florida. That could take a month or so....

I've always thought I'd like to do one of those Grand Gathering vacations at WDW-all the cousins and their kids, family friends-everybody at WDW for two weeks. It would be pretty hard to keep suspicion down if I did that-I guess I'd have to pretend I won the vacation.

All you need is a dollar and you get to daydream.....

 

[Pop Daddy]

I would buy a megaphone and tell the world I am stinking rich

 

[declansdad]

DVC

 

[Disney Doll]

I wouldn't move or buy a new car or any of that material stuff. My house is fine for us. My car drives fine too as does DH's.

We would probably buy a vacation home somewhere in FL close to the water, pay off our bills, help out some people financially...the ones we choose to help. Like Fitswimmer, I have some relatives would have the "expectation" that I would be their gravy train. Those would be the ones who didn't get any help. I'd probably also figure out a charity of something to donate to. A really rich lady in my area just gave a ton of money to my hospital to build a cancer care center...I'd probably do something like that, except I wouldn't want my name on it.

 

[Duckfan-in-Chicago]

The back of a lottery ticket is full of a bunch of legal info. I'm pretty sure that they have the rights to use your pic and name if you want to claim the grand prize. Keeping this to yourself isn't going to happen.

Personally it doesn't bother me. I have a toddler at home, so I'm getting pretty good at saying no.

 

[barkley]

after the mortgage was paid off, all the college and retirement accounts were funded, a healthy donation to shriner's hospital made-i'de like to do for people what one of my hairdresser's clients who won (unbeknown to anyone) did. called her up one day asked if she could go on an errand with him (she's very close to her senior citizen customers, did'nt hesitate for a minute)-and took her to the local cadillac showroom and said 'pick anyone on the lot-and make sure it's loaded-my treat' he is also the 'secret santa' year round to lots of people down on their luck-as well as people that are working hard and doing fine-but rarely get the thank you they deserve.

 

[Cindy B]

The back of a lottery ticket is full of a bunch of legal info. I'm pretty sure that they have the rights to use your pic and name if you want to claim the grand prize. Keeping this to yourself isn't going to happen.

Personally it doesn't bother me. I have a toddler at home, so I'm getting pretty good at saying no.

In my state you have the option to pick up winnings anonymously.

 

[MidgeD79]

Whenever the kids ask for a big ticket item (wii or a horse) I tell them "when we win the $350 million lottery". Now they just "I know, I know the lootery list".

 

[GeorgeG]

Chalk me up as another who would keep everything very low-profile. Unfortunately, things like that are usually hard to keep secret.

The first person I would have to get under control would be my wife. If we won $10 million, she would promise at least 11 people a million each!

I think we would have to sort of "disappear" while we sorted things out. After making a list of everyone we want to share our good fortune with and to what extent, I would call in the best advisors I can find and discuss the best ways to do that.

We really would change our life-style much other than paying everything off and having a little more pocket-money. Once I had everything sorted out I would invite everyone on our list to a week-long WDW vacation and have the good folks at WDW help us organize a big party.

Oh, I might buy another guitar...

 

[Ragnrok23]

First thing I would do is hop a plane to Bora-Bora

Then when I got back to claim the prize, I would take the yearly instalments.
Buy a house (currently rent)
Quit my job and try different things until I found something I LOVED

Help pay off my in-laws mortgage
Send my parents on any vaction they choose
DVC (of course)

I did REALLY like the Disney trip around the world


FYI- This is all based on what my financial planner lets me do

 

[SC Minnie]

On the after taxes and paying off all outstaning debt/loans amount- I would invest 1/2, put 1/4 in a 'safe' account that I could easily get my hands on and would be there if the market tanked, the remaining 1/4 I would use to live on.

I would not live extravagantly or anything. We would probably move to a slightly larger house out in the country just a little so we could have a 5 or so acres.

 

[freckles and boo]

I would probably be the millionaire next door, too. We already have very responsible financial habits and my husband is the ultimate comparison shopper (it took him eight months to decide between three minivans!).

We would consult our financial advisor, get a lawyer with experience in this area, develop short term and long term plans, and make our investments. Of course we would continue to fund our retirements and the kids' college savings, but we would also start 529 plans for all of the nieces and nephews. We would get my mother in a house that is more suited to her needs. We would reevaluate which charities we would support. We would travel. Day to day, though, I doubt much would change.

 

[Duckfan-in-Chicago]

In my state you have the option to pick up winnings anonymously.

That's interesting. That's one of the problems with making statements on a message board. There can be 50 different laws for any given topic just on a state by state level.

I know that's not the case here.

I know a winner who picked up a check. They said it was required. The wife didn't have to go because she mentioned that she would prob. have a panic attack. The whole idea is to show anyone can win and make a free commercial for the lottery-on a big payout, all the networks cover it. If someone were freaking out on stage that would defeat the purpose.

But I'd guess that even in a state where it's anonymous, it would get around.

 

[mickeyfan2]

In my state you have the option to pick up winnings anonymously.

Do you live in Delaware? I know they will not release your name without your permission.

I beleive this will spread to more states in the future.

 

[fhtpdw20]

I would choose a lump sum payout. First pay off all taxes, fed, state, local. Then divide money left into thirds. Save, spend, and give away anonymously. All solitications would be met with an immediate NO Thanks you just lost any hope of receiving anything. I would keep on working. I would be the mean mom and force DS to earn his way through life. Most usually, you don't have the same appreciation or respect for something that is handed to you. Earning is learning.

 

[Fitswimmer]

Do you live in Delaware? I know they will not release your name without your permission.

I beleive this will spread to more states in the future.

Unless it's one of those MASSIVE powerball jackpots we never hear who wins in NJ.

 

[Cindy B]

Do you live in Delaware? I know they will not release your name without your permission.

I beleive this will spread to more states in the future.

Not DE, but next to it.