The curse of the lottery- What would you do if you won?
- Thread starter Mermaid02
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Cool-Beans
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Depends on how much I won, lol. If it was a couple million dollars, there wouldn't be a huge change. I'd put in a pool, though, that's for damn sure! Most of it would go into trusts for the kids.
If I won 350 million, Oh Lordy! I'd buy my friends houses and cars (especially the ones who don't have much to start with) and I'd pay for their kids to go to private schools. I could start a charity that I've always thought would work out well.
No, I wouldn't go broke and neither would my children/grandchildren-to-be...but there is so much good I could do with that kind of money!!! My mouth practically waters at the thought of it.
I wouldn't want to be a spectacle, but it wouldn't bother me too much if the public knew who won. I don't have a problem saying, "No" to charities and stuff.
If I won 350 million, Oh Lordy! I'd buy my friends houses and cars (especially the ones who don't have much to start with) and I'd pay for their kids to go to private schools. I could start a charity that I've always thought would work out well.
No, I wouldn't go broke and neither would my children/grandchildren-to-be...but there is so much good I could do with that kind of money!!! My mouth practically waters at the thought of it.
I wouldn't want to be a spectacle, but it wouldn't bother me too much if the public knew who won. I don't have a problem saying, "No" to charities and stuff.
cybrkitn
We called it Bonko
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- Sep 18, 2006
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I watched it a few weeks ago while I was folding laundry. That couple was just newly married, correct? I couldn't believe how most people flaunted their winnings 
One husband actually started out pretty good with getting a lawyer, then he and his wife went to Vegas (I think) and afterwards bought a million dollar home 
. Going to Vegas was the first bad mistake IMO.
DH and I were talking about what we would do if we won that much money and here's what we said we would do.
1. 10% on the gross would be Tithed above all else.
2. Buy a house that would be within our means. For our area, houses are mostly 400k and up. So I would be comfortable with a $400 - $500K house. Paid in full of course. Mansions and huge homes are just too much space for me. We don't need that much! Besides, it just gives more room for clutter and makes it all that much difficult to clean
3. Pay off all of our debts/loans.
4. Buy myself a new car. I'm happy with a Toyota Corolla or similar. I don't need anything fancy. DH just bought a new car last year, so he's set.
5. Possibly a vacation to Disney for a week and stay at the YC
6. The rest would probably be split between DS5's education and savings.
And of course I would still work b/c I do enjoy my job. And who knows, the money would most likely run out at some point and then what would we live on?
One husband actually started out pretty good with getting a lawyer, then he and his wife went to Vegas (I think) and afterwards bought a million dollar home . Going to Vegas was the first bad mistake IMO.DH and I were talking about what we would do if we won that much money and here's what we said we would do.
1. 10% on the gross would be Tithed above all else.
2. Buy a house that would be within our means. For our area, houses are mostly 400k and up. So I would be comfortable with a $400 - $500K house. Paid in full of course. Mansions and huge homes are just too much space for me. We don't need that much! Besides, it just gives more room for clutter and makes it all that much difficult to clean
3. Pay off all of our debts/loans.
4. Buy myself a new car. I'm happy with a Toyota Corolla or similar. I don't need anything fancy. DH just bought a new car last year, so he's set.
5. Possibly a vacation to Disney for a week and stay at the YC
6. The rest would probably be split between DS5's education and savings.
And of course I would still work b/c I do enjoy my job. And who knows, the money would most likely run out at some point and then what would we live on?
edcrbnsoul
DIS Veteran
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- Aug 17, 2003
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- 7,554
Unlike this guy, I would try to invest most of it someplace it would keep earning money, nothing risky and high payoff just slow and steady.
Longer version here
http://www.usatoday.com/news/nation/2004-12-22-lottery-tragedy_x.htm
Today's story. He says his accounts are empty!!!
http://wvgazette.com/section/Breaking/000000747
Longer version here
http://www.usatoday.com/news/nation/2004-12-22-lottery-tragedy_x.htm
Today's story. He says his accounts are empty!!!
http://wvgazette.com/section/Breaking/000000747
Cheshire Figment
<font color=red><marquee behavior=alternate>Friend
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- Jan 12, 2001
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Things I would NOT do after I hit the Lottery
1. I would no longer peel or steam off uncancelled postage stamps.
2. When dining out, I would no longer agonize over the relative value of one appetizer over another on a dollars per ounce basis.
3. I would no longer deduct the tax from my restaurant bill before I calculate the tip.
4. I would no longer begrudge the checkroom woman her tip.
5. I would no longer park my car five blocks away from a restaurant or hotel to avoid valet parking.
6. I would no longer walk across the street to avoid a street musician with his open guitar case obstructing the sidewalk.
7. I would no longer belong to any organization that required my presence at 8 o’clock or (shudder) earlier in the morning ... any morning.
8. I would no longer compare supermarket prices of tuna fish. Or cereal.
9. I would no longer purchase supermarket flowers.
10. I would no longer wait for my favorite brand of soda to go on sale or settle for a generic brand.
11. I would no longer buy the economy size of anything that tends to get soggy, go flat, or smell yucky toward the end of its life.
12. With respect to opened milk containers, I would no longer resolve doubt in favor of freshness.
13. I would no longer scrape the sides of peanut butter jars.
14. I would no longer precariously drain ketchup from one bottle to another.
15. I would no longer scrape melons to the rind.
16. I would no longer drink tap water.
17. I would no longer eat leftovers. Come to think of it, I would no longer place leftovers in my refrigerator. In fact I would no longer have use for plastic wrap or aluminum foil.
18. I would no longer put up with dull knives, dull scissors, or dull people at cocktail parties.
19. I would no longer borrow my neighbor’s snow blower. In fact, I would no longer personally remove snow from my driveway or anyone else’s. Or even the walkway.
20. I would no longer buy seats in the bleachers.
21. I would no longer be tempted to buy a monstrously large popcorn and drink at the movies merely because it’s the best value.
22. I would never again see the inside of a store whose last four letters are “MART”.
23. I would no longer buy my clothing out of season.
24. I would no longer wear jeans with holes in them (unless fashion designers made it clear that they looked coolest that way).
25. I would no longer check my watch before I began a long-distance call and every minute thereafter.
26. I would no longer fill up with the lowest grade of gasoline. And I would never again pump gas myself.
27. I would no longer keep toll receipts.
28. I would no longer keep a list of books to watch for – a year after publication – when they are scheduled to come out in paperback.
29. I would no longer reuse mouse traps.
30. Finally, I would no longer open any envelope on which Ed McMahon’s face appeared.
1. I would no longer peel or steam off uncancelled postage stamps.
2. When dining out, I would no longer agonize over the relative value of one appetizer over another on a dollars per ounce basis.
3. I would no longer deduct the tax from my restaurant bill before I calculate the tip.
4. I would no longer begrudge the checkroom woman her tip.
5. I would no longer park my car five blocks away from a restaurant or hotel to avoid valet parking.
6. I would no longer walk across the street to avoid a street musician with his open guitar case obstructing the sidewalk.
7. I would no longer belong to any organization that required my presence at 8 o’clock or (shudder) earlier in the morning ... any morning.
8. I would no longer compare supermarket prices of tuna fish. Or cereal.
9. I would no longer purchase supermarket flowers.
10. I would no longer wait for my favorite brand of soda to go on sale or settle for a generic brand.
11. I would no longer buy the economy size of anything that tends to get soggy, go flat, or smell yucky toward the end of its life.
12. With respect to opened milk containers, I would no longer resolve doubt in favor of freshness.
13. I would no longer scrape the sides of peanut butter jars.
14. I would no longer precariously drain ketchup from one bottle to another.
15. I would no longer scrape melons to the rind.
16. I would no longer drink tap water.
17. I would no longer eat leftovers. Come to think of it, I would no longer place leftovers in my refrigerator. In fact I would no longer have use for plastic wrap or aluminum foil.
18. I would no longer put up with dull knives, dull scissors, or dull people at cocktail parties.
19. I would no longer borrow my neighbor’s snow blower. In fact, I would no longer personally remove snow from my driveway or anyone else’s. Or even the walkway.
20. I would no longer buy seats in the bleachers.
21. I would no longer be tempted to buy a monstrously large popcorn and drink at the movies merely because it’s the best value.
22. I would never again see the inside of a store whose last four letters are “MART”.
23. I would no longer buy my clothing out of season.
24. I would no longer wear jeans with holes in them (unless fashion designers made it clear that they looked coolest that way).
25. I would no longer check my watch before I began a long-distance call and every minute thereafter.
26. I would no longer fill up with the lowest grade of gasoline. And I would never again pump gas myself.
27. I would no longer keep toll receipts.
28. I would no longer keep a list of books to watch for – a year after publication – when they are scheduled to come out in paperback.
29. I would no longer reuse mouse traps.
30. Finally, I would no longer open any envelope on which Ed McMahon’s face appeared.
The Mystery Machine
Sunrise at my house. :+)
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- Jan 4, 2001
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- 47,532
Obviously it depends on the winnings.
I would say with 12 mil (the minimum for MegaMillions) we would be able to be debt free, set up for retirement, and kids college.
Then buy our dream house, where we planned it and work.
With a huge jackpot, we would hire a tax attorney and claim the money in a way that is able to give money to family. Probably set up trusts and things like that. At least that is the plan now.
Then I don't know after that. We would probably do alot of traveling first and then find a place to settle.
I would say with 12 mil (the minimum for MegaMillions) we would be able to be debt free, set up for retirement, and kids college.
Then buy our dream house, where we planned it and work.
With a huge jackpot, we would hire a tax attorney and claim the money in a way that is able to give money to family. Probably set up trusts and things like that. At least that is the plan now.
Then I don't know after that. We would probably do alot of traveling first and then find a place to settle.
MsLeFever
WPASADI II Co-Winner
- Joined
- Oct 30, 2003
- Messages
- 4,133
Oh I LOVE this game! Everyone few months or so DH and I buy a ticket and dream.
Boring stuff - pay off all debt
Fun give away stuff - give to the church, buy a theatre building for the company in town that works with kids, buy a home for my brother, fund a HUGE trip for my parents
Fun for us stuff - LOTS of DVC (my son always asks "how long could we stay in Disney World when discussing large amounts of money), a home (we rent), would go part time on my job (I love my job but really.....), endow scholarships, ........
Boring stuff - pay off all debt
Fun give away stuff - give to the church, buy a theatre building for the company in town that works with kids, buy a home for my brother, fund a HUGE trip for my parents
Fun for us stuff - LOTS of DVC (my son always asks "how long could we stay in Disney World when discussing large amounts of money), a home (we rent), would go part time on my job (I love my job but really.....), endow scholarships, ........
/
ducklite
<font color=teal>Take the Poly, it's fabulous!<br>
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It would really depend on how much I won.
$100K after taxes? I'd pay off my car, maybe buy a new camera lens, donate some to charity, and put the rest in savings.
$500K after taxes? See above only I'd talk to our CFP, and maybe pay off the house as well. Oh, and probably a trip to Hawaii.
$1M after taxes? See above, only I'd definitely buy a new camera lens and take that trip to Hawaii! I'd also put in a pool. FH definitely wouldn't quit his job, I'm not sure about mine. And I'd have a cleaning lady come once a week.
More than $1M, see above, only depending on how much more I might quit my job. We'd probably have to win over $5 million after taxes for DH to quit his job, and even at that I'm not sure he would.
$50M, see above, but we'd have some lifestyle changes, because when you've got that type of wealth you suddenly have certain risks, such as kidnap. But I don't see us going hog wild with yachts and five homes, etc. Frankly I see us giving half of it to various charities.
Anne
$100K after taxes? I'd pay off my car, maybe buy a new camera lens, donate some to charity, and put the rest in savings.
$500K after taxes? See above only I'd talk to our CFP, and maybe pay off the house as well. Oh, and probably a trip to Hawaii.
$1M after taxes? See above, only I'd definitely buy a new camera lens and take that trip to Hawaii! I'd also put in a pool. FH definitely wouldn't quit his job, I'm not sure about mine. And I'd have a cleaning lady come once a week.
More than $1M, see above, only depending on how much more I might quit my job. We'd probably have to win over $5 million after taxes for DH to quit his job, and even at that I'm not sure he would.
$50M, see above, but we'd have some lifestyle changes, because when you've got that type of wealth you suddenly have certain risks, such as kidnap. But I don't see us going hog wild with yachts and five homes, etc. Frankly I see us giving half of it to various charities.
Anne
BeNJeNWaFFLe
Mouseketeer<br><font color=purple>I never eat cere
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- Mar 1, 2005
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I would pay off mine and DBF's college debt. Then we'd buy a house. (Not a mcmansion, just something nice that doesn't require too much work.) I'd furnish the house. I'd buy DBF a new truck since his is pretty old. We'd finally get married. (I don't want a platinum wedding, I just want to be able to have one without pinching pennies.) I'd help my parents pay off their loans and maybe fix up the house. Then I'd invest some and save the rest for rainy days and retirement.
I don't have huge dreams. I just want to start the life that I have to put off because of college loans.
I don't have huge dreams. I just want to start the life that I have to put off because of college loans.
pozey
Mouseketeer<br><font color=blue>I think I would ra
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I'm assuming the OP was talking about if you won mega-millions (50 million plus).
This came directly from the powerball.com website:
All but three states (DE, KS, ND) have laws that require the lottery to release the name and city of residence to anyone who asks. One state (SC) will keep your name secret if you request it, but if someone files a Freedom of Information Act request, you may have to file a plea with the judge to deny it. Photos and press conferences are always up to you. Most of the time, it is advisable to get it over with the press so that you don't have one or more reporters following you around to get that "exclusive" interview. A few more lotteries may work with you on setting up a trust or other partnership. You or your representative should contact the lottery for the details after you win.
I know that someone in the town I live in won the powerball (over 100 million) sometime in the past 6 months or so. It took a LONG TIME before they came forward. Anyway, their lawyer was the one who picked up the winnings. They had a trust set up so that they were able to remain anonymous.
This came directly from the powerball.com website:
All but three states (DE, KS, ND) have laws that require the lottery to release the name and city of residence to anyone who asks. One state (SC) will keep your name secret if you request it, but if someone files a Freedom of Information Act request, you may have to file a plea with the judge to deny it. Photos and press conferences are always up to you. Most of the time, it is advisable to get it over with the press so that you don't have one or more reporters following you around to get that "exclusive" interview. A few more lotteries may work with you on setting up a trust or other partnership. You or your representative should contact the lottery for the details after you win.
I know that someone in the town I live in won the powerball (over 100 million) sometime in the past 6 months or so. It took a LONG TIME before they came forward. Anyway, their lawyer was the one who picked up the winnings. They had a trust set up so that they were able to remain anonymous.
minnieandme
<font color=deeppink>You can never have too much <
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After paying taxes and tithes, I would buy my dream home and have it built the way I want it, buy my dream car, pay off any other bills and pay off my mom's house, buy my brother and sister-in-law a house, set up a trust fund for my DS and DN. Take a couple of trips and send my DM on an Alaskan cruise. I would invest about 60% of it, donate about 20% and spend the other 20%.
I don't think my lifestyle would change any except I would retire early. I would still open my restaurant but this time I would have other people run it. I would still shop the clearance rack and use coupons. I think looking for a sale in ingrained in me.
I don't think my lifestyle would change any except I would retire early. I would still open my restaurant but this time I would have other people run it. I would still shop the clearance rack and use coupons. I think looking for a sale in ingrained in me.
My family has played this game for years. We always had fun talking about what we would do, who would get, who wouldn't, etc. Of course, that was before my dad died and everything changed.
If I won (and I'm talking life changing money, not the smaller amounts that fund short term fun), I would first get the lawyer and CFP (I work in a law firm with some great T&E attorneys so he would be my first pick). I'd arrange for trusts to be set up so that my mom was fully taken care of in the future. I would want to make sure there were college funds for both of my boys so they could go anywhere they wanted (provided they got in!). I would pay off all debt on our house, car, CCs, etc and be debt free.
I'm fortunate that I don't have any family (other than 1 or 2 relatives) who would need financial help. However, I would make sure that these relatives (my favorite aunt/uncle and a cousin of my mom) were taken care of and no longer had to worry about anything. Then I would make sure that the money was invested in vehicles to provide for the long term.
After that, probably buy a new, bigger house (I have 2 young sons), get a new car for myself (mine is over 8 years old), get the boys a pool and hot tub, get DH the full blown home theater he wants, all of those fun things you always want but don't get.
As for work, I'm not a stay at home mom. I like the idea of working but knowing all along that when I have had enough, I leave.
If I won (and I'm talking life changing money, not the smaller amounts that fund short term fun), I would first get the lawyer and CFP (I work in a law firm with some great T&E attorneys so he would be my first pick). I'd arrange for trusts to be set up so that my mom was fully taken care of in the future. I would want to make sure there were college funds for both of my boys so they could go anywhere they wanted (provided they got in!). I would pay off all debt on our house, car, CCs, etc and be debt free.
I'm fortunate that I don't have any family (other than 1 or 2 relatives) who would need financial help. However, I would make sure that these relatives (my favorite aunt/uncle and a cousin of my mom) were taken care of and no longer had to worry about anything. Then I would make sure that the money was invested in vehicles to provide for the long term.
After that, probably buy a new, bigger house (I have 2 young sons), get a new car for myself (mine is over 8 years old), get the boys a pool and hot tub, get DH the full blown home theater he wants, all of those fun things you always want but don't get.
As for work, I'm not a stay at home mom. I like the idea of working but knowing all along that when I have had enough, I leave.
http://tkcollier.wordpress.com/2006/05/04/powerball-winner-losing-home-in-auction/
If you have time, read all of the comments. His daughter also posts quite a bit on this blog.
Very sad story
If you have time, read all of the comments. His daughter also posts quite a bit on this blog.
Very sad story
Golf4food
Male pirate last time I checked. Yep. Still male.
- Joined
- Feb 10, 2005
- Messages
- 8,175
We'd certainly pay off the debts (student loan), buy two good used cars, sell our current house and move into a nicer one that we could still afford (nothing huge) that would have room for a couple of kids comfortably in a decent neighborhood. Help out our family, save for children's education, invest a huge chunk of it - enough to be a viable retirement in 40 years. Then we'd probably both quit our jobs and work part-time somewhere for fun or do volunteer work. I might work a few days a week working at a golf store and spend the other days playing golf. And we'd definitely travel and see the world - and spend a lot more time at Disney no doubt.
Of course, ten percent would go to church, and probably more than that.
And we'd definitely travel and see the world - and spend a lot more time at Disney no doubt.Of course, ten percent would go to church, and probably more than that.
Minnesota!
Shoeless in Minnesota
- Joined
- Sep 15, 1999
- Messages
- 14,236
Something I always dream of.
First I would pay off my bills. And the bills of my mom, my brother, my family, maybe my IL's. Then I would pay off my chuch's deficit. Then I would establish a fund for women seeking infertility treatments but cannot afford it. Always has been my dream. I would sock away a lot for my boys future.
I think I would sell the house, buy a new one (not a big one - we are already planning on buying my mom's - the house I grew up in. I would stick with that plan), and then buy a nice RV to travel the country with until my boys are school age. Of course a nice 2 week trip to Disney with a huge room at the Poly is in order
First I would pay off my bills. And the bills of my mom, my brother, my family, maybe my IL's
. Then I would pay off my chuch's deficit. Then I would establish a fund for women seeking infertility treatments but cannot afford it. Always has been my dream. I would sock away a lot for my boys future. I think I would sell the house, buy a new one (not a big one - we are already planning on buying my mom's - the house I grew up in. I would stick with that plan), and then buy a nice RV to travel the country with until my boys are school age. Of course a nice 2 week trip to Disney with a huge room at the Poly is in order
freckles and boo
<font color=blue>I occasionally lurk on the UK boa
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http://tkcollier.wordpress.com/2006/05/04/powerball-winner-losing-home-in-auction/
If you have time, read all of the comments. His daughter also posts quite a bit on this blog.
Very sad story
I have a relative who doesn't drink or do drugs but who would probably make many of the other spending mistakes this guy did. I think people get the wrong ideas about what wealth should be. Buying airplanes, jewelry, and other expensive trinkets just because you can seems nuts to me, but some people believe that is what "rich folks" do. If your head isn't on straight, no amount of money will fix it.
I saw that show too.. Interesting, wasn't it?
Obviously I would bank/invest a good deal of it.. I would make a very large donation to St. Jude Hospital For Children - and then I would help out several people I know who are having financial difficulties..
Don't really think I would change much about my own life.. Maybe get rid of this stupid lemon-of-a-mini-van I have and drill a new well up here to the lake.. Other than that, I'm pretty satisfied with my life..
Obviously I would bank/invest a good deal of it.. I would make a very large donation to St. Jude Hospital For Children - and then I would help out several people I know who are having financial difficulties..
Don't really think I would change much about my own life.. Maybe get rid of this stupid lemon-of-a-mini-van I have and drill a new well up here to the lake.. Other than that, I'm pretty satisfied with my life..
XOoOoVEEoOoOX
Disney does WONDERS for my ATTITUDE!
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If I won the lottery, I would pay off my fathers mortgage, buy my mother and sister a home, Buy myself a home (hire someone to clean it for me also) and new car,quit working and start going to college full time,and pay for my brothers tuition as well. I would also hire a personal trainer to get my butt in shape and a chef who specializes in yummy, healthy food. Set aside money to have the wedding of my dreams 
I would get a lawyer to help me with financial decisions, probably invest a large chunk of it and make donations to charities as I see fit.
I would get a lawyer to help me with financial decisions, probably invest a large chunk of it and make donations to charities as I see fit.
ZachnElli
<font color=green>Is it Spring yet?<br><font color
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- May 21, 2001
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You can't remain anonymous here. But there have been a few big winners here that have kept very private after the big news conference. The big 300 plus million that was won here in Lincoln by the factory workers, the youngest winner has been impossible for the newspaper to contact. All she bought was a townhouse (not even a house!) and a Honda accord which according to the DMV she gave to family members. She invested the rest, which is what she said she was going to do at the news conference. She was only 23, smart girl!
I know I'd move, I hate my backyard. I'd want a house with a very private backyard. I'd also like to help our city's homeless shelters as they have all shut down and are hoping they can reopen before winter. I'd make sure they stay open.
I know I'd move, I hate my backyard. I'd want a house with a very private backyard. I'd also like to help our city's homeless shelters as they have all shut down and are hoping they can reopen before winter. I'd make sure they stay open.
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