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

[debloco]

Low profile and our financial planner would definitely get a call!
I'd pay for our DD's college education, and throw in grad school too. Then I'd take a bunch of my friends on a Disney cruise!

 

[Olaf]

If I won a big jackpot, I'd wait awhile before claiming it and I'd attempt to do so in the least conspicuous way possible. Yes, I know, some of the lotteries require that you accept in person, in front of the cameras. However, I've never understood those people who win and do the morning talk shows.

Another big issue seems to be family members. I don't know how I'd handle that. I mean, I'd want to share it with my family, but where do you draw the line? I'd definitely meet with a lawyer and tax expert before claiming any winnings to iron all that out.

Any money given to charity would be given as anonymously as possible. Otherwise, you'd have every charity banging on your door.

Winning big money doesn't eliminate your problems, you just end up with a set of new ones.

 

[Crankyshank]

I would be very good at being rich
This is a topic my friends and I love to discuss. Let's say I win $100million after taxes I would first hire a publicist to handle the press (and money begging requests), then a lawyer and an accountant.

Then I would have my Dad's car stolen from the parking lot at work and replaced with something else. (and call my family so we can watch how long it takes Dad to figure out his car is gone. He's a bit absentminded ). Then I would pay off my parents' and in-laws credit cards and mortgages, give siblings some money, take my friends on a big trip, buy a boat and a couple of vacation houses (modest sized), and then that's pretty much it. I wouldn't be pretentious or spend thrifty aside from a few things because it's not in my nature.

I would have to get some serious security in place to keep out the relatives crawling out of the woodwork. And I would have to stick with the deal my father and I made about the lottery. Which is to buy him a villa by George Clooney's on Lake Cuomo

 

[Becky2005]

DH & I have discussed this many, many times since it's a fantasy world anyway.

Here is the break-down somewhat -- pay off the house & credit cards. Probably buy him a new car considering his is a 1992 which is probably on its last leg as it is. I doubt it would be anything fancy though. We may or may not get me a new one, only because with 4 kids the shorter mini-van I have, basically has *NO* storage space whatsoever. There is not even enough room to get a lot of groceries in there. If we have the little one's stroller in there forget it -- driving to Disney was interesting.

Then we would donate a % and basically invest the rest & live off the interest, etc... without touching the principal, since if we could get it to give us basically what we make now without a mortgage payment (will always have property tax though), it would be quite doable.

That's our thinking anyway. I would like to keep it quiet since I would have long-lost relatives coming out of the woodwork but I don't know if that's even possible.

 

[Planogirl]

I would pay off the bills and get some work done to the house. I would certainly quit my horrible job and then make some decisions.

One dream has always been to buy a Victorian fixer upper and restore the thing. Depending on the amount of money I won, I might fix up and sell several places.

 

[Trish Bessette]

First thing I would do is CANCEL MY PHONE NUMBER!!!

In my state it would be published if I won so while I'm proudly standing there accepting my big check I would simply make the statement "If you haven't called me in the past 30 days to check in with me please don't bother to do so now"

What would I do?

Pay off all our bills along with the bills of my parents and my two sisters.

Buy another home (mine is very, very small)

Once I claim my prize I would take a LONG trip to just get out of town for a while.

Invest, invest, invest

Set up accounts for our DD's

As far as "fluff" purchases I'm not sure. I really like the new top of the line Ford Mustangs. Maybe I would buy one for fun...

I'd definately donate a % but not sure where. I'd love the opportunity to figure this out

 

[stinkerbelle's mom]

Hmmm, first thing I would do is pay off all of my bills!

Depending on how big I would probably then take an early retirement. I would take a well deserved vacation then I would meet with a financial planner to see what's what.

I would try make some great investments, I would probably go back to school, I would probably help out some of my family and friends and church. I would set up trustfunds for my nieces and nephews educations. I would probably buy a truck and a trailer and start driving all around the US seeing what I've been missing all of these years. In the meantime I'd probably redo my house and landscape the yard-- complete with a treehouse (cept I don't have a tree) .

 

[4greatboys]

I dont think we would go wild. I would like to have a new house but not a McMansion. I would pay for my sons college (one is in now and another is a senior in high school).
I would give some to a family member or 2 and a couple of good friends. Then we would just invest the rest so we would have a very good retirement

 

[Stan's MaggieMouse]

I love this game, I have it all worked out because I day dream about this often.

First I would give some money to my parents, each of my sisters, my husband's brother and sister, our three grown children and our church. Then I would put money away for our DS13 for the future. Then I would pay off all of our debt, cc's, mortgage, loans, the whole nine yards.

Then I would put a whole bunch away to live off of the interest so I could stop working (I don't think DH would be happy not working, but I would ). Then I would plan a big extended family reunion at WDW, a disney cruise for my immediate family and maybe my sisters and their families. DVC for sure and probably a trip to Wyoming for Frontier Days.

We need to add on to our house because it's too small but I don't want to move and I need someone to come in and clean!

Maggie

 

[NCRedding]

I would pay off all our bills, buy myself a convertible, donate to our church and my college, and my local school system. We probably would buy a new house, but nothing that expensive. Make sure DD's college would be paid for. A Disney cruise for my extended family.

The bulk of the money would be put into a non-profit foundation for donating money set up and headed by DH and I.

 

[The Mystery Machine]

Well.....I went and bought 5 Lotto tickets for MegaMillions today in honor of this thread.

So if you don't see me posting here anymore, you will understand.

I will be living the dream. $ 31,400,000 Cash Option.

 

[tmarquez]

The first thing I'd do is pay off the house and DH's truck as well as the misc bills that are out there. I've heard it's not always best to pay off a mortgage...but it'd make me feel better (and this is ALL ABOUT ME, right?).

I'd invest a majority of it. I don't think I'd quit my job until I'm vested, and I doubt DH would want to quit...he gets bored really easy. Maybe he could start his own business rather than work for someone else...then I might have to quit to help him with that.

I would like my charitable donations to be to individuals or familes and anonymous...but I want to pick who and what and why.

DD would have a nice trust fund...but one with LOTS of conditions!

The only thing in our daily life that would probably change is that we would go on many more vacations.

 

[disneycutie84]

Oh, I've already been dreaming about this for a while. Here is what I would do:
1. pay off student loans and all other debts.
2. buy my mom a new car, a condo, and pay for her to take a vacation
3. invest/save a significant portion
4. buy myself a home in downtown San Diego
5. donate to various causes
6. quit my job and spend my days doing volunteer work
7. finally take a trip to Disneyworld!
8. give money to close family members and my best friend
9. buy a puppy
10. and most importantly, enjoy a life where I don't have to worry about money the way I do now!

 

[lookingforward]

They say you should go away for a month and do nothing. Then, after careful financial planning sit down with important family and friends and say "this is what I am giving you, one time only" and give them whatever you decide upon. Then begin purchasing items for your new life after investments.

They just recently auctioned off the assets (what was left) of a man in Palm Beach who won 70 million dollars and had to file bankruptcy. They found needles, drugs and junk in his "storage shed" he rented after losing his home. They said he was actually living in the shed for a while. YIKES!

 

[froglady]

We're close to retirement, only have one more child to put through college, and have no debt, so most of the money would be invested. We'd pay for graduate school for our children, any weddings, and give them a down payment on a house...but not the whole amount. That way, they would be forced to buy something they can afford without needing further help. No cars, boats, etc.


Our lifestyle wouldn't change dramatically. We just would be able to have more fun and live more comfortably during retirement, with the chance of leaving a considerable sum to various charitable/educational organizations after we die. Or even before, depending upon the amount.

 

[vetrik]

My dad and I used to talk about this all the time - I think we decided that we would need to win $12-15 million to do what we wanted. We both agreed that we would do a little splurging to get it out of our system, and then invest the rest and live off the interest.

I would first hire a lawyer and financial planner. I want to help out my family, but I would consult with the experts so it wouldn't cause any tax issues (IRS gift tax, etc). Depending on what they say, I would pay off my parent's house and grandparent's houses, put my youngest brother through college, give my middle brother the equivalent amount of money. We would probably just give DH's parents, grandmother, and brother money, since they have no debts.

I would buy a new car (Dodge Caliber), and quit my job to go back to school to get my MLS - then maybe work part time as a librarian. I'm not sure about DH. He'd probably quit his job, set up a woodworking workshop and do that part time.

We would travel - there are a lot of places I want to see. We would finish the work we want to do on our current house (dormer the roof, redo kitchen and bathroom, finish the basement), but we would hire someone else to do it! Then we'd probably build a house on my family's land, and it would include a barn so I could have a couple horses. I would buy an HDTV, and finally get all those premium channels I've always wanted to watch! I would get an Ipod since I've been wanting one for a while, and DH would get a brand new top of the line computer for his gaming.

 

[The Mystery Machine]

Just checked my tickets and nothing.

 

[tinatark]

Tithe - 10%.

Pay off our mortgage and do all the things on our "list" for our house - Finish the poolhouse, get the rest of our interior decorating finished. We would buy a condo/house in Florida (family is there - we vacation there a couple times a year). We would travel as much as our kids' school schedule would allow. DH would probably not quit his job - but hire someone to do most of it instead of him! We have seen some business opportunities we would likely invest in.

We would build homes for both of our parents and siblings. Probably get new cars for them all or pay off their cars (bil has a "mortgage" sized car payment on his semi-truck- he uses it as his everyday driver and pulls their camper with it). College $ for niece and nephews. Maybe a set amount for each of their first cars, too.

Oh, but wait... you have to play to win - I can't say when I last bought a lotto ticket!

 

[palmtreegirl]

Give 10% to my new church

I wouldn't tell anyone we won( just family)unless they asked.

Pay off our debt

Join the Florida pre paid college tuition plan, where you lock in todays rate.

Set up a trust funds for the kids that they'd get when they turn 30.

Buy a used car for under 10,000.

Give money to some other charities, anonymously.

Send some monetary gifts to some good friends anonymously.

Take a family vacation to Europe and Tokyo. We haven't been on a vacation since we moved to Florida.

 

[skuttle]

I would first pay off all of our debt.

Complete all of our home improvments.

I would buy my mom a house and a car. Both of hers are old and in need of repair, she just can't afford it.

We would pay off my grandparent's debt, dad's debt, inlaw's debt and my SIL's debt. I'd also help my SIL with getting a house.

Make sure my kid(s) and future grandkids are taken care of.

Fund college for my nephew and niece. Possibly also our cousins' kids.

Donate to charities.

Invest.

DVC!

I'd quit my job and find something else to do. DH would do the same.