the Lottery
 

Losing this week’s Mega Millions got me to thinking—what if I won the lottery, what might I have done with the money? I started to think of what I might do with it realistically speaking, the first thing I would do with that money and such and such, but the fun thing about such a question is all the possibilities. What if you won the lottery? How would you spend the money? Would you spend it all on yourself or would you have other plans in mind? Hypothetically speaking, if you were to win the lottery, say a million dollars or more, what would you do?

I would pay off all the debts for everyone in my family first. Wouldn't buy everyone a new car and house etc. like everyone says they would, when they get into money... (ok maybe I'd get my mom an old '70 Camaro)


But I'd handle all my business I have here and move to south Brazil.

The first thing I'd do is buy a Lamborghini Murcielago.

Then I'd buy some really prime property where I'd most like to live.

Then I'd regret not being more frugal.

lock 80% up in investments, 5% goes towards a house, car, kitchen. 10% I'll donate to charity, i know the womans shelter when I live needs money badly. 5% I'll spend flying to Florida and have some fun with a special someone.

For the sake of this thought experiment, I'm going to assume that I've won $1 million, lump sum, after taxes. I'm also going to assume that I will maintain my current clarity of thought and not turn into a foolish idiot upon winning (which can happen to even the smartest of people).

The first thing I would do is pay off all mine and onodrim's student loans. Then, I would set aside another 150,000 or so for each of us to go to grad school. I'd spend about 7,000 performing various computer upgrades for both of us. I'd set aside some more money (not sure exactly how much, but I'm guessing it would be somewhere around 25,000 total) for future trips to Antarctica, Easter Island, and maybe Réunion for both onodrim and me. Once I decide who I'd like to support in the next election, I'd donate the maximum allowed (I think it's $2,300 right now) to their campaign. I'd set aside a few thousand for season tickets for a few years to both the Chicago Lyric Opera and the Goodman Theatre in Chicago. With the remaining ~650,000, I'd invest for retirement.

Automatically I will give 10% to charitey (I give 10% of anything including interest I make to charitey). Depending on the sum left over depends on what I do. If it is 5 mil or more, I will keep that locked up in investment and live off the money made. If it is more I would start giving money to help payoff family members debts (Or I would do this slowly with the interest I made from the 5 mil+ locked up).

I would buy a few plaes in Israel to live for me and my family. and I would tour. But the key for me is 5 mil locked up collecting interest.

Funny question - dunno.

I would speak to a financial advisor and a lawyer about my current winnings. I would tell no one because once you tell people about winning a million or so, they get greedy and want you dead. I would continue to work for several months while I plan an extended vacation for a year through Europe and Asia. After the vacation, I will pay off my student loans and go back to grad school for my masters in management information systems. Depending on what the lawyer and the financial advisor suggested, I would put a 100,000 in the stock market.

Hand it to Grancey and do whatever she told me to do with it.

I'd put 90% of it into investments, and live off of the interest. The other 10% I would splurge on anything i felt like buying.

two characters

What if you had been walking down the street and found a winning lottery ticket, politicopile?

If I hit the big lotto, $60m, I'd donate to my city to cover the roofs of every building possible in solar panels. I could easily power 20,000 households worth with an investment of that size.

I'd donate a large portion to the World Wildlife Fund. I'd find a family that can't afford its own home, give them my house and find a nicer one for myself-preferrably in the hills of Tennessee, where I could wake each morning to the sight of the Smoky Mountains.
I'd pay off my immediate family's debts. My kids' college would get paid for in cash. I'd become an entrepreneur, maybe opening an eatery/gallery sort of thing, highlighting unknown young artists. I'd take time off from everything and travel around, visiting friends. That 58 Impala I've been drooling over would be mine.
What's left over would be invested.
Ah, to dream.....instead I just take the money I make and pay bills or put a few bucks into the savings account, to pay more bills....

two characters

it's funny to read all the stuff that we say we'd do....give to charity, buy someone else a house, support other organizations....i can't help but wonder if it's all a lie. sure, we'd all love to believe that we are all perfect, kind, warm hearted folks, but money changes everyone!!! shoot, i'd like to believe that i'd share it with people that need it, but truthfully, i probably wouldn't.

Can I suck up a little? How would one not spend a dime for a decade?

Well, I'd think about keeping a bit just to make sure my family is able to be safe (savings accounts in case of emergency), but I know that I'd rather have the money help a lot of people I don't know than to spoil a few people I do.

Yeah, I mean, I'd love to give lots of money to charity. And actually, if I won a $60 million lottery, like willravel mentioned, I probably would give a rather sizable amount to charitable interests. Working with $1 million, like I did in my post, I have to be honest with myself and say that I'd give, at most, a few thousand dollars to charity. Between the cost of a good education and the amount of money needed to provide a comfortable retirement, $1 million is just not enough money to go around giving it away.

I'll be realistic. I'm going to pay off a my student loans and credit cards, put it in high-yield CDs or bonds for when my brother gets out of school, pay off my mom's mortgage and credit cards, put a down payment on a house for myself, and buy a Ferrari. whatever is left gets invested.

I've given to WWF(and used to buy my Christmas presents through them), MADD and at one time, gave my entire state tax refund to Green Peace. I'd rate myself as pretty selfish; giving to my choices of charities makes me feel as if I'm doing something worthwhile, which, if you think about it, is selfish in a way. As for giving away my house-it's a shithole anyway :D

If I had a million dollars...I would pay off all my debts, get rid of most of my stuff (save for those mementos that everyone holds onto), buy several good-looking suits, put 800k into savings and with the rest I would travel all over the world. Italy, Egypt, Japan, Australia, all the places I have ever wanted to go. I imagine I would get tired of that, but I haven't been on a two-year holiday before.

Personally, I think all of you folks who would give it all to charity are completely crazy. Why would anyone pass up the opportunity to never work again, never live in run-down apartments or soulless suburbs? Some people are destined to lead exciting lives. Winning the lottery is a sign of that kind of destiny.

If I won less than 10 million, I'd spend it all on more lotto tickets for one of the 100+ million powerball drawings. Seems like have a million or more randomly chosen tickets would up my chances of winning.

If I then won the 100+ million..... I'd buy a new uber gaming computer, a new car, and let the rest sit in a savings account. I don't need to invest or anything if I'm gonna be glued to WoW 16 hours a day for the next 5 years.

To answer the charity question to those resistant to the idea, I bet there are certain tax incentives and advantages that could persuade you.

As to my own ideas, I'd follow the secure investment, trust funds for family and modest luxury route as several have outlined above.

I too would like to help out my friends in their debts, but I wonder if that would create more discord than goodwill. Wouldn't their pride and sense of independance bristle against being "bought"? How could they pay you back? Do they still like you for you or because of the money? At what point does their need for support become mooching or a form of welfare?


It opens up a can of worms if you ask me, so any gifts to friends must be handled extremely delicately and at a level that enables them to return the sentiment equally if not financially.

I would pay off my debts (currently running around 35k in student loans), my parents' mortgage (150,000 or so), buy myself a new house (or two, property in a college town is a good bet) and a new car, replace my SO's run down car, and invest the rest. I'd also set aside funds specifically for travel. Making my day-to-day life as comfortable as possible is important to me, though I doubt I'd splash out on a car fancier than a Honda Accord.

As for charity, I donate frequently. I would probably buy myself a better membership for Oregon Public Broadcasting and donate some money to the Alzheimer's Association, as well as large donations to my church and the English department at Oregon State.

I have a question for everyone who wants to pay of X debt and invest the rest. Why not invest it all and pay off your debts over time? I know you pay more money that way, but you also have more money invested, which in theory means greater returns, faster increases in total wealth (if your investments pay off), and a greater inheritence for any potential offspring. I think that investing it all might pay off bigger over time, so I would hopefully be able to keep my sanity enough to go that route.

Debt is an enormous stressor. Having it gone would eliminate that source of stress from my life. Therefore, debt is the first thing I would pay.

I'd eliminate useless debt first. Then I'd buy a couple of houses for my family to live in, if I didn't give it to them outright (mom and sis and sis-in-law only). New vehicles for the same people. I've already chosen charities I'd donate to, on a percentage basis, many local. I'd probably support my sister and help her to finish her degree, mom too if she wants.

Beyond making appropriate personal retirement and maintenance arrangements, yes, I'd quit my job, but I'd get into something else. I'd like to set up scholarship funds for college students and grant programs for theaters and the arts. I guess my job could be managing those things.

I'd probably buy us a large house where I could host folks easily, and hubby could have his wood-working shot of his dreams. I'd replace the 13-yr-old car with something similar (maybe an SUV hybrid, heh). We'd certainly travel a LOT.

And I'd host a helluva party. Kinda like the one this upcoming weekend--Corned beef and cabbage for all! :D

Assuming a $80 million net payout (approximately what the Georgia trucker received minus fees/taxes/etc.), I would distribute my money roughly in the following manner:
$1 million to my grade school
$1 million to my middle/high school
$1 million to my current university
$1 million in an inappropriate spending spree (throw a huge party, new car, computer, entertainment system, etc. for my house at school)
$5 million to pay off sisters grad school, parents debt, then the rest to give to them (new house/car, etc.)
$5 million in my checking account
$20 in 5-year bonds/CDs
$25 million in 10-year bonds/CDs
$20 million in 20-year bonds/CDs

I would still go to school and graduate, possibly get my PhD (in chemistry), and become a professor. The long-term bonds will give my some security in the future/prevent me from spending too much. Each of my schools would receive money, and I would have a million dollars to just blow through. Sounds feasible.

You've thought about this, haven't you Soccerchamp?

Lotterry, 1. Those who lost, >78,000,000!

What can I say? I'd look after my immediate family before anyone else:
1. pay off debt (house mortgage)
2. get planned renovation done (plans already at the council but really don't have the money to do it yet...)
3. invest about half of it
4. give money to siblings and parents (mine and my wife). What they did with it is their business. Exactly how much would depend on exactly how much we won.
5. stick the rest into the bank where we could spend it at our leisure.

The bonus of paying off the debt is it would make my income something we can 100% use for ourselves.

Pure speculation, as I don't buy lottery tickets :)

Me????

Nah, flew right off my head.......

I like to think I'd give it all away.

Seriously, it seems like most lottery winners end up unhappy. Their friends and family turn into mooches, they get attacked by all kinds of scam artists, they quit their jobs and suddenly have no meaning to their lives (or don't quit their jobs and have everyone think they are crazy). Sudden massive wealth that I didn't earn would upend my life, and that usually isn't a good thing.

So yeah, I'd probably give it all away.

Maybe I'd tell everyone I gave it all away and keep a little on the side for beer money.

two chicks, same time.

Of course pay off the debt.

Buy my parents and siblings big houses, and some mad money to decorate.

Hire a full staff and buy a "boat" that would make Paul Allen green with envy. Grab my kids, hit the water, and never look back!

Hey, man, that's generally easy.
Arranging a larger party wouldn't take the lottery winnings.

"Security" followed by charity...

and the devil takes the rest

You know what I always thought would be kind of neat? I may have mentioned it before, but if I were to win an enormous amount of money, I'd pay off the debt, build a house and all that jazz, BUT...

I'd carry a big pocket full of cash with me everyday and as I go about town I'd just give it away. Hold a door for me? That's some money. Help me pick up some shit I dropped? That's some money. Say something genuinely nice to me? That's some money. And not just me...I see some random act of kindness...you guessed it, that's some money. It would be my little way to reward civility and encourage it in others.

I'd also donate substantially to the public and the university library because....well, I like the library and maybe if I donate enough, they'll let me work there when I get bored with all my money.

That and the two chicks thing....that sounds nice. :lol:

guthmund: You would do that until the first time you were mugged at gunpoint.

With 80 million dollars "what would you do" becomes meaningless. Even if you put it in a 4% yield account (which is about the least you can earn) and left 3% to combat inflation, the remaining 1% is 800,000 a year (in constant dollars). You never have to try again.

To be honest, the only reason I'd want to win the lottery is to pay off my student loan. I have a good job already, what more do I need?

I don't think I could live with myself knowing I had millions of dollars and there are people living on the streets. It's just not fair. I would also fear becoming greedy or having people like me for the wrong reasons.

So if I did have a large sum of money, I would give it to people who really need it.

Buy a selection of cars, then beef them up some (such as sticking a hyper car engine in a landrover defender, a super-charger on an aston martin vanquish e.t.c).

Buy a house, a boat, an aquarium, stuff to go in the aquarium, an island, a submarine, a plane, lots of plants and a pair of slippers and glasses for every room of my mansion (and a butler to put them back) so i never have to search again :D