Piggyback on Cheryl's Question About Lottery

The very first thing I'd do is go sit in a room by myself and scream at the top of lungs !! haha
-Move in our dream home
-Help family and friends in need
-Travel for a month
-Invest
-Open my dream of a rescue home for unwanted senior dogs

5 moms found this helpful

I would pay off our debt, but not change the way we live now.

Also check out this article. She has had her funds cut off and will probably have to pay it all back.

http://www.cnn.com/2012/03/07/us/michigan-lottery-winner/...

4 moms found this helpful

If I won one million dollars like she did... and took the cash (not sure if I'd do that - but if I did) you'd end up with about $500,000 - assuming 1/2 goes to taxes. A huge windfall - but not enough to live on forever! I'd pay off the house... fund college for my 3 kids and invest for retirement.

How exciting am I :)

4 moms found this helpful

If I won, all my debts would be paid off, I'd sale this house move into another house that I like better, invest properly, save save....not quit our jobs, although I may go part time instead. Knowing that we aren't going to be hurting financially would be a huge relief. Oh, and set up college funds for my kids. And of course update our wills. LOL....

4 moms found this helpful

Start an Oyster farm.
Buy a small rental property.
Buy an 18 foot aluminium skiff and engine.
Donate to a few local organizations.
Eat sushi. A lot, a lot, a lot of sushi.
Love on my buddies.
Buy my mom a vacation.
Go to school.
Get my kids horseback riding lessons.

4 moms found this helpful

The first tough choice would be, take the lump sum (and lose a bunch), or take monthly payments.

I would start investing right away. I would stay at my job, and I'd wouldn't say anything to anyone at work or friends about it, except my super close friends.

We don't have any debts, but I would spend a chunk on remodeling our house.

I'd also make a substantial donation to a couple of causes close to my heart.

I would travel, either w/ or w/o DH (who is more of a homebody than me). And we'd be able to afford to fly, instead of drive--that would be great for a change! I'd want to go to Europe, and in particular to Plitvice National Park in Croatia.

4 moms found this helpful

pay off debts
help family
BREATHE finally
and then travel somewhere

4 moms found this helpful

I would pay off all of our debt.
I would buy my parents a new house, and help them out.
I would get a new car, mine is 11 years old.
I would move back home (Missouri)! But it would have to be a large lottery to accommodate that one.

3 moms found this helpful

Good question. We have talked about this before. We would ensure all immediate family was debt free. All kids, ours, nieces and nephews would be set for college. Pay any of our own debt. Then take a trip!

3 moms found this helpful

I would put away whatever is needed to retire and live off the investments.

Then I would sponsor as many families as possible with a home, furnishings, clothing, vehicles; ALL under the condition that they get educated in a career, not just a job (I will pay for their education.) They will then find a job & save the money so they can have the financial means to support themselves.

I don't believe in just throwing money at people, I prefer to educate them & give them the tools they need to be successful. It's amazing that not everyone has the want or drive to be successful.

3 moms found this helpful

Freak out.
Find an accountant.
Freak out.

I think it would take a REALLY long time to get over the freak out. I kind of hate money in a way. I honestly can't even think of what I'd do.

3 moms found this helpful

Pay off our debts, tuck away most for retirement and kids' college, share with the family. Hubby wouldn't quit, but he'd take a lower-paying (and lower-stress) job.

Oh, and hire a personal trainer. And a personal chef, LOL!

3 moms found this helpful

I do this....just daydream about winning the lottery.
We would pay off any overdue bills.
We would set aside college funds for all three kids.
We would build a house in Mexico for my husband's family (with extra space for us to come and visit!)
We would buy a house for ourselves. (and not some huge thing either, just big enough for our family)
My husband and I would both get new cars that don't squeak.
We would probably give some to our siblings (but there's 11 of them between the two of us!)
If there is any left over it would certainly be put into a savings account or some kind of account that can earn me money. A call to a financial advisor would certainly happen.
Laura
It's nice to dream

3 moms found this helpful

Pay off the house for sure and invest the rest to ensure a wonderful relaxed future.

2 moms found this helpful

ooh Czechma!

Good question!!

If I won the lottery? hhhhmmm... the $1M that she won? Let's see...

after taxes? most likely pay off the mortgage.
Buy a new car -
Buy stocks, bonds, CDs, etc.

Bob and I would LOVE to open a shooting range or even a sports bar. Not sure if $1M would be enough to do that! :) LOL!!!

I think I would plan a trip to Australia too. that would be nice. But I think I would I definitely put the money in stocks, bonds, CDs and other investments that would HOPEFULLY prove to be viable and long lasting...

I would love to take the boys to Europe too. We were going to do that this summer - but as you know - that's not happening...

2 moms found this helpful

Of course, I would pay off bills, set up college funds, put away for savings, and give to charity.

But on a fun note, I would get laser hair removal and then go on some great trips. Spain, Italy, Portgual, Brazil are all on my Bucket list. I would also bring along a nanny so that my husband and I can have some alone time, but still have the fun of taking our kids on trips. I would also love to go on a Disney cruise. I would naturally get a private jet to take us on all these trips.

I don't think my husband would quit his job either, but as a SAHM, I'd quit some of my jobs. I definitely get a housekeeper, who would also be available to watch the kids when I go grocery shopping or other errands so I didn't have to bring the kids with me.

2 moms found this helpful

I agree with Bug. First totally freak out.

Then I would (assuming it is a large amount >1 million)

Pay off all debt
Buy a modest house or at least put a sizeable down payment.
College for my kids
Savings account
Pay off my parents and brother's debt and my sister in law's debt
New car (Challenger and a Family SUV)
Finish my tour of all the major league baseball fields in the US
Donate heavily to my church and my daughter's school

2 moms found this helpful

Depends on how much.
I've won a few hundred dollars before - it's not a life style changing amount.
If you are talking about $1 million - after taxes it's not enough to retire immediately on.
I'd pay off the mortgage (our only debt), make sure our son has college money, husband would replace his truck (it's 10 yrs old). Retirement, when we get there, might be a little more comfortable.
If you're talking an amount like that $336.4 million Powerball lottery that an 81 yr old lady just won (she took the lump sum $210 million pay out), I could do all of the above and I'm pretty sure my husband and I would be retired fairly immediately.
A trip to Disney world would be in order.
And then we'd take a solid year before making any other major financial decisions.

2 moms found this helpful

pay off debts.
pay off my kids' college loans for them.
TRAVEL!!!!!
:) khairete
S.

2 moms found this helpful

Pay off minivan,
finish/fix up our house that we have sooooo many ideas for,
split up some for our kid's savings,
pay back my mom for money she has given me in the past as help,
better advertising for my husband's business,
other helpful things to get my husband a leg-up in his music career,
buy a better car that won't need expensive repairs every couple months,
fix up my VW beetle (not the car I was referring to above),
save,
save,
save and
go on two vacations, one for just me and husband and one with all six of us.

2 moms found this helpful

Gift a lot of it.
Travel.
Invest.

2 moms found this helpful

I would buy the house that we live in and do some upgrades, split-level our hill of a yard, set up the kids for college, put them in private school and buy myself an Armada. The rest would go into some sort of savings.

2 moms found this helpful

I wouldnt even want to. It would probably cause more problems than its worth.

2 moms found this helpful

Take 1/3 and split it between my parents, his parents and his grandparents. Buy our house, pay off the cars and open a brewery. Give my husband a gallery and all the art supplies he'd know what to do with. Then save, save, save. But a ton of gold bars... I'd have fun with it. But we wouldn't be those crazy rich people.. I wouldn't want to tell anyone that we won it and we'd live just as we do now.

2 moms found this helpful

I would tear down this house and rebuild a new house, but stay in this neighborhood.

I would take my entire family on a vacation.

And then I would start a foundation to assist people in starting their own businesses with advisers, helping them.

2 moms found this helpful

The best educations money can buy for all 5 of us.

2 moms found this helpful

We don't have debt other than the house and cars, so we're alright there, but we would talk to our financial guy about what to do as far as how to best save the money for retirement and college for the boys.

We would also give a big chunk to the church. Our church is building a new church, so the money would come in handy.

We would both keep working, but this might allow my husband to retire when I do, which isn't likely to happen the way things are now.

We would also like to fix up our old farmhouse. It constantly needs repairs, but I love our old house. :)

1 mom found this helpful

Pay off car, mortgage and student loan. Max out college funds.

I'd then go on a hiking tour in Peru.

When I returned, I would come up with an investment strategy for the left over money. I'd probably give money to my nieces and nephew.

1 mom found this helpful

DH and I have had this conversation 1000+ times over!!! I know just what I (we) would do:
1. hire an attorney to create a limited partnership to claim the winnings (keeps your names out of the media); hire an accountant I trust
2. book 2 suites at The Homestead where we honeymooned - 1 for the kids and a sitter and 1 for us! Hire a driver/car to take us there. Sit on my butt there for a week.
3. Come home and quit our jobs (with extended notice - they have been good to us).
4. find some land to build on - build our house (to my custom specs!), a house for my SIL and her family and a couple more for friends who are like family - build a large pool, patio, pool/guest house, etc. in the middle for everyone to enjoy
5. during the school year - help the kids with their stuff, volunteer, take classes on anything and everything that interests me; hubby will be getting his PhD
6. when the kids are out of school in the summer, travel to places for 1+ month(s) at a time so we can really absorb the culture, language, etc.
7. adopt a child or two - someone who needs a good, loving home
7. RELAXXXXXXXXXX!!!!!!

1 mom found this helpful

I'm working my way backwards and havent' seen her question yet. Is she talking about the older woman that won 300+ million? If so, and I won that much (you didn't say how much in the lottery) I would do the following:

Buy a house, fully furnished with all new everything
Buy a new car for me and truck for hubby and a couple "fun" cars too
I would buy a seconary home in the mountains for cool summers and snow in the winter.
A third home on the beach in CA for summer vacations
An RV and all the fun toys that goes with it

I would buy my mom a house and whatever she wanted

For the rest of my family, I would tell them I will give them 300k to do as they wish but they are to NEVER ask me for another penny every again. If they blow thru it and are irresponsible with it, they won't get anything else.

And then I would travel to fun places with the family and enjoy early retirement.

I just bought 2 tickets this morning so I'll let you know WHEN this happens. =)

1 mom found this helpful

I would buy new homes and new cars for every member of my family, and for our daughter's nanny. I would fill our daughters' college savings accounts. I would have my dream home custom built, and let my husband purchase his dream cars. I would certainly never work again. I would have my husband quit his job and pursue his Engineering Masters that he has been dreaming about. We would hire a darn good financial guy to help us invest the rest to support our new leisurely lifestyle!

1 mom found this helpful

1. put aside for my son's education
2. pay off all my bills/car etc.
3. buy a house
4. pay off my parents' cars/house
5. TRAVEL... see as many places as possible.

Ahh... dreaming of a world where money isn't an issue :-)

1 mom found this helpful

I'd take the cash, pay my tithing and invest what's left in high dividend stocks. (Some stocks pay a greater percentage than my home mortgage.) As the stocks paid the dividend I'd use the dividends to pay off my home, help the kids, arrange for a family cruise or vacation.

Good luck to you and yours.

1 mom found this helpful

I would pay off all my debts, including minivan and probably upgrade, and I would buy a nice house. Anything left over would go to the kids for college and savings.

1 mom found this helpful

I would jump for joy first of course!

My husband and I have talked about this before and this is what we agreed on:

We would trade in his truck for a better one for work and the pay it off.
Get me a decent car and pay that off
Buy ourselves a modest home that we have been searching for and pay that off.
Put lots in the bank for later and invest some.
Help out our parents with some of their bills.
Take a dream vacation!
Save the rest and remaining.

My husband would KEEP his job, because money doesnt go far and doesn't last forever, and because he loves his job, and its the smart thing.

And we would continue our current life happily!

Ahh sounds good to me!

1 mom found this helpful

Depending on how much I won, say the Powerball:

1. I would split the 10% tithe between a few of the churches I have attended and the organizations I already support.
2. I would pay off my student loans.
3. Buy a modest house and open a savings account for the taxes.
4. Give some to friends that have helped me financially over the years
5. Split the rest with my 4 children

1 mom found this helpful

The very first thing I would do? Call a lawyer.

1 mom found this helpful

pay off what little debt we have.
Buy a Forcloused home really cheap, fix it up.
Get my party bussiness going.
Hubby would open up a detail shop.
Invest the rest and live off the interest.

1 mom found this helpful