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What if you won the lottery?

Posted Apr 07 2008, 08:03 PM by Karen Datko
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A newspaper story about Ford Motor Co. warehouse worker David Sneath walking off the job after winning the Mega Millions jackpot prompted "JLP" of All Financial Matters to wonder what he'd do if he won the lottery. He asked his readers the same question.

Sneath, 60, is taking a lump sum of $59.6 million after taxes. Fishing for walleye plays a large role in his plans. JLP said that if he won, he'd give a lot away to charity and family members, fix up the house, put in a pool, buy a vacation home in Colorado, and invest the rest of the money.

Many of JLP's readers presented common-sense or even modest plans for the imaginary windfall. In fact, Ernesto wrote, "I would for sure buy myself a new toothbrush." On the other hand, Michael DeBusk wrote: "Start a rumor about my having a weak heart. Hang out with young and pretty women."

Reader Joey had a thoughtful approach with a twist: Hire a financial adviser, pay off debt, help family members, set up trusts to fund charities, find work and hobbies he enjoys, and also this: "Get a trophy wife (I'm currently single)."

Miel of Dual Income No Kids said she'd start a green real estate development company and set up philanthropic organizations. Her husband, James, said: "Take control of a prosperous midsized corporation. Buy several politicians. Ensure that my family remained members of America's wealthy oligarchy." He added at his own blog, "Crush anyone who gets in my way."

Reader Nicole was slightly irritated with lottery winner Sneath. "Doesn't anyone give two weeks' notice anymore? Sheesh. ... Show a little dignity and respect, man," she wrote. Nicole said she'd give money to her parents so they could retire. She's not so sure about her sister. "She still cannot control her debt," Nicole said.

"The Mighty Quinn" would keep his lottery win a secret at first. "So many lotto winners lose family and friends over the money (everyone thinks they deserve a large slice of the pie)," Quinn said. He'd also set the money aside for a while until he and his wife could come up with a sound plan. "I think when people get a windfall," he said, "all logic and reason go out the door."

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Comments

 

l would try my best not to tell any one .buy a top of the line motor home and travel .send a bank check to family members. while in my travels find people in need and help.and buy AT&T so i can run it in to the ground and see it go down the drain. just so you know sell AT&T stocks now!

gerard (Posted 04.07.08 8:23 PM ) Report Abuse

Refuse any media publicity, hire bodyguard directly after getting check, deposit check(or do whatever you have to do to get the ball rolling), stop at the first place I can buy a laptop and satellite phone,  hit the airport and go to some island until I can figure out what I'm going to do. I can use computer to pay bills, manage money, shop or whatever.

Don't like to think about this too much, have to live in the below poverty level now.

anne (Posted 04.08.08 12:28 AM ) Report Abuse

You would never know who I am, (or was as the case may be). You would sure as hell never see me (and mine) walk out in front of cameras and give the barracudas a picture. After that, all bets are off.

John (Posted 04.08.08 6:49 AM ) Report Abuse

It's easy to say I'd resist the temptations that lead to the hardships others who've won the lottery have experienced, but this is one of those situations I don't know how I'd react until it happened - which is unlikely since I don't play the lottery.

Forrest Gump's mother was right: there's only so much money a person really needs.  I'd keep some for financial security, but I'd probably start my own charitable foundation.  This would serve a two-part purpose: first, I'd get the warm and fuzzy feelings conducive to this type of work.  Second, it'd avoid a great deal of awkwardness when long-lost friends came a beggin'.  Will "friends" still ask for hand-outs?  Of course, but saying you gave it all away is better than saying no whilst on a private yacht.  

Or I guess I could just make my servants tell them no.

Miguel Sanchez (Posted 04.08.08 10:53 AM ) Report Abuse

It always bewilders me why employers would like a two week notice when you plan on leaving their employment, but you don't get a two week notice when they fire you?

Zoe (Posted 04.08.08 6:22 PM ) Report Abuse

Zoe, that's a retarded question. If you knew you were going to be fired in two weeks what would stop you from doing harm to the company, it's property, it's clients information for the sake of revenge. Especially if you feel that it's unjustified. What about the safety of the other employee's who may get hurt as a result of some inner office violence. I have hired and fired people and sometimes it is dangerous when they are bigger than you and they deserve to lose thier job due to their actions. The people who are the worse employees who get fired are more often than not the ones who think they should just show up to work and get a pay check and  get upset when people try to make them work.

Jessica (Posted 04.09.08 6:30 PM ) Report Abuse

There is no need of being snotty. It was just an observation. But of course there is no such thing as being fired without just cause. That would not happen. Winning the lottery is a fantasy that few will ever have happen. If I played , I indeed would be one who would not give two weeks notice.They would be lucky to get two minutes. I also am not one to damage property or anything else when I have been layed off. The Co. just was not worth my time anymore.There are people who do show and work and are not praised for doing their job and others who do the exact opposite and get praise out the wahzoo.

Zoe (Posted 04.09.08 8:02 PM ) Report Abuse

Wish I could win and know one knew.I'd by my girls a car not expensive.I would give them money for college ,invest ,open my own personal gym,buy me a much needed car ,move to another state,stock up food for pantries,help the less fortunate etc

Sandra Young (Posted 07.01.08 4:27 PM ) Report Abuse

id buy a jet and pwn sum seriuous noobzzzzz

Jeff (Posted 07.20.08 5:54 PM ) Report Abuse

I would have grand plans.  I plan on paying off all my debts (mortgage, credit card, student loans etc) and fix up my house the way I want it.  I would also pay off my parent's debts, so they could be retired more comfortably.  They have paid for all us kids schooling, so I would make sure that is paid off.  I have a sister and brother, so I would set aside funds for them for when they decide to buy a house and settle down.  My in-laws - well, I would pay for their housing and get them set up, but not let them continue to try to nickle and dime me (which they would).  I would also move to my favorite area, build the house of my dreams, and invest the money wisely (Hopefully).  I would help with charities and such, but I am still young and want to make sure that when I retire, I will be comfortable.  I still plan to work some - I would get way to bored sitting around doing nothing.  And my pets would be well taken care of!  I don't want to spend it on luxury cars, jets, etc because to me, they are just wasteful.  I want to be comfortable, not ritzy.  

Mel (Posted 08.09.08 3:12 PM ) Report Abuse

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