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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."

Comments

 

Well,... IF I won Lottery I would be Super happy ! I would retire after working for the same place for 32 years. Depending on the amount of money I won, I would hope to keep a  few million for retirement, and the rest for enjoying Life ! Helping out my Family, Friends, my church, and just people who REALLY need a helping hand. I would Remodel my House BIG TIME. I already have my Private Pilot for fixed wing Plane  and was working on my Comm. Helicopter but not enough money, so I would finish that in a heart beat & then go buy a nice Helicopter. I would love to travel the world and stay at really neat places along the way ! Yes, I would give my place of employment 2 weeks notice that I was going to retire, maybe even 4 weeks. They have been my bread & butter since I got out of High school and it has been a great job !!! Plus I would take Great care of my love of my life. Buy Her all the things that she never had before. She is my Queen ! I do play the Loto, Twice a week, but have never hit anymore than 4 numbers. Bummer. But I keep trying !!! smile,...

If I won a huge jackpot I'd like to keep my job because I really enjoy it, plus I hate to burn my bridges. I dislike the idea of paying taxes, but I don't want the worlds largest crime organization (US Government) to put me in jail eithe. The sad part of winning lots of money is that I think I would have to quit the volunteer fire dept and my volunteer ambulance service. Working as a volunteer and saving lives is very rewarding and I love it, but I think some of those lives would be quick to sue me and the organization as a way to get at my money. The living are so ungrateful. Aside from keeping my job and quiting the volunteer stuf I'd invest as much as possible in an effort to make it last. I might consider using some of the interest to build a modest house in the future because my mobile home is just not in the best of shape anymore and I'm tired of the tornado magnet. The hardest part would be telling friends and family "no." I would give some as it becomes availabe in the form of earned money, but not cut into the principal winning. I love Mom and Dad, but they will just have to wait a year or so just like my kids and I. On the other hand I may not pay taxes and use the money to build a well defended fortress and challenge the government to come and get it. What a media spectacle that would be. Move over Waco Texas and Brittany Spears, it's my time to shine.

If I won the lottery I would first give ten percent of it to our church.  I would then pay off all our debt and our families debt(My parents, two sisters, In Laws and brother in law). which isn't too much, probably about 500,000 between all of us.  Then I would get my wife and myself two new reliable cars, nothing crazy expensive.  I would probably get a full sized truck, about 25-30K or so, and her whatever she wanted, I'm guessing something like an Altima or something like that.  We would then either get extremely involved in our church, or pray about becoming missionaries to college students.  When we feel the Lord has told us our calling we would then buy some land where we agreed to buy (no less than 50 acres) and start building our dream home.  Then in one form or another I guess we would be missionaries and serve other people and do our best to help people experience God's love for them full time. (Well we try to do that now, but that is what we would strictly do, no other jobs).  

i wont do nothing different, i will donate some money to charity, pay off my debt

and wake up every morning and go to my job, cause i love what i do.

I'LL PAYOFF MY HOUSE (MY ONLY DEBT) ,AND GIVE IT TO MY SON . I MAKE SURE MY HANDICAPED BROTHER WILL HAVE A COMFORTABLE LIFE FOR REST OF HIS LIFE.I WILL PAY OFF THE HOUSE OF MY EMPLOEE OF 18 YEARS.

I WILL BUY MYSELF A SMALL FLAT WITH A GREAT VIEW,AND I START TRAVELLING THE WORLD WITH A COMPUTER ,A CAMERA, A CELL PHONE AND A BACK PACK.

WHEN NOT TRAVELLING I'LL TREAT THE POOR FOR FREE.

I would pay off my debts, my kids debts, and completely take care of my parents.

Set up trust funds for my grandkids. Donate some to charity. Then I would re-invest

in organizations that have helped me when I needed it and not those who loan or help you when you don't need the money. I would go back to school to learn how to keep the money that I won. I would also put the money in the credit unions and banks that have helped me along the way. Spend most of my time in Hawaii

Just be comfortable.

Well first I intend to see to living conditions of 6 little angels, their health and

welfare, homes for them to grow up in. Locked with all in their names through

trust. Then I would go no my way working or whatever I wish to do.

First thing i would do i would  not take a lump sum and give uncle sam or the state the satisfaction of cashing in on my good fortunes. I would take the annuity and make them pay me every penny so my kids and their kids could be around to enjoy the blessings.It amazes me sometime to see the amount that is deducted due to taxes, that all they believe in taxing the little man. I would except the money under a corp name with my kids and wife has the benefactors... ha ha so if i die from over eating and over drinking its not a big lost lol.. but seriously its easy to say what we would do not winnig yet and i do pray for everyone of you would have the good fortune of winning.I play and pray because i feel like a loser my life didnot go has planned but im still not giving in but a win in the lottery no matter what amount would make me feel like a winner not just the monetary gain just the feeling that good thing can happen to the underdog or the under priveleged.I would give to those that have given to me like my mother,brother,kids,some friends, the real ones! then i would get an education,just for personal satisfaction, treat my family to a good and loving life. Its sad to see people whos life is devestated after such a blessing it sometimes make me wonder why do i play, but then i think just maybe life good some how be different for me the next day just the freedom of not having to worry about will i be able to eat or feed  my family the next week. i made a lot of mistakes when i was younger and winnig the lottery would be a way to correct all the wrong and turn it into something wright....... thats just what it would do for me.. it would make me feel alive and special that something special happened to me not someone else but the world shine its light on me and thats i quess a high that we all strive or hunger for.........

I would set it up to receive checks in the mail on random days for random amounts.  I would buy some used luxury cars on ebay and trade them whenever I felt like it.  I would buy a few inexpensive recreational/investment properties to visit.  Of course my wife and sons would get some of their wishes fulfilled.

Dreams are nice,but the truth is things change and the most important change should be family and their happiness.

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