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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

 

I will set up a blind trust.  No one will know that I won the lottery, except for my immediate family.  I will not spend a dime of that money for the 1st year.  (unless you have any debt, than pay it off)

I will still keep my job and live in the same house for next 2-3 years, until you have a definite plan on what to do with the money, such as, how much you will need to live comfortably for the rest or your life, how much you will give to your family and friends, how much you will give to charity.

Once all the plan is sort out, I will still work part time.  Live a similar life that I have.  Only difference is that when I go to vacation (which will be more often), I will buy business class (first class is still a waste of money) and stay in a nicer hotel.

But I will still clip coupons and stack up during sale season.  

I will give a very large portion of the lottery winning to charity.  But I will give it annonymously but directly.  I won't give to charity organizations that takes 50%+ of the donation to their own administration cost.  I will prefer to donate foods (not money) to the food bank.  Used by family who works but needs an extra help.  

I don't have kids, but will never will leave this money to any of my future kids or nephews and nieces.  I might help them with their college education cost.  Anything else will turn kids into useless beings.  They will need to learn how to take care of themselves early and on their own.

I would definitely payoff all debt. Then would travel the world and do things I've never done before like skydiving.  But before I would do that put some money away for family and make sure my parents are well to do for the rest of their lives. Now, as far as giving two week notice from my job that just would not happen. I would wake up the next morning like that job never exisited because they don't really care about you anyway they just care about what they can get out of you. I would also invest in realestate and stocks to make sure this money is working for me and protect my new found fortune for my children and furture generations.

Well, if I won the lottery I would quietly pay off my bills.  I would give my two weeks notice and work for the two weeks. It would be the happiest two weeks of my life. I would tell my co-workers that I am moving out of the country so they won't try to stay in touch or ask what company I was going to next. My family would get help but not enabled help. It would be just enough to keep their heads from going under the water. I would provide for their education cost. If they wanted to live in a house maybe I would buy a house large enough for about 10 people to live in. The ones who need the most help would live there. I would tell them I was saving my bonuses from work and wanted to help them but I would not tell them there was a never ending load of money. Money makes people funny. As long as you are working hard for the money the family will sit back because they know you will tell them to do the same but it its the lotto they will feel entitled to their cut. So if I had to do pictures I would but I would be moving the same day. My assistant can go back to gather my pictures and diplomas because I would be able to buy all new stuff.lol

It's a new life all the way. Two accountants (one to watch the other),financial adviser, cook, nanny, and tutor for the kids ect.

I want a lump sum payment because you have to live long enough for all those 30 payments.lol

You  have to get your picture taken and release your name to the public read the rules on the lottery this is definitly true with powerball.  Well you don't have to you can not receive the winnings.   Nooottttt.   I would spend the money on anything I wanted.

I would take as much as i needed to pay off my high interest debts. I would then invest all of the money, assuming im still not married at this point. I would then, a year later get my greedy hands on a really nice piece of land (they aint making anymore of it!) Then build a five-star hotel. Then I would contact Donald Trump and make him pay me huge amounts of money to buy the land and hotel off of me, and just to put his name ontop of it.

After me and Donald Trump become buisness partners I would purchase an amazing boat with a helicopter pad on it and fly to everyone's house that ever told me I wouldn't become something in life.

I would then sell my boat because I would realise how stupid of an idea it was to buy it.

Then I would buy a Kawasaki Nija motorcycle (green) and I would go across the country on it and find my old best friend and I would by him a house with a fridge full of beer and I would thank him for all he has done for me.

Years later my old bestfriend would contact me and tell me about how I had changed his life and he would tell me he has come up with a secret recipe for the worlds best beer. Then we would become buisness partners.

At this time I would be living in a condo in NewYork, nothing too fancy, but comfy.

Then me, Donald Trump, and my old bestfriend (an new buisness partner) all create a brewing company called "Trump got me crunk"

Then the world would really figure out that Donald Trump is the man and he would become the next president of the US. Therefore making me Vice-President. We would bring the world out of its depression and we would pay-off those *** scienists who are keeping the cure for cancer locked away, then we would save the world. Then one *** will decide to rebel and he would blowup millions of dollars worth of property and buildings, since the world would be so busy smoking funny things and having the time of their lives they wouldnt realize this.

Therefore all of me and my friends would be killed off.

Thanks lottery, you ruined my life.

Let's see, if I won the lottery I would NOT take the lump sum, much to the annoyance of my husband.  Since, I am 11 weeks away from my MBA I would pay off my student loans.  I would set up trusts funds for our 4 children with payouts at 21, 25, and 35.  Since 2 of our children have sickle cell disease I would ensure that they had money to cover any medical expenses.

My dad died this past Feb. and my MIL died last August.  So, I would set my mom up BIG time, because no matter what I don't think I could ever repay her for all she has done and been to me in my life.  I would set-up my FIL too.  My husband is the youngest of 7, however I would not give a lot of money to his siblings.  Yet, I would let him decide what to do for them and support him in his decision.  I have 2 siblings.  My brother is financially stupid.  I would pay his debts and give him 50k, thats it thats all.  My sister I would pay her debts, then help her clean out her office, so she could head up my non-profit organization.

I have always wanted to open a shelter for abused women and children, called My House.  I would also like to open a transition home for children that are wards of the state.  I feel it is a complete and utter shame how once they hit the age of 18 that they are simply set out to fend for themselves.

For me- I would like to learn how to fly a helicopter.  I would not leave my job right away, simply because I like it. However, I am a huge fan of the monster commercial that says "Hate long good-byes?  Give a 1 week notice." LOL!  Besides, doing the above I would help fund stem-cell research.  Set-up trusts for my "other children" (my friend's kids), build my dream home, travel, and be the millionaire next door.

Thanks for letting me dream with the rest of the world.

Riverside House with a pool, decent size off shore boat, a small flats boat, a truck big enough to pull them.  Invest a little here and there, splurge for a short bit, over tip for good service.  Set up some CD's so that as they mature they would pay the utilities.  RV out west to see DMB at the Gorge or Red Rocks then back east to see them play their hometown of Charlottesville, Virginia.  Go to every baseball stadium over the summer.  Dolphins season tickets so that i can see them struggle.  Get some golf lessons so that I wouldn't leave to many divots at Pebble Beach or lose to many balls on the 17th of Sawgrass.

I would love to help some of my friends see their dreams come to life.  

Take care of my little sister.  Repay some favors in excess.  Offer my time to my favorite charities.  

I would pay off all debt, set up trust funds for my children, my siblings and their families, the same for my in-laws, make generous donations to the 3 churches I have attended in my life and to a few hospitals, St. Judes, Childrens Hospital then invest the rest after deciding where I want to live.  Mostly I would want to take stress off my loved ones and those in need.

my first priority would be my wife and me - i'll take care of family and some friends, but it was once said- you can not be all things to all people - first thing first is to hire a good tax attorney and then a finacial adviser - I wouldn't be cheap to family and friends, but i do remember what happened to famous people who had wealth and now are poor (aka Mike Tyson)- I don'rt believe we are born wise, but we must learn to be wise - i would take one long vacation with the wife and cat and get our bearings straight -

I personally would pay off the house, cars, EVERY debt owned to EVERYONE even if the debt wasn't mine (which I have a few on my credit), set up college funds for the kids, including a small amount for them to receive once they reach a certain age (example 35 or so). Then invest!!! And finally stop worrying how I was going to feed my family or pay the next bill.

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