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Author Topic: WHEN I win the lotto I'm going too....  (Read 10365 times)

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Brentwood

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Re: WHEN I win the lotto I'm going too....
« Reply #45 on: March 09, 2011, 03:52:13 PM »


Buy a house.
Send money to my sister in Cleveland.
Visit Wales.
Follow the Australian Cricketers wherever in the world they are playing.

Oh! You've reminded me. With my winnings, there will also be a trip to Scotland involved.

Venus193

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Re: WHEN I win the lotto I'm going too....
« Reply #46 on: March 09, 2011, 07:49:10 PM »
I did a search once and found an article from 2004 stating that about 1/3rd of lottery winners end up broke after 5 years.  There was no statement about the average winnings, but their future financial woes are usually the result of some combination of reckless spending, destructive habits (like gambling), and greedy relatives.  Since I don't have either of the latter two I haven't much to worry about.





Pinky830

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Re: WHEN I win the lotto I'm going too....
« Reply #47 on: March 09, 2011, 08:07:38 PM »
Replace: my deck, most of the light fixtures in my house, the dining room rug (heck, maybe the dining room furniture), the bathroom cabinets, and the front door.

Let DH finish the partially restored (i.e. mostly junker) classic car in the garage.

Buy a beach condo and a mountain cabin.

ETA that except for the (small) vacation homes, yes, I am thinking small. The idea of really winning a vast fortune is actually kind of frightening. I just have a list of things to do that probably total less than $50K, but there's no money for them right now.
« Last Edit: March 09, 2011, 08:15:51 PM by Pinky830 »

MrsJWine

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Re: WHEN I win the lotto I'm going too....
« Reply #48 on: March 09, 2011, 08:47:46 PM »
I did a search once and found an article from 2004 stating that about 1/3rd of lottery winners end up broke after 5 years.  There was no statement about the average winnings, but their future financial woes are usually the result of some combination of reckless spending, destructive habits (like gambling), and greedy relatives.  Since I don't have either of the latter two I haven't much to worry about.

Yeah, I should have written that I would put a huge chunk of it into an untouchable, stable something-or-other before I did any spending.  I like to think I'd be sober-minded enough to handle it, but I would still take steps to protect my money from myself.


I have a blog.  I hate that word.


Utah

Valentines Mommy

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Re: WHEN I win the lotto I'm going too....
« Reply #49 on: March 09, 2011, 09:25:32 PM »
Basenji ranch! I'd pay my debts and then take in homeless basenjis at my ranch in Texas hill country.

Brentwood

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Re: WHEN I win the lotto I'm going too....
« Reply #50 on: March 09, 2011, 09:38:38 PM »
I did a search once and found an article from 2004 stating that about 1/3rd of lottery winners end up broke after 5 years.  There was no statement about the average winnings, but their future financial woes are usually the result of some combination of reckless spending, destructive habits (like gambling), and greedy relatives.  Since I don't have either of the latter two I haven't much to worry about.

I would definitely seek the help of a financial planning service regarding where to invest the money. I'd probably sink a substantial amount into conservative investments from which I could draw an income, and a lesser amount into some more aggressive investments with higher pay-off potential. I wouldn't be putting all of my eggs in one basket.

Venus193

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Re: WHEN I win the lotto I'm going too....
« Reply #51 on: March 09, 2011, 09:47:33 PM »
Of course.  I would also quickly make an appointment with my accountant, my investment guy, and my lawyer.

After that... the travel agent.





suzieQ

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Re: WHEN I win the lotto I'm going too....
« Reply #52 on: March 09, 2011, 10:32:06 PM »
Pay off our credit card debt
Buy DD and myself each a new car
Tear down our house (I love our location!) and build a new one with a bigger master bath, bigger kitchen and bigger closets!
Set up DS with a fund that will provide for him for life. (He MUST have insurance because he is insulin dependant, and he has other conditions that make me worry he may not ever be self-sufficient)
Donate to artificial pancreas research

Information_queen

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Re: WHEN I win the lotto I'm going too....
« Reply #53 on: March 10, 2011, 01:44:08 AM »
I did a search once and found an article from 2004 stating that about 1/3rd of lottery winners end up broke after 5 years.  There was no statement about the average winnings, but their future financial woes are usually the result of some combination of reckless spending, destructive habits (like gambling), and greedy relatives.  Since I don't have either of the latter two I haven't much to worry about.

Yeah, I should have written that I would put a huge chunk of it into an untouchable, stable something-or-other before I did any spending.  I like to think I'd be sober-minded enough to handle it, but I would still take steps to protect my money from myself.

I'd probably have to do something like that, too.

I would have no problem giving my parents money, even my in-laws - well, MIL and SFIL, but not FIL and his wife, for various reasons.

I think I'd also set up a trust for my grandmother. Her state doesn't grant the surviving spouse the entire estate unless you write an ironclad will specifying it, and my grandfather will not bother changing his will to reflect that. So my mom and her siblings will split half of it, leaving my grandmother to pinch pennies and support my mooching aunt. I'd set it up so nobody but my mom can touch it and make sure she could take care of my grandmother.

Ooh, you know what else? I'd set aside a fund for veterinary emergencies for all my family and friends. I wouldn't tell them about it. I'd just keep it there, and then if someone had an emergency, I'd help them out and I'd probably have to tell them then or they would freak out that I'm giving them money I couldn't afford to give. But I'd make sure that we could all have one less difficult decision to make.

sweetgirl

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Re: WHEN I win the lotto I'm going too....
« Reply #54 on: March 10, 2011, 05:37:37 AM »
I dont know if I'd set my kids up for life to be honest. I know I probably sound mean but I wouldnt want them to become one of these trust fund kids. I'd set them up so their education was covered. Their first car. A house and their wedding. But other than that I would expect them to work and make a living for themself. I wouldnt want them expecting the bank of mum and dad to finance their lifestyle.


Elfqueen13

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Re: WHEN I win the lotto I'm going too....
« Reply #55 on: March 10, 2011, 08:16:50 AM »
I watched a couple of those "curse of the lottery" shows that portray lottery winners and the horrible things that happen to them.  The main lessons I took from it were as follows:

1) Don't announce your winnings to the world. Incorporate yourself (very easy in most of the US) and have a representative of the corporation - like your lawyer - collect on your behalf. Hire someone to open your mail and screen it so you only see requests from legitimate groups that meet whatever criteria you set.

2) Don't move far away from your family.  A lot of the winners shown moved to Florida or California, leaving their families hundreds or even thousands of miles away.  If you have a solid support system, be it family-of-blood or family-of-choice, don't move away from them.  You need them more than ever.

3) Don't cheat on your spouse.  Divorce disputes chip away at the pot and the only ones that walk away rich are the lawyers

4) Don't do cocaine!  I was stunned at the number of drug problems people developed after winning.

5) Don't start your own business.  Half of new businesses fail in the first year and the temptation to throw good money after bad is overwhelming.  You're better off investing in an established business that is in a good place to expand.

5) Idleness isn't good for people.  Take a few months, travel, play, whatever.  Then go DO something with your life.  Volunteer work, go back to school, sit on the board of a charity, mow your neighbors lawns, don't just spend the rest of your life playing.  Same goes for your kids.  Get them a car for their 18th birthday and pay their college tuition but don't give them unlimited spending money or buy them everything their little hearts desire.
Follow along on my house hunt!  http://ulfrslady.livejournal.com/

amanda_tlg

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Re: WHEN I win the lotto I'm going too....
« Reply #56 on: March 10, 2011, 08:42:22 AM »
Have the money changed into small bills and roll around in it

Elfqueen13

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Re: WHEN I win the lotto I'm going too....
« Reply #57 on: March 10, 2011, 08:47:47 AM »
Have the money changed into small bills and roll around in it

Like Scrooge McDuck?
Follow along on my house hunt!  http://ulfrslady.livejournal.com/

amanda_tlg

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Re: WHEN I win the lotto I'm going too....
« Reply #58 on: March 10, 2011, 08:49:00 AM »
Have the money changed into small bills and roll around in it

Like Scrooge McDuck?

Exactly. Just bills though. Those gold coins he plays around in look very uncomfortable.

purplemuse

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Re: WHEN I win the lotto I'm going too....
« Reply #59 on: March 10, 2011, 09:19:25 AM »
Assuming a huge lottery win...

I would pay off our debts and the debts of my immediate family, with the understanding that:  that's it, you're all competent people; I wanted to share my good fortune with you, but I'm not giving handouts later.

I would sit down and plan out a realistic budget that would allow us to live... probably a little better than we do now... indefinitely (with the original lottery winnings in an interest bearing account)-- of course, this depends on the size of the lottery, but a flat $1 000 000 would give us $50 000 a year for 20 years, and I'm thinking of the multi-million lotteries.  This would allow me to focus on my writing without worrying about money, and hopefully bring in some income from that pursuit later on.  If DH wanted to keep working for a regular paycheck, the money would stretch even further.

Keep back some extra for things I would like that would really make my life easier/more enjoyable-- vacations, shopping sprees, trips to the spa, a chauffeur (I don't drive-- driving scares the living daylights out of me), another apartment to hold all our books...

I would like to found the following with whatever's left, and would probably cut back on some of the things in my last paragraph in order to do so:  a group to promote adult literacy, and a nationwide hotline/counseling services for people of *myfaith* to provide support for issues like *color changed in case of triggers* suicidal thoughts, cutting,etc.  Not because I think people of *myfaith* are the only ones who deserve help, but because I've heard too many stories of people having a really tough time with these issues and getting flack for it from others of *myfaith.*  I would like for there to be a place for these people to go where they can have their spiritual needs tended to as well as help for their problems.