Author Topic: WHEN I win the lotto I'm going too....  (Read 4571 times)

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purplemuse

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Re: WHEN I win the lotto I'm going too....
« Reply #60 on: March 10, 2011, 10:19:25 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.

MrsJWine

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Re: WHEN I win the lotto I'm going too....
« Reply #61 on: March 10, 2011, 10:25:11 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.

I might, secretly.  Have them work their way through college (maybe paying for tuition, but they'd have to earn room and board and books), then around the age of 25 or so, surprise! you have a trust fund!


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Utah

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Re: WHEN I win the lotto I'm going too....
« Reply #62 on: March 10, 2011, 01:35:41 PM »
When I was setting up my will, my nephews are my beneficiaries.  The lawyer suggested that it be worded to leave the money in trust until they are 25, with the proviso that money could be withdrawn for things like schooling.  I liked that idea.

For lottery money, though, I think I'd set up a trust that they can't touch until they're 40!
I have CDO.  It is like OCD but with the letters in alphabetical order, as they should be.
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kitty-cat

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Re: WHEN I win the lotto I'm going too....
« Reply #63 on: March 10, 2011, 02:08:26 PM »
I'm going on the assumption that I won the awesomly amazing super ultra prize. And that I'm the ONLY winner;

1) Get a financial planner to help me keep the money
2) Take the annual payments rather than a lump sum.
3a) Buy a NEW car. Not a super nice one, but a NEW car
3) Buy a bunch of land in rural Texas
4) Build my dream home on said ranch
5) Set up said house
6) Buy my parents new cars (my stepdad's is about 20 years old and my mom's is pushing 10)
7) Invest my money- most safe investments and a little in risky.
8 ) Set up trust funds for my far future kids- they will know about it- but they had better work hard in school for scholarships and if they don't want to go to college they had better have a good reason. They take control at 25 either way
9) Enjoy the rest of my life.




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Elfmama

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Re: WHEN I win the lotto I'm going too....
« Reply #64 on: March 10, 2011, 03:24:06 PM »
Of course.  I would also quickly make an appointment with my accountant, my investment guy, and my lawyer.

After that... the travel agent.
And the phone company, for a new unlisted number.  Most lotteries publish the name and hometown(s) of the winner(s)
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StarDrifter

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Re: WHEN I win the lotto I'm going too....
« Reply #65 on: March 11, 2011, 01:17:43 AM »
Ace and I talk about this all.the.time. - and we have a pretty comprehensive plan!

We assume that the win will be around $5 million - and we know that we'd have to go to Melbourne to claim the prize itself and we've decided that we'll stay in a super ritzy hotel when we do - even if we max out our credit cards to do it - we'll be paying them off the day we get the cheque!

 The first thing we'd do is speak to a financial planner and a solicitor ASAP; but keep it all very very quiet - we've agreed we won't even tell our families about it - we might tell them that we had a win but not how much. One thing the Australian lotteries do is make it so that you have to wait two weeks after the draw before you can claim a first division prize- we'd have a fortnight to talk things out before we actually got the money.

 We'd probably opt to take most of the payments in installments ($5mil = $1million lump sum plus $200k/year over 20 years!) if we can't do that then we'd only take the first million lump sum and invest the rest then live off the interest.

 Ace wants to live in a serviced apartment for a while - there's a hotel here in our town that has two and three bedroom serviced apartments so we'd move in there while we renovated this house and built another one - we'd use this house as an investment property and live in the dream-house!

 I'd definitely lock down my privacy settings on Facebook etc, probably change my mobile number if it became necessary and would encourage Ace to do the same.

 Ace wants a Dodge Viper, and I want a BMW X5, but I'd still keep my Suzuki Swift! I think he'd have the Viper for about two months and get sick of it - so he'd get another car for everyday stuff.

 We've agreed on certain family members and friends that we'd help out - depending on the amount we won we'd give away up to a quarter of it - new cars for some, or a big chunk off their mortgages for others; the people we've picked we know are sensible with money and won't expect hand-outs.

 Then we'd call a travel agent and book the cats into their favourite cattery for a few weeks, and take two friends of ours on a round the world cruise.
... it might frighten them.
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Akarui Kibuno

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Re: WHEN I win the lotto I'm going too....
« Reply #66 on: March 11, 2011, 05:18:47 AM »
Some of the lotteries I could win around here are HUGE (am talking sometimes more than 20 million US Dollars).

I would probably do some of the planning people before me have posted about (appointments with banker, lawyer and stuff) , but here goes.

1) Investment (Life insurance, retirement plan just in case)
2) If possible, a house for each of my sisters, my mom and my dad (I have four sisters) and a car for Mom, Dad and DrivingSis
3) Some money to each sister, in form of a trust fund for the minors, same for nephew
4) Paying off my parents' debt, then my own, then my sister's if they have any
5) Buy myself a house
6) Buy my best friend Sarah a house in NJ or wherever she wants to (Last night I had a dream I had to meet with the American Embassy in Paris to see if this was legal haha)

Then, I would see how much I could get monthly. Should I be able to quit job searching, I would, always keeping a cushion in case of emergency.

Then... TRAVEL... and and... ELECTRONICS. LOL. Wii ? PS3 ? Ipad ? Iphone ? Nintendo DS ? New super duper mega laptop ? Come to Mama, come on  >:D !

Oh and I am not mentioning Plushie because I guess he would first faint and then I'd immediately propose and offer to honeymoon in some theme park he loves... I guess he would not be able to refuse bwahahahahaha.
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Outdoor Girl

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Re: WHEN I win the lotto I'm going too....
« Reply #67 on: March 11, 2011, 10:01:13 AM »
A friend of mine has a non-e-hell approved idea if he ever wins the lottery.

He wants to put the ticket in a safe place and then see what it takes to get fired!

Our lottery gives you a year to claim the prize so if he doesn't get fired within the year, he'd have to go claim his prize, anyway.
I have CDO.  It is like OCD but with the letters in alphabetical order, as they should be.
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Venus193

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Re: WHEN I win the lotto I'm going too....
« Reply #68 on: March 11, 2011, 10:40:59 AM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

MrsJWine

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Re: WHEN I win the lotto I'm going too....
« Reply #69 on: March 11, 2011, 10:53:01 AM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

I kind of understand the sentiment (though... why not cash in his winnings quietly, just to be sure; I would never rest easy with an uncashed lotto ticket in a "safe" place).  I loved waitressing, but a big part of the job was smiling and nodding when people were complete jerks to you.  On my last day, I always wanted to (politely) stand up for myself to all the jerks.  Sadly, everyone was really nice on my last day.


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Utah

sweetgirl

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Re: WHEN I win the lotto I'm going too....
« Reply #70 on: March 11, 2011, 11:29:03 AM »
There was a lotto winner here in Oz that took 2 years to cash in their ticket. The reason they gave was that it was such a shock and they werent ready at the time to deal with such a life altering situation.

Lynnv

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Re: WHEN I win the lotto I'm going too....
« Reply #71 on: March 11, 2011, 12:06:57 PM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

I kind of understand the sentiment (though... why not cash in his winnings quietly, just to be sure; I would never rest easy with an uncashed lotto ticket in a "safe" place).  I loved waitressing, but a big part of the job was smiling and nodding when people were complete jerks to you.  On my last day, I always wanted to (politely) stand up for myself to all the jerks.  Sadly, everyone was really nice on my last day.

DH has a desire to have 'Brutal Honesty Day.'  But he would never do it-because the small satisfaction of telling the complete and unvarnished truth to people (both kids and parents) who have heard too little of the plain truth in their lives is outweighed by the fact that it is generally mean to try to force those kinds of truths onto people who don't want them.  And they wouldn't learn from it anyway.  It would just be put down to DH being small-minded and mean rather than home truths being spoken.
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Outdoor Girl

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Re: WHEN I win the lotto I'm going too....
« Reply #72 on: March 11, 2011, 01:24:11 PM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

The phrase I'm thinking of, that is also a country song, is only 6 words so I'm curious as to what your phrase is...
I have CDO.  It is like OCD but with the letters in alphabetical order, as they should be.
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jmarvellous

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Re: WHEN I win the lotto I'm going too....
« Reply #73 on: March 11, 2011, 01:31:25 PM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

The phrase I'm thinking of, that is also a country song, is only 6 words so I'm curious as to what your phrase is...

Ditto.

Lynnv

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Re: WHEN I win the lotto I'm going too....
« Reply #74 on: March 11, 2011, 02:09:12 PM »
Oh, my diety.  Why can't he do the other non-e-hell thing (the 7 words everyone wants to say) and just enjoy the money?  I wouldn't want to wait!

The phrase I'm thinking of, that is also a country song, is only 6 words so I'm curious as to what your phrase is...

Ditto.

I am thinking of the same song.  But maybe it is George Carlin's 7 Dirty Words, which might get you fired in some places.  ??
Lynn

"Anyone who considers protocol unimportant has never dealt with a cat."  Robert A. Heinlein