Jackpot winner? (after the big win)Previous TopicNext Topic

There are several things I would do on this list but the first thing I would do is Thank God and get good financial advice. I would only discuss my win with those who are close to me and let them know what to expect. I would give away a certain amount of money and stick to it, no matter how many people keep begging. I would also make sure that 10% went to my church, but I would want at least a portion of it to benefit indviduals or families who are having a hard time making ends meet. I would look at like a stimulus package for those who are in need. I am intrested to see what other LP members would do.

                        "WE MAKE A LIVING BY WHAT WE GET, WE MAKE A LIFE BY WHAT WE GIVE!"

                                                          Sir Winston Churchill           

Good luck to everyone and I hope that at least a few LP members are faced with what to do with a jackpot win!       

Pay off student loans, then on to other things on the list. :D

First and foremost, give thanks to my personal saviour, Jesus Christ, 10% for tithes, save some of the money for myself and then distribute money to my family and friends.

I would thank God and Jesus first, without them, I wouldn't have the ability to win any money.. Then I would start paying bills off that I haven't been able to pay...

I would help people out that I know are in need.. as well travel for sure and then get my own place..

I live with my mother and dearly want to move away!

The first thing I would do is go to Idaho Falls,Idaho and sit down with the owner of Powerhouse Coach and design a custom motorhome.After waiting 6 or 7 months for my motorhome to be built to my specifcations,I would start on the adventure of a lifetime.My motorhome would be built with a garage on the back of it to haul my 55 Ford panel truck,which will undergo a complete makeover while my motorcoach is being built.The garage of my motorcoach will do double duty.Besides hauling my panel truck it will also carry emergency supplys for people who are living through a natural disaster such as a flood,hurricane,wildfire or tornado.I'd drive all over America giving food,clothing and medical supplys to those less fortunate than myself.The cool thing about it is I would be helping people in need as well as seeing every nook and cranny of America.I've always been nomadic.I spent a few years in my late teens and early 20's hitchhiking around the country but really couldn't afford to see everything that I wanted to see.A Powerball or Mega Millions win would allow me to take up where I left off in the 70's and help people at the same time.

Consult a financial advisor!

I would probably be in shock for a while and I would probably take the time to figure out what I am going to do. One of the first things I would do with the money however, is I would be pay off all my bills/debt.

I like your thinking Madd Mike!, Can they really build a Coach big enough to haul a 55 panel truck?, If so I sure would like to see what it looks like.

I sent you a private message.

I would do it in this prioritized order:

1. Pay off all debts
   
2. Give some to family and friends
3. Invest a large part. Use the investment consult working for the lottery company.
4. Spend some of the money on luxury etc.

Vegas Baby!

Celebrate first.

Why would you do this when gambling is a sin in the Christian religion?  There's a reason why people say that smoking, drinking and gambling are "guilty pleasures".

It is a sin if you overspend and think only about yourself and no one else...

If you win a large amount and help people along the way, God I know is very pleased with that..

 The very first thing I would do is seek out a good financial advisor, maybe invest some in green and nanotechnology. I don't care what the naysayers say about green and nano, most "experts" have really messed us up anyway.

 Build a modest self sustaining solar home / small farm.

 Give talented friends and family no interest loans to start their own small businesses.

 Then off to Vegas, Amsterdam, Germany, Italy, Hawaii, Canada etc., and a small business of my own when I get back home.

Elixabeth03, you wrote

"It is a sin if you overspend and think only about yourself and no one else...If you win a large amount and help people along the way, God I know is very pleased with that.."

______________

Thank you for the guilt trip as you tell other people you don't know or their belief structure how to run their lives - while not accepting any level of responsibility.  That's actually a red flag for me as you will read later.

Me personally.

1. Thank God

2. Good lawyer and tax consultant, more so than a financial advisor.  As a former stockbroker, finances are my strength - but also gives me insight to other issues.  What title should I accept the winnings, trust, etc.  Other areas of legal insulation from oportunisic claims or demands.

3. Would probably take lump sum and invest.  Build a laddered bond portfolio of high grade corporate or insured munis to provide income. Virtually no debt to pay off, investing the rest for reasonable growth where would never outlive.

4. Set  a budget with set targets for charity, daily living, activities - from community involvement to writing the book I always wanted to but a job interferred, etc.  Allow a budget for extravagence, but just a percentage every year - controlled extravagence with competing desires forces setting priorities but rewards yourself within reason annually.  Set up family gifting.

5. Anonymous giving.  Something as simple as seeing a family out for dinner and picking up their meal.

6. Volunteerism - Becoming involved where one's tombstone will read "Existed and made a difference."

RED FLAGS

1. People telling me what I have to do.  Any charity will be ones I've researched, not those that come knocking and making demands.  Likewise, when giving to some and they turn it over to their marketing machine - more, more, more.  That is an absolute turnoff.

2. Self serving financial consultants.  Amazingly, your financial plan just happens to be what they sell.