Don't Spend Your Jackpot!

Reply #26

Uff Da! — Mon, 11 Aug 2008 19:58:46 GMT

Ah yes, what a wonderful place to honeymoon on Bora Bora! It's been years since I was there but should I ever win the lottery, I might just go back even though I'm not all that excited about travel in general. Whenever I do relaxation exercises I close my eyes and picture a certain scene on Bora Bora, palm trees framing a sailboat and the turquoise waters inside the lagoon. Peace!

It was funny. When we went to Bora Bora the airline lost my late husband's suitcase. He only had the few things t... [ More ]

Reply #25

One2Adore — Mon, 11 Aug 2008 19:19:40 GMT

Go Cowboys

Reply #24

justxploring — Mon, 11 Aug 2008 18:46:30 GMT

Probably best to fly to Vegas first so you are legally married in the United States. Then go on a honeymoon to Bora Bora if you wish and have a small ceremony on the beach. People get married in exotic places all the time like Fiji, but it might get complicated later on if papers aren't filed properly. By the way, I like your plan.

Reply #23

CowboysFan — Mon, 11 Aug 2008 18:12:40 GMT

NO WAY! I would take my girlfriend of almost 4 years to Bora Bora and get married. After that I would buy my girlfriend and I a condo in San Diego and after that I would just help my other family members out. Most of my time would be spent volunteering to help the homeless and underpriviledged children. If I'm not volunteering I would just be watching the Cowboys steam roll their opponents en route to their 6th Super Bowl victory.

Reply #22

DC81 — Mon, 11 Aug 2008 09:11:01 GMT

That's probably what I'd mostly do though I think for 24M (cash option minus 25% Federal and 4.35% State taxes going by the current MM JP) I'd have no problem living off just interest after my first year though I don't think I'd want to just leave it in CDARS for more than three to six months. That'd just give me enough time to get things more straightened and figured out for my next steps in investing.

But definitely a new car, health insurance (along with a full check up) and later a hou... [ More ]

Reply #21

sirbrad — Mon, 11 Aug 2008 06:52:12 GMT

It depends on the jackpot size, and living conditions. Actually most say not to touch it for 3-6 months or spend just 10% and don't touch the rest, and invest it in short-term CDs'. All I would get is a new car and a nice house filled with some goodies. Then figure out the rest later.

Reply #20

savagegoose — Mon, 11 Aug 2008 04:49:18 GMT

I meant the lotto ticket in a deposit box, but a check is even better.

i looked at ING direct savings 3.4% so 34k a year on a mill, thats like an average wage. being a millionaire isnt what it used to be obviously.

but im just using that as an example . bottom line , for me i could last a month while i wait for the check to come.

Reply #19

four4me — Sun, 10 Aug 2008 23:04:46 GMT

If you take the cash option the you already lose more than half the jackpot. In this case you might as well continue spending your win anyway you want.

If you take the annuity then it might be a good idea to sit on your first check for a year. However if you decide to quit your job then you need to put enough money in an account to live off of.

The only reason for doing this in my opinion is so you always have a check in escrow so to speak if you decide on a big purchase it would be a mone... [ More ]

Reply #18

BobP — Sun, 10 Aug 2008 23:00:55 GMT

It really depends on how much you win and how you take the money.

If you take the 20 year anunity you might as well take the checks as they come, as income.

If you take the cash option and it's a relatively small prize and you want to live off the interest without touching principle you might want to wait a year for that interest to build to become your first payment.

If the prize is more than you will ever be able to spend, why worry for a year? You might not be alive a year f... [ More ]

Reply #17

GamerMom — Sun, 10 Aug 2008 22:43:02 GMT

I would say, well my financial planner has all of my $$ tied up at the moment and I can't touch it, sorry.

Reply #16

GamerMom — Sun, 10 Aug 2008 22:20:12 GMT

I would be afraid I would kick the bucket before my year was over!!! what a tragedy it would be to be so cautious with your winnings you never get to enjoy them. I'm the kind of person that would claim the next day because i have so much debt and need the money badly. I'm not sure why anyone that wins 20 mil after taxes is concerned about over spending; i don't think I could spend 20 million in my lifetime but i'm paranoid about spending $$ anyway.

Reply #15

tiggs95 — Sun, 10 Aug 2008 21:55:24 GMT

Maybe if your young you might want to strech it out but at my age it's spend spend spend

Reply #14

One2Adore — Sun, 10 Aug 2008 21:53:20 GMT

I'm glad I'm not the only one. I made this topic after reading an article this morning. If you notice, a lot of those types of articles have experts that say not to touch your jackpot or make any large purchases right away. But isn't that why we play the lottery? I can understand their point because more often than not, people blow through all their winnings and end up broke again or worse off than before they won.

EDIT: I'm going to assume they mean not to go buy the biggest mansion with ex... [ More ]

Reply #13

Stack47 — Sun, 10 Aug 2008 21:24:34 GMT

Most of us have played lottery games for years dreaming about doing some of the same things. The idea winners should wait another year is silly unless they are already living their dream.

Reply #12

GoldenWhun — Sun, 10 Aug 2008 17:47:06 GMT

No way could I wait a year. I would wait long enough just to get the money by getting lawyers to set up trust, Finanical planners and such. But when i have the money in the bank its vacation time. Sipping a tropical smoothie on the the beach sounds too tempting.

Reply #11

justxploring — Sun, 10 Aug 2008 17:18:02 GMT

savagegoose, safe deposit boxes are not insured in the United States. So I would never put anything that isn't trackable and can't be replaced like money into one for very long. It would be better to put the check from the lottery into it if a winner wants to wait.

In the real world, I'd probably never do it, but if I won the lottery really felt I needed a 6 month vacation or a year to chill out, I'd just take my Visa and travel for a while or rent a villa somewhere nice and then pay off my... [ More ]

Reply #10

ThatScaryChick — Sun, 10 Aug 2008 17:15:20 GMT

Wait a year, no way

Reply #9

Uff Da! — Sun, 10 Aug 2008 16:09:14 GMT

Not spend ANY of it? Are you kidding? My only vehicle is 18 years old! Besides, I've already been retired many years and at my age, though I'm in good health and expect to live many more years, there would be absolutely no need to wait to spend part of it.

A better plan IMO would be to spend no more than 10% of it the first year, then interest/dividends only in future years.

Reply #8

Stack47 — Sun, 10 Aug 2008 15:49:39 GMT

That's because the people writing almost every article never won a large jackpot and it's just their opinion of what they would do if they won. They are also written by financial advisors who stand to make lots of money off of the winner's investments.

When jackpot winners say they will continue to work after getting their multi-million dollar check, I roll my eyes because they never had to get up in the morning and go to work having that much money in their pockets. It doesn't make any sense... [ More ]

Reply #7

Guru101 — Sun, 10 Aug 2008 15:43:27 GMT

No way.

Reply #6

Raven62 — Sun, 10 Aug 2008 15:41:29 GMT

Just because many articles say it: Doesn't mean it's good advice.

A better question: Would you take advice on how to handle your Jackpot from someone that never Won a Jackpot

Reply #5

pigsNtrees — Sun, 10 Aug 2008 15:37:35 GMT

No. I would be spending it, before I get the money, preparing for when I claim it. I have already made out a budget for the first twenty years. Which at my age who knows that may be all I have left. Carpe Diam

Reply #4

savagegoose — Sun, 10 Aug 2008 15:27:23 GMT

i spose easiest way to do nothing with it , would be to put it in a SAFTEY DEPOSIT BOX, and sit around thinking for a year.

nope I couldnt do it.

id have to at least have it some account some where earning some interest. term deposit, bonds; something doing something.

i could wait 1 month, for the 1st monthy interest checks to start rolling in, and I imagine it would be one of the slowest months of my life.

Reply #3

DC81 — Sun, 10 Aug 2008 15:07:09 GMT

I wouldn't be able to wait a week after claiming and getting the money, let along a month or a year, I'd just try not to over spend which to me would be 5% or 1 million in the first year would be more than enough and I struggle to think of what I'd spend a million dollars on in what interest me. I wouldn't be buying a huge, mansion like house or an expensive car or cars though I'd certainly be moving, I wouldn't be hitting Vegas and going nuts with gambling and I'm not much of a traveler though... [ More ]

Reply #2

One2Adore — Sun, 10 Aug 2008 14:51:35 GMT

I'd at least have to pay off my debt. But to be honest, I don't know if I could wait a whole year. My car is almost 9 years old. A new car would be SCREAMING my name every time I drove past a car dealership.

Reply #1

sorensonfan41 — Sun, 10 Aug 2008 14:47:24 GMT

Absolutely no way at all.......I'd have to spend a little bit on something, whether it'd be a nice vacation (Vegas, baby ), a decent-sized house (not a mansion right off the bat), or something else I could use at that particular time.

Don't Spend Your Jackpot!

One2Adore — Sun, 10 Aug 2008 14:37:11 GMT

Almost every article on What to do if you win a jackpot tells you to put the money away and to not make any rash purchases. Some even say to wait a year before touching it.

My question to you all is: Would you be able to DO NOTHING for a year with your jackpot