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What would you do if you actually won?

Topic closed. 36 replies. Last post 8 years ago by rubberbandman.

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Republic of Texas
United States
Member #57557
January 9, 2008
1095 Posts
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Posted: July 27, 2008, 3:28 pm - IP Logged

Momma2three, you have a great plan there.  You are not being unreasonable.  I like your idea about the abused women's shelter.  It is nice to have pet charities. Mine are the food bank, both local and the national organization America's Harvest, and CANTER (Communication Alliance to Network Thoroughbred Ex-Racehorses).  My United Way paycheck contribution is specified for the local SPCA and a local children's grief counciling organization called Ele's Place.

Being single and semi-empty nester, I've put in some thought also. I'd definitely take the cash regardless of the jackpot amount. I wouldn't quit working until I could bank $10m after taxes and after a few expenditures - not to exceed 10% of cash payout dollars.  Wink   If it's not MM/PB type jackpot, nothing in my life changes except that I have some $ in the bank for retirement.

Initially, any expenditures would include a new vehicle for myself and each of my two kids, enough college money to not borrow, paying off debts (mortgage is last and waits until I have enough to quit my job), finish my basement & remodel the rest of the house, and a small cash lump amount to the kids.  I'd probably also buy a horse trailer and truck to pull it so my daughter does not have to pay others to haul her horses around.

I have "graduated" plans, dependent on the jackpot amount.  When I can bank $15m (my ideal), I can move back to my home state and still be sure that my college age kids have my support (both as a parent and financially) from long distance should they chose to finish where they are enrolled right now (apartment rent, food, gas $, etc).  They cannot rely on their Dad because .... well just because that's the way it has always been. 

Anything above $15m in the bank is icing on the cake. 

From a MM standpoint, I play it every draw.  Even the $12m will put enough away that I can maintain a great standard of living and be secure enough to not worry about feeding myself should I live to be 100 years old.

So, good luck to you Momma2three, and to all of us at Lottery Post.  Group Hug 

face

singlewinnersinglewinnersinglewinner   

    tiggs95's avatar - Lottery-036.jpg

    United States
    Member #47420
    November 4, 2006
    3930 Posts
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    Posted: July 27, 2008, 5:20 pm - IP Logged

    Spend.........

      CrazyinGa1209's avatar - DiscoBallGlowing
      atlanta
      United States
      Member #9317
      December 4, 2004
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      Posted: July 27, 2008, 6:12 pm - IP Logged

      I would pay off debt. I would donate to my favorite charities. But I would find me a new planet to live on. I would build my planet and then invite sensible people to live on it. US FlagYou know the usa part two get it right.

        sweetbitterkiss's avatar - hello
        Michigan
        United States
        Member #59499
        March 17, 2008
        54 Posts
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        Posted: July 27, 2008, 8:24 pm - IP Logged

        you know the i was just asking myself the because i have it all plan out maybe that is why i dont win nothing

        one day my life will be complete ^_^

          xthundercat2003's avatar - 161784 100002045964044_7086045_n.jpg
          new york
          United States
          Member #52681
          June 4, 2007
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          Posted: July 27, 2008, 9:00 pm - IP Logged

          me frist help my family , then help some of my friend in lottery post that really need help .then buy me a house for me and my kids and a car and put money away for my grandkids that what ill do if i ever hit the big one

            DC81's avatar - batman39
            MI
            United States
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            August 31, 2007
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            Posted: July 28, 2008, 1:34 am - IP Logged

            As the contestants would shout on Family Feud "Good answer."  Can you actually do cartwheels?  Wink

             

            My answer would be What?  I have no clue.  I want to find an area that doesn't get too hot and humid, but doesn't get too cold, isn't too remote but isn't too crowded either, is open-minded in its political views, but not too open-minded...just call me Goldilocks. 

             

            The first business day after winning, I'd want to find a relatively safe place to put the money while I'm looking around for a house.  There are a few CDARS members nearby.  BTW I think it's funny that, being an LP member, I already knew about this so when I was checking out local rates and came across this site for a bank down the road, I just smiled.  (see link about depositing $50 million on left of home page)   http://www.orionbank.com/

            SURVEY SAYS?!

            *DING!*

             

            I'd probably do half flip thing in an attempt at doing a cartwheel which I'd screw up and probably break my neck. Seriously though, I know I'd freak out a little, yell, probably do a weird dance that thankfully no one would see, try to calm myself down and just go completely nuts with doing even more reading than what I have in the last year. I wouldn't be able to likely sleep though I'm sure I could manage it and would try to make an appointment to see an attorney when it's morning as well as rent a safety deposit box for my ticket to be kept in after I made some copies so to have documented proof that it was mine, I'd take a few pictures of it as well, might skip the use of a copy machine to do that instead.

            After doing the whole setting up a trust thing with a lawyer I would probably try to park it in a CDARS too, not all of it (probably leave 500K-1M to play with and have access to) but as of right now most of it would be split into 3, 6, 9 and 12 month CDARS. Three months would mainly be for what charities I've looked into and decided to donate to, for the tax breaks at tax time, six month would mainly be for extra taxes I would be expecting to pay before my deductions and beyond that would just be the money I'd have in waiting while I'm doing as much as I can to research and educate myself, as well as hiring the right people to help me when I need it. I know I could probably earn more outside of the CDARS but I'd want to just give me some time. That seems to be the safest bet for the immediate future, since the money would be insured.  On the other hand I might just want to get as much of it as possible out of the US dollar but eh, when the time comes I think I'd have a play fully thought out but I'd want to keep my options open.

            You can't predict random.

              colthmn's avatar - Lottery-028.jpg
              Inglewood
              United States
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              June 22, 2006
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              Posted: July 28, 2008, 3:21 am - IP Logged

              SURVEY SAYS?!

              *DING!*

               

              I'd probably do half flip thing in an attempt at doing a cartwheel which I'd screw up and probably break my neck. Seriously though, I know I'd freak out a little, yell, probably do a weird dance that thankfully no one would see, try to calm myself down and just go completely nuts with doing even more reading than what I have in the last year. I wouldn't be able to likely sleep though I'm sure I could manage it and would try to make an appointment to see an attorney when it's morning as well as rent a safety deposit box for my ticket to be kept in after I made some copies so to have documented proof that it was mine, I'd take a few pictures of it as well, might skip the use of a copy machine to do that instead.

              After doing the whole setting up a trust thing with a lawyer I would probably try to park it in a CDARS too, not all of it (probably leave 500K-1M to play with and have access to) but as of right now most of it would be split into 3, 6, 9 and 12 month CDARS. Three months would mainly be for what charities I've looked into and decided to donate to, for the tax breaks at tax time, six month would mainly be for extra taxes I would be expecting to pay before my deductions and beyond that would just be the money I'd have in waiting while I'm doing as much as I can to research and educate myself, as well as hiring the right people to help me when I need it. I know I could probably earn more outside of the CDARS but I'd want to just give me some time. That seems to be the safest bet for the immediate future, since the money would be insured.  On the other hand I might just want to get as much of it as possible out of the US dollar but eh, when the time comes I think I'd have a play fully thought out but I'd want to keep my options open.

              "on the other hand I might just want to get as much of it as possible out of the US dollar"

                                                                          scary thought isn't it?

                justxploring's avatar - villiarna
                Wandering Aimlessly
                United States
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                November 5, 2005
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                Posted: July 28, 2008, 4:06 am - IP Logged

                DC81, I wouldn't suggest putting all of your money in the bank.   You can feel very safe investing with an A+ rated securities firm or insurance company.  I've already written that with only 10 banks closing in the past 2 years compared to 534 in 1989, I don't anticipate a problem with FDIC.  However, if banks like Wells Fargo, Citi or Bank of America fail, there won't be enough FDIC insurance to cover everyone.   So I'm not panicking...  yet.  But we're not quite out of the woods.  However, if suddenly all the trillion dollar financial institutions close their doors, I'll be more worried about total chaos, riots in the streets, people shooting each other over a can of tuna, and martial law.   

                On a more positive note..yes, you can put money in the bank, but with tax deferred investments, you'll be building wealth instead of paying taxes on the interest.

                  Lotto*Love's avatar - lips
                  Washington *state*
                  United States
                  Member #62009
                  June 14, 2008
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                  Posted: July 28, 2008, 4:06 am - IP Logged

                  What seems like an easy question has me scratchin my head...lol..truth is.....I'm not sure.

                   

                  I see some posted by winning amount.. I DREAM of winning big..over 100M.  NOT that I wouldn't be happy with say 200,000......I just dream big because I know I'm never going to win...so might as well dream big.  I would be very happy with 200,000 though.

                  DEF PAY OFF MY HOUSE......because I'm about to lose it lol...*sigh*

                  Pay off all my debt

                  Buy myself a new car thats fitting for my big family......and these dang gas prices

                  Take a vacation somewhere.  Nothing fancy.....I like the Oregon Coast... that will do just fine.

                  Save the rest.

                   

                  If I was fortunate enough to win big, BIG money..in the millions....

                  Pay off mortgage, and fix the ol' girl up.  Then sell it.  Donate the $$ to church.

                  Pay off all debt

                  Buy a better house.  Same size...just new and everything works.

                  Buy myself a new car of some kind

                  Buy my husband a new truck

                  Buy my daughter a reasonable car

                  then I would take my family and my inlaws somewhere amazing to think about our next move.

                  Go to Cali and spend ALOT of time with my mommy (haven't seen her in years) Dad N/A

                  Join a gym........and jenny craig....lol ya......I have a little too much to love.

                  Buy decent size motorhome and travel the US.

                   

                  We all can go on and on and on.  BUT I don't want to live like a rock star by any means.  I just want to be able to buy what I need when I need it and try and live a healthy life.  GOSH....could you ever see yourself NOT ever having to save to buy something? I'd be saving for years just to buy myself a new dryer!!! And going grocery shopping when you need to and not when payday finally comes.

                  Oh and school is sneakin up on us.........school shopping for the kiddies......without a limit!! Though I'd still gravitate towards the sale racks.... lol

                  Surrender You can run, but you can't hide mighty Jackpot...surrender to me at once!

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                    Southwest Florida
                    United States
                    Member #56183
                    November 6, 2007
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                    Posted: July 28, 2008, 8:22 pm - IP Logged

                    Regardless of which Lottery game it was from,  when I match all the numbers, I'll be hootin' and a hollerin' all thru the house. Banana No gymnastics for me...I'll break something for sure!Roll Eyes

                    When it's a Fantasy 5, I won't tell anybody.  I'll take the dough and pay off some bills and save the rest.  When it's a Lotto, I'll have to give it serious consideration as to who I tell...if anyone.   But, in either case, I will donate at least 10% to Church and/or a Charity and the rest for safe keeping and bill paying.  I think I'll buy me a nice used Ram SRT-10 pickup truck and paint my Mustang.  I won't be paying off my mortgage.  I think I'll need the tax deduction!

                     Party

                      DC81's avatar - batman39
                      MI
                      United States
                      Member #54830
                      August 31, 2007
                      985 Posts
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                      Posted: July 28, 2008, 9:16 pm - IP Logged

                      DC81, I wouldn't suggest putting all of your money in the bank.   You can feel very safe investing with an A+ rated securities firm or insurance company.  I've already written that with only 10 banks closing in the past 2 years compared to 534 in 1989, I don't anticipate a problem with FDIC.  However, if banks like Wells Fargo, Citi or Bank of America fail, there won't be enough FDIC insurance to cover everyone.   So I'm not panicking...  yet.  But we're not quite out of the woods.  However, if suddenly all the trillion dollar financial institutions close their doors, I'll be more worried about total chaos, riots in the streets, people shooting each other over a can of tuna, and martial law.   

                      On a more positive note..yes, you can put money in the bank, but with tax deferred investments, you'll be building wealth instead of paying taxes on the interest.

                      Well, yeah but that's why it'd be short term, I wouldn't leave it in there permanently that way. True taxes would be a lot higher than going the other route and just having the capital gains tax but I'd rather claim it and then give myself some time to do a lot of research, CDARS would be a quick, short term option. Securities firms, even A+ ones go broke too or run into SEC problems.

                      You can't predict random.

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                        Entertaiment Capital
                        United States
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                        April 19, 2006
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                        Posted: July 29, 2008, 12:14 am - IP Logged

                         It really depends on the amount of jackpot. Right now the JP amount for CA SLP is 44mil. The actual amount after all the taxes will be a bit more than 19mil. I am buying 2~3 multi-tenant commercial properties (ie:strip malls) and the total value of them will be about 17~18 million dollars. They will be the ones that provide me stream of money. I will probably buy my parents a house and a share of my property income. I am not gonna buy a house for myself soon. I'll probably get a nice apartment in Pasadena or something.

                          Bondi Junction
                          Australia
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                          December 24, 2007
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                          Posted: July 29, 2008, 5:40 am - IP Logged

                          I would hire a honest reputable lawyer to claim my winnings anonymously.

                          I would NOT tell my family and friends - that would open-up a can of worms.

                          I would allocate 10% to charities, but canvassing would disqualify.

                          I would NOT pay off my mortgage - there are other advantages to having a mortgage

                          I would live just as I do now, but I would the funds to establish my long-term financial security by investing in property.

                            Mom2Rock's avatar - herbiewinking
                            New Member
                            Hillsboro
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                            July 27, 2008
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                            Posted: July 29, 2008, 7:25 am - IP Logged

                            I have tiered plans as well.

                            i don't even play unless the 5 (little lotto) is over 300K.   Any win less would just complicate things more ha ha - don't want to 'waste my luck'

                            'small win' - get out of debt.  My dream to not have to juggle and worry and just pay the ordinary bills each month.

                            'medium win' - this would be 5 - 10M range -  set up trust -   get out of debt.  buy house with outbuildings and acres and a place for mom & dad.  build awesome dog care facility. pay off my son's mortgage.  contribute to the community center.  consolidate holdings -   live life

                            'big win' all of the above plus give son 3 - 5 M or make him share holder -  set up trust for grandchildren (9).  talk to financial advisor.  Invest so that investments can be profitable enough to live off of - then do whatever i want - go whereever i want.  have company and grandkids visit.  have a facelift.  Troll

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                              June 4, 2008
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                              Posted: July 30, 2008, 3:18 am - IP Logged

                              I've thought about this MANY,MANY,MANY times.

                               

                              I always play when the money is a bit high (so I can help everyone) although I would not tell people I won that amount.

                               

                               

                              1:house, car, furnishings, savings, shopping spree & bank.

                              2: mom&dad house and vacation.

                              3:College.

                              4:Family.

                              5:Charities.