Welcome Guest
Log In | Register )
You last visited December 9, 2016, 12:16 pm
All times shown are
Eastern Time (GMT-5:00)

Winning a big jackpot.

Topic closed. 42 replies. Last post 8 years ago by blackblue.

Page 1 of 3
PrintE-mailLink

What would you sell (give away) first if you hit the big one?

Homes [ 10 ]  [16.13%]
Cars [ 10 ]  [16.13%]
Boats [ 1 ]  [1.61%]
Planes [ 1 ]  [1.61%]
Stocks [ 0 ]  [0.00%]
Time Shares [ 0 ]  [0.00%]
Real Estate [ 3 ]  [4.84%]
Furnishings, Etc., [ 14 ]  [22.58%]
"Everything" ASAP [ 13 ]  [20.97%]
Other, explained [ 10 ]  [16.13%]
Total Valid Votes [ 62 ]  
Discarded Votes [ 5 ]  
jarasan's avatar - new patrick.gif
Harbinger
D.C./MD.
United States
Member #44103
July 30, 2006
5583 Posts
Offline
Posted: August 13, 2008, 8:05 pm - IP Logged

I choose 9., lighten up as much as possible, all this talk of buying ties a person down.  I think that sometimes we spend way to much time gathering anchors, I would thoroughly enjoy throwing the anchors aweigh.Sad Wavey

    GamerMom's avatar - tails

    United States
    Member #60535
    April 21, 2008
    460 Posts
    Offline
    Posted: August 13, 2008, 9:06 pm - IP Logged

    I would not take one single solitary piece of sh**tacular furniture I own with me when I move.  everything here is either from walmart or handed down from someone.  I would call Christian Mission and let them load every thing onto their truck and get my tax deduction form.

      pigsNtrees's avatar - pigsNtrees
      Mallorn trees of Lothlorien
      United States
      Member #26084
      November 14, 2005
      199 Posts
      Offline
      Posted: August 13, 2008, 9:46 pm - IP Logged

      My books and jewelry is about all I would keep.

      Quando Porca Volare!

      drunk hobbit

        AlecWest's avatar - alec
        Vader, Washington
        United States
        Member #29697
        January 5, 2006
        108 Posts
        Offline
        Posted: August 13, 2008, 10:18 pm - IP Logged

        I guess I'm the odd person (grin).  I live a rather Spartan lifestyle and don't surround myself with "things."  I like what I have and would keep what I have.  Perhaps the one major thing I'd do is move to a different part of the country.

        P.S.  OK, there is ONE thing I'd give up immediately ..... my job (grin).

        Regards -- J. Alec West

          GamerMom's avatar - tails

          United States
          Member #60535
          April 21, 2008
          460 Posts
          Offline
          Posted: August 13, 2008, 10:23 pm - IP Logged

          I guess I'm the odd person (grin).  I live a rather Spartan lifestyle and don't surround myself with "things."  I like what I have and would keep what I have.  Perhaps the one major thing I'd do is move to a different part of the country.

          P.S.  OK, there is ONE thing I'd give up immediately ..... my job (grin).

          Regards -- J. Alec West

          don't forget to immediately get health insurance.  You could fall the next day, break a hip and there goes a good portion of your winnings, albeit tax deductible

            AlecWest's avatar - alec
            Vader, Washington
            United States
            Member #29697
            January 5, 2006
            108 Posts
            Offline
            Posted: August 13, 2008, 10:42 pm - IP Logged

            don't forget to immediately get health insurance.  You could fall the next day, break a hip and there goes a good portion of your winnings, albeit tax deductible

            My employer has a "Cobra" policy ... allowing former employees to retain their coverage for up to 18 months after leaving by simply paying the entire premium (including the employer portion) themselves.  But here's a thought.

            If you win a lottery jackpot, chances are you only need to get "catastrophic" coverage - payment only after out of pocket costs reach, say, $5k or $10k in a year.  Catastrophic coverage policies aren't all that expensive.  I'd guess most big jackpot winners (8 figures) could afford $5k-$10k out of pocket each year if they were really in bad health.

            Here's another thought ... and this comes from 8 years experience as a claims analyst for BX/BS.  If a person is unemployed but otherwise has a good income from investments (like lottery winnings), they can get ordinary health insurance coverage just like working people.  Simply go to your local Chamber of Commerce and tell them you're a freelance software consultant in business for yourself - and apply to join the Chamber.  You don't have to prove you make any money nor do you have to put up a shingle.  If you can pay the yearly membership fee, you can join.  Many Chamber members have access to "association plan" coverage which is just as cheap as group coverage from an employer.  In short, you don't need to buy a pricey "individual" policy.  BX/BS of Oregon, for example, covers the Portland Chamber of Commerce - or at least they did when I worked for them.  And, their plan "included" a stop-loss provision (aka "catastrophic" coverage once out of pocket costs hit $5k).

            Regards - J. Alec West

              GamerMom's avatar - tails

              United States
              Member #60535
              April 21, 2008
              460 Posts
              Offline
              Posted: August 13, 2008, 10:45 pm - IP Logged

              personally I have a cardiac birth defect with a possibility of a valve placement in the future so i doubt i'd get much coverage when my 18 months are up.  I may just have to work 3 months ever so often to get coverage, quit and get cobra again LOL. 

                Uff Da!'s avatar - InCelebration 001.jpg
                Washington State
                United States
                Member #33973
                February 26, 2006
                347 Posts
                Offline
                Posted: August 13, 2008, 10:45 pm - IP Logged

                I think I'd ask my stepson if he'd like to buy my home (view property in a tourist location) as his vacation home.  I'd sell it to him for, say, $100,000 under market value.  I'd have to declare the undervaluation as a gift, of course, but he'd get a bargain and that wouldn't use up too much of my million dollar exclusion from gift taxes.  And it would enable me to quickly get out of the area where half the city knows me and move to an area I'm not known.  Since my stepson is already included as one of the people to whom I've gifted shares in any MM tickets I buy, he'd also be getting a small percent of the jackpot. 

                  AlecWest's avatar - alec
                  Vader, Washington
                  United States
                  Member #29697
                  January 5, 2006
                  108 Posts
                  Offline
                  Posted: August 13, 2008, 10:50 pm - IP Logged

                  personally I have a cardiac birth defect with a possibility of a valve placement in the future so i doubt i'd get much coverage when my 18 months are up.  I may just have to work 3 months ever so often to get coverage, quit and get cobra again LOL. 

                  You wouldn't have to worry about that (grin).  When you have at least 6 months left on the Cobra extension, join the Chamber of Commerce and get yourself "association plan" benefits.  There's a 6-month waiting period for pre-existing conditions ... which would be up by the time your Cobra benefits expired.

                  There's more than one way to skin the cat - when you're rich enough (grin).

                  P.S.  I have cardiovascular insufficiency in both legs and a history of (ulp) cancer.  But, I'm a cancer survivor.Smile

                  Regards - J. Alec West

                    GamerMom's avatar - tails

                    United States
                    Member #60535
                    April 21, 2008
                    460 Posts
                    Offline
                    Posted: August 13, 2008, 10:52 pm - IP Logged

                    wow.  that's amazing.  thank you so much for that information!!!

                      Piaceri's avatar - sarsony1
                      Republic of Texas
                      United States
                      Member #57557
                      January 9, 2008
                      1095 Posts
                      Offline
                      Posted: August 13, 2008, 11:52 pm - IP Logged

                      I would try to give away most of the things in my house other than a few items of sentimental value. My kids are young and in college, so used furniture would be a boon to them when I boot them out of the house after winning the jackpot. ROFL

                       

                      Actually, I'd be setting them up in apartments while I get rid of the house and move to my new home in a much warmer climate. Thumbs Up 

                       

                      I've thought about giving my house away, too.  I have a very good friend who has 4 growing daughters that would love the two huge bedrooms upstairs.  They don't have a lot of money, and are pretty cramped in their little house.  As to furniture....there are a few pieces I like, my desk for instance, but most of it can go. 

                      Oh, I don't really know.  All kinds of options here.

                      face

                      singlewinnersinglewinnersinglewinner   

                        ThatScaryChick's avatar - x1MqPuM
                        Idaho
                        United States
                        Member #56506
                        November 21, 2007
                        6537 Posts
                        Offline
                        Posted: August 14, 2008, 12:48 am - IP Logged

                        There are some things I would give away, but I wouldn't just dump everything. Some things I have are personal and I could never just throw them away or give them up.

                        ETA: I want to know who the person was that voted for "plane" and why do they plan on giving it up when they win the lottery. LOL

                        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                          BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                          Magnolia, Delaware
                          United States
                          Member #18795
                          July 20, 2005
                          789 Posts
                          Offline
                          Posted: August 14, 2008, 9:59 am - IP Logged

                          I would get rid of "Everything", with the exception of my US coin, US paper money and die cast collections the rest can go!

                          Keep dreaming the impossible dream, it just may come true! Thumbs Up

                            jarasan's avatar - new patrick.gif
                            Harbinger
                            D.C./MD.
                            United States
                            Member #44103
                            July 30, 2006
                            5583 Posts
                            Offline
                            Posted: August 14, 2008, 10:10 am - IP Logged

                            We spend a good part of our lives gathering stuff,  we become slaves to keeping this stuff.   Slaves, because in order to house and keep the "stuff" we must continually submit to the state and pay taxes year after year for the privilege to "own" this stuff.  If you think about it when you hit big,  they smack you for 33%!  OK, so then you have all this cash, you go out and start buying stuff (stimulating the economy and the ego),  well guess what?  Your tax liabilty just keeps getting bigger and bigger,  I think the best thing to do is just invest wisely and avoid getting trapped by "stuff".

                              spy153's avatar - maren

                              United States
                              Member #28409
                              December 15, 2005
                              1198 Posts
                              Offline
                              Posted: August 14, 2008, 10:40 am - IP Logged

                              I chose homes.  But I would give away my car and trucks too.  The things I would keep would be my computers, laptops and files, tv (it's awesome!), family heirlooms (guns, weapons, china, silver and such), my animals (I have four., 2 dogs and two cats.)  Also, all of my pictures of family members and photo albums.  There is this one oil painting of Jesus I would keep too.  I would give everything else to family members or donate them to churches.  I would have to finish paying off the two mortgages first, though.,  so I am saying these things only if I won a significant jackpot. 

                              voir-vous dans mes reves!Cool