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Jackpot winner? (after the big win)

Topic closed. 30 replies. Last post 8 years ago by Dawn32.

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If you won a jackpot of 5 million or more, what is one of the first things you would do?

Consult a financial advisor [ 35 ]  [34.65%]
Pay off all debts [ 20 ]  [19.80%]
Give a percentage to family & friends [ 3 ]  [2.97%]
Give 10% to church or charity [ 3 ]  [2.97%]
TELL YOUR BOSS WHERE TO GO AND HOW TO GET THERE! [ 5 ]  [4.95%]
Vegas Baby! [ 2 ]  [1.98%]
Buy a modest home and invest the rest [ 1 ]  [0.99%]
Keep it all to yourself and screw everyone else! [ 2 ]  [1.98%]
Thank God! [ 24 ]  [23.76%]
other/explain [ 6 ]  [5.94%]
Total Valid Votes [ 101 ]  
Discarded Votes [ 1 ]  
s5thomps's avatar - Lottery-033.jpg
Hard Luck, Ak
United States
Member #23472
October 13, 2005
275 Posts
Offline
Posted: February 11, 2009, 2:49 am - IP Logged

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!       

Sun Smiley

"We make a living by what you get, You make a LIFE by what you give!"

                                                               Sir Winston ChurchillSun Smiley

    diamondpalace's avatar - Untitled 2.jpg
    Dallas, TX
    United States
    Member #60284
    April 12, 2008
    3856 Posts
    Offline
    Posted: February 11, 2009, 5:32 pm - IP Logged

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

      katie3618's avatar - hair
      Washington
      United States
      Member #52494
      May 27, 2007
      33 Posts
      Offline
      Posted: February 11, 2009, 9:14 pm - IP Logged

      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.

        Elizabeth03's avatar - cat anm.gif
        Nova Scotia
        Canada
        Member #9934
        December 27, 2004
        884 Posts
        Offline
        Posted: February 11, 2009, 9:45 pm - IP Logged

        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!See Ya!


          United States
          Member #58528
          February 18, 2008
          710 Posts
          Offline
          Posted: February 11, 2009, 10:31 pm - IP Logged

          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.

            MegaWinner's avatar - Lottery-029.jpg
            New Jersey
            United States
            Member #50273
            March 3, 2007
            348 Posts
            Offline
            Posted: February 11, 2009, 10:39 pm - IP Logged

            Consult a financial advisor!

            Sun Smiley I got my fingers crossed ready to win!!! Sun Smiley

              ThatScaryChick's avatar - x1MqPuM
              Idaho
              United States
              Member #56506
              November 21, 2007
              6537 Posts
              Offline
              Posted: February 12, 2009, 12:25 am - IP Logged

              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.

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

                s5thomps's avatar - Lottery-033.jpg
                Hard Luck, Ak
                United States
                Member #23472
                October 13, 2005
                275 Posts
                Offline
                Posted: February 12, 2009, 12:47 am - IP Logged

                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.

                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.

                                                                                           Cheers


                  United States
                  Member #58528
                  February 18, 2008
                  710 Posts
                  Offline
                  Posted: February 12, 2009, 1:18 am - IP Logged

                  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.

                                                                                             Cheers

                  I sent you a private message.

                    MillionsWanted's avatar - 24Qa6LT

                    Norway
                    Member #9517
                    December 10, 2004
                    1272 Posts
                    Online
                    Posted: February 12, 2009, 1:20 am - IP Logged

                    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.
                      Avatar
                      San Diego, CA
                      United States
                      Member #58386
                      February 12, 2008
                      287 Posts
                      Offline
                      Posted: February 12, 2009, 5:35 pm - IP Logged

                      Vegas Baby!

                       

                      Celebrate first.

                        Avatar

                        United States
                        Member #54390
                        August 17, 2007
                        313 Posts
                        Offline
                        Posted: February 14, 2009, 9:36 pm - IP Logged

                        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!See Ya!

                        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".

                          Elizabeth03's avatar - cat anm.gif
                          Nova Scotia
                          Canada
                          Member #9934
                          December 27, 2004
                          884 Posts
                          Offline
                          Posted: February 15, 2009, 8:27 pm - IP Logged

                          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..Mail For You

                            Rocket 455's avatar - rocket
                            Bellevue, KY
                            United States
                            Member #53340
                            July 4, 2007
                            2622 Posts
                            Offline
                            Posted: February 15, 2009, 9:01 pm - IP Logged

                             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.

                            She was made for the straitaways
                            She grew up hatin' Chevrolets
                            She's a rocket
                            She was made to burn. ~Kathy Mattea

                              Avatar
                              New Member

                              United States
                              Member #70989
                              February 16, 2009
                              5 Posts
                              Offline
                              Posted: February 16, 2009, 8:09 am - IP Logged

                              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.