Jackpot winner? (after the big win)Prev Topic Next Topic

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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 ]

[ 34.7% ]

Pay off all debts

[ 20 ]

[ 19.8% ]

Give a percentage to family & friends

[ 3 ]

[ 3.0% ]

Give 10% to church or charity

[ 3 ]

[ 3.0% ]

TELL YOUR BOSS WHERE TO GO AND HOW TO GET THERE!

[ 5 ]

[ 4.9% ]

Vegas Baby!

[ 2 ]

[ 2.0% ]

Buy a modest home and invest the rest

[ 1 ]

[ 1.0% ]

Keep it all to yourself and screw everyone else!

[ 2 ]

[ 2.0% ]

Thank God!

[ 24 ]

[ 23.8% ]

other/explain

[ 6 ]

[ 5.9% ]

Total valid votes

[ 101 ]

Discarded votes

[ 1 ]

s5thomps

Hard Luck, Ak
United States
Member #23,471
October 13, 2005
422 Posts
Offline

Feb 11, 2009, 2:49 am

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!

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

Sir Winston Churchill
diamondpalace

United States
Member #60,282
April 12, 2008
3,857 Posts
Offline

Feb 11, 2009, 5:32 pm

Pay off student loans, then on to other things on the list. :D
katie3618

Washington
United States
Member #52,492
May 27, 2007
34 Posts
Offline

Feb 11, 2009, 9:14 pm

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

Nova Scotia
Canada
Member #9,934
December 27, 2004
1,292 Posts
Offline

Feb 11, 2009, 9:45 pm

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!
MaddMike51

United States
Member #58,526
February 18, 2008
710 Posts
Offline

Feb 11, 2009, 10:31 pm

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

New Jersey
United States
Member #50,271
March 3, 2007
348 Posts
Offline

Feb 11, 2009, 10:39 pm

Consult a financial advisor!

I got my fingers crossed ready to win!!!
ThatScaryChick

Idaho
United States
Member #56,504
November 21, 2007
8,002 Posts
Offline

Feb 12, 2009, 12:25 am

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.

"X - youtube - steam - instagram"

ThatScaryChick
s5thomps

Hard Luck, Ak
United States
Member #23,471
October 13, 2005
422 Posts
Offline

Feb 12, 2009, 12:47 am

Quote: Originally posted by MaddMike51 on Feb 11, 2009
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.
MaddMike51

United States
Member #58,526
February 18, 2008
710 Posts
Offline

Feb 12, 2009, 1:18 am

Quote: Originally posted by s5thomps on Feb 12, 2009
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.
MillionsWanted

Norway
Member #9,517
December 10, 2004
1,904 Posts
Offline

Feb 12, 2009, 1:20 am
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.
JWBlue

San Diego, CA
United States
Member #58,384
February 12, 2008
335 Posts
Offline

Feb 12, 2009, 5:35 pm

Vegas Baby!

Celebrate first.
SmoothJuice

United States
Member #54,388
August 17, 2007
313 Posts
Offline

Feb 14, 2009, 9:36 pm

Quote: Originally posted by Elizabeth03 on Feb 11, 2009
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!

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

Nova Scotia
Canada
Member #9,934
December 27, 2004
1,292 Posts
Offline

Feb 15, 2009, 8:27 pm

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..
Rocket 455

North Kentucky
United States
Member #53,338
July 4, 2007
3,563 Posts
Offline

Feb 15, 2009, 9:01 pm

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.

"Imagination will often carry us to worlds that never were, but without it we go nowhere." -Carl Sagan
tizeye

United States
Member #70,987
February 16, 2009
5 Posts
Offline

Feb 16, 2009, 8:09 am

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.

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