GTKY • 10.30 :: Lotto

echo-charlietango

Let's say you just won a non-historic lottery - lump sum $3 million dollars.

It's not enough to retire in a new mansion in the Bahamas, but it's enough to make life easier for a bit.
And obviously we're all expecting tiny babies. So...how are you spending your winnings, Ms. Warbucks?

katy0990

Good one! I would pay off my student loans, buy our dream home, buy a bigger vehicle, pay for my siblings’ college, donate some, and then just save the rest.

hkom

Fun!!  Priority would for sure be to pay off H's student loans and buy our dream home. I'd stash away a big enough chunk to live modestly off of so there's no pressure. I'd quit working until the babies are raised but once they get old enough I'd go back to work until a reasonable retirement age. We'd probably donate the rest. 

morgantu

1. Student loans (how sad is it that the first 3 of us need to win the lotto for this?)
2. Pay off house and cars
3. Invest and start college funds for bb(s)
4. Probably still work but only 1 job 

scaredunprepared

I'm very grateful hubby and I have no student loans (thank you graduate assistantship!!!).  

I would definitely invest a good chunk, and hopefully be able to pay some expenses with the dividends.  Then probably buy back our old house, or, even better, something very similar but closer to my family since hubby's parents are moving out of state soon.  Get me a better car too (mine is nearing 200k miles, and rides pretty rough, so not exactly baby friendly).  Then I'd give a bit to my parents to fix up their house, donate some to local rescues and shelters, and put the remainder (probably not much left at this point!) into a savings account or CD.  So practical and boring. 

rosebud332

Dh and I have spent way too much time “spending” our lottery winnings. We are now buying a home, which used to be on the list but I suppose we would fix it up just the way we want it. Give a sizable donation to the theatre I volunteer at, pay off some debt, college funds for the babies, and then invest the rest. I doubt dh would stop working but maybe it would allow for him to get a less stressful job that he enjoys (like a brew master or something).

ab_canada

Pay off home, share some with family, invest the rest

morgantu

@rosebud332 oh yeah, I forgot that h would definitely quit his job and try to open a brewery 

erose625

I would definitely pay off all my school debt first. And send my parents on a fancy vacation since they always help us so much. We are looking to upgrade our house anyways so that would make things easier and then invest/save the rest. Oh and donate to animal rescues. If it was enough money for me to quit my job, I'd open an animal rescue.

CecilB93

Pay off student loans and credit cards (minimal on the cards), buy a new car, finish fixing this house to sell and then buy a new home, probably stash some away for the trip to France we're planning for 2025, savings for the kids, savings for us. 

AdorkablePixie

I'm in with almost everyone else who would pay off student loans! We'd sell our current house and buy a different one in a better location (we are on a non-busy street, I want a neighborhood!). We'd buy my mom a house, but money into investment/saving for both kid's college funds, donate, probably take a nice little vacation to Europe for a while, then put the rest in savings.

I love my job so I'd keep it, I'd just go part time until both kids are in school!

echo-charlietango

DH and I are lucky to not have the student loans (I was the person who applied for 20 scholarships and grants each semester, and DH went to a military academy). But I would loooove to

• Pay off my car
• Buy a decent DSLR and extra batteries and memory cards
• Replace current home's discount kitchen appliances
• Buy new refrigerators for one of our properties...maybe washers & dryers too
• Subscribe to Blue Apron again immediately after baby is born (for 2-3 months? At least until I can brain enough for menu planning again)
• Take my mom to Paris to see the Louvre (and probably pay her mortgage that month so she doesn't freak out about money and live on peanut butter sandwiches in France)
• Maybe start a memorial scholarship in DH's grandfather's name
• Buy some volatile stocks -or- just go nuts on Kickstarter
• Buy our next house with half cash (so the fifth mortgage will be little)
• Plop the remainder in savings

MDKC14

Pay off all loans, help my parents and inlaws get out of debt, put money into purchasing a home (maybe not fully pay it off but pay a lot down), same on a decent car, set up college funds, invest the rest. H has already said he would keep his day job.

AGK2015

Buy the house down the block, because it's our perfect forever home. Then we'd need to talk to a contractor and a financial advisor to determine the appropriate strategy for our current home; renovate (make needed repairs at least) and rent or resell? Purchase a sensible vehicle with 3rd row for when we expand our family again. Open up a college savings plan or similar investment vehicle for each of the girls; nothing huge because who knows what the cost of college will be in 18 years, but enough to take a sizeable dent out of their total tuition or to put down a reasonable down payment on their first homes. 

Invest the rest and eventually have enough to retire.

kadeephd

I paid off my (minimal) student loans by living like a pauper in my early 20s and my husband doesn't have any either.  We both own our cars outright too.  I guess we basically have no debt which is nice.  We would probably:

1. move to a nicer, bigger apartment in DC with higher rent (maybe 2.5-3k a month, right now we pay 1700)
2. both keep doing what we are doing (my PhD program and my husband's job at a school)
3. hire someone for more hours to help out during the day with the baby so I could more easily get my work done
4. buy nicer food and maybe go on more vacations 

Most of the money would go straight into savings though.  When we decide where we want to live long-term, we'd buy a house in cash.