how would you spend the jackpot?

FrankieandTyler · March 2012

so the megamillion craze is every where. i read an article about what/what not to do if you actually won. most say go stay in a hotel right away and start calling lawyers, financial planners, etc. then collect and then don't go crazy.

i think i would try to live as much like i do now just pay everything off. i'd still want ds to know what it means to earn a dollar and to be self sufficient even though mama and dada are loaded!

we live right next to my MIL. i would want to move. preferably to a bigger house with a pool. oh and a cleaning lady. i would also buy some clothes that weren't on clearance!!

the article talked about setting up trusts and helping family and friends and organizations out. i'd really want to help out our small little church. and i'd want to make sure that my brother and his gf are okay since they struggle a lot. and i'd want to set my nephew-to-be up well.

what would you do?

kmb6881 · March 2012

In this order:

Pay off debt (student loans, car); Put 3/4 in savings (emergencies, then retirement, then college, then fun money); Buy reasonable (less than 200k) houses for us, our parents, our siblings; Pay off family's debt; Give to charity; Go on a kick ass vacation; Buy new clothes; Get a lawn guy and a cleaning lady.

I would want to keep working part time and give my husband time/money to work on his business idea(s).

jlsimon56 · March 2012

The radio DJs said that on average, lottery winners' winnings are GONE within 5 years. And that there are companies whose job it is to seek out lottery winners and ask for money for charities (they are hired by the charities). I think that is sick.

I can't even fathom how much money this is so I would basically pay off all debt for me and my immediate family, then invest/save the rest. And also pay for college for all our nieces and nephews (if we ever get a boy in this family, haha!).

Nutrguru · March 2012

Pay off debt (School, House, Car), buy DH a car (he's got a truck right now that I pray doesn't die soon!). help immeadiate family members with their debts (houses/school) and donate a large sum to our church so they can build the preschool they want to. And put the rest in savings.

kelsgreeneyes · March 2012

I would take the annuity option. I would be guaranteed money for at least 26 years. Smile

I would use it in this order:

1. Pay off all debt (student loans, house, cars, credit cards).

2. Buy land and lots of it.

3. Build a nice sized house right in the middle of said land.

4. Buy a new car for myself and my little brother.

5. Buy DH a play car- more than likely a Ferrari.

6. Take a LOOOONG vacation with DD and DH.

7. Help out close family.

8. Invest.

9. ENJOY!

This will more than likely just be a dream.... but I'll take that!

FrankieandTyler · March 2012

right, from what i've read, the best thing to do is hide your identity. i also think it's sick that charities hire people to stalk the wealthy. i think the hardest thing would be to get all the 'down on your luck' stories. of course you'd want to help but you'd have to draw a hard line.

i'm in west virginia, and this guy, jack whittacker, won a huge powerball. within a couple years his daughter had died from a drug overdose, he had a large sum of cash stolen from him while at a strip club, and i'm not even sure if he's still alive. he was on 'lottery ruined my life'. he is obviously a case of 'what not to do' should you win!

i'd def take the annuity option because you'd be garunteed money for 26 years and i'm sure it'd help with taxes.

i also have a HUGE family and i'm sure all of them (even ones i don't know or haven't seen in 20 years) would be coming out of the woodwork wanting a handout. i'd help those closest to me and i guess i'd have to be the B!#%H with the rest. I mean even if you took home say $100 million, i'm thinking you could give it away pretty quickly.

lisamoe · March 2012

Pay off all debt

sell our house and buy a new one (reasonably priced but very nice)

give some to my parents so they can both retire and live comfortably

donate to some charities

go on a nice vacation

invest some

save, save, save for retirement, college, emergency fund, ect.

I think I wouldn't live extravagantly, but better than we are now. I would probably be afraid to spend too much and go broke. But it's a frickin huge jackpot, you would really have to go crazy!