Weekend Open Forum: You win the lottery - what happens next?

Shawn Knight

Posts: 13,011   +130
Staff member

Lottery mania is sweeping the nation. It’s been more than two months since someone won the Mega Millions and Powerball jackpots, pushing the prizes to near record levels. The Mega Millions jackpot currently sits at $450 million and the Powerball jackpot has swelled to $570 million.

Winning the lottery is a life-changing event that most of us will never get to experience but with this week’s open forum, we invite you to dream a little. What would you do if you won the lottery? Would you take the lump sum or opt for annual payouts? Do you immediately retire and buy your own private island? Perhaps you invest heavily into your favorite cryptocurrency?

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davislane1

Full payout spread across multiple banks. 10% becomes general purpose money (bills, toys, charity etc.), the rest goes into various investment vehicles, businesses, and I hire a team of tax specialists and financial managers to setup trusts for current and future family members while reducing future taxes to the greatest extent possible.

Easy question to answer.
 

mctommy

Posts: 384   +114
Lump Sum.

25% in long term investments (bonds, mutual funds, etc...), 25% stocks, 25% real estate investments, and 25 % to pay off current mortgage and spend it on vacations (see below).

Keep my current job, I would act is if nothing happened and still working 8-5, 5-day/week. Buy one mid-life crisis sports car. Go on fancier vacations.
 

QuantumPhysics

Posts: 4,619   +4,974
#1 depends how much I win - then I'll have a plan for savings.

#2 My houses are already paid off and I keep $0 credit balances so I'm putting the money right into a high interest earning bank account. Sure stocks and bonds can earn more over time, but they can also lose money over time while the FDIC ensures the money. I already got stock shares and cryptocurrency.

Therefore, I refuse to risk it.

#3 Lamborghini Aventador SV with a custom wrap over pearl white paint. (or silver)

#4 Jeep Trackhawk

#5 McLaren BP23: 720S
 

Nocturne

Posts: 220   +116
1-Hire a lawyer and financial firm to manage and mitigate.
2- 3/4 in investments 2/3 of that in safe subsidiaries, stocks, and bonds.1/3 riskier short term payoffs.
3- 1/4 of that would go to building a game studio/publisher. Where it would be 40% employee owned.
4- live reasonably according to yearly income as your only as Rich as the amount you clear in a year.......
 

Macgyver56

Posts: 28   +7
I would keep about 10 million (after taxes) for myself, and then the real fun would begin. I'd share it with family and friends. Spread it out wide. Putting that list together would be the best part of winning.
 

psycros

Posts: 3,365   +3,807
Ideally I'd start my own private lottery, with many $50,000 payouts instead of a ridiculous pile of cash that the government will get most of. Of course we all know that the government will reserve that right solely for itself.
 

Lionvibez

Posts: 2,250   +1,735
Full payout spread across multiple banks. 10% becomes general purpose money (bills, toys, charity etc.), the rest goes into various investment vehicles, businesses, and I hire a team of tax specialists and financial managers to setup trusts for current and future family members while reducing future taxes to the greatest extent possible.

Easy question to answer.

pretty much this ^^^^^
 
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CortyDK

Never been lucky with regards to winning things. Largest cash win I ever had in my 41 years of living was the equivalent of $25

Sure, won a couple of smaller items along the way (a CD, a voucher for a sandwich etc) but never anything big.

I would sure be happy for winning 20k.

Wouldn't really know what to do with myself winning the jackpot.. I sure would make my family happy, perhaps help payoff some debts. And possibly work fewer hours a day. Buy a house (we rent at the moment). But I think I'd place som money in investment bonds and then give some for charity - especially for medical research.
 

tipstir

Posts: 2,854   +200
Powerball here is 550 million sounds great right? Well I am pretty lucky with numbers. I have edge on this! First to win it then to go up tot he state capital which by the way is under snow. Funny Sunny Florida has Snow LOL. Collect the money or the check after taxes ouch. Then dump it into the bank I am sure they'll give me the 200,000 account with the fancy gold card that goes with it. Or yet better. Be in the Elite crowd oh my! I was going to buy Land Rover LHR4 but they're not being sold here again. I want electric power LUV not a car not interested in cars anymore. I want to drive up off the ground. Like I do now in my MUV/SUV. Trips right now I am grounded we have to many people who don't want us over there so I'll sit it out. Hawaii would be nice to go check it out. Spend a month there. Then hit UK and visit lost family I never met before. Then to the islands. Right now update this house, get that 75-inch SONY I wanted a few more cleaning Robots, I also wanted Lawn Robot too cost a lot like $1,200 for one. Build a pool/hot tub.. Land is hard to come by in Florida but might go and buy another house they're building $400,000 to $2 million dollar house. Would give me excuse to go and check that out and see what I get for that type of money. I want my own private commuter jet. So I can go visit friends in other States quickly.. I have other plans but right now just all a dream. Hit the 5 numbers and powerball will be a challenge enough, but to remember to play it without falling asleep again then waking up to learn I missed out of $550 million or more is a real deal! Good Luck to All!
 

VBKing

Posts: 75   +36
My TOP TEN List:

1.) Turn thermostat up from 60 to 70 degrees (I kid you not... in NE Ohio, currently -1 outside)

2.) Replace my 2006 home-built computer (Intel Core 2 Quad Q6600, 8 GB RAM, NVIDIA GeForce 8800 GT OC 512MB) with fastest computer I could build (maybe buy it, but hate how companies like Dell limit access to some mobo settings and think they probably do that to Alienware Gaming PCs too, and also hate crapware they install on it)

3.) Upgrade TV from 37" to 70 - 80".

4.) Get off Obamacare

5.) Get brakes and radiator leak fixed on 2nd car.

6.) New shingles on roof next summer.

7.) Support charities my dad used to support when he was alive.

8.) Share with siblings / friends

9.) Lock the doors and get new unlisted phone number

10.) Get a gun or two
 

TomSEA

Posts: 3,320   +2,068
LOL...great question. Step #1 - check out of the grid on a far-flung Bermuda beach for about 8 months so the parasites disappear who are trying to hit you up for easy money.

Step #2 - figure what the hell you're going to do with the money while in step #1.
 
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trgz

Posts: 337   +108
Interesting, there's opionions on this thread expressing an interest in the kind of tax measures that we are all pretty well pointing the finger at when it comes to big business, celebs etc. Thinsg change when the gold palted boot is on the other foot eh?
Anyway, I'd buy myself, and my daughters a house each; treat some close friends (always difficult to draw a line here) in a manner that befitted each; get a Volvo P1800ES and a mk1 J-Spec MX5(Miata), and a Tesla; new PC; travel and meet people; charity; do something worthwhile.
 
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senketsu

Lump sum
pay off debt, from my relatives to friends, make sure their kids all have education funds
philanthropy
me - travel the world indulging my hobbies, like bicycle the cobbles in Belgium , climb in the Alps, see the Himalayas, Japan etc.
edit: I would plan to die broke, just enough cash left for the funeral.
 

VBKing

Posts: 75   +36

Rippleman

Posts: 871   +394
While already planning the move, I would just be able to move RIGHT NOW to the Philippines and set up/self fund a FOR PROFIT extreme poor help center. Instead of hand outs, would go out to the poorest of the poor areas and ONLY assist single mothers in setting up a better life - NOT a wasteful Western standard better life. It takes VERY little money to help some one get a step up to a drastically better life in a developing nation.
 

LeroN

Posts: 109   +50
1. I would became a film producer.
2. Buy out copyrights of some game(-s) and open a game studio. If you have big money you can engage investors.
3. Flight to Space.
4. Buy an island and build an exclisive hotel there.
5. Would help some great guys who tryes to save wild animals. I know them by YuoTube.
6. Maybe base a new criptocurrency.
7. Will assist to my wife to open a business.
8. I can't stop.