what would you do if you won the LOTTERY??
By bryanna4
@bryanna4 (49)
United States
July 23, 2008 11:00pm CST
I always hear people talking about what they would do if they won the lottery. Would you be greedy or would you try to help people in need? Do you think people would actually do the things they say they would? I have always wanted to start a free daycare service. I know first hand that you can spend more money on daycare with a couple kids than you can make in week. So what would you do?
6 responses
@Kittykarina25 (247)
• United States
24 Jul 08
I would pay off me and my husbands student loans, pay off our cars, buy a house, put aside money for my son for college and then some, invest our money for retirement. Beyond that I wouldn't know. I would love to give some to my church and give to my pastor (he's been going through chemotherapy, and I know money would be a huge help for him and his family. Hospital bills are piling up for him.) The rest I would save and just try to use wisely.
@rabi9634 (419)
• United States
24 Jul 08
I think a lot of it depends on how much the winnings are.
I'm a poor college student, with lots of student loans that would be paid off really quick if I won the lottery. First and foremost, those would be taken care of, so as not to have them collecting more and more interest for me to have to pay. If it was the equivalent to my college loans, it would all go to paying for my education.
Anything more than that, and it depends how much extra. I'll pretend it's the really crazy large prize with lots of digits.
I'm a photographer, and as much as I'd love to go nuts and buy equipment, I'd force myself to hold off. I'd also love a new car, and a new scooter, and new lots of things, but I'd force myself to wait.
I've been exposed to the insanity of the financial world, and I think it's changed the way I view money. I think the first thing I would do if I won the lottery would be to hire an attorney and an accountant. First and foremost, I'd put 90% of it away, because you know people are going to flock to you hoping for a handout. No guilt if 'it's already tied up'.
I would want to invest some of it in long term stable growth with minimal risk, so I'd be virtually assured of some accumulation of additional income. I'd put a good chunk into several different banks, so I'd have the guaranteed amounts put away in case the stocks all totally crashed. I'd also open trust accounts for my parents, my sister, and my favorite cousins.
The remainder that would be left over would go towards the immediate purchases. I'd be looking for a house and kicking off wedding plans.
If I ever win big, I'll do my best to tie that money up as quickly as possible in places that it can continue to grow and collect interest. With a large enough sum, you could comfortably live off the interest, and so could your family. I'd prefer a comfortable life with no worries to a lavish life where your money could be gone within 10 to 20 years.
I'd also be sure to make a few risky investments, just to see how they'd go. You never know what company is going to be the next Microsoft or Apple, and if you can pick up a good chunk of shares for cheap, that in itself could be enough to live off of.
I'd still work, but it would be in photography as opposed to law enforcement. I just can't see my fiance (who would then be my wife) supporting a decision to stay out on the streets as a cop if I had that much to live off of. I'd definitely be doing photography, just to keep from becoming inactive. I love it, so it wouldn't really seem like a job.
1 person likes this
@anndocs (249)
•
24 Jul 08
Hi Bryanna, actually it's one of our prayer to have a financial breakthrough.. If God will answer it but this way,winning a lottery I must used it purposely and wisely.
It's a blessing so have to share it. First, I'll give the 10% to the church as my tight (as he commanded), we need to bring the first fruit to honor the Lord for his provision (Gen 4:7) . Next, save some for the future, and used some for business purposes, so that the money will not just stuck you will see it flowing and more chances of growing. And more likely, you can help your family and other and save more! Have you heard some of people won the lottery and end up in ZERO? I mean they return from the old life back to scratch?, Yeah, there is! because as you have said the money let them control them -that's where greedy comes. It's a money anytime it will be gone if we spend it unwisely.
Again, should use it with purpose and planning.
Thanks and have blessed day ahead...
@ebhjboo (121)
• United States
24 Jul 08
After paying off my debts, taking care of my family, and buying my beach house, I've always wanted to start an animal shelter. Take in any dog or cat and let them live with me until they were adopted and if they were never adopted, they would be able to live their lives knowing that their bellies would always be full and they would always be loved.
I run a group home also and most of my residents do not have much money at all (in fact they can't accumulate more than $1500 to remain on Medicaid) so I'd give a lot of money to them to be able to buy nice things and go on vacations if they wanted. I'd probably also give money to my staff, who work very hard for the most part for very little pay.
I thought about this this morning when checking my Mega Millions ticket...to bad I didn't even get ONE number!
1 person likes this
@moneyman1 (24)
• United States
31 Jul 08
lets see... I would first pay off all my debts and I would then pay off all my family debts! depending on how much I won I would give some away to my close friends!