You Just Won The Lottery! Now What?
By Char
@CharHC (18)
United States
January 5, 2016 6:09pm CST
When the Powerball gets to around 200 million the "lottery plan" starts getting discussed in my house, it's fun to dream after all. So I thought it would be fun to find out who else has a lottery plan.
Here is how my plan goes:
1. Set up a trust managed by people that know WAY more about making money than me. Luckily I know both a financial planner and a lawyer that I trust, so this one is easy peasy for me.
2. Give the names and socials of my close family (about 7 people total) to the lawyer, and send him off to discover, negotiate, and prepare to pay off all of their debt and the taxes associated with that payoff when the money is in the trust.
3. Collect the cash payout and put it in the trust. I know I get more from the payments, but I see no reason to leave the money in untrusted hands when I can put it to work for me instantly.
4. Disappear to Disney World for a Month. I admit, I'm a Disney fanatic, and to finally have the money to stay in the awesome rooms and try every restaurant is simply too tempting to resist.
5. Having lived my $200,000 or so dream and knowing the family is now debt free (no more than 1 million tops, most of that college loans), return home and do the responsible things, like planning out future spending, making sure the taxes are fully paid, reasonable homes, cars for those that need them, etc.
So what's your lottery plan?
7 people like this
8 responses
@Missmwngi (12915)
• Nairobi, Kenya
6 Jan 16
Too bad can't have than money ha haa
2 people like this
@cherriefic (10399)
• Philippines
6 Jan 16
Nice plan you got there. I think I will be very overwhelmed. But I'm going to just make sure that I will be able to have it put into business and investment.
1 person likes this
@DanieGirl80587 (2713)
• United States
6 Jan 16
I don't have a full blown plan, but I would like to make my family and my husband's family debt free. Then I'd buy a nicer house and put a lot away for my son's future.
1 person likes this
@Mike197602 (15512)
• United Kingdom
6 Jan 16
I don't have a plan as such as i've never bought a lottery ticket
If i did win i'd wait until the money hit my bank.
Then i think i'd give myself at least a month to have a good think.
Then i'd give out portions to family and friends.
Then i'd buy a nice country estate somewhere in the 3 counties as there are a few around here always for sale.
I'd then fix the place up to my liking, buy a few horses and cars then chill out
After that i'd like to own a really smart hotel.
2 people like this
@arthurchappell (44998)
• Preston, England
6 Jan 16
I would get my own house with lots of rooms just as library storage - hire a maid, travel the World, go to international science fiction conventions, always have a place to come home to
1 person likes this