What would you do with the money if you won on the lottery?
By Dolcerina
@Dolcerina (3376)
Hungary
13 responses
@BlaKy2 (1475)
• Romania
15 Feb 07
Winning the lottery is not something that a lot of us will be able to do anytime in the neat future, and that's probably a good thing. A decade after the average person win's the lottery, they're bankrupt. People start spending uncontrollably and think they have all the money in the world, when often times the amount of money they won is not much at all. When the average person wins the lottery, they buy a whole bunch of stuff they don't need, fancy cards, nice houses, and the like. If you were suddenly blessed with a million dollars, would you just blow it away like most lottery winners do, or would you be wise with it?
Most of us would like to be wise with our money in the event that we were blessed greatly with a large sum of money, but if we were to get a bunch of money, what would you even do with it? Let's pretend that you are blessed with one million dollars, what should you do with it?
First and foremost, if you are a Christian, you should give 10 percent of the million to the local church. God commands we Christians to give a tithe to the church, and we should do that. If this is to happen, you should call up the church's business manager and have a meeting with him or her. Be sure to let them know that you want this to be absolutely confidential, because people will treat you different if they know you have that much money. This will probably be a great blessing for a lot of churches as well, but keep it anonymous!
Secondly, you'll want to pay off any debts that you have. You might have a home mortgage, a credit card, a car payment, just go ahead and get rid of those as soon as you can. They're not worth your time any more now that you actually have some money! Let's say that all of your debt combined including your house adds up to $200,000, so we've spent $300,000 so far.
After you tithe and pay off your debt, let's save some money. If you have children fund their college education, and otherwise save money for retirement. You should probably save at least half of your million for this. If you save $500,000 in good mutual funds for 25 years, you'll have 8.5 million dollars to retire on. That's more than enough!
We've got $200,000 left to work with. You can give $100,000 of this away to your favorite charity, because if you are blessed, you should be able to bless others. Be sure to pick out a good charity too, one that has very low overhead. Finally, it's okay to have fun with some of your money, but keep it reasonable. Feel free to spend $100,000 of it on anything you'd like, have fun with it!
@luckyman70 (81)
•
3 Jan 07
I definately agree with your priorities - debts should be the first to go (and paying off a house or other long term debts the next thing). After that it all comes down to what people want to do with their lives. For the few vocational people out there, I'm sure they'd continue to work, personally I'd go fishing.
1 person likes this
@jodel_mikaela (14)
• Philippines
7 Feb 07
I'll buy a very big house and I would pay my debts.I'll buy a car and the remaining money will be deposited to my daughter's bank account
@adidas7878 (1891)
• United States
7 Feb 07
it all depend on how much i won, if i won alot i would buy a better house some cars and i would give some money away to help people, invest some of the money, i know there is tons people in the world could need help if you got money. sometime i wish i won the money so i can help all the poor people out.
@primecrimson (1388)
• Philippines
3 Jan 07
On the first thought I can't of anything but investing it for a while in the bank. If I can think of a good business or other transactions to use for the money, then it will be the time to use it. I have to give part of it to charity. It's better to give than to receive isn't it?
@Dolcerina (3376)
• Hungary
3 Jan 07
Yes I would give for charity too. But I think it is the most complicated. You will not have enough to give to every foundations you like. ANd you will not able to decide or check wich one is the cheater.
1 person likes this
@shipaideman (1)
• Singapore
27 Dec 06
I would double that money and show others how it can be done too
@MAX1966 (1029)
• Netherlands
15 Feb 07
i would pay all my debts.
buy my daughter a horse.
and a farm with many animals!
and i will give away some money to really poor people.