Tonight at dinner we were discussing winning the lottery and what we would do with the money if we did win. The Powerball right now is at $25 million if taken as an annuity and $12.3 if taken in cash. Assuming that the Feds are going to take 30% that makes it $17.5 annuity or $8.6 lump sum. So if you had the winning ticket, would you take it in annuity or cash, and what would you spend the money on? Please give me a fairly detailed list.
As for me, I would take it in a lump sum. I would put $1 million in a trust for my sister. I would buy my mom and myself new houses and new cars, spending about $750,000. I would put $250,000 in a trust for my cousin's college educations. I would take about $500,000 on new clothes, new stuff for my house, and paying off my bills and college loans. I would also give a million to my favorite charities. All the rest would go into the stock market and money market accounts.
2006-12-07
13:25:52
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9 answers
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asked by
riot grrrl
3