Need some pointers, please!
2006-06-06 17:37:46 · 44 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Congratulations dude! I know you are super excited and probably thinking what should I get? But if you want to be really smart, I would do this:
1) Invest about $2.5 million (keep the other million to yourself) into mutual funds, variable annuities, and money market accounts. If you have kids, setup a college fund using 529 or Coverdell plan. (if you understand Rule of 72, you would know why I would invest most of my winnings)
2) Keep at least $100,000 in savings account.
3) With the final $900,000, pay off your debt and spend the rest.
2006-06-06 17:40:20 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Send some to me please. I'm not kidding, either. I'm so broke, don't have a car, my whole paycheck goes for rent and utilities and my medications (high blood pressure, no thyroid gland, etc.) I just want enough to pay off My student loans, and a few doctor and hospital bills. Then I'll be glad to work until I turn 75, in about 15 years.
6-7-06
Okay, so I haven't heard from you yet. I was really hoping that something about my plight would grab at your heart strings, and that you'd send me about 35,000 right off the bat. oh well........
............maybe I'd better give you advice first. Get a lawyer! Don't tell anyone about your good fortune until you do.
Then, get a financial planner. Invest, and try to live off of the interest. Touch as little as possible of the principal.
If you are serious--congrats!!! (And I still need some $$$$badly--do they still send poor people to debtor's prison?)
If this was a joke--lol.
If you got hoodwinked, I'm sorry.
2006-06-06 17:53:15 · answer #2 · answered by Joey's Back 6 · 0⤊ 0⤋
Anyone who comes into a lot of money quickly should...
Pay off debt.
Buy one or two fun things, like a vacation or new car.
Park the rest in a money market for a year or so to get used to the idea.
Make sure you have enough liquid cash to pay your taxes. That first year's going to be a killer.
Get a good financial advisor or accountant. Come up with a plan. $3.5M may be enough to finance a comfortable retirement, but depending upon your age and spending habits, you could still out live this money.
2006-06-09 15:24:55 · answer #3 · answered by MarleyTheCat 3 · 0⤊ 0⤋
The answer to that is traveling. You can go to places you wouldn't even imagine that one day you would be able to go. Find a good traveling agent to help you find cheep ways to travel (there's no need to spend a fortune on tickets) and make your wildest dreams come true.
There is so much beauty in the world for you to see. In my opinion traveling is not spending it's an investment for the years to come, to fill your life with experience and your mind with good memories.
Settle all the other things that have priority (house, car, lawns, banks, job etc) and then start packing. You are so lucky...
2006-06-06 18:03:11 · answer #4 · answered by Bigfoot 4 · 0⤊ 0⤋
If it was me, I'd buy a nice big house, then pay off all my bills. Then I'd have a big party and invite all my family and friends.
And of course, put some in savings, and give some to charity.
I just realized something. If someone had won, it would be in the news here. I live in Ohio, and nobody has won it recently. Dude, you're making it up, aren't you???
2006-06-06 17:43:05 · answer #5 · answered by Terisu 7 · 0⤊ 0⤋
Do some research on the history of lotto winners--most of them spend all the money on themselves, go bankrupt, and end up worse than they started. You'll be much better off if you save some, splurge on yourself a little bit (maybe save 20% and splurge 10%) and give the rest to charity--you'll avoid the trap that so many others fell into and you'll feel really good about doing so much good (and the people you help with your money will be much better off).
2006-06-06 17:42:08 · answer #6 · answered by Cat 2 · 0⤊ 0⤋
Hire me and for $3 mil I will advise you as to how best to spend the 1/2.
2006-06-06 17:42:37 · answer #7 · answered by lucygoon 4 · 0⤊ 0⤋
If you really just won that, I hope and pray you don't let it ruin your life. Try to stay true to yourself. So many people that win large amounts of money like that wound up in the newspaper having lost something/someone dear to them or the money hurts them in some way. I would tithe it first. But that's just me. Good luck!
2006-06-06 17:43:30 · answer #8 · answered by Chloegirl7 1 · 0⤊ 0⤋
You could give some to me! lol. Sorry, couldn't resist. I would get in touch with an investment banker. They could tell you some smart ways to invest to turn that 3 1/2 mil into even more! :D
2006-06-06 17:40:38 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i spend the 1/2 million dollars for you, ok?
2006-06-06 17:40:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋