If you won the lottery would you be generous or careful with your winnings.?

Question

I have been reading a bit about lottery winners who have went bankrupt after winning huge sums of money. One of the reasons being because they seem not to be able to say NO to charities, individuals and friends and family who want a piece of their winnings.
I find it ludacris myself that people would endanger their future and the future of their immediate family in this way when they win the lottery. Personally I would not give a dime to anyone until I was sure my stuff and my immediate family were ensured long term sercurity.

So I am wondering if others on here who with the knowledge that being too generous has really screwed over many a lottery winner to the point of being broke. Would you still say yes to all the charities and people after the money? Would you endanger your immediate family's security for distand family, friends, hard luck stories or the needs of charities? No way in hell I would. Would you?

Answer 1

careful. It is best just to be quite about the winnings and help, where necessary.

That is what I would do. Just imagine, a person who wins a lottery and totally open about it (sometimes it can be well kept secret) are always exposed to what you have written, as if they don't give money they automatically called: stingy, uncaring etc..

However if there is a way of not letting the whole world know and you carry on normally, any help will always be treated that you are absolutely wonderful..

To become too generous is also not healthy for anyone, as the very person who get money in hand wastes it very quickly, like the saying 'easy come easy go', and no one will be happy, including the one who won it.

It is better then to invest and live your life, more comfortable, yes, help people or children or animals, yes, however to give not help directly but to charities, I would say big NO! as only 20% of donated amount goes to the people in need.

I hope you win, best of luck

Answer 2

I have thought about this and the first thing I would NOT do is broadcast that I won the lottery. I would very quietly do what I needed to do to claim the winnings (via attorney etc.) and hire someone to help me wisely manage the funds. Then I would take care of my immediate family...quietly and discreetly. I would give to my favorite charities and causes in the same way. If you have someone helping you manage and grow your money you should be able to hang on to it so you can continue to benefit others as you wish. It's about discipline and investment.
I think most lottery winners go broke because they start living the lifestyles of the rich and famous without being prudent about investment or spending. I suppose being too generous plays a part in this as well. I think the key is to keep it quiet and have someone help you manage the money.

Answer 3

I would definitely make sure my immediate family is taken care of financially. But as far as distant family?..I wouldn't help them..Unless they were there for me financially prior to my winning,why should i be?
I would definitely help a few charities with a one time lump sum and i would make it clear that it would only be a one time donation to the charity and not an ongoing one.
I would invest in a secure investment, something after getting sound advice in business, or real estate, Maybe stocks for awhile, but like i said, only if i feel comfortable with a financial advisor whom i trust..one who has stable, sound advice.
I would not endanger my future or the future of my family
by being "overly generous" especially to those who didn't even know i existed prior to my winning!
I am not a greedy person in any way shape or form, however, I'm not an idiot either. Iv'e had hard luck before and i never expected a handout from anyone.
Last of all, I would enjoy as much leisure time as possible ..travel..see all the places in the world I've only seen in pictures or television...definitely would set up a trust of some sort for my loved ones , just in case..because you cant take it with you , right?

Answer 4

Wow, that's kind of a good question. I had not realized that their bankruptcies were caused by overgenerosity rather than overspending.

Personally, if I were to win the lottery I would place a certain amount in a fund that was not to be touched. That would be seed money and only spend the interest earnings.

I believe I would have a problem being able to say no myself. I would want to give money to everyone, my family, people I meet on the street that I felt were needy. Haven't you ever just thought "if I had $XXXXXX I would give the school money to get that whatever they need" or "if I had $XXXXX I would give that homeless woman a home to live in." That would be me, the weird woman who would just walk up to someone and say here, you look like you need this...

Answer 5

I won a lottery, bought a house, a car, 2 holidays and gave the rest to charity. I did NOT give to any organization that solicited funds from me. I only gave to ones that I had sought out and that I knew were financially responsible.

I did take care of my family and our needs first, but part of my "winnings" was the feeling I got when I could sit down and write out a cheque to help some village in India afford medical supplies or for some child in Peru to get surgery to correct their twisted spine or even for some animal shelter in New Jersey to provide adequate vetrinary care for incoming animal abuse cases.

They say that money can't buy happiness, but giving money away made me very happy. I have none of the cash left, but the investment in the world around me is far more valuable to me than any paper or metal that I could have had in the bank.

Answer 6

A mixture of both. I will give away 20% of the winnings to charity having a good cause & Invest 50% in real estate or something like that which can be liquidated when the need arrives and the remaining 30% for the daily routine and other needs of household.

Answer 7

I would keep my mouth shut about it,assemble an investment,tax and an estate team and take care of my family discreetly.All charity give aways would be made anonymously and I would give from only proceeds that were generated above principal. Same for family. I know that once you start going into your "seed" money then that is the beginning of the Fall.I think that you should put back into your principal amount at least 1% of whatever is generated for the year.

Answer 8

I would definitely invest it in the right things to have it grow and turn over so I would never have to work again. I would help immediate family but tell them that if they blow it all, that's it they're done. I would donate to the charities like the SPLC,
The Nature Conservancy, Rail to Trails and children in need of
medical operations.
I would travel around the world by ship to see things first hand.
I would also further my education in a field of interest,learn to fly a plane and a helicopter.

Answer 9

I will be be both generous & careful with my winnings. How you may ask. Some things are worth giving your money to, for instance donating to help the needy. Afterall ,it's for a good cause. ANd well, for me, I believe in karma and so if i have the means i will defenitely help the less fortunate. But of course i will not give to the extent that i have none for myself. XD

Some other things like buying a posh car or investing in stocks, to me these are redundant and i can make do without it. Ultimately, to me, it's all a balance. =)

So this is how i will be careful and generous with my winnings.

Answer 10

i would have to say I would look after my family and friend and invest the rest for retirement. Maybe with my spare time, as I will never have to work again, I would give of my time to assist with fund raising.

I recently attend a function with a room full of people on 5 figure incomes they were far from generous but I guess that's how that got wealthy in the first place.