What would you do if you won the lottery??

Question

I just won $10 million this weekend and still can't believe it happened.

Pinch me please!!!!!

Answer 1

luckky!!!

Answer 2

Way to go! I can't think of anyone more deserving of this. ;-) A pinch though is going to cost you.

I'm glad you included the amount, because I would act differently based on the amount. Unfortunately, $10 mil is the deciding point for 2 different strategies. Less than that isn't enough to be a millionaire all your life so I would just have a good time and spend a bunch, pay debts, vacation and buy a good house.

At over $10 mil, you can try make that last more. I would take a very small amount to treat myself. Yeah, I'd buy a new car and take a vacation right away. But a normal car, one similar to what I would buy today. Not anything really luxuriously expensive. And same with the trip, something normal and worth a couple thousand dollars. Maybe a Mexican Resort, maybe a Cuban Resort (I don't know if you can legally do that, I can) maybe Jamaica. Something like that, no big luxury. I would slow down long enough to put it all in a quick interest Bering short term form.

When I got back from the trip I would pay off my debts. I would seek some expert help and start looking at long term investments. Looking from there, I would figure out a budget for the first 6 months to a year. A reasonable one. I wouldn't buy any outrageous purchases in that first year. A house only if it a hot real estate tip. And after checking into property taxes, and upkeep expenses. I would let family know if they are desperate I can help out, but that I am investing it and give them a date ( probably a year) when I share more.

After waiting, and getting a good return on the full amount of the money, then I would start sharing with family and stuff, and donations, and sharing the wealth. Then those expensive items, and more trips, etc. But sticking to a budget in a plan to stay rich for as long as possible.

Answer 3

buy 10 million lottery tickets. Or you can buy a nice house that isnt gonna cost you more than half of what you've won, but buy a really expensive house that is sure to increase in value over the years. Dont spend too much on a car if you already have a wife and kids. Invest the rest into a bank that earns you the highest interest and spend the last 1-2 million on anything you want

Answer 4

You *could* give me fifty thousand of it as a consulting fee...

;)

Seriously though, you should make arrangements with a few people.

You should get a lawyer, first off. Why? A lawyer can make sure that you have no random debtors that will come after you, now that they know you are flush. The lawyer is a great intermediary between you and people that will be after your money.

You should also get a good tax accountant. I don't mean some schlub from H&R, I mean a CPA who knows how to handle money. S/he can give you some good strategies to extend your cash, and s/he can smack you upside the head if you start doing stupid things.

A good accountant is also a must because your taxes have just gotten more.. interesting, that's a good word for it. Granted, the state yanks tax on it, but there's no reason you can't get some of it back. You're going to be itemizing your returns, trying to squeeze every last nickel of tax deductions and tax credits you can.

A decent financial advisor can help you invest your money, or at least the parts that you want to keep for later. I mean IRAs, both Roth and traditional, and HSAs. All three provide tax avoidance strategies.

You definately want to zero all your debt and cut up all but one credit card, which you pay off in full each month. Also, see if there are any judgements against you, say from some random doctor's office, etc., and pay them off too. (This is where that lawyer comes in.)

Note that some of your expenses are going to go up. For example, you should definately up your car insurance from whatever your state minimum is to, say, 100/300. This is to shield your newfound assets from lawsuits.

If you make any big-ticket purchases, get the best that you can. You won't regret it.

Answer 5

First of all, congratulations. Now. Put 9 millions in the bank for at least two months in order to get your head cold and get some financial advice about the best investing program for you, so you can get enough money to live placidly for the rest of your life. It is important for you to make clear to the bank that during that two months you can't touch a penny.

About the other million... Go on, you can go crazy, travel the world, save some African children, hire your favorite experimental music group for a personal party! Once you spend your first million in these crazy stuff, you can go back home and think clearly.

Hope it helps, and once again, congratulations

P.S. If I could, I would pinch you!

Answer 6

I do not know if you really won or not but anyway. If I won 10 million dollars this is what I would do. First thing, I would not tell the world I won it, why? all the sudden you have friends and relatives who all want a piece of your money....I would give some of my money to homeless shelters to fed, educate, and give medical/dental attention to people for whatever reason have found themselves homeless. Also I would give money to a homeless shelter strictly to be used for kids of homeless people to make sure they got clothes, school supplies, and had tutors to help them. I'd also would give money to food banks.
Then I would set some money aside for my kids when they got older. I'd pay off my house and I'd still live in it for awhile or maybe forever because it's really not that bad of a place. I might add a sun room on and put up a privacy fence and re-do the whole yard. Have a really nice patio put in with nice B-B-Q area and perhaps a pool. I'd defintely get that two car garage put in. But, I really like my home, I don't think I'd move. I'd pay off my student loans, and credit cards and then I'd travel and do volunteer work. I re-do my soon to be mother in laws home and get her a new furance , and have her yard re-done, the leak in her basement fixed and get her a new car and get her bathroom completely re-done. I would help my mom out any way I could because she has helped me through some very hard times because of illness and I'd make sure she would be okay and also my soon to be mother in law. I know I would get a new car but it would not be some car that cost an incredible amount of money. Maybe a Scion, I like those, those little boxs.
But I would not flaunt my money. I would not flaunt my money or bring attention to myself or think I was so much better than anyone because I know way too well what it is like to be one paycheck away from being homeless myself. But, I would make sure that would I give back to those who need it and would ask that they not tell anyone I did it because it is better to give than to receive and I don't need for the world to know I did something we should all try to do.
Good luck if you did win that money.

Answer 7

Pay Off My House
Pay Off My Car Loans
Pay Off My Parents Mortgage
Take a Nice Vacation
Do Some Remodeling at Home
Go Back to College

Invest the rest so I could keep on living nicely without worry.

Congratulations.

Answer 8

Congradulations...it must feel good...but...to answer your question...I'd build my MRRS...which is an engine that has only 2 moving parts...one that rotates...and...one that slides left to right...when the two magnetic fields are interlocked...the center rotates...and to break the magnetic fields...you slide the outer housing to the right...and it will stop rotating...NOTE: it's already been analyzed by a 30 year atomic nuclear physist...that said and I quote "What you have here is 200 years ahead of its time".

OR

I'd build my own research lab...and do the experiments that I need to do...for my process...that might be a possible cure for Cancer, Aids and any virus that's out there...

Basically help create a better tomorrow for our children and their children...

LOL...You asked...so I told you...

Other than that...finish up another 2 or 3 books that I have in mind...

Again...I'd like to Congradulate you...bye...

Answer 9

I would never have to worry about my security again. Travel, is my answer, to France and wine and dine in the fanciest restaurant. Take in the scenery all over the country side. If this really happened to you, congratulations!! Have a huge blast for the rest of your life!!!!!!!!!!!!!!!! PS I just read the answer up above mine, and yes please give to charities, such as the ones that were spoken about, it will make you feel higher than a kite to do this. People are out there who need people like you to do for them. Give the underdog a second chance at life. The kids who live in poverty and will never have the chance to even know about college, let alone never to enter one.

Answer 10

I'd buy a whole buch of new outfits and pimp out my room or house, and then save most of it. You can pay your debt and rent with it too. Or the best idea would be to give the money to me. Trust me, it would go to a good cause.

Answer 11

i would put most of it in CD's and use the rest for things i always wanted (like a grand piano and a pool). little things. think about the future! congratulations!