Here's a question I've discussed a lot with friends & family. What would you do if you won the lottery?

Question

Would you quit working? How would you spend it?

Answer 1

i would definitely not quit working but try investing the money somewhere profitable to treble the amount of money.Go for holidays and spend some go0d time with friends and family.I would love to go Asian countries..go to spas and have tons of fun.And yeah hire my boss as my assistant after all hes not that bad.

Answer 2

My definite plans for such a windfall:

1) Pay off all existing debt for me and my husband.

2) Pay off any medical debts for our families and close friends.

3) Have a custom home built near where we work.

4) Set up a few trust funds/annuities for organizations we support.

5) Max out contributions to retirement accounts for both me and my husband, to make sure we have some of this money for later!

Now, whether or not I quit working would depend on how much money is left over. I would also have to figure in things like property taxes on the house, and income taxes on the winnings. But even if I opt to take half the jackpot in one lump sum rather than payouts over 20 years, I should be able to sock enough of it away into annuities or CDs or whatever that I could badger the bank into giving me a 5% annual return. That's 50k for every million. So if I hit a 12 million dollar jackpot, take the lump-sum of 6 million, and lose about a third of that to income taxes, that's still 4 million left. So I would be looking at an annual income of $200,000/year. Assuming I don't find ways to sock that away intelligently, scoop off another third of that and we're still looking at $133k/year. I think at that point my husband and I could both comfortably decide to stop working (though he's said he would stay on as a volunteer with his current workplace - just free up the paid position so they can finally get enough people).

So...yeah. I wouldn't quit my job unless I hit the lotto for at least 12 million.

Answer 3

If I won the lottery, I'd pay off my student loans and some bills then leave the rest of it in the bank. I wouldn't quit working because then I'd be bored. Actually I think my husband wouldn't be in the military anymore so then we'd have a new set of problems to deal with..so yeah...just pay off bills and get settled somewhere else.

Answer 4

I would buy a house and a car for my mom and I. A new laptop, wardrobe, and some other stuff would be at the top of my list. I would pay for college and then save a couple grand for retirement and invest some. I wouldn't quit working, but I would work at a job I love rather than have a job cuz I have to.

Answer 5

I would pay off my house and travel. Knowing that I didn't have to worry about starving if I'm not working would be a great relief. I enjoy learning new things so I'd probably take lots of classes in things that I enjoy, but that aren't practical in the slightest. Stuff that I couldn't make a career out of if I had to. Like, ballet, pottery, more languages (I speak a couple already), Tai chi and wu shu, papermaking etc. Stuff that I'm interested in, but that I don't have the time for. I'd also buy designer clothes. I've always wanted them, but I can't bring myself to pay a couple of thousand for a handbag.

Answer 6

Here goes: in order
buy my sister a house closer to me,
make sure she gets the medicine/treatments she needs
for autoimmune disease
set her up nicely so she doesnt have to work.
Finish paying for my daughters college and save money
for the youngest ones college
set aside money for the kids' future
Build my husband an art building so he can work on his
paintings and other stuff
Build a homeless shelter that includes vocational training
center for the residents
Build a theatre for aspiring performers (young & old) to learn
the craft in my area
Access large portions of land for conservation so the
government or strip mall developers cant touch!
Set up kennels for cats/dogs and a large aviary
Lastly, keep my identity a secret so I can anonymously help
the many that I meet at work every day.

Answer 7

1. Quit Job
2. Leave wife
3. Move to Mallorca

Answer 8

First, I would pay off all debts...student loans, credit cards, my house, my car, etc., then I would open a savings account for my son, and then I would open a day spa and live off the income from that and whatever I had left from my winnings!

Answer 9

i would quit working - leave my job for somebody that needs it
start a business- employ other people(who need a job)
give to charity
make sure my kids will be well taken care of
and share with my family

Answer 10

I'd move away from where I live now, not telling any of the people I know where I was going and live like I was making middle income.