If you won the lottery, would you go berserk with spending and end up in bankruptcy, or would you invest?

Question

There was a man in my county a number of years ago, who won a $20,000,000 Florida lottery, and wound up divorced, bankrupt, and his children disowned him.

Yes, Scotty, it's easy to do if you do what this guy did. The Gold Club in Atlanta was the downfall of this guy, and others I've heard about. When you start buying new cars for every girl you meet, the money can go fast. Even a former mayor of Atlanta, who is now in federal prison, got mixed up in it.

Answer 1

The best thing I'd love to do is walk into my job and QUIT !!!

Then I would go to a financial advisor, and plan carefully.

Answer 2

I might would invest some but not all, you can always loose what you invest, there's no guarantee. I would put most into a CD at the bank that draws interest. I would buy me a new house and a new car, pay off all my bills, then continue working as if I didn't win the lotto and retire at an early age.

Answer 3

if I won 20 mil?

Buy a nice house in greece, buy my mother a house, but aside about 30grand for my brother and sister (each) as a college/when you turn 18 fund. Give my mom 50grand.

Let's say we're at about 710grand now.

I would take 1 mil and just go on a shopping spree. then invest the rest. Buy a little book store in greece and work there =D

Answer 4

i will flow to Nigeria and performance an hands production unit. i will decrease the authorities in on the revenue, and would have loose reign to be like Viktor Bout and promote something from tanks, to rocket launchers, heavy gadget guns, tnt, rpg's, biochemical guns, etc-once you've the money for it, i have were given it. If I dont have it, i'm able to have it outfitted. get precise of entry to to the sea might want to offer me get precise of entry to to each and each and every of the nice and comfortable spots in south east asia that are scuffling with guerilla wars hostile to their governments. i might want to continually be seeking to receive nuclear fissile grade guns and ICBM's. it would want to be a very worthwhile buisiness.

Answer 5

Neither...or, actually both:

God gets 10% off the top.

I pay off my "long-term" bills.

My two brothers have helped me a lot, so I think they deserve a Good Cut.

I would treat myself to a REALLY HOT Macintosh tower system - with all the trimmings!

THEN...I would invest the rest - 50% to retirement, 50% to stocks/mutual funds.

And after that - I would go back to work Monday morning(after all, I can't spend the rest of my life sitting on my hands, could I?).

Answer 6

Definitely invest. I'd allow a small amount for personal spending but save up for college, weddings, cars, it all adds up.

Answer 7

welllllllll I would take the monthly payments of 100 thousand dollars, and then start my own rediculous company that just does what ever i want. so its like I have a job...but really its just play time.

Answer 8

I'd be smart with most of it, but honestly, I would want to take a small piece of it and just go nuts. That's the truth.

Answer 9

1 yacht. 1 ferrari.
2 small businesses.
offshore investment.
isn't this all layman's knowledge?
it'll keep your money safe from taxation by juggling it and you can live off the appreciation still. So simple.

Answer 10

OMG i would never stop working, sure it would be nice to spend a little, i'd pay off my house as well as my parents and buy one for my brother, then i'd invest most of it. why go broke in a week when you are set for life?

Answer 11

INVEST, INVEST, INVEST!!!!!!!!!

by the way, 20,000,000, and now is bankrupt?