about 2 weeks ago i won $352,000 thousand dollars from the mega millions by matching 5 out of 6 numbers. And i know it's quite a bit of money but... I can probably just get me a small house somewhere in the boonies... but if this was "you"....what would you do with this amount of money? or what would you invest it on?...please help. i'm only 35 years old.
2007-03-05 16:58:14 · 18 answers · asked by lucas v 1 in Games & Recreation ➔ Gambling
Pay off your bills and taxes. Buy a small house in a cheap area. Texas has cheap houses in nice places for a larger size house. Then just put some money away and buy whatever you want.
2007-03-05 17:06:08 · answer #1 · answered by Kalinakona 3 · 1⤊ 0⤋
Congratulations!!! You are one very lucky fella.
Make sure that you set aside the amount for taxes before anything else. This is very important because taxes will be filed next year for 2007 winnings. There will certainly be a big amount to give Uncle Sam. Best to consult with an accountant for this unless the amount you stated is the money you'll be getting after taxes.
Right now is a good time to invest in real estate. I would probably use part of my winnings in purchasing a house, paying for it and not holding a mortgage.
Spend a reasonable amount on yourself such as for a nice vacation or something you've always wanted to have but couldn't because of budgetary constraints. Don't go overboard because the amount you've just won may just be enough for a few things.
If there is anything left, I would put the rest in mutual funds or certificates of deposit.
2007-03-05 17:09:12 · answer #2 · answered by JADE 6 · 0⤊ 0⤋
First:
Pay off all of you debts. Don't create anymore. Plan ahead for your taxes due in 2008 and do this every year thereafter.)
Then:
50% Tree farms for paper and lumber. (No work and plenty of profit as time goes by. You can figure on a 10:1 return over 25 years.) The land will alway appreciate in value. (This is a safe investment if you remember to buy a little crop insurance to protect it against fire and infestation, etc.) http://msucares.com/news/print/fwnews/fw05/050331.html
25% Government guaranteed bonds. (This is a VERY safe investment and your money will double on average about every 14 years.)
15% stocks (Buy 'em but don't sell 'em - EVER! Choose two or three that you like and make small purchases of each on a monthly basis to average down the cost. Collect and re-invest the dividends.)
10% cash in banks.. (and this is the fun part) Use the interest earned however you like.... This is your mad money!
Then: (and most important)
Keep your job and keep paying your way through life just like you've been doing all along. Shop for a reasonable house and buy it on a mortgage... be patient and realistic about what you can afford out of your weekly/monthly earnings. From the investments above, you now have the security that banks are looking for - get a good rate and make your payments on time.
"Congrats" and good luck.
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2007-03-05 17:07:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pay the taxes first, pay off all of your debts, then buy a small house either pay the full amount (if you have the money left for it), or put a large down payment on one. Also make sure to put some of it into savings and splurge on yourself! Do something you have always wanted to do but never had the money to do it before! Good luck and Congratulations!!!
2007-03-05 17:18:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would help my family if they have financial problems then buy
maybe two or three places to stay, live in one and rent the others for a income. Maybe set up a trust fund for some charity organizations. I will invest some on advice of a broker on the stockmarket . You could go on holiday to the one place you always wanted to see.
2007-03-05 17:11:19 · answer #5 · answered by cheri 7 · 0⤊ 0⤋
After Taxes.... I guess I would have to say make a huge payment on my mortrgage.....(I owe nearly 420,000) I say huge payment... because I sure would love to take a nice vacation... so I would save some for that; otherwise as an appraiser I believe that my best investment is my house.. I will almost always see a wise return on my investment.
2007-03-05 17:07:06 · answer #6 · answered by JustJen 5 · 0⤊ 0⤋
Put 252,000 in the vault. Use the 100, 000 to travel the world. When you find a spot you like better than any ( give it a good year or so) buy into it and live there.And don't ever tell anybody on the internet that you have mucho cash to splurge.
2007-03-05 17:07:29 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Well... 1st pay off some depts or taxes, if you got some leftover money, then just eat at a fancy restraunt and live a good life for a week n buy a lexus or sometin..... Save the leftover money for future uses
2007-03-05 17:08:09 · answer #8 · answered by jonjon0509 1 · 0⤊ 0⤋
you are on the right trac. if all of your debts are paid, buy a house, its the best investment you could ever have. if you already have a place of your own, make sure its a place that someone woulkd be willing to rent, so it would be easy to rent out. dont spend it like on vacation or a car. but wait a little till the APR for houses drops, its pretty high right now
2007-03-06 04:54:25 · answer #9 · answered by N/A 1 · 0⤊ 0⤋
Congratulations! I would pay off my house and help my family first, buy an investment property in a growing area not close to my own home.
If I didn't owe money on my own home, I would invest in propertu overseas and in my own country.
2007-03-05 17:08:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋