What would you do??

Question

What would you do if you won the lottery? Would you invest, would you spend lavishly, would you give to your family, would you put it into a shoebox and bury it? What......need help....?

Answer 1

Invest. Perhaps take A LITTLE out and get some new jeans :]

haha.

I like this question.

Answer 2

Well, I would never burry it because there is no return on that. I would do all of the above. I would first pay my taxes, that is about 50% off the top for a large some of money, then invest at least 15% of it, put as much as possible in retirement accounts, which make money tax free, then I would pay any oustanding obligations, house, car loans whatever. Put a huge chunk in regular savings for emergencies.

If I got 10 million it would be like this... 5 mil to uncle sam... bastard.
1 million at least to charities... this would help on the taxes too. I would probably start a scholarship program.
750k in retirement
pay off all debt, in most cases about 200k, 1 million in the bank for a rainy day.
Then I would buy a couple of businesses and some real estate and leave me 1 mill just to play with.

The businesses and investments would continue to make me money faster than I spent it.

I would probably take a year off and travel the world and do all of the stuff I ever wanted too. Then I would come home research some businesses and land and start buyin up stuff that would keep giving back to me.

I would probably buy or build my dream house, and probably a few fun toys like computers and maybe, maybe a really nice car.... but a nice car to me just has to have climate control.

In the end once I had the money I would pretty much never lose it. I would keep making investments and buying small companies that made me money...

Answer 3

First, I would pay all my debts and then acquire an asset. The rest I would invest in CDs for later property investment and emergency fund. But I would also spend lavishly a little here and there.

Answer 4

Firstly put the money on ice in a safe and secure place, that will earn you interest. Spend the accumulating interest on lavish treats for you friends and family - just to enjoy and savour your win.

Now take the time to decide what to do with your money - educate yourself on how and where to INVEST wisely and then stick to, and implement your plan. A wise long-term plan will ensure that you have sustainable wealth throughout your life.

Don't give to your family, unless you absolutely do not care how they spend it - families are freaky and they may disappoint you with their dumb spending ideas.

Don't forget to give to charity and worthy causes. If your new-found wealth gives you financial freedom think about also giving your time to worthwhile causes.

Enjoy - hope you have or will win the lottery.

Answer 5

I'd invest some of it, donate some to charities that I believe in and yes, I would also spend lavishly.

Answer 6

1. pay off debt.
2. Invest

All else can follow the above...nothing before the above is done whether its chariety or spending or vacations or etc.

Doing anything else before #1,#2, is actually very foolish unless you win too much $$..

Answer 7

I'd place all the money in a savings account. Then have my body cryogenically frozen with the timer set for one millenia. By the time I awake, I should be the richest person in the planet :)
if the planet is still there ...

Answer 8

A little of everything......except putting it in a shoebox and bury it.

Answer 9

Pay your taxes first and get the government off your back. Then, I would plug it into a savings account that earns a decent amount of interest (6%). I would live frugally until my rate of return doubles and then retire early to a tax sheltered foreign country.

Answer 10

well basically all...

- spend something lavishly - this is to treat yourself
- fixed deposit: low yield return
- stocks/shares/foreign exchange trading and other small biz : medium to high returns, with risks

Chris
www.forexaim.com