It is said that most people burdened with huge amounts of money frequently end up broke, squandering their money in various ways. One Lotto winner bought a truckload of marijuana and was caught, thereby losing his fortune. Another made bad investments and ended up without a dime. If you suddenly became filthy rich, what would be your immediate goal?
2007-09-21 16:56:49 · 8 answers · asked by Me, Too 6 in Business & Finance ➔ Personal Finance
I saw a TV show about how lottery winners ended up being broke. They gave away money to family, friends, and the church. They bought big fancy houses and cars, and pretty much blew thru all the money.
After I paid the taxes, I would put half into several mutual funds. I would put 5 years worth of living expenes into a CD and another 2 years worth into savings account. I'd put about 100K in my checking for some spending, half of which would go for household improvements. The rest I would get some financial expert to advise on where to invest -- maybe real estate.
2007-09-21 17:59:19 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
This may sound cliche or corny but the first thing I would do is give my 10% tithes to the church so they can use it for new ceiling fans, new roof, pews, whatever they need it for, next I would pay my debt (which is mainly student loans), next I would buy a single-family home (which I would rent) and I would buy a condo (where my daughter and I would live...for security reasons as opposed to the S.F. Home), next I would give to my family and help them pay any debts they have. Last but not least, I would invest, save money for my future and my daughter's future, buy a new car and start my own restaurant. I would also invest in a charity and since I would have more time instead of working I would spend my days working from home with Pampered Chef and supporting walk-a-tons by walking. Boy, that would be beautiful. Too bad I don't play the lottery.
2007-09-21 17:17:37 · answer #2 · answered by BeautifulOne 3 · 1⤊ 0⤋
I'd get a building permit and add useful space (and value) to my house. I'd take time off to do all the things that never get done because businesses are only open when everyone has to work to pay for what those businesses offer. Like car and health maintenance! And even though a million dollars isn't a lot of money, I'd do something to help left-wing causes try to catch up with the greedy and obnoxious right.
2007-09-21 17:29:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If i won the lotto and becae ia millionaire, first thank to god Almighty for giving me this opportunity..then payed off my debt..share it to my families and friends..charities/institution who badly in needs..buy a property.invest the rest.
2015-01-31 13:40:46 · answer #4 · answered by vilma 1 · 0⤊ 0⤋
Hi Me too...
Well first I'll give my 10% to my church.
for sure... I would pay all me bills off... buy a house for me & my kids, put some in savings and give some to the poor & homeless, who realy needs it :)
2007-09-21 17:24:53 · answer #5 · answered by *5*Stars* 2 · 0⤊ 0⤋
give money to my friends so their life could be easier for awhile.
2007-09-21 17:06:26 · answer #6 · answered by scorch_22 6 · 1⤊ 0⤋
I did!!! & I'm being very giving with my winnings. . .
2007-09-21 17:10:53 · answer #7 · answered by Chicago Made 2 · 1⤊ 0⤋
Pee on myself. Lol!
2007-09-21 17:07:09 · answer #8 · answered by Mortisha 4 · 0⤊ 1⤋