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Old August 7 2014, 12:43 AM   #1
2takesfrakes
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How Would You Spend Your Lottery Winnings?

If you ever won millions by playing the Lottery, what would you spend it on? Would you live responsibly? Party like crazy? Give it all away to a registered charity? There seems to be no limit on ways to burn through free money ...
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Old August 7 2014, 12:45 AM   #2
teacake
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Re: How Would You Spend Your Lottery Winnings?

I would buy everyone in my family a house.
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Old August 7 2014, 02:04 AM   #3
Miss Chicken
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Re: How Would You Spend Your Lottery Winnings?

It is not free money.

However I would probably buy a smallish house for myself, and also housing for my sons. I would invest enough of the rest so that I could live comfortably and would never need to be on a pension again. i would give some of it to my closest friends

I would give away some of it to my favourite charities, exactly how much I would give away would rely on how much I had left after doing the above.
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Old August 7 2014, 02:51 AM   #4
Ar-Pharazon
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Re: How Would You Spend Your Lottery Winnings?

I'm young enough that I'd spread it out over 25 or 29 years. Much less chance of blowing it all that way, and I know me, I'd blow it.

Plus, the lump sum costs you 40%-50% before the taxman takes his 40%-50%. I'd hate the idea of leaving that kind of money on the table.

Also, teacake, would you be looking to adopt a 46 year old son by any chance?
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Old August 7 2014, 04:02 AM   #5
shivkala
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Re: How Would You Spend Your Lottery Winnings?

I've got four kids, so college tuition/trust funds would be a priority. I have a cousin who's in finance, so I'd get his help.

I'd pay off my debts. This includes money my family helped me out with to cover a divorce I was going through.

I'm currently renting, so I'd like to buy. But my landlords have been great, so I might pay rent for a year or so to give myself time to move out and make sure they don't lose any money between me moving out and someone else moving in. I started renting this house when my ex and I split. They've been understanding and I'd like to make sure they were taken care of.

I have my list of expenditures I'd like to make, too, so it's not all boring. I'd buy a top of the line computer and give the one I'm using now (which is still in pretty good condition to the kids). Speaking of the kids, I'd get each one of them a tablet. Probably an iPad mini for all but the oldest. She's 14, so I'd probably opt for a tablet/laptop combo. I'd get myself a top-of-the-line phone.

Then I'd probably get a few of the Hot Toys figures, fill out my comic book collection, and add a bunch of blu-rays to my videos.

Probably pretty boring, overall. I'd be afraid of running out of money, so I'd talk to my cousin first and make sure I had a plan for the money, so it wouldn't run out. I'm a teacher and I honestly couldn't tell you now if I'd keep teaching or not. I probably would, at first, since I get restless/bored when I'm not working. Assuming the lottery winnings were enough to cover my kids, buying a house, etc., I'd probably use my teaching salary to fund the excesses.

I'm very leery of donating money to charities. I'm worried that the money wouldn't go to those who need it. So I'd probably devote some time to volunteering to help the less fortunate.
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Old August 7 2014, 04:12 AM   #6
teacake
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Re: How Would You Spend Your Lottery Winnings?

Ar-Pharazon wrote: View Post
I'm young enough that I'd spread it out over 25 or 29 years. Much less chance of blowing it all that way, and I know me, I'd blow it.

Plus, the lump sum costs you 40%-50% before the taxman takes his 40%-50%. I'd hate the idea of leaving that kind of money on the table.

Also, teacake, would you be looking to adopt a 46 year old son by any chance?
Because you asked first, yes you may have a house
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Old August 7 2014, 04:25 AM   #7
CorporalClegg
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Re: How Would You Spend Your Lottery Winnings?

Vinyl.

All of it.
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Old August 7 2014, 05:07 AM   #8
jazamul
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Re: How Would You Spend Your Lottery Winnings?

I'd go the house route. I might even by myself a new car - just a regular plain car though. A hyundai or a holden.

I'd pay my parents mortgage off and give each of my brothers the funds for a house as well. Given the cost of housing in Australia, this would take a huge financial pressure off their families.

Some would go to the charities I support.

I'd also take out some money to blow. I'd give myself a limit and then not even think about where it goes. No doubt on furniture for the new home, clothes and shoes. Maybe something pretty to put on the wall.

The rest would be invested, with the help of someone who knows better than I.
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Old August 7 2014, 08:36 AM   #9
JoeZhang
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Re: How Would You Spend Your Lottery Winnings?

Investments, expand my property holdings, more watches...
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Old August 7 2014, 09:38 AM   #10
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Re: How Would You Spend Your Lottery Winnings?

Invest in real estate/tenements and live off the rent returns.
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Old August 7 2014, 11:33 AM   #11
C.E. Evans
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Re: How Would You Spend Your Lottery Winnings?

Very carefully.

I'd still live pretty simply--not buy anything too lavish or extravagant, donate some to charities I'd like to help, and just live modestly in an equally modest condo (neighbors would have no idea that I'm a millionaire). Whatever millions I have left when I die, I'd split between family and charities in my will.

No fancy supercars and mansions for me.
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Old August 7 2014, 12:01 PM   #12
Ar-Pharazon
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Re: How Would You Spend Your Lottery Winnings?

teacake wrote: View Post
Ar-Pharazon wrote: View Post
I'm young enough that I'd spread it out over 25 or 29 years. Much less chance of blowing it all that way, and I know me, I'd blow it.

Plus, the lump sum costs you 40%-50% before the taxman takes his 40%-50%. I'd hate the idea of leaving that kind of money on the table.

Also, teacake, would you be looking to adopt a 46 year old son by any chance?
Because you asked first, yes you may have a house
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Shivkala has a point about charities. I saw a list on cnn.com a while back that shows how very little money gets to the people who need it, and there's some big name charities on there.

Out of billions of dollars, sometimes 10%-15% gets to the intended people.
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“Well, It’d be the 19th century for me, one of Napoleon’s marshals.
The chance to march across Europe with the greatest general of all time and kill Belgians” - (White Hole).
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Old August 7 2014, 12:44 PM   #13
Miss Chicken
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Re: How Would You Spend Your Lottery Winnings?

That is why you research the charity before you donate using such tools as Charity Navigator and by reading the charity's audits.
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Old August 7 2014, 12:59 PM   #14
Finngle Bells
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Re: How Would You Spend Your Lottery Winnings?

Like some said, carefully and spread out over the years. I'd use some to pay bills, buy a house in an adjacent neighborhood and renovate/add on. It's very middle-class for this area.

That being said, I'd really want to avoid lotteries or winning something big.
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Old August 7 2014, 04:30 PM   #15
ToysOnLayAway
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Re: How Would You Spend Your Lottery Winnings?

I would go mad with power committing many murders along the way.
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