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 ...
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.
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?
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.
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.
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.
[Cartman]Sweeeeeet[/Cartman] 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.
That is why you research the charity before you donate using such tools as Charity Navigator and by reading the charity's audits.
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.
Depends on the amount won. But I don't play the lotto; I eliminate flushing of my money down the toilet. The only people guranteeed to get paid, are those working for the lottoery offices (I wonder what thye get paid for their jobs). Let's say it's several million dollars, but not a hundred million or more. I'd by a nice decent-sized house in a good neighborhood, one not too big for me to be unable to tend to myself, but with enough space that if I needed to house a friend or relative hard on their luck, I could. I'd fix up my car (I'll pass on all these new ones and their cheapness, light bodies which have caused more deaths, and tracking techology) and make sure any family that I am not at odds with, have a car in good shape. I'd probably donate some money to certain charites, like Mercury One and the Jerry Goldsmith Memorial Fund for Cancer Research. And of course the Lost Dog & Cat Rescue Foundation. I'd probably do a litle funding of certain film score labels (especially for titles I'd like to see released). I'd do a little medical work, like dental. I'd take home the homeless kitties at the park. Some personal spending to get things I have wanted. And of course I'd live within my means. I'm not going to be partying, blowing money like there is no tomorrow (like that one lotto winner who blew all their money).
A new house. Possibly a new car--or at least a newer one. Send some money to my sister and her three kids. Smaller gifts/amounts to other friends & family. Put some aside for retirement/emergency funds. Take a trip to the UK. Make some donations to various charities.