Comments on: If You Won the Lottery…

By: Kyle R Toth

Kyle R Toth — Sat, 03 Oct 2009 00:31:40 +0000

If I were to win the lottery… I o not play the lottery, I’ve bought one ticket since I’ve turned 18. I cannot, however, say I have not continually dreamed of winning. Every time I see someone whom has won and wasted away themselves or their money it makes me sick. What I would do depends entirely on how much I win. The average, to me, would be nearly $100 Million. If I won that amount I would split $10 million among my closest friends (maybe 5 people), relatives (around 7 people), and myself eliminating our debt (I have $0 debt) and earning a little spending money. I would than lock $90 Million away in a high interest C.D. account (as if you could find one anymore). If I could find one with an astounding %6 interest every month I would gain $5.4 Million. With a C.D. account I could take out what I would need from that money monthly. I would donate up to %25 percent of the monthly interest to several different charities differing from month to month. I would continue cooking at night but leave my day job and finally start school as I have been desperately trying to do for 3 years now. I would immediately consider buying an extremely gas efficient automobile (never a Prius) and after a long time consider buying me dream car (which would be either a Nissan GT-R, Audi R8, Modified 1998 Mitsubishi Eclipse GT, or a highly modified Jeep Wrangler). I would consider buying a house far in the future but not until I complete my Green Building, Green Design and Green Architecture courses in college. I would indefinitely use Geothermal Heating, Solar Panels, A windmill or watermill perhaps, Rainwater and Groundwater recycling, and other Green Concepts. Basically I have thought long and hard about what I would do with my money and I believe I would have enough will power not to spend it all. I do not drink, smoke, or partake in any illegal activities. I just wish someday I could win the lottery, but dreams are only dreams. Maybe I should go buy a ticket

By: JBA

JBA — Tue, 29 Sep 2009 06:16:27 +0000

-hire an attorny to structure a separate private entity to collect the jackpot anonymously.
-retain cpa to advise on tax and some financial matters.
-set up trust(pending legal and tax advice)and trust account with (Schwab.
-deposit winnings into trust immediately invest in high yield tax free money market fund.
-Design asset allocation probably:
10% my own stock trading and real estate investing (only after extensive training i.e., mba, online trading academy, and trump u)
10% Alternative Investments (i.e. hedge funds and private equity probably with Goldman Sachs)
25% Small/Mid Cap Stocks(actively managed mutual funds, index funds, etfs, individual stocks)
30% Large Cap or Blue Chip Stocks (invested the same as the small/mid cap portfolio)
25% Bonds (corporate, muni, gov’t, invested the same as the stock portfolio i.e.mutuals, indexes, and etfs,
10% would remain in a tax free money market fund maybe JPMorgan Tax Free Money Market Fund (RTJXX)

-From this portfolio I would create an income stream of between 1%-4% of the total portfolio value to live of of. This be no more than $10-$20k per month direct deposited to a Chase Platinum Premier Checking Account.
-I would improve my credit by paying off all debt, buying a house $150-200k with 20% down 30 yr fixed. Buy a brand new vehicle ($50k max).
-Take my girl to Tiffany’s for a wedding ring. She would quit work, get hair, feet, nails, facial, massage, weekly!
-I would shop for fun, play video games, smoke a ton of weed and work out after, ha ha ha!!!!!!!!!!!!

By: Carm

Carm — Tue, 17 Feb 2009 21:05:35 +0000

If I won I would quit my job then buy a home in Maui, invest a substantial amount in a low risk fund then live off the interest. I wouldn’t tell my family. I’d also buy my wife a nicer and fancier engagement ring. Also, i’d get the new STI since I love my subaru and don’t need anything super fancy.

By: Jamie

Jamie — Fri, 13 Feb 2009 08:40:18 +0000

It’s interesting to see how everyone would spend their loot. It’s also easy to see who will be broke in 5 years. Well… so what would I do? I’d disappear, and I mean vanish without a trace except for my cell phone and when anyone called I’d probably tell a little white lie about where I am. I wouldn’t want anyone to know. From what I’ve read the lotto has destroyed many relationships, and I wouldn’t let it touch any of mine, I love them too much. Meanwhile I’m in Europe and I’ve upgraded my cell to the global plan. Living life to the fullest! Not staying in high class places, actually just booking in hostels and partying my ass off because…I have to decide what the “f” I’m going to do with the rest of my life. So I send a postcard to one of my closest friends who is newly single and good with money…I need advise. On the post card is instructions to find a key, the key takes him to a safety lock box in a local post office where he finds a small lump some of money and a first class ticket to Portugal. There I’ll meet him and let him in on the secret and how I wish him to keep it that way. After a few month of traveling Europe we return home to get to business.

1. I meet with the right CPA / attorney / and financial planner.
2. There it will be discussed how to make this money last the rest of my and close families lives and mine.
3. Funds will be set up to closest friends and family in the form of trusts. Matters will be discussed on how to keep this all a secret. Mums the word!
4. Several homes will be purchased for vacation but only to be managed by management firms so they will be making money on the side, or paying for themselves. I just want the ability to escape to Whistler or Hawaii whenever I feel.
5. No money will go to any church. As much as I respect ones faith in a higher power I don’t think any church is starving. Instead some will go to the local pet shelters and something along the lines of children in distress, be it homeless orphaned or make a wish foundation.
6. As for the rest I would set an amount to invest to where I make 150 – 200k a year to actually live off. If that’s not enough for anyone then you’re blowing too much cash, even 200 is probably too much if you own your home and everything is paid off.
7. Ahh and council, which is a big one for anyone. Having a councilor to talk to about everything would be definitely worth every penny. Always someone to talk to about anything. Maybe sometimes I’ll just be paying him/her to take a nap in his/her office on that long comfy couch.

LIFE IS GOOD.

As for the reasoning behind my new found smile for those who will never know the difference…well my company that I own has taken a new found change in events. I’m in construction and we came upon a very wealthy family that has hired us to do a major renovation to several of his homes. It could take years to complete! I’ve hired everyone to take care of everything. I just take a cut off the top. Cheers – Drawings tomorrow!

By: joe

joe — Wed, 10 Dec 2008 01:11:25 +0000

If I won the lottery I would set up my own lottery and therefore win it every week you suckers play. Wait a minute, gotta go.

By: Erick

Erick — Sun, 24 Aug 2008 02:52:16 +0000

I play the lottery every once in awhile cuz you need to have some faith right.
Here’s what I would do:

1- Buy myself a Home and a luxury car

2- Go shopping with my closest family members for cars, clothes, electronics and other things. Also take care of whatever debt they may have.

3- Get myself a personal trainer and a cook, so I could get in shape.

4- Buy about 2 or 3 franchises maybe: Mcdonalds, outbacks, KFC

5- Buy an apartment complex

6- Set up some kind of arrangement where me and my closest family members will get paid on a monthly basis from these investments, this way they will be financially free.

7- I should have at least 5million in cash, I would try to get paid interest on that.

8- Give 10% of my new earnings to charity, I would make it automatic

By: Lucas

Lucas — Fri, 16 May 2008 18:09:41 +0000

Call me a dreamer, but I have done quite a bit of research on this. There are so many taxes you have to pay it’s ridiculous, so plan on getting about 25-30% if taking out a lump sum, which by the way is the best way to go. If you get it spread out over 26 years or whatever the case may be, the lottery commission puts the same amount of money in guarenteed bonds, where the interest rate never changes. Hire an accountant, financial planner, and a lawyer to handle all of your professional needs. A solid financial planner will get a much better return on your money than the bonds, and help set up trusts and other methods of safeguarding your money from taxes and bad decisions. Then, evaluate your life. Are you comfortable (minus bills and such) with your lifestyle? I am. If so, just live the same lifestyle you do now, don’t go crazy spending. Little nice gifts once in a while? Sure. Travel? You better! Just don’t think you are obligated in any way to get the “Presidential Suite” or 8 Ferraris! Just live your life slow, using the resources you have to truly experience life all around you, without the hustle and bustle of the 9-5 grind. To me, that would be the life…

P.S. For those that are serious about throwing 10% to their church for tithe, use your head. Most individual churches wouldn’t know how to handle that kind of money. Just get your financial adviser to help determine the best way to benefit the church, through tax-deductible projects or investments instead of “Oh, here’s a check…” By the way, I’m starting up my own church, feel free to send the money here.LOL

By: Pascal

Pascal — Wed, 07 May 2008 07:24:27 +0000

Good people I am going to do almost the same things you spoke about here. I will tell you what I am doing after i won the Lottery. I am not going to let people know of my big wins. I know I will be mad for some few days.

1.First thing I am going to Tithe 10% “even more” to Church.

2.Buy a safe car. Maybe 2. A sport and an SUV.

By: Agatha Silverdragon

Agatha Silverdragon — Thu, 10 Apr 2008 12:45:26 +0000

I play the lottery occasionally with an annual cash output of maybe ten dollars. What would I do if I won?

1. Eschew as much publicity as legally possible. Does anyone know how much of your personal information is considered public?

2. Hire an attorney/CPA/financial planner.

3. Quit my job. I love the work I do but I am tired of the shift juggling and the stress.

4. Ascertain how much I can give away without hurting the people I want to give to, i.e. close/immediate family.

5. Set up an annual donation schedule with my personal list of charitable institutions, including my church and alma mater (for a scholarship in my field). Some I would insist on anonymity; others I would not.

6. Take a very long vacation or perhaps a year of “vacations”. Maybe a world cruise on one of the “Queens”.
Maybe buy a small RV and travel the US and Canada. There are a few provinces and states I have’t visited yet.

7. Develop a diversified portfolio to insure my financial future.

8. Seek professional counseling to help me deal with the change and stress of my new lifestyle.

9. Find a cause to engage my mind and heart.

10. Support the arts.

I think this list could go on and on. It’s mostly a dream after all isn’t it?

By: Grumpy Misanthrope

Grumpy Misanthrope — Tue, 08 Apr 2008 15:11:45 +0000

Get a divorce.
Buy a farm/ranch in either Wyoming or New Hampshire.
Set up a trust for whatever is left to pay some small amount to my parents, sister, and myself.
Make cheese and whiskey.