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Thread: If you won the $1 Billion Lottery--

  1. #31
    Join Date
    Apr 2009
    Location
    Kentucky
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    183
    Tough call. I don't play so it's virtually impossible for me to win. But were I to magically win, I would sell my house and move to a smaller house on enough acreage for a shop and 220 available . I would give my kids enough money to end their debt, but not enough money to stop working. Then I would probably pay for a scholarship for them at a state University and buy them reliable transportation.
    I would then give money to several charities, mostly involved with trades and addiction.
    I am a simple man, married to a simple woman so I don't really see the need to alter my lifestyle significantly. I am roughly 5 years to retirement, so that would probably speed up the timeline.
    I think some grants and charitable works would be great. Theoretically, I'd like to be able to keep just enough to live out my life on and get rid of the rest. Maybe look for kickstarters to fund and scholarships to invest in.

  2. #32
    Join Date
    Dec 2006
    Location
    Toronto Ontario
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    10,334
    Quote Originally Posted by Mike Henderson View Post
    I'm sure I'd spend some on toys. But the vast majority would go towards helping kids from disadvantaged backgrounds get a college education, especially in fields where they can earn a good living - think accounting, finance, engineering, medicine, etc.

    Not things like art history.

    Having a college education, especially for someone from a disadvantaged background, will allow them to live a different life.

    Mike
    Good idea, I'll remember that if I win big someday Mike...........Regards, Rod.

  3. #33
    Join Date
    Feb 2007
    Location
    Harrison Arkansas USA
    Posts
    279
    Pay someone to organize my shop and install a good dust collection system Ö and add heat

  4. #34
    Join Date
    Mar 2003
    Location
    SE PA - Central Bucks County
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    56,116
    I really like the good intentions that so many would have to support charitable works if they happened to hit the "big one". On the other hand, a lot of folks don't really fathom the amount of money that's in these big wins and what it takes to manage it. So in addition to providing money for worthy causes, family and personal enrichment, the very first thing you are going to do is find the best attorney as well as tax and investment advisors you can to insure you can do what you want to do long term. And that's for anything more than a few million.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  5. #35
    Join Date
    May 2009
    Location
    black river falls wisconsin
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    853
    i would run............ kind of like working.

  6. #36
    Join Date
    Apr 2009
    Location
    Kentucky
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    183
    Quote Originally Posted by Jim Becker View Post
    I really like the good intentions that so many would have to support charitable works if they happened to hit the "big one". On the other hand, a lot of folks don't really fathom the amount of money that's in these big wins and what it takes to manage it. So in addition to providing money for worthy causes, family and personal enrichment, the very first thing you are going to do is find the best attorney as well as tax and investment advisors you can to insure you can do what you want to do long term. And that's for anything more than a few million.
    Indeed. It's a good point Jim. I do my own taxes every year, because I like my finances simplified. Being rich all of a sudden would change that. I don't know if this is possible, but ultimately, I'd like to keep enough to retire comfortably (but not too comfortably) and then do something with the rest. I really wouldn't want to keep all of that.
    Of course, I'm not rich, so it's easy to say.

  7. #37
    I read an article once about 10 different lottery winners, every one of them but 2 said they wish the never won it.

    Lots of drug abuse, alcoholism, divorces.

    One guy was a building contractor, already wealthy, drove around with 100K in his truck, ended up with a daughter dying of drugs OD and got attacked and bad beaten by someone stealing the money. Also ended up an alcoholic.

    But the most common thread through all of it was they never knew who their friends were and family members constantly asking for money.

  8. #38
    I just hit the mega million. Im still not sure what im going to do with my $4 though. These are all good ideas but I think I may not have won enough for any of them

  9. #39
    Quote Originally Posted by George Yetka View Post
    I just hit the mega million. Im still not sure what im going to do with my $4 though. These are all good ideas but I think I may not have won enough for any of them
    Mr. Yetka,
    I am your long-lost cousin, and I would be oh so appreciative of merely 5 or 10 minutes of your time. I have a can't fail business plan for a novel and ever-so patented product that will make us both very wealthy, so please contact me immedia..... oh, wait .... 4? Where's the decimal? ...Never mind.

  10. #40
    Join Date
    Nov 2008
    Location
    Northern Oregon
    Posts
    1,747
    Quote Originally Posted by Robert Engel View Post
    I read an article once about 10 different lottery winners, every one of them but 2 said they wish the never won it.

    Lots of drug abuse, alcoholism, divorces.

    One guy was a building contractor, already wealthy, drove around with 100K in his truck, ended up with a daughter dying of drugs OD and got attacked and bad beaten by someone stealing the money. Also ended up an alcoholic.

    But the most common thread through all of it was they never knew who their friends were and family members constantly asking for money.
    Yes, I've heard that. Maybe the majority of people who pay to play the lottery tend to think money can make them happy. Or since gambling can be addictive the lottery may attract people with addictive personalities.
    "Whether you think you can, or you think you canít - youíre right."
    - Henry Ford

  11. #41
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,597
    My wife wants a new microwave oven. I've put her off because the old one still works, if I won the lottery I would get it for her.

  12. #42
    Join Date
    Feb 2003
    Location
    Conway, Arkansas
    Posts
    12,948
    I've dreamed of this many times in my life. But since I don't play, I can't win.
    One thing I've learned over the many years I've been alive is that I don't have to be a Billionaire nor a Millionaire to make a difference in someone's life. Since I'm a one income home and I help take care of two widows (my MIL and my mother)...this is what I do instead:

    I've bought groceries for a needy family that had less food that me.
    I've helped pay for car repairs so that the 'dad' could have transportation to/from work each day...so he could provide for his family.
    I've taken people to the doctor or given them a ride somewhere.
    I've given people money for utilities when they were at the point of having them cut off
    I've cut, split, stacked more firewood than I needed...just so I could give firewood to a family on fixed income that had no heat for the winter

    There are many things we can already do to help others. In many cases, it's the small things that mean so much to other people who or hurting and in need.
    Do what you can, where you can, with what you have. You never know when a blessing will come your way....just because you blessed someone else out of your own need.
    Thanks & Happy Wood Chips,
    Dennis -
    Get the Benefits of Being an SMC Contributor..!
    ....DEBT is nothing more than yesterday's spending taken from tomorrow's income.

  13. #43
    Join Date
    Jan 2011
    Location
    Northern UT
    Posts
    744
    A good friend of mine had parents in the late 60s living in AZ. They hit a small lottery, I believe in the $40 - 50 million range. He was an only child and had a great relationship with them.

    They stressed so much about the money and what to do they were dead in less than two years. Both had been in great health prior to winning. To this day, after inheriting the money, he still wishes they would never have won.

    Got to be careful what you wish for.

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