If you won the lottery, what is the first thing you would do?
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Pay off all my daughter’s debts. I want her to be stress free for a change. I feel partially responsible for her debts because she has taken me in and probably really can’t afford to but I think things will change for the better soon. It’s something I can’t talk about yet but hopefully soon but it’s all good.
I’d pay off all of my family’s (parents’, siblings’) debts.
Find out how much the tax consequences would be. Not that I’d spend it all and be unable to pay them anyway, but I’d still have to know just so I could earmark that amount. I’m weird like that.
Take my family, a FEW friends the money and run!!!!
The very first thing I’d do is pay off debt. Once that is taken care of then the fun stuff of helping others comes in.
I would pay my families debs also and then I’d bulldoze my house over and start again and then I’d see to it both my kids had their dream homes.
Pay off my debt. Set up college funds for my kids. Buy my husband his stupid snow plow truck! Save the rest. Here’s a question we could add on to this one…
Would you quit your job if you won the lottery? (Since no one has said they’d do that first!)
I will not look at the others until I write this…
I’ve thought about this a lot. Such a fun pastime – If you had more money than you know what to do with, what would you do?
Lets assume it’s more than a million, since the government will make a million into peanuts in no time…. Since we’re dreaming, let’s dream BIG.
I’d allot a certain amount to friends and family, in no particular order:
– my friend in Alaska who is trying to get her kennel off the ground, I’d invest in that
– my friend in Indiana who has a small family – she wouldn’t need the money, but I’d start a college fund for her son, maybe pay off her house
– my niece and nephews would get a chunk, either for school or for houses down payments
– my son would have a trust fund set up for him
– buy a plane for my brother (they are surprisingly, not that expensive)
– buy a ’57 T-bird for my other brother
– remodel my parent’s house
– I’d take a couple of dream vacations, to Alaska, to Ireland, and to somewhere warm and tropical
– I’d donate to our local children’s hospital, and other charities, though at this point, I’m not sure which ones.
I’d pay off the few debts we have, then my dad’s. Then….put some away.
I would look objectively at the money, make a financial plan. I would allocate amounts towards “things” before spending a dime of it.
First thing? I would determine what benevolance work I would like to do. Percentage wise I’m sure our starting spot would be between 30-40% set aside for benevolance.
Second look at our debt.
Third look at what percentage of our kids debt we would be willing to take care of.
Fourth set up a fund for each of our”grands.
Lastly, fun stuff for us.
Check, double check, and re-check that I’m not dreaming and that the money is really in the bank. Then give my mom whatever she needs to completely stop working (she’s 78). If possible, become debt free and help as many people in my family as I can.
I would buy a round the world ticket stopping off at all the people I am yet to meet but love very much in my heart. Then I would go to my orphanage and treat each child to one of their dreams… once all that is done I will hire a financial guru and make the money work for itself to make me more 🙂
NOT tell everyone!! I would take my dad to Europe. Then take my mom on an Alaskan cruise. Always told them I’d do that, and time is getting shorter and shorter! My dad’s 66 already. Then, I’d travel the world, get a house in Minnesota, so Eric and I could travel back and forth when he has leave time!
Would I quit my job? I don’t think I’d quit working, but I would hope I could scale back. Because I’m in a small business with some folks who are even worse workaholics than I, who think the only valid hobby is work, it might take some convincing. Also, we founded a charity about 15 years ago and while we have donated all along, we’ve always wanted to do a lot more, so the idea of quitting the thing that brings in cash for charity would be a tough sell. But personally, I’d love to work a lot less. Just enough to keep my brain alive. There are so many other things I want to do, and the older I get, the more it hurts (physically) just to think of them.
Two words: Vegas Baby!
Then I would save whatever I had left for practical stuff. You know stuff like taxes, college, retirement.
Take my kids, and parents, and sister, and get the hell out of the MN, and nothing here anymore. Why stay!!!!!!
Okay, you all have very great, noble, generous, sensible, wonderful ideas, and I would probably lean towards most if not all of them, but the VERY first thing I’d do???
Go out to eat! Take everyone I know out to somewhere that’s usually too expensive for me, like Chili’s, order every appetizer and the most expensive thing on the menu!!! 😀