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Lottery changed my life

April 18th, 2010 at 04:47 pm

No, I didn't win the lottery. I can't because I don't play the lottery. However, I did watch a show called "Lottery changed my life" on TLC about lottery winners.

The episode I watched showed a variety of winners. Some went hog wild, while others only upgraded their life somewhat. Some sped up their lives with business investments, while others slowed down and traveled. Some lost it all, ending only with misery and memories, while others continued on with happier lives and some even with a greater sense of purpose.

Between the shows were a bunch of factoids. The one that really stuck out to me was that only 33% lost all of their winnings after five years! I thought it was much, much higher than that. But the factoid was in a vaccuum though. Perhaps more lost earlier? Or perhaps these were all post-recession winners, and were less willing to squander it? I don't know.

Another thing that stuck out in my mind was how they only talked about how they spent the winnings, and how the money has impacted their lives. I was hoping they would also talk about how they MANAGED that money. Big Grin Surely, they didn't all just stick it in their local checking account.

Oh well, I guess that's not something every viewer is interested in knowing? So, does anybody know? I have to get going right now, but I'd love to look more into this later. Not that this is anything I'll have to worry about anytime soon, but it's still morbid curiosity.

So, fellow readers. Let's say you just won the lottery. Say, $20 million dollar jackpot (after taxes). Whatever. What would you spend it on? More importantly, how would you manage that amount?

7 Responses to “Lottery changed my life”

  1. creditcardfree Says:

    I'd pay off all debt and most likely invest the rest, some in liquid cash, most in stocks and might even start a foundation to help others in some way with a portion of it. I know a bit generic, but until it is reality that is all the effort I'm putting into it.

    My sister has a good friend whose uncle won a very large jackpot. I think he has been VERY conservative with his winnings from the little I have heard.

  2. PauletteGoddard Says:

    I'd help the local food banks see it through the rest of the year, and hire for a month a caretaker for my disabled/ailing friend. I'd fix up my house, sell it, and move to B.C. where I would study culinary arts and/or herbalism and energy medicine, although my sports-minded child has been rooting for Toronto for the basketball-hockey-football-baseball combination. I would heal the sick, comfort the lonely, and counsel the debt-plagued.

  3. Ima saver Says:

    i would donate a good portion of it to my local, no kill, humane society> The rest I would invest in savings and mutual funds. I don't feel the need to buy a thing!

  4. snshijuptr Says:

    I would buy a house and contribute the max to retirement Wink I think I would pay off my parents home so they could finally retire. I would start up that school I've been dreaming about. I would set aside money for my future children to attend college. I would setup an account so I could retire at a chosen point. I would fund my dream dissertation. Finally, I would setup a grant to help teachers gain high quality professional development.

  5. miz pat Says:

    If I won that much money, I would put it in the bank, pay the taxes and pray to God for guidance on what to do with it. Although come to think of it, I'd immediately give my church a thank offering. We need it.

    And I would be very secretive about the whole deal. I wouldn't want anyone to know that I had money. That way i could do sneaky good deeds the way the bible tells you to. Gosh that would be fun.

    I guess I would also immediately pay the ex-hubby (Thank you God, Thank you!!!!).

    I sure would hope that I wouldn't be a complete idiot with it.

  6. PrincessPerky Says:

    I have a feeling that money would be coming in monthly payments? No real idea what said payments would be, but I guess I would deal with each month on a 'fill bucket till full' system.

    I assume somewhere near 50% would go to taxes anyway....
    so over 10 years you get what 8K a month? Quite a bit higher than our current living expenses anyway.

    We would prolly 'live' on 4K (well more than currently needed) wasting a portion of that to our hearts content, and buying all the organic local produce we like. (including donation to church)

    Then be nice/smart with the other 4K, Fill EF fund, fill house fund, retirement. Maybe some combination of all three. (as to where to put it, I am not that smart, I assume 401K, and IRA, and some simple easy access savings things, CDs?)

    Once the EF is nice, we would start traveling to more interesting places with some of the 'smart money', maybe support the scouts more with money than with just time.

    Since no one here has a job, I guess we would already be off work Smile. Though I doubt 8K a month for 10 years is enough to remain out of work forever, regardless of careful management.

  7. whitestripe Says:

    gosh. that's a large sum of money isn't it?! $20m...
    I'd probably invest a good portion of it (like, $15m) in term deposits (boring and conservative - but that's me), and with the other $5m:
    buy a couple of rental properties
    pay off all of our parents mortgages
    build our 'dream home' somewhere away from suburbia, with a fair bit of land, and probably mostly self-sufficient.

    A guy that DF's friend knows won a large sum of money, and he took his large group of friends on a holiday, and told them 'I'm paying for everything - but I never want to be asked for money ever'. Which is an interesting idea, because no doubt I have a few people that would have their hands out too.

    So in saying that, we'd probably hold a lavish destination wedding/holiday with friends and family and say the same thing. People like to feel included, especially when it comes from lottery winnings Wink
    I think we'd make the money work for us, so that we didn't have to work again, or atleast only in something we enjoy. And I think we'd immediately start a family Wink

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