What's new

Lottery | Pad Patter 10/10

weaselwatchr

weaselwatchr

Viva, Las Vegas!
Pollywog
Joined
Apr 13, 2013
Messages
5,790
If you won the lottery, what would you do? Would you get the full payout? Would you take the payments over 20 years? What would you spend the money on? Would you splurge on something in particular? And for fun let's say you won $5 million.
 
I might buy a different house. I like our house and I don't necessarily want a bigger house -- maybe just one in a different location now that the kids are off to college. I'd like to live a little closer to a city center - we're pretty solidly suburbs right now.

Also, I'd love to do a luxe vacation in Asia and maybe an African safari.
 
I would get the full payout, pay off our house, and buy houses for each of my kids so they have something to work with in the housing market. I would also buy a house by Disneyland and annual passes so we could go any time. That's about it!
 
Always have said that I would take the payout and invest the majority of it. Since I'm older I now would also donate to various charities... spreading the wealth so to speak. In pre-COVID times, I would have definitely had travel on my list.
 
I would hire a financial advisor, invest a lot of it, donate some, and share it with my kids to set them up because they're all anxious about being adults. And travel.
 
I'd take fullnpaynent and buy a house..invest a bunch..buy myself a decent car and probably travel quite a bit
 
I'd take the lump sum and I'd contact someone in finance and investments first off. I have a few small debts that need taken care of, and since my house and all 3 cars are paid off currently, I'd probably buy another house south of here on a beach. I could then keep this one to come back to and visit :) I would also make sure that my kids and my mom were financially taken care of, take a trip, and just live on the rest with investments.
 
I would take the full payout. I would keep my current house, but would do some serious kitchen and bathroom renovations. I would buy a new car. I'd probably be tempted to buy a lakefront cottage in a 'cottage country' area about an hour from my house, though perhaps I'd do best to resist the temptation (while a summer house sounds awesome, it also sounds like more work and more worry!...). I would definitely want to share some of the wealth with my sisters and siblings-in-law (would have to decide on an amount, and then divvy it up equally), would want to donate something to a worthy cause, and then invest the rest.

oh and my home renovations would involve Farrow & Ball paint and Rifle Paper Co. wallpaper!...

It's fun to dream, isn't it?! LOL!
 
I’d take the full payment.

Firstly I’d pay off my student loan, help my mum become mortgage free (she’s not far off) then save/invest the rest at least til I’m working where I know where I’d be. Ultimately I’d set myself up with a place of my own and do a bit of travel.
 
Full payout. Finish funding our daughter's special needs trust. A small vacation home near the beach. Real estate taxes set aside for our home and the little vacation home for the next 5-10 years. Travel with anything that remains.
 
Lump sum, buy myself a house, set up trusts for my grandkids and gift an equal amount to my son, and travel a bit.
 
I would love to travel more - probably invest it and give some to the kids to buy apartments for themselves.
I miss travelling so much.
 
One of my favorite daydreams, lol!

Full lump sum with lawyer/financial advisor help.
Invest.
Pay off house, add an addition/really do up the backyard.
Go on a vacation and travel a but more.
Get a trust set up for my kids.
Get hubby a new car.
 
Yes please, payout. Give me my money!!!! lol
Pay off the house and buy a couple others that we can rent out.
Then pay off all other debt.
Buy new cars.
Set up trusts for our children
Invest a lot so that it continues making us money
Quit Jobs
Singapore and Hawaiian vacations
Buy Truck & Boat
Buy a mobile home
Sit back and enjoy life to the fullest!
 
Honestly, five million is a nice sum, but given that the newly constructed house next door to me sold for $1,775,000 and the new one across the street is under contract and was listed for $1,570,000 ... it won't go far in my neck of the woods ...

Next door: https://www.redfin.com/VA/Falls-Church/2011-Burfoot-St-22043/home/9473366
Across the street: https://www.redfin.com/VA/Falls-Church/2010-Burfoot-St-22043/home/9473402

2011 really looms over my original 1956 starter home (right) ...

2011 Burfoot.JPG
 
@Memaw2Wm has a great point. For those that want to buy properties, it all depends on where you live. Now in my area the average home price is around $200,000. But a 3 bed, 2 bath with about 1400 to 1600 sq ft range from $250,000 to $290,000. But there is a house of over 8000 sq ft with 5 bed/6 bath that is 1.2 million. Its location is also a big factor in its price. I do love living here though! Small town, low crime is worth it.

As for cars, they ain't cheap either. Whether it is an EV or not, to get a decent vehicle, you are looking at $30,000 (for low end) or more.

Not to mention you wouldn't get the full $5 million either. Uncle Sam needs his portion of it before it ever hits your account.
 
And my tiny house (1,824 sq. feet main and basement, 2 bedroom, den, 1 bath) is assessed for over $500,000. It's all about location.

That said, I wouldn't turn down 5 million, less taxes, less the lump sum deduction ...
 
I would take a lump sum b/c we are retired now, no mortgage, not much debt, so a lump sum could be used for the kids and maybe a cabin somewhere for the family to use. A new truck for hubs would make him happy.
 
I think we'd take the lump sum and tie a bunch of it up in investments and give ourselves an allowance so we wouldn't blow through it too fast. I think the first purchase would be a new truck for my hubby. His is pretty tired and getting rusty. :giggle Then I have no idea. Definitely college accounts for my boys and then some travel would be fun. Oooh! Or it would be super fun to gut my craft room and make it look like one of CLEAN ones on Pinterest. :giggle
 
Back
Top